I am a retired, lower-middle class taxpayer living primarily on returns from my savings. Just out of curiosity, I recomputed my 2017 taxes filed in 2018 using the rules and rates in the Trump/Republican Tax Cuts and Jobs Act that take effect for 2018 earnings to be filed in 2019 – the tax cut bill.
Under the new calculation,s my taxable income for 2017 (line 43) increased 216.0 percent. My taxes (line 44) increased by 361.9 percent.
So much for middle class tax cuts.