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Standard deduction is only a small part of the whole picture. Forbes has good overview on winners and losers.As usual, DemocRATs scream how it “favors the rich” and “raises taxes on the middle class.” And, as usual, it’s nothing but bull poop! This article spells out some of the truths and is worth reading.
Regarding the middle class, Democrats fail to mention that under the new House plan, the standardized deduction would almost double from $6,350 to over $12,000 for single filers, and $12,700 to $24,000 for married couples filing jointly. That means the number of Americans who claim the standard deduction would likely go from 60 percent of all filers to 90 percent.
Critics also fail to mention that the tax credit per child would increase from $1,000 to $1,600.
Additionally, critics don’t admit that the impact of simplifying the tax code would disproportionately help lower- and middle-income taxpayers, most of whom would be able to file their taxes using a simple postcard.
More @ Don't Believe the Democrat Attacks on Tax Reform. Here Are the Facts.
Doubling the standard deduction isn't a tax cut?Standard deduction is only a small part of the whole picture. Forbes has good overview on winners and losers.As usual, DemocRATs scream how it “favors the rich” and “raises taxes on the middle class.” And, as usual, it’s nothing but bull poop! This article spells out some of the truths and is worth reading.
Regarding the middle class, Democrats fail to mention that under the new House plan, the standardized deduction would almost double from $6,350 to over $12,000 for single filers, and $12,700 to $24,000 for married couples filing jointly. That means the number of Americans who claim the standard deduction would likely go from 60 percent of all filers to 90 percent.
Critics also fail to mention that the tax credit per child would increase from $1,000 to $1,600.
Additionally, critics don’t admit that the impact of simplifying the tax code would disproportionately help lower- and middle-income taxpayers, most of whom would be able to file their taxes using a simple postcard.
More @ Don't Believe the Democrat Attacks on Tax Reform. Here Are the Facts.
But eventually we'll all be losers because CEO's say it wont trickle down, along with $1.4 trillion increased debt. Last thing we need in a demand-constrained economy is more inequality.
And no tax cuts for working folks because they blow it on booze and women.
Dude, nice work, but that’s incorrect. But why would you care?What you do not factor in is the loss of the personal exemption. That means if you have a family of more than 3 people then you are losing money on your deductions. Also people who have certain issues such as blindness can take 2 exemptions which means their taxes will go up. Also middle class people in the suburbs will such as Atlanta will see their taxes go up. Then we have the rate cuts which will benefit the rich.
You are the one using TALKING POINTS NOT FACTS.
Bruce Bartlett helped Jack Kemp develop what would become the Reagan tax cuts, He is opposed to the bill.
“What they have here is a big tax cut for the rich paid for with random increases in taxes for various constituencies,” Mr. Bartlett said. “It’s ridiculous. And it’s telling that they are ramming this through without any debate. All of the empirical evidence goes against the tax cut.”
Math fail lib pleaseThe Senate bill has 7 tax brackets, here's how they compare to the existing 7 brackets up to $470,700 in income for a couple filing jointly. The bottom gets a nice tax cut, nobody gets whacked until they hit the $290k bracket that's the one to avoid.
10% to $19050 TAX INCREASE wait for it...$40.
12% to $77400 TAX CUT $1,545
22.5% to $120,000 TAX CUT $11,260
25% to 290,000 TAX INCREASE $8,769
32.5% to 390,000 TAX CUT $19,236
35% to $470,700 TAX CUT $9,891
That means if you make a million dollars then you will save $45,000. Why should anyone see a tax increase? Why should a low income person see a tax increase of even a dollar? Those people in the $120,000-$290,000 are likely suburban voters. There is evidence in the November elections that Republicans are having trouble with suburban voters. This is why I believe Republicans will lose the House in 2018.
You sure don't give a damn.
About your lies? Sure I care and why I committed
As usual, DemocRATs scream how it “favors the rich” and “raises taxes on the middle class.” And, as usual, it’s nothing but bull poop! This article spells out some of the truths and is worth reading.
Regarding the middle class, Democrats fail to mention that under the new House plan, the standardized deduction would almost double from $6,350 to over $12,000 for single filers, and $12,700 to $24,000 for married couples filing jointly. That means the number of Americans who claim the standard deduction would likely go from 60 percent of all filers to 90 percent.
