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The New Tax Law

This morning WSJ carried an interesting article ("Who got refunds, who paid more ...") on the new tax bill. According to the article, the two groups who were least likely to get refunds on their 2019 returns were those in the $100K to $250K bracket and those in the $1M or more racket. I barely sneaked into the former bracket but saw little change in my taxability. Those in the later bracket saw a significant drop in likelihood of refunds and a corresponding increase in taxability. Based on the article, I concluded the democrats have little to support their argument that the poor got soaked while the rich got richer!

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