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Axios: GOP tax bill will increase number of Americans who pay no federal income tax
Posted on 9/26/17 at 11:24 am
Posted on 9/26/17 at 11:24 am
quote:
Continuing the recent flurry of leaks of the Trump tax plan set to be unveiled tomorrow, Axios reports that "GOP leaders have agreed to raise the lowest individual tax rate from 10 to 12 percent, paired with doubling the standard deduction."
As previously leaked, the plan will also collapse the number of brackets from seven to three, while the standard deduction is set to almost double to $12,000 for a single filer and $24,000 for married couples, which means that Trump can correctly argue that many more low income earners would pay no tax under his plan. Also, as previously noted, the top tax bracket would fall from 39.6% to 35%.
LINK
Politically incorrect to say this but I don't think the middle class and poor need tax cuts. They already pay very low amounts as percentage of total tax revenue
This post was edited on 9/26/17 at 11:28 am
11
Posted on 9/26/17 at 11:25 am to HailHailtoMichigan!
So if taxes fall for everyone, this is just a plan to increase debt borrowing? Is that what this is?
Posted on 9/26/17 at 11:32 am to HailHailtoMichigan!
Trickle. Down. Economics. Does. Not. Work.
Stop trying to promote your failed cultish views.
Stop trying to promote your failed cultish views.
Posted on 9/26/17 at 11:35 am to BamaAtl
quote:
Trickle. Down. Economics. Does. Not. Work.
Trickle up works?
Posted on 9/26/17 at 11:36 am to TBoy
quote:
So if taxes fall for everyone, this is just a plan to increase debt borrowing? Is that what this is?
Nope just means my group and the one above (25-28%) are about to take it in the arse real hard.
Posted on 9/26/17 at 11:37 am to HailHailtoMichigan!
where are the fricking brackets goddamn
Posted on 9/26/17 at 11:38 am to BamaAtl
quote:
Trickle. Down. Economics. Does. Not. Work.
Yeah....and big Government has been doing so well.....DUMBASS.
Posted on 9/26/17 at 11:39 am to HailHailtoMichigan!
How about we get rid of the EITC? It's welfare.
Posted on 9/26/17 at 11:40 am to BamaAtl
quote:
Trickle. Down. Economics. Does. Not. Work.
Milton Friedman disagrees with you.
Posted on 9/26/17 at 11:40 am to HailHailtoMichigan!
If you have the time between tweets, Mr President, can you please sign it?
Posted on 9/26/17 at 11:41 am to Zach
quote:
How about we get rid of the EITC?
quote:
Milton Friedman disagrees with you.
Posted on 9/26/17 at 11:41 am to HailHailtoMichigan!
quote:
Politically incorrect to say this but I don't think the middle class and poor need tax cuts. They already pay very low amounts as percentage of total tax revenue
F that. I work roughly 30 hours overtime each week and almost every bit of that plus the additional pay bumps we receive is stolen by the government making it pointless to even work overtime.
Posted on 9/26/17 at 11:43 am to Iosh
The EITC is one policy that has been a pretty good success
Expand it so individuals are eligible for more funds
Posted on 9/26/17 at 11:46 am to Iosh
Ouch
Posted on 9/26/17 at 11:46 am to BamaAtl
quote:
Trickle. Down. Economics. Does. Not. Work.
I have $10. I buy lunch at the local restaurant. That $10 has been broken down as follows:
- $3 to employee wages
- $2 to vendors for food
- $2 to overhead (rent, equipment, etc.)
- $2 to taxes (business and sales)
What does the government do with the $10?
Posted on 9/26/17 at 11:48 am to HailHailtoMichigan!
quote:
The EITC is one policy that has been a pretty good success
By what metric?
Posted on 9/26/17 at 11:48 am to BamaAtl
quote:
Trickle. Down. Economics. Does. Not. Work.
Stop trying to promote your failed cultish views.
When did this fail? In the 80's when the US had the highest historical growth in median income?
You can give it a funny name like trickle down economics or as President Obama said "fairy dust", but in the end the greatest economic growth in our country's history both from a stand point of median income, GDP, and sustained growth longevity happened between 1981-1992. It used two basic tenants, reduce taxes both for citizens and corporations, and increase federal spending. That is exactly what the President is proposing with the combination of his tax plan and his infrastructure plan.
I think you are just a little made because you believe that the rich are getting a tax cut, which is likely not happening with the way they are addressing the tax loophole structure and what can be listed as a tax deduction. With the standard deduction doubling, this will give a huge tax cut for the poor, lower middle class, and middle class alike.
This post was edited on 9/26/17 at 11:51 am
Posted on 9/26/17 at 11:50 am to cave canem
There is evidence it has increased labor participation
And EITC funds are highly regulated in what recipients can buy
And EITC funds are highly regulated in what recipients can buy
Posted on 9/26/17 at 11:54 am to HailHailtoMichigan!
quote:
And EITC funds are highly regulated in what recipients can buy
Sorry, did not catch the sarcastrics.
Regulated to shitty cars, rims, casinoes, and lift kits apparently.
Posted on 9/26/17 at 12:33 pm to Golfer
quote:
What does the government do with the $10?
spend it on a website to beg citizens to clean their own fricking catch basins
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