Calendar year 2018 was the first year of the new federal tax law. My wife and I are both retirees on fixed incomes, including Social Security. Despite the negative comments and predictions from Democrats and many in the media about President Trump’s plan to overhaul the federal income tax system, we are pleased to report that we just received a refund of federal income taxes we paid during 2018.
Although our 2018 taxable income increased slightly (by $200) over our 2017 taxable income, our 2018 federal tax bill
by over $2,700 from what we paid during 2017 in federal tax! This occurred even though we used the new higher standard deduction in filing our 2018 tax returns.
Trump and the Republicans in Congress delivered on their promise to help ordinary American families with the new tax law.