Per Diem for Company Drivers!

The **Tax Cuts and Jobs Act (TCJA)**, signed into law by the Trump administration in December 2017, eliminated the ability for company drivers to deduct per diem for meals and incidental expenses (M&IE) as an itemized deduction starting in 2018. Previously, company drivers were able to claim a per diem deduction for unreimbursed work expenses, including meals and lodging, which helped offset their taxable income. However, the law did not affect owner-operators, who could still deduct per diem expenses as business expenses.

 

The Tax Fairness for Workers Act was introduced by Rep. Brendan Boyle, D-Pa., and Sen. Robert Casey Jr., D-Pa.

Yea, it was introduced by two Democrats. Imagine that! For those of you who think that Trump is working for the middle class in this country, you better think twice. Case in point, he eliminated Per Diem for truckers and gave the tax cuts to the rich!

 

Trump's Tax Cuts and Jobs Act (TCJA) of 2017 primarily benefited corporations and high-income individuals. Here’s a breakdown of how the benefits were distributed:Corporations: One of the most significant aspects of the tax cut was the reduction in the corporate tax rate from 35% to 21%. This was a substantial tax break for businesses, particularly large corporations, and was intended to boost investment, job creation, and wages. However, many companies used the savings for stock buybacks, benefiting shareholders rather than reinvesting in operations or employees.

High-Income Earners: The tax cuts also provided benefits to individuals, but the largest benefits went to the wealthiest Americans. The TCJA reduced the top individual tax rate from 39.6% to 37% and increased the exemption for the estate tax, which disproportionately benefits wealthy individuals. Additionally, the changes to how pass-through businesses are taxed also benefited higher-income taxpayers.

Trumps tax cuts for the rich and his out-of-control spending increased the federal deficit by 7.8 trillion, which directly lead to high inflation and higher interest rates. Its a delayed affect! This directly impacted lower, middle, and upper-income households or roughly 77% of the population.