Critics also fail to mention that the tax credit per child would increase from $1,000 to $1,600.
Additionally, critics don’t admit that the impact of simplifying the tax code would disproportionately help lower- and middle-income taxpayers, most of whom would be able to file their taxes using a simple postcard.
More @ Don't Believe the Democrat Attacks on Tax Reform. Here Are the Facts.
It's a tax cut for the rich, and the rich are trying hard to hide the fact, you know it.
As usual, DemocRATs scream how it “favors the rich” and “raises taxes on the middle class.” And, as usual, it’s nothing but bull poop! This article spells out some of the truths and is worth reading.
Regarding the middle class, Democrats fail to mention that under the new House plan, the standardized deduction would almost double from $6,350 to over $12,000 for single filers, and $12,700 to $24,000 for married couples filing jointly. That means the number of Americans who claim the standard deduction would likely go from 60 percent of all filers to 90 percent.
Critics also fail to mention that the tax credit per child would increase from $1,000 to $1,600.
Additionally, critics don’t admit that the impact of simplifying the tax code would disproportionately help lower- and middle-income taxpayers, most of whom would be able to file their taxes using a simple postcard.
More @ Don't Believe the Democrat Attacks on Tax Reform. Here Are the Facts.
It's a tax cut for the rich, and the rich are trying hard to hide the fact, you know it.
Doesn’t it raise taxes on the rich?
Well indeed I am an advocate for the President of the US, His tax plan is beautiful. And I will be impacted by it cause I live in Illinois. It still is what's right for the country. If you feel the needs of the one out weighs the needs of the many then you are a loser and will end up on the wrong end of that argument every time.Dude, nice work, but that’s incorrect. But why would you care?Math fail lib please
10% to $19050 TAX INCREASE wait for it...$40.
12% to $77400 TAX CUT $1,545
22.5% to $120,000 TAX CUT $11,260
25% to 290,000 TAX INCREASE $8,769
32.5% to 390,000 TAX CUT $19,236
35% to $470,700 TAX CUT $9,891
That means if you make a million dollars then you will save $45,000. Why should anyone see a tax increase? Why should a low income person see a tax increase of even a dollar? Those people in the $120,000-$290,000 are likely suburban voters. There is evidence in the November elections that Republicans are having trouble with suburban voters. This is why I believe Republicans will lose the House in 2018.
You sure don't give a damn.
About your lies? Sure I care and why I committed
You are a charter member of LIARS FOR TRUMP.
and then bring in that revenue from the new tax payers. funny how that all works.The butthurt is glorious.
One of the best bills ever. And yeah those who earn more get more of a cut, because they pay a lot more taxes. That's kind of how it works, when 50% pay nothing, not much of a cut to be had. On the other hand, what better time to get a job than now?
Wrong.The 47% refers to the people who pay Zero net federal income tax.Why are we not considering all taxes & there effect? where does this 47 % pay no taxes come from. after 5 years of retirement we expect to break even this fed tax year. yet we still paid 10% each fed&state tax on stock sold. we still pay taxes on property, at the grocery store, the gas pump on utility bills you name it they tax it. who the heck pays nothing the guy living under a bridge? some one sold you a line, sure we have a % of people using the system that don't work, & it makes a lot of us angry. but most people work or have worked. why focus on them, why not the real bums, those who miss handle our money, spend trillions like drunken sailors on leave.
the people who pay no taxes are college kids, unemployed, disabled and some of the aged on SS. If you want to live in a third world country go to Ethiopia. If you want to leave in a theocracy go to Saudi Arabia.
Wrong.The 47% refers to the people who pay Zero net federal income tax.Why are we not considering all taxes & there effect? where does this 47 % pay no taxes come from. after 5 years of retirement we expect to break even this fed tax year. yet we still paid 10% each fed&state tax on stock sold. we still pay taxes on property, at the grocery store, the gas pump on utility bills you name it they tax it. who the heck pays nothing the guy living under a bridge? some one sold you a line, sure we have a % of people using the system that don't work, & it makes a lot of us angry. but most people work or have worked. why focus on them, why not the real bums, those who miss handle our money, spend trillions like drunken sailors on leave.
the people who pay no taxes are college kids, unemployed, disabled and some of the aged on SS. If you want to live in a third world country go to Ethiopia. If you want to leave in a theocracy go to Saudi Arabia.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
Show us ONE TIME in the last 50 years that the CBO's first forecast was close to being accurate. Just once.
