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 ...
“California taxes its citizen to hell. “
My state taxes as minor in comparison to my Federal Income Taxes.
It’s Uncle Sam that is screwing me to the wall. Not the state.
While I pay a minor amount of state income taxes...it’s a far more progressive rate than the feds.
If you make $150k in Ca, your state income tax is going to be around $5k. If you make $250k, $25,000.
“It’s not really honest to only count income tax.”
No, it’s trying to conflate SS and Medicare payments with taxes that is dishonest.
While I can understand the ignorant thinking that way...it is far, far from reality.
It’s usually because they have never paid a dime in income taxes in their lives. And never will.
And most will take far, far more out of SS and Medicare than they ever pay in. Who do you think makes up their deficit?
It's not just the morons who don't know the difference.
DC Swampthings are incapable of fixing anything. The only answer is a flat tax, say 10%, no deductions, for all forms of income. Then everybody has some skin in the game. And nobody has any deductions, except for spouse and children.. But keep the 401K, or in a few decades 75% (or so) of the population will be in abject poverty in retirement.
Yep.
If my congress critters pass this tax hike (and it is a hike), I will work to vote them out.
The 401K is not liked by anyone with power. Employers hate the costs, politicians hate the “free” money that they can’t tax.
And the employees don’t like it when they see half of the account go away into the vapor during a correction.
The only people that like it are the fund managers, who make money no matter what.
Remember, the only pension funds were managed by people with economic educations, and they couldn’t make it work. Expecting a high school drop out working on the line to be able to manage their retirement any better is foolish.
I half expect a provision to end the 401K to be in this bill.
it’s a monster
a secret monster
Not even rank and file Congressmen can see it. Leadership and lobbyists ONLY.
a monster I tell ya...
https://www.politico.com/story/2017/10/28/gop-tax-bill-secrecy-244253
I am sure you know what I meant. Any couple making a total of $138,000 gross per year are paying the vast majority of taxes.
Hella wages for cops and teachers in your neck of the woods, my FRiend.
Any reduction in 401k benefits is the stupidest route to go!
Americans need to get off the government teat!!
With social security imploding, and personal retirement savings down the tube, people need to be forced into retirement planning for themselves. The 401k plans (or expensive pensions) for employees are costs to the businesses and if their effective tax rates are reduced their retirement costs are less painful!
Increase the 401k incentives and let your loyal employees die knowing that their family still is cared for with a continuing asset!
So, what's the answer? With near-zero interest on CD savings, there's no incentive for people to start putting money aside.
Top 1% have from 19 to 42% of total income in U.S. looked it up.
a tax is a tax...
Medicare and SS?...who says were going to get it back....except for the elderly who never worked and are collecting for decades, and disabled,most of us will never recoup our contributions.
My two closest Childhood Friends both des at age 61.
Outside of their Families getting $255 to pay for the flowers at their Funerals, they didn’t get a stinking dime back from the Hundreds of Thousands of Dollars they paid into SS and Medicare.
I was diagnosed with Leukemia when I was 52. I took my SS as soon as I could at age 62, an age I was told I probably wouldn’t see when I was first Diagnosed.
I’m 64 now, so far so good thanks to Big Pharma.
Fixed - My two closest Childhood Friends both DIED at age 61.
Sure they pay the FICA, etc., but they get that back plus credits when they file!
What do you pay for property taxes?
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