Posted on 11/21/2017 1:28:06 PM PST by Brown Deer
November 21,2017
202-224-4515, Katie Niederee & Julia Lawless
The Finance Committee tax overhaul delivers benefits directly to the working and middle class through doubling the standard deduction and the child tax credit, as well as lowering rates across the board. Take a look at the real world impact of the Senate plan:
Family of four earning $73,000
A family of four with income of around $73,000 (median family income) will see a tax cut of nearly $2,200.
Their tax bill will fall from what they pay today, around $3,683, to paying $1,499 next year—a reduction of $2,184.
This represents a reduction in their tax bill of nearly 60 percent.
Single parent with one child earning $41,000
A single parent with one child earning $41,000 will see a tax cut of nearly $1,400.
Their tax bill will fall from what they are paying today, around $1,865, to paying $488 next year—a reduction of $1,377.
This represents a reduction in their tax bill of nearly 75 percent, meaning that their tax bill next year will be just over one quarter of what it is today.
Married small business owners with income of $100,000
A couple earning $100,000, with $60,000 from wages, $25,000 in compensation from their non-corporate business, and $15,000 of business income, will see a tax cut of more than $2,850.
Their tax bill will fall from what they pay today, around $11,280, to paying around $8,425 next year—a reduction of $2,855.
This represents a reduction in their tax bill of more than 25 percent.
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Background
Since Hatch became chairman in 2011, the committee has held more than 70 hearings focused on reforming the nation’s broken tax code and has made numerous bipartisan efforts, including drafting option papers and forming working groups, to find consensus on tax reform. For more information about the Finance Committee’s history in the tax space, click here.
To view legislative text for the Tax Cuts and Jobs Act, click here.
A score of the bill may be found here.
A section-by-section of the Tax Cuts and Jobs Act may be found here.
And Santa will deliver me a New Lexus.
Excuse me.. but I call BS....
The Senate Plan is smoke and mirrors... Seriously this sentence alone tells you the crap it is:
A couple earning $100,000, with $60,000 from wages, $25,000 in compensation from their non-corporate business, and $15,000 of business income, will see a tax cut of more than $2,850.
Why does it matter where or how their income came from??? The fact they are breaking it down that way is to sell the turd, because its a turd.
Take the house plan and vote these bums OUT.
Add in the fact that you won’t be able to deduct State and Local tax off your Fed, and that refund disappears. F’n RINO’s.
A family of 4 earning 73k is middle class now?????? LOLOLOLOLOL
And that single homeowner in California making $135k will see a tax increase of at least $9,000.
Median household income in the United States in 2016 was $59,039
http://www.businessinsider.com/us-census-median-income-2017-9
LOLOLOLOLOL
And that married couple in Tennessee (or any other state) with 4 kids making $75k on two incomes will lose $12,000 in deductions...whether itemizing or not.
Where does it say that?
So, who cares, if they pay less taxes?
Real median incomes in 2016 for family households ($75,062) and nonfamily households ($35,761) increased 2.7 percent and 4.5 percent, respectively, from their 2015 medians. This is the second consecutive annual increase in median household income for both types of households.
https://www.census.gov/newsroom/press-releases/2017/income-povery.html
Bull. Shit.
Under the republicrat progressive tax plan, my middle class tax liability doubles.
And between my wife and me, we make less than $90,000 a year.
In a west coast state, due to inflation and high income taxes, that is pretty much working poor territory.
I would be better off getting a minimum wage job, and filing for EITC, and would come out ahead financially.
Or even better, brush up on my spanglish, add an “ez” to my last name, and Oregon would literally be throwing cash at me.
A family of 4 making 73k a year is lower middle class at best.
“Where does it say that?”
It doesn’t.
And that’s my point.
Of course some folks are committed to the plan, no matter what it does, because they’ve been told their taxes will go down and they will no longer be
“subsidizing blue states”. Hell, those three words alone are enough to sell the plan to a majority of republicans, whether they are true or not.
“So, who cares, if they pay less taxes?”
They won’t.
BS. My taxes are going UP with this abortion of a bill. I swear, if this gets signed into law, I’ll do everything in my power to vote every single one of these bastards out. I don’t care if democrats get in there to replace them, the repubs deserve to have their asses kicked if they raise taxes on this many middle class families.
Same.
Its a suicide pact for the gop wing of the uniparty. They desperately want to lose in 2018.
Politics is a scam and we’re suckers for playing.
If the final bill does not get rid of the individual mandate then they can stick it all where the sun doesn’t shine.
maybe not for all you govt workers and teachers, who always claim how poorly you're paid...
for regular hard working Americans, $73 is okay...
I think most wealthy govt workers don't realize how much they make compare to regular workers..
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