45% of Americans pay no federal income taxWrong.The 47% refers to the people who pay Zero net federal income tax.Why are we not considering all taxes & there effect? where does this 47 % pay no taxes come from. after 5 years of retirement we expect to break even this fed tax year. yet we still paid 10% each fed&state tax on stock sold. we still pay taxes on property, at the grocery store, the gas pump on utility bills you name it they tax it. who the heck pays nothing the guy living under a bridge? some one sold you a line, sure we have a % of people using the system that don't work, & it makes a lot of us angry. but most people work or have worked. why focus on them, why not the real bums, those who miss handle our money, spend trillions like drunken sailors on leave.
the people who pay no taxes are college kids, unemployed, disabled and some of the aged on SS. If you want to live in a third world country go to Ethiopia. If you want to leave in a theocracy go to Saudi Arabia.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
Tell me more, and give examples of these people who work and pay no tax, and get all their tax withholding refunded??
Refundable vs. Nonrefundable Tax Credits—What's the Difference?
Here are the refundable tax credits for 2017. If one works and makes so little , well at least give them credit for trying and working. Someone has to do these low paying jobs.
so you think the lower 45% of the poor pay federal taxes? LOL dudette, too funny.Wrong.The 47% refers to the people who pay Zero net federal income tax.Why are we not considering all taxes & there effect? where does this 47 % pay no taxes come from. after 5 years of retirement we expect to break even this fed tax year. yet we still paid 10% each fed&state tax on stock sold. we still pay taxes on property, at the grocery store, the gas pump on utility bills you name it they tax it. who the heck pays nothing the guy living under a bridge? some one sold you a line, sure we have a % of people using the system that don't work, & it makes a lot of us angry. but most people work or have worked. why focus on them, why not the real bums, those who miss handle our money, spend trillions like drunken sailors on leave.
the people who pay no taxes are college kids, unemployed, disabled and some of the aged on SS. If you want to live in a third world country go to Ethiopia. If you want to leave in a theocracy go to Saudi Arabia.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
Tell me more, and give examples of these people who work and pay no tax, and get all their tax withholding refunded??
Refundable vs. Nonrefundable Tax Credits—What's the Difference?
Here are the refundable tax credits for 2017. If one works and makes so little , well at least give them credit for trying and working. Someone has to do these low paying jobs.
45% of Americans pay no federal income taxWrong.The 47% refers to the people who pay Zero net federal income tax.Why are we not considering all taxes & there effect? where does this 47 % pay no taxes come from. after 5 years of retirement we expect to break even this fed tax year. yet we still paid 10% each fed&state tax on stock sold. we still pay taxes on property, at the grocery store, the gas pump on utility bills you name it they tax it. who the heck pays nothing the guy living under a bridge? some one sold you a line, sure we have a % of people using the system that don't work, & it makes a lot of us angry. but most people work or have worked. why focus on them, why not the real bums, those who miss handle our money, spend trillions like drunken sailors on leave.
the people who pay no taxes are college kids, unemployed, disabled and some of the aged on SS. If you want to live in a third world country go to Ethiopia. If you want to leave in a theocracy go to Saudi Arabia.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
Tell me more, and give examples of these people who work and pay no tax, and get all their tax withholding refunded??
Refundable vs. Nonrefundable Tax Credits—What's the Difference?
Here are the refundable tax credits for 2017. If one works and makes so little , well at least give them credit for trying and working. Someone has to do these low paying jobs.
https://www.taxact.com/tax-information/about-your-taxes/earned-income-credit
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
No I said they do not pay FEDERAL INCOME TAXES.45% of Americans pay no federal income taxWrong.The 47% refers to the people who pay Zero net federal income tax.
the people who pay no taxes are college kids, unemployed, disabled and some of the aged on SS. If you want to live in a third world country go to Ethiopia. If you want to leave in a theocracy go to Saudi Arabia.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
Tell me more, and give examples of these people who work and pay no tax, and get all their tax withholding refunded??
