American taxpayers paid over $90 billion more under Trump tax law

After the passage of Tax Cuts and Jobs Act (TCJA), the IRS encouraged
taxpayers to update their withholdings, but few did. More than halfway
through 2018, after the law took effect, the Government Accountability
Office (GAO) warned that
more Americans would owe money to the IRS under the new law while those
receiving refunds would decrease. In the end, many Americans saw modest
increases in their paychecks throughout the year, but didn’t notice.

U.S. Household Debt Exceeds $14 Trillion for the First Time

Americans increased their borrowing for the 22nd straight quarter as more households took out loans to buy homes or refinance existing mortgages, according to a report released today from the Federal Reserve Bank of New York.Total U.S. household debt rose by $601 billion in the fourth