Day: January 18, 2021

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Are taxes are going up next year?

Are taxes are going up next year?

Spend some time on Reddit or Twitter and you might be concerned that taxes are going up next year, thanks to a misunderstood chart from the Joint Committee on Taxation (JCT).

The chart, which was created in ecember 2017 when the Tax Cuts and Jobs Act (TCJA) was passed, periodically makes the rounds on social media because it seems to show that people earning between $10,000 to $30,000 begin paying more in taxes on average starting in 2021 than they would have before the law was passed.