re: Expiration of “Trump” tax cuts

quote:

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We'd go back to the previous tax rates. The current child tax credick would be cut in half. The current standard deduction would be cut in half. The marginal rate would go from 22% to 25%.

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To expand on this even more specifically.

The Trump Tax cuts took the 15% bracket to 12%, the 25% bracket to 22%, the 28% bracket to 24%, 33% bracket to 32% and 39.6% bracket to 37%

So for middle/lower upper income people especially it was a huge break, going from 25 to 22 and 28 to 24 especially. When you throw in the standard deduction increase as well, a GIGANTIC break for people who made very little as well.

At the time, one of the biggest tax breaks overall in our history. Got billed by 1 side as a tax break for all, and another side really just a tax break mostly for the high income earners...but he didnt touch the 35% bracket and 33% only went to 32% which isnt much. If he didnt touch the 39.6% bracket it really could have never been pinned as a tax cut for the rich. Was still smart to cut the tax brackets where he did because literally everyone felt that when it went into effect, and if that got thrown back to prior tax brackets under the Dem control they might not win another election for a long time for the simple fact how many people would see their paychecks get smaller basically overnight once the new year hit.

The standard deduction doubling was pretty huge too. Most singificantly for the lower income earners. Think about someone who made $30k in 2017 with a $12,700 deduction vs. someone who made $30k in 2018 with a $24k deduction. Ton of money back in their pocket.