The great 'Tax Cut" Swindle...

Well the year is now almost over, how much did you save on your taxes?

So like always at this time of year, I look at my tax information to see if I will be surprised in April. This year we had the 'Great Tax Cut' so I was wondering what massive savings I received.

It is easy to do, look at your last pay stub from last December and compare it to your December pay stub of this year. It will list the total to year pay and tax. As an example, lets say last year I had $100,000 listed as gross pay and $12,000 withheld in federal taxes. Now looking at this year, I have $100,000 as gross pay and a $10,000 withheld for federal taxes.

Remember that the Big Federal Tax Cut has no effect on your local state tax or the Social Security or Medicare with holdings.

So looking at the example above, the change is $2,000 less with held in taxes for the Feds. That's a 2% difference. The promise was a 4% cut for an income in the $100,000 income level. That works out to about an extra $7 a day that isn't withheld a day, that's a coffee at Starbucks or a couple of gallons of gas if that... If you make less that $100,000 then what you save is a lot less. If you make $30,000 to $40,000, you get about $1 a day....

So the question is, Will I see a huge gap in what is withheld vs. what is owed? Or, Will I see no difference???

In most years, I have worked my with-holdings so that my State tax has a slight refund and the Fed tax is a slight owed tax, which basically washes each out. Will I still see this or will I owe money or with I get a refund...

Now if you are rich.. Forget it, you are getting $50,000 to $60,000 in your pocket at a minimum...

Spend you tax cut wisely.....  Winning!!!!!