The 50% who pay no federal income tax will suffer the most. < /sarc >
“The 50% who pay no federal income tax will suffer the most. < /sarc >”
Actually, they do because they lose child tax and earning income credits. As the article states: “a married couple with two dependents earning $40,000 about $2,643, with after tax-income dropping to $38,870, from $41,513 if the tax cuts are extended and taxpayers continue to take advantage of refundable credits.” Under the current system, the family receives $1513 from the government. Now they’ll pay $1130.
> “The 50% who pay no federal income tax will suffer the most.”
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As the provisions of the Bush tax cuts that allowed them to avoid taxation tumble into the ashcan of a lethargic congress, and the once brave souls that stuck their necks out to create jobs withdraw said necks before the axe dropped.
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You miss the point. It won’t be 50% who pay zero, it will be something like 40%