Search FAIRtax.org

A Preliminary Look At 2018 Tax Data

A Preliminary Look At 2018 Tax Data
Photo Credit: 14102008(016) by themaxsons is licensed under Flickr CC BY-NC-SA 2.0
At the end of June, the IRS released the first set of tax return data from 2018.  These are the first numbers on the effects of the Tax Cuts and Jobs Act (TCJA), which was passed in December of 2017.  The preliminary data provides aggregate information by income group on a range of topics, including sources of income as well as deductions and credits taken by taxpayers.  It is important to note that this new information does not contain data from those who requested a filing extension. For this reason, it includes only about 80 percent of total income tax liability for the year 2018.  Overall, the data seems to match expectations about changes.  Let’s look at the highlights.

The visual below shows that the TCJA reduced effective tax rates, or total tax liability divided by an income group’s total adjusted gross income, for all income groups in 2018 compared to 2017.  Importantly, even though taxpayers throughout income groups saw a tax cut on average, individual circumstances vary.

Help FAIRtax Get In The Presidential Debates in 2020

Enacting the FAIRtax must be a prominent topic on the Presidential Debate stage. We did it before, we can do it again, but we need your help!

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help FAIRtax.org bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.
To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

If you need to make changes to your existing Monthly Re-Occurring Donation with new card or billing address information, then Please call Adam Yomtov our New York State Co-Director. He is assisting with the administration of our donations, technology services, and website.

Please note: Inputting your new information at our website won't update your donation. The only way to update is by calling Adam Yomtov 917-689-3931 mobile.


Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

Connect

Share