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So will the supposed tax cuts really benefit the Middle Class?
Posted on 11/29/16 at 1:05 pm
Posted on 11/29/16 at 1:05 pm
LINK
Now this supposed independent organization says no. But then in the article it states this...
But another "expert" claims this in the article...
I would like a lower tax but I also believe there should be a flat tax.
Now this supposed independent organization says no. But then in the article it states this...
quote:
But Lily Batchelder, a visiting fellow at the Tax Policy Center and former deputy director of President Barack Obama's National Economic Council, estimates that roughly 7.9 million families with children would pay higher taxes under his proposals. About 5.8 million are led by single parents.
But another "expert" claims this in the article...
quote:
For middle-income earners as a whole, the Trump proposals would cut taxes, even taking into account the increases on single-parent families. Those earning nearly $50,000 to about $83,000 -- the middle one-fifth -- would receive an average cut of $1,010, according to the Tax Policy Center. That would lift their after-tax incomes 1.8 percent.
I would like a lower tax but I also believe there should be a flat tax.
6
Posted on 11/29/16 at 1:30 pm to sms151t
It worked for Ronald Reagan and John Kennedy.
Posted on 11/29/16 at 1:34 pm to TupeloTiger
quote:And Bush 43. The problem being... most of the "middle class" doesn't pay taxes anymore. Hard to give them meaningful "cuts".
It worked for Ronald Reagan and John Kennedy.
Posted on 11/29/16 at 1:37 pm to TupeloTiger
quote:Larry Kudlow is that you?
It worked for Ronald Reagan and John Kennedy.
Posted on 11/29/16 at 1:38 pm to Taxing Authority
Expanding the tax base should be a desireable goal. Sadly, we've created an environment in this country where it's likely political suicide.
Posted on 11/29/16 at 1:48 pm to sms151t
It sounds like the people in that article are saying that middle class people as a whole will get a tax break, but that many families with children will pay higher taxes, presumably because of the changes made to how families with children are handled in the tax code.
Those aren't mutually exclusive.
Now, the bits about the families with children paying higher taxes don't mention which income class that will affect, so I'm not sure how that relates to your specific question about the middle class.
Does any of this mean that an actual tax plan that gets passed and signed into law would have these flaws? No, it's quite possible that amendments would be made to fix these problems. I doubt we get Trump's exact tax plan.
Those aren't mutually exclusive.
Now, the bits about the families with children paying higher taxes don't mention which income class that will affect, so I'm not sure how that relates to your specific question about the middle class.
Does any of this mean that an actual tax plan that gets passed and signed into law would have these flaws? No, it's quite possible that amendments would be made to fix these problems. I doubt we get Trump's exact tax plan.
Posted on 11/29/16 at 1:53 pm to TupeloTiger
JFK's situation was different than now.
When Kennedy took office the highest marginal rate was 91% - and he brought it down to 70%. Today it is 39.6%.
He was reducing to something sensible - not slashing tax rates.
And I believe Corporate Tax rates were 52% to be reduced to 47%.
Corporate Tax Rates in the United States averaged 39.21 percent from 2000 until 2016.
So it has already far lower than JKF's recovery plan.
Now Trump wants to reduce the historical low current corporate tax rates - to 15%?
The current corporate tax rate is already extremely low by historic standards from 1950 to now.
Kennedy was even worried to go lower than his still extremely high rate for fear of the deficit...and that was back in the 60's.
When Kennedy took office the highest marginal rate was 91% - and he brought it down to 70%. Today it is 39.6%.
He was reducing to something sensible - not slashing tax rates.
And I believe Corporate Tax rates were 52% to be reduced to 47%.
Corporate Tax Rates in the United States averaged 39.21 percent from 2000 until 2016.
So it has already far lower than JKF's recovery plan.
Now Trump wants to reduce the historical low current corporate tax rates - to 15%?
The current corporate tax rate is already extremely low by historic standards from 1950 to now.
Kennedy was even worried to go lower than his still extremely high rate for fear of the deficit...and that was back in the 60's.
Posted on 11/29/16 at 1:58 pm to sms151t
$83k is the cut off? what if you make more than that? you get dinged?
Posted on 11/29/16 at 2:21 pm to tke857
quote:
$83k is the cut off? what if you make more than that? you get dinged?
I do not know as I will never make that type of salary. I am in education so we are generally maxed out at 55k.
Posted on 11/29/16 at 2:43 pm to sms151t
Well what if your spouse made $34k?
Posted on 11/29/16 at 2:44 pm to sms151t
Yes
Posted on 11/29/16 at 2:50 pm to sms151t
Low to moderate income single parents..don't fricking pay taxes! It might reduce the amount of tax credits they get refunded..
Posted on 11/29/16 at 3:06 pm to mizzoubuckeyeiowa
quote:
Kennedy was even worried to go lower than his still extremely high rate for fear of the deficit...and that was back in the 60's
Cold War and Apollo
Posted on 11/29/16 at 3:44 pm to sms151t
Yes tax cuts have worked every time before in the past, so it will inevitably happen again, as they will put more disposal income into the pockets of everyone, which will inevitably significantly increase consumer demand, which will in turn cause plants and factories to be built and to be expanded to expand capacities to meet consumer demand and in which will also lead to a greater demand for workers, and when demand for workers rises it not only causes people currently on the government's dole to get off the government's dole, but it will also cause overall wages to rise as well due to the increased demand for workers.
Then with all those people back in the work force now becoming taxpayers again the amount of income taxes collected by the federal government will now also increase substantially, at the same time that federal expenditures paid to people formerly on the public's dole will significantly decrease and making it far easier for the federal government to balance its budget.
Anyone who doesn't understand this, doesn't understand basic economics.
Then with all those people back in the work force now becoming taxpayers again the amount of income taxes collected by the federal government will now also increase substantially, at the same time that federal expenditures paid to people formerly on the public's dole will significantly decrease and making it far easier for the federal government to balance its budget.
Anyone who doesn't understand this, doesn't understand basic economics.
Posted on 11/29/16 at 4:21 pm to Dawgfanman
quote:
It might reduce the amount of tax credits they get refunded..
Under his tax plan it would. His plan is to raise the standard deduction to 15k (for single filers) and to get rid of the exemption for dependents. But he also wants to give a credit for child care, but I believe there is a limit on the number of children that can be applied to.
Basically, it helps those who single or married with no children, and shouldn't be too much of a hindrance to those who are married with children, but could hurt a single parent with 10 kids...
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