The IRS releases data on each filing season. The last release for 2018 tax returns was done mid-July 2019. Here are some of the key items:
As you can see, some interesting trends have occurred due to tax reform. For example, there were about 4 million taxpayers owing AMT tax on their 2017 tax returns. This year, that dropped to 78,328 taxpayers.
As expected, the SALT $10,000 cap dramatically reduced the deduction for state and local taxes.
The Section 199A deduction was about $84 billion, however, returns filed after July will likely have a much higher deduction.
For our middle income farmers, the child tax credit in some cases substantially reduced their taxes and you can see that in the chart.
We will update for the final numbers when they are released later this year.
Morning Market Audio 11/14/19
Weekly "2 Minute Drill", Video Breakdown of the Ag Markets (11.14.19)