So that everyone under that can get a cut, to include a doubling of the EITC to illegal aliens.
And, this is the ONLY good thing about this plan, every corporation will start their deductions from a lower base rate. 20% instead of 35%.
But those of us who have been the backbone of the GOP for decades will get screwed.
The cut-off for the upper 20% is about $135k/yr. If you’re over that and depend on deductions and exclusions to pay a moderate tax...you’re double-triple screwed.
So, just about every professional family on the East and West Coast.
Ergo——tax breaks for the richest 1% like sanfran nan said. But why would she be upset. She and her kin fall firmly into that sphere don’t they?
Dear America:
You’re welcome.
Signed — VERY hard working (7 says a week) top 5%er
Most morons in this country think they are paying income tax when they pay FICA and Medicare taxes.
Aren’t they going to be pissed when they get their first paychecks after the “tax cut.”
I wish they would just go to a flat tax, say 10% all up and down the line, and only spend what is authorized per the Constitution.
Until the revenue equals the spending, they can do what they always do - borrow. They’re going to deficit spend anyway.
The People’s Republic of New York and New Jersey will have to deal with their own problems somehow.
Rerun those percentages, after excluding the 50% of Americans who pay no taxes!
I’m a strong proponent that each American should pay some income taxes, even if it’s only the equivalent of a few six packs or carton of cigarettes. Everyone should have some skin in the game because we’re all in this together. Maybe even tie voting rights to the payment of income taxes!
Same old story...watch when and if it comes to a vote. The same old socialists will be at the lectern going on and on about tax breaks for the rich. It's there way of keeping the welfare class on the plantation and voting for them. I no longer blame the politicians for being shameless; I blame the idiots who keep electing them.
Anybody know what percent of total income earned per year is earned by the those who pay 5% of total taxes paid on?
“The EITC” should not be refundable.
“Mulvaney obfuscating the fact that if you are over $100k/yr and itemize, you will pay more taxes under this plan. “
That is NOT true. We make far more than that and this plan reduces our taxes. Once $109,000 is hit, there are few deductions left.
The #1 problem with data like this is that it doesn’t show what the top connected .1% or .01% or whatever REALLY pay. (They love to lump in the families with 2 working adults who appear to be bringing in big bucks as doctors, engineers, small business owners, etc, but are actually not rich. Very comfortable, but far from rich. I’d like to separate out the people who actually work, vs. the people who skim money from other people’s work.)
I want to know what the “elite” actually pay. Not just taxes, but what they pay after they get their “take” from the taxpayer. Many of them are happy to pay 40% in taxes when you consider that they are raking in millions on government contracts or by trading on insider information that they get via federal agencies (FDA, etc.).
It’s not like they actually had to work for this money.
They will lower that amount to anyone making over 100k.
Top 20% for a household was only 111,000 in 2015.
The article says that’s about 61 out of 100 who do that 2 years consecutively at some point. I’m not sure what that means.
Two earner households can easily hit 111k in my opinion.
but we have "enough" that we'll probably be screwed...
tired of the people that do not work at all or have never worked getting all the goodies....
Hubby and I are retired and solid upper middle class Californians. None of our retirement income is protected and is taxed just like regular income. We always expect to get screwed whether it’s Democrats or Republicans doing it.