Senate Tax Bill Makes Millionaires Eligible For Child Tax Credit

Huffpost ^ | 11/14/17 | Emily Peck and Arthur Delaney

[DoodleDawg]

epublicans say tax reform will benefit middle-class families. Yet one of the key tax breaks in their proposal, an increase in the child tax credit, will mainly benefit the rich.

Under the Senate’s tax bill, couples earning as much as $1 million would be newly eligible for the proposed $1,650 child tax credit. Low-income families would see little to no benefit from the increase because of the way Republican lawmakers structured the credit.

The parents of 10 million children — those earning around minimum wage — would get a tax break of $75 or less under the highly touted increase, according to an analysis from the liberal Center on Budget and Policy Priorities. Meanwhile, millionaire and six-figure-earning parents would be newly eligible for what has traditionally been a tax break for the middle class.

[dinodino]

Whatever you say, Comrade. You just don’t get it. Maybe you’d be happier in Venezuela.

[Alas Babylon!]

Why not have a tax code where the first $50,000 dollars earned is considered a subsistence rate, and isn’t taxed at all? Even the richest of the rich get no taxes on the first $50K.

After this, we can have a flat tax on higher incomes. For example:
$0- $50,000 = 0%
$50,001-$99,999 = 5%.
$100,000 - $150,000 = 6%
$150,001 - $250,000 = %10
250,001 - $1,000,000 = %15
$1,000,000 + = 20%

No deductions, period.

Everyone fills out the same tax form. About the size of a post card.

It would have Name, SSAN, amount earned, tax, if any, due.

Example. I earn $83,100 this year. My tax is then

First $50,000 = $0.

$50,001 through $83,100 = $31099

$31099 taxed at 5% = $1654.95.

That’s all.

[from occupied ga]

People who make that much typically work long hours, and even so $122/hour is not all that much. How much do you think a NBA player should make per hour? Keeping in mind that there aren’t very many people who can do what they do (on the court - not their thug life in their private lives).

How about a MLB player how much should they get per hour? Now on to people you’re likely to come in contact with. How much do you think a surgeon should get paid per hour - remember that AFTER college there is 4 years of medical school and anywhere from 7 to 15 years of residency before they can actually get paid anywhere near the going rate? I could go one and on, but you see where I’m going with this. There are plenty of jobs that actually pay a fair amount in the marketplace.

[grania]

A primary reason jobs such as housekeeper, gardener, construction aren't worth more is because workers compete unfairly with invader labor. It's even reached high-tech where H1B workers replace US citizen labor. It's supply and demand, and decades of too much supply and too much incentive to send jobs overseas where often near-slave labor is used has in the US created an idle class which needs to be put back to work.

It's incomprehensible that EVerify isn't already the law of the land.

[wardaddy]

You disappoint me South bashing

And now class resentment too

You need Wardaddy rehabilitation camp dog

We’ll work on your strong suits

Relatively pain free

[DoodleDawg]

I will just have to learn to live with your disapproval.

[wardaddy]

Come on be a sport

[from occupied ga]

Whatever the reason the reality is that some jobs just aren’t worth much and unless you’re a retard, a junkie or a stoner and can’t do anything else should only be pursued as a starter or fill in while you’re in school.