Posted on 10/28/2017 11:54:59 AM PDT by Mariner
Any tax cut for middle income earners will also provide a benefit for those further up the income scale, including the top 20 percent who now pay 95 percent of all income taxes, according to the director of the Office of Management and Budget.
In explaining the complicated tax system the administration and congressional Republicans are trying to simplify, Mick Mulvaney played the role of professor at Georgetown University Wednesday night and dished the eye-popping numbers and impact of a middle class tax cut.
It came in a discussion before students of the school's Institute of Politics and Public Service at the McCourt School of Public Policy. The discussion was directed by Cathy Koch, a tax expert and former Senate aide.
When the two turned to the taxes the rich pay, Mulvaney declared, "The top 20 percent of folks who file a tax return, the top 20 percent, pay 95 percent of the taxes".
(Excerpt) Read more at washingtonexaminer.com ...
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.”
“Most morons in this country think they are paying income tax when they pay FICA and Medicare taxes.”
A very large portion of them on FR.
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.
What would be the point of being a congress critter?
Can’t reward your friends or punish your enemies....
That would be any policeman married to a teacher who have been working for maybe ten years.
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 People’s Republic of New York and New Jersey”
The Unions’ Republics of New York and New Jersey.
That 50% MUST be required to pay some taxes, even if a mere 2 or 3 percent.
FICA and Medicare taxes are income taxes, the only difference being is that ordinary people might get back most of what they paid in benefits.
Ordinary income tax is gone forever and usually for little good.
Amendment XVI empowers Congress to levy innumerable income taxes.
“The EITC” should not be refundable.
“Anybody know what percent of total income earned per year is earned by the those who pay 5% of total taxes paid on?”
That’s a VERY good question, and one the republican Congress would rather not have answered.
Still, it’s important to know that those over $135k pay 94.8% of ALL INCOME TAXES. And the number is certain, certain to go up as their deductions and exemptions are stricken from this plan.
As for those who are whining about “subsidizing” CA, NY, NJ and IL...they are exposing their stupidity. They are NOT subsidizing anyone or anything.
BECAUSE THEY PAY NO INCOME TAXES!!!!!!!!! Or, very, very small amounts of income taxes.
They just take PLEASURE at somebody who lives in one of these states having to feel the pain of paying more, so THEY themselves can enjoy the largess of the Federal Government.
Despicable Social Justice Warriors.
“FICA and Medicare taxes are income taxes,”
That’s a ludicrous assertion.
Both are capped.
“Rich will get richer”
The rich got richer because of Federal Reserve rate cuts and the PPACA under Obama.
The rich know the best investments are set by law.
“Rich will get richer”
And it will always be so.
And under this plan, they will PAY MORE INDIVIDUAL INCOME TAX!
THE VAST MAJORITY OF THOSE WHO PAY INDIVIDUAL INCOME TAX will pay more.
It’s investment income and corporations and the very poor who benefit.
Bigly.
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