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originally posted by: Greven
originally posted by: proximo
originally posted by: Southern Guardian
Are you Taxed Enough Already? Well this should give you enough reason to take out those old TEA Party hats. Right? No? Oh it's Trump so it's ok. It's ok I guess?
Trump spoke as the Tax Policy Center said that while all income groups would see tax reductions, on average, under the Senate bill in 2019, 9 percent of taxpayers would pay higher taxes that year than under current law. By 2027, that proportion would grow to 50 percent, largely because the legislation's personal tax cuts expire in 2026, which Republicans did to curb budget deficits the bill would create.
Non-Partisan Tax Policy Center.
So which is it - are you concerned about the deficit or aren't you - because you are trying to have it both ways - you are opposed to taxes going up after 10 years on half the middle class - but you are also opposed to increasing the deficit due to the tax reductions over the next 10 years.
In 2019, those making less than $25,000 would get an average $50 tax reduction, or 0.3 percent of their after-tax income. Middle-income earners would get average cuts of $850, while people making at least $746,000 would get average cuts of $34,000, or 2.2 percent of income.
The center also said the Senate proposal would generate enough economic growth to produce additional revenue of $169 billion over a decade. That's far short of closing the near $1.5 trillion in red ink that Congress' nonpartisan Joint Committee on Taxation has estimated the bill would produce over that period.
So it's heavily favored to the top side of the income bracket. How predictable. Still, $169 billion in additional revenue is great for the country. That outta cover it right? What, that's $16.9 billion a year? Pocket change me thinks. Doesn't put much of a dent in the $1.5 trillion deficit this congress is set to create.
It is really hard to cut taxes on the poor when they already almost all pay nothing - 45% pay no income tax under the existing law.
That is why this bill is cuts for the middle class - you can't cut anymore for the poor - so stop saying this is cruel to the poor that is absolute horse crap - it will help the poor by causing increased wages, and providing more jobs.
As far as their prediction of $169 billion increase in tax revenue over 10 years - I think that is way lower than it will actually be. Afterall just a few months ago people were saying 3% GDP was impossible - We have already accomplished that with no tax cuts. Show me one of these estimates that has been anywhere close to correct, they just aren't. I don't think it will add a trillion to the deficit but if it did - and it accomplishes 4-5% gdp increase it will be well worth it.
As far as complaining about adding to the deficit - you do realize Obama added 9+ trillion to the deficit in 8 years which is nearly as much debt as the country accumulated in the 230+ years prior right?
Look the truth is we can't pay back our debt at this point. Neither can Europe. Neither can Japan. China's economy is a house of cards too. The name of the game right now is don't be the first country to experience economic collapse - throwing fuel on the fire is the best way to accomplish that at this point. It sure as heck beats the obama admin plan of just giving money to the banks who horded it - at least this way private citizens will get the money, and we will build some things of substance with the money that will have positive impact on the economy for years to come.
What, exactly, do you think the 'middle class' is?
What income range is it?