(2006 Getty Images)
This is a strange thing for a conservative to wish someone. Typically, it would fall under the same general heading as “enjoy the hurricane,” or “have a great night at the shelter.” This year, however, Tax Day is the first time that tens of millions of Americans get to see on paper the impact of the Trump tax cuts. For most, it is a happy day indeed.
The “Tax Cuts and Jobs Act” (TCJA) was passed into law in December of 2017 and went into effect at the beginning of 2018. It passed on a very strict party-line vote basis, with Democrats universally objecting to the idea of placing more money in hands of citizens to spend. Giving taxpayers back their own money is anathema to Democrats because they all know how to spend it better than you do.
Some of the key highlights for individuals that went into effect last year were:
Five of the seven marginal tax brackets had the tax rate reduced; The standard deduction was effectively doubled for each type of filer (married, single, etc.); The ObamaCare mandate was repealed; The child tax