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I thought that this simple table from the Joint Committee on Taxation
The Joint Committee on Taxation (JCT) is a Committee of the U.S. Congress established under the Internal Revenue Code at 26 U.S.C. § 8001.
“We are pleased that the Senate tax proposal includes some important improvements over the House bill voted out of the Ways and Means Committee,” AARP executive vice president Nancy LeaMond said in a statement.
“The Senate proposal would keep the medical expense deduction for millions of Americans with high medical costs — something that is especially important for middle income seniors. The House tax bill repeals the medical expense deduction, resulting in a health tax for taxpayers who get sick or have chronic conditions.”
But the elimination of the medical deduction could still happen.
“If the full House and Senate approve different proposals, negotiators from the two bodies will hammer out a compromise version that both would have to approve before it can become law,” wrote Sabrina Eaton at cleveland.com.
originally posted by: sligtlyskeptical
a reply to: ketsuko
Because it is better for everyone involved if they spend the money on goods rather than submitting it to the government. For those who earn much more than they spend it is better that much of the excess is submitted to the government.
It’s not an exaggeration: It really is getting harder to move up in America. Those who make very little money in their first jobs will probably still be making very little decades later, and those who start off making middle-class wages have similarly limited paths. Only those who start out at the top are likely to continue making good money throughout their working lives.
That’s the conclusion of a new paper by Michael D. Carr and Emily E. Wiemers, two economists at the University of Massachusetts in Boston. In the paper, Carr and Wiemers used earnings data to measure how fluidly people move up and down the income ladder over the course of their careers.
“It is increasingly the case that no matter what your educational background is, where you start has become increasingly important for where you end,” Carr told me. “The general amount of movement around the distribution has decreased by a statistically significant amount.”
They find that none of these measures has changed much (see chart).
In 1971 a child from the poorest fifth had an 8.4% chance of making it to the top quintile.
For a child born in 1986 the odds were 9%.
The study confirms previous findings that America’s social mobility is low compared with many European countries. (In Denmark, a poor child has twice as much chance of making it to the top quintile as in America.) But it challenges several smaller recent studies that concluded that America had become less socially mobile.
originally posted by: rickymouse
You would have to take the higher exemption into consideration wouldn't you? I do not know if that is included in this chart.