The 3.5% 2018 Q3 GDP growth is primarily due to a rise in
defense spending and a 4 percent jump in consumer spending resulting higher
take-home pays stemming from reduced Federal Withholding Tax (FWT) averaging
The linked article warns that voters their April 2019 Tax
Bills May Catch Some Americans Off Guard, because even though about 65
percent of taxpayers receiving a tax cut in 2018, unless 29% instructed
their employer to increase their FTW; they will owe on average $1,600 in April 2019
and 6% will owe an average of $4,400. If you are from New Jersey,
Maryland, the District of Columbia, California, and New York you are likely
among this six percent.
Increased consumer spending in 2018 that must be
paid back, as a withholding short-fall including penalties and interest in
April 2019 is GDP growth stolen by the GOP from 2019, vote accordingly.
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A seasoned financial professional, currently providing subject matter expertise on a variety of regulatory topics, including the Dodd-Frank Act, the Foreign Account Tax Compliance Act (FATCA) and overall compliance monitoring. He has previously held (more...