It's amazing to me that the 'fake news' is flooding the media with scare stories about Americans not benefiting from the 2017 tax law overhaul.
So.....I took a look at what percentage my own taxes changed for 2018 versus 2017. For this you need the Adjusted Gross Income (AGI) for 2017 and 2018, and the final tax calculation for Fed taxes in 2017 and 2018 in order to calculate how much you saved under the new tax law--a rough estimate.
partial calculation = [taxes paid(2017) / AGI (2017)] x AGI (2018); this gives you for 2018 what your taxes would have been under the old tax law.
percentage saved by new tax law = [partial calculation - taxes 2018] / partial calculation (times 100 for perecentage)
My own taxes were 19.6% lower under the new tax laws versus what they would have been under the old tax law.
Note: I saved money by benefiting from the 20% writeoff for pass-through businesses from a side gig I have that makes money, and also writing off some of my health insurance costs directly with no deduction through the side gig business (a Schedule C business). Both of these are shiny brand new deductions under the new tax laws passed in 2017.
The bipartisan Tax Policy Center projects that between 80% and 94% of taxpayers will have lower taxes under the new tax law.https://www.taxpolicycenter.org/daily-deduction/one-more-weekend-until-tax-day
Taxes down, refunds up. That is the experience of H&R Block clients, at least. The firm reports that as of March 31, its clients’ tax refunds were up by 1.4 percent while their overall 2018 tax liability fell by 24.9 percent on average.