GOP plan will ultimately raise taxes on 50% of Americans, nonpartisan assessment says

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.

www.abovetopsecret.com...

Non-Partisan Tax Policy Center.

Further:

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.

What other wonderful things is this GOP tax plan going to do? Well we learned a few days ago that this plan is set to increase taxes for graduate students by almost 400% while Corporations get a $1 trillion tax cut. The Congressional Joint Committee on Taxation found earlier this month that the original senate tax bill would raise taxes for the lower income earners by 2021. So there seems to be a pattern with these GOP Tax Plans here of everybody but the rich getting screwed eventually.

We'll pass it and let's see what happens.

The new GOP paradigm

Steal from the poor and give to the rich

a reply to: Southern Guardian

Sounds like it will be perfect for Democrats then. They love more taxes.

originally posted by: Willtell
The new GOP paradigm

Steal from the poor and give to the rich

As opposed to Democrats...steal from everyone and make Government slaves.

a reply to: Southern Guardian
What are you doing reading the bill?

A highly respected member of Congress summed it up this way:

In late July 2009, Conyers, commenting on the healthcare debate in the House, stated: “I love these members, they get up and say, ‘Read the bill'... What good is reading the bill if it’s a thousand pages and you don’t have two days and two lawyers to find out what it means after you read the bill?”

John Conyers- Wikipedia

a reply to: Southern Guardian

Guess who will be the 50%......

Trump supporters.

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.

www.abovetopsecret.com...

Non-Partisan Tax Policy Center.

Further:

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.

What other wonderful things is this GOP tax plan going to do? Well we learned a few days ago that this plan is set to increase taxes for graduate students by almost 400% while Corporations get a $1 trillion tax cut. The Congressional Joint Committee on Taxation found earlier this month that the original senate tax bill would raise taxes for the lower income earners by 2021. So there seems to be a pattern with these GOP Tax Plans here of everybody but the rich getting screwed eventually.

Again, you cannot get a Federal tax cut if you aren't paying taxes. Any tax cut is going to favor those who pay the most taxes which are those in the upper income brackets. People making $25k/yr already aren't paying taxes so they cannot get a tax cut. Any "cut" these people get is really just a redistribution of income from others.

We should ask Trumps advisors on whether the lower classes will see their taxes increased from this plan.

Trump adviser says he can't guarantee middle class families won't see tax increase under new plan.

Since 45+% of households pay no income taxes at all, how can they be harmed?

Personally I think it's all a dog an pony show by both sides. We all know the Dem's want higher taxes, so any complaining they do is just propaganda, but I don't think the Republicans really want a decrease other than when campaigning.

The only good I'd expect is for corporate rates to be reduced to a rate more like the rest of the world. The Dem's in Congress are for that as well, they just can't stop with the partisan garbage long enough to be truthful.

Some may have seen this before, but it does a really good job explaining things...

How Taxes Work . . .

Let’s put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:

The first four men — the poorest — would pay nothing; the fifth would pay $1, the sixth would pay $3, the seventh $7, the eighth $12, the ninth $18, and the tenth man — the richest — would pay $59.

That’s what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement — until one day, the owner threw them a curve (in tax language a tax cut).

“Since you are all such good customers,” he said, “I’m going to reduce the cost of your daily meal by $20.” So now dinner for the ten only cost $80.00.

The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six — the paying customers? How could they divvy up the $20 windfall so that everyone would get his “fair share?”

The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would end up being PAID to eat their meal. So the restaurant owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a bill of $52 instead of his earlier $59. Each of the six was better off than before. And the first four continued to eat for free.

But once outside the restaurant, the men began to compare their savings. “I only got a dollar out of the $20,” declared the sixth man who pointed to the tenth. “But he got $7!”

“Yeah, that’s right,” exclaimed the fifth man, “I only saved a dollar, too … It’s unfair that he got seven times more than me!”.

“That’s true!” shouted the seventh man, “why should he get $7 back when I got only $2? The wealthy get all the breaks!”

“Wait a minute,” yelled the first four men in unison, “We didn’t get anything at all. The system exploits the poor!”

The nine men surrounded the tenth and beat him up. The next night he didn’t show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered, a little late what was very important. They were FIFTY-TWO DOLLARS short of paying the bill! Imagine that!

a reply to: Blaine91555

Nice story- but I don't have time to work the math at the moment...

Having said that, Taxes will always go up. Right up until the last day.
The last day, of course, will be when everyone is paying 100% taxes and living off of the government, or when the US dollar completely collapses, taking the government down with it.

Lower taxes- pah!
Try lowering spending, first.

a reply to: Edumakated

I still don't think they will get it.

originally posted by: lordcomac
Try lowering spending, first.

Now that is the real answer isn't it.

originally posted by: Middleoftheroad
a reply to: Edumakated

I still don't think they will get it.

I know, they are basically the guys in the example getting a free meal complaining they aren't getting any money back. Pathetic.

originally posted by: Metallicus
a reply to: Southern Guardian

Sounds like it will be perfect for Democrats then. They love more taxes.

Are you saying Democrats will support this tax bill now?

a reply to: Edumakated

Excellent real world example. That is exactly how jealous people react.

a reply to: Edumakated

Yet strangely enough running an national economy isn't the same as dividing up a restaurant bill.

originally posted by: ScepticScot
a reply to: Edumakated

Yet strangely enough running an national economy isn't the same as dividing up a restaurant bill.

It is illustrating the math of tax cuts and that those who already aren't paying taxes don't get a cut. It has nothing to do with running an economy. It is explaining basic math using a restaurant to those who can't seem to grasp the concept due to their jealousy.

originally posted by: Edumakated

originally posted by: ScepticScot
a reply to: Edumakated

Yet strangely enough running an national economy isn't the same as dividing up a restaurant bill.

It is illustrating the math of tax cuts and that those who already aren't paying taxes don't get a cut. It has nothing to do with running an economy. It is explaining basic math using a restaurant to those who can't seem to grasp the concept due to their jealousy.

Because the only reason that someone would oppose tax plans, that make the already massive inequality worse, would be jealousy?