Yesterday I did my tax returns and those of two friends. That same morning I received in the mail a flier bearing the names of Blackman, Thorpe and Allen claiming that Arizona is heading for a recession and we need to reduce taxes on business. Yet I've been hearing that the economy under Trump is going well.
So friend "A" is a single man of 24 years who works in construction and has his wages reported on a 1099-Misc., so his employer does not withhold tax nor pay his social security. He earns $24,000 with standard deduction of $12,000 he pays $1,200 tax,which is a lot for this young man. Friend "B" is a couple both working who earn $51,000 after $24,000 deductible, they pay $1,600 tax.
Meanwhile according to the IRS, I meet the definition of a millionaire. Its hard to tell what my actual income is, as I run 5 companies which makes my taxes more complex. With various deductions, depreciation and the new Qualified Business Incentive (QBI), I have paid no taxes this year and am now due a $3,250 refund!
The irony for me is that both my friends vote GOP!