Refundable vs. Nonrefundable Tax Credits—What's the Difference?
Here are the refundable tax credits for 2017. If one works and makes so little , well at least give them credit for trying and working. Someone has to do these low paying jobs.
https://www.taxact.com/tax-information/about-your-taxes/earned-income-credit
45% of americans do no pay taxes, that is not what you said.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
the richer should pay more in tax, only makes sense.
No I said they do not pay FEDERAL INCOME TAXES.45% of Americans pay no federal income taxWrong.the people who pay no taxes are college kids, unemployed, disabled and some of the aged on SS. If you want to live in a third world country go to Ethiopia. If you want to leave in a theocracy go to Saudi Arabia.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
Tell me more, and give examples of these people who work and pay no tax, and get all their tax withholding refunded??
Refundable vs. Nonrefundable Tax Credits—What's the Difference?
Here are the refundable tax credits for 2017. If one works and makes so little , well at least give them credit for trying and working. Someone has to do these low paying jobs.
https://www.taxact.com/tax-information/about-your-taxes/earned-income-credit
45% of americans do no pay taxes, that is not what you said.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
the richer should pay more in tax, only makes sense.
No I said they do not pay FEDERAL INCOME TAXES.45% of Americans pay no federal income taxWrong.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
Tell me more, and give examples of these people who work and pay no tax, and get all their tax withholding refunded??
Refundable vs. Nonrefundable Tax Credits—What's the Difference?
Here are the refundable tax credits for 2017. If one works and makes so little , well at least give them credit for trying and working. Someone has to do these low paying jobs.
https://www.taxact.com/tax-information/about-your-taxes/earned-income-credit
45% of americans do no pay taxes, that is not what you said.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
the richer should pay more in tax, only makes sense.
There is only ONE federal income tax, but everyone (and their employer) also pays federal payroll taxes.
Which brings us to a simple question - why wouldn't Republicans directly give tax-cut to payroll taxes, directly reduce cost of employment in America?
Because this tax-cut bill is not about low and middle-class income and jobs, it is primarily a tax cut for the rich, that's why.
No I said they do not pay FEDERAL INCOME TAXES.45% of Americans pay no federal income taxTell me more, and give examples of these people who work and pay no tax, and get all their tax withholding refunded??
Refundable vs. Nonrefundable Tax Credits—What's the Difference?
Here are the refundable tax credits for 2017. If one works and makes so little , well at least give them credit for trying and working. Someone has to do these low paying jobs.
https://www.taxact.com/tax-information/about-your-taxes/earned-income-credit
45% of americans do no pay taxes, that is not what you said.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
the richer should pay more in tax, only makes sense.
There is only ONE federal income tax, but everyone (and their employer) also pays federal payroll taxes.
Which brings us to a simple question - why wouldn't Republicans directly give tax-cut to payroll taxes, directly reduce cost of employment in America?
Because this tax-cut bill is not about low and middle-class income and jobs, it is primarily a tax cut for the rich, that's why.
No shit Sherlock.
Payroll taxes fund Social Security and Medicare and those are sacred cows for most people which is why you will never get rid of the taxes that fund them.
No I said they do not pay FEDERAL INCOME TAXES.
45% of americans do no pay taxes, that is not what you said.
47% of people who file federal income tax pay zero net federal income tax. Some of that 47% actually get more back then they paid in because not only do they get all their tax withholding refunded but they also get refundable tax credits
the richer should pay more in tax, only makes sense.
There is only ONE federal income tax, but everyone (and their employer) also pays federal payroll taxes.
Which brings us to a simple question - why wouldn't Republicans directly give tax-cut to payroll taxes, directly reduce cost of employment in America?
Because this tax-cut bill is not about low and middle-class income and jobs, it is primarily a tax cut for the rich, that's why.
No shit Sherlock.
Payroll taxes fund Social Security and Medicare and those are sacred cows for most people which is why you will never get rid of the taxes that fund them.
Here is some shit Sherlock - they get funded from the general fund anyway. Account adjustment is just a technicality.
