What in the Bush tax cuts took 20 million people off the tax rolls?
“What in the Bush tax cuts took 20 million people off the tax rolls?”
That’s the problem, people think it was just a “tax cut for the rich”. It wasn’t. All rates went down, even the lowest. So, for starters, people in the lowest bracket see a 50% increase in their taxes (from 10% to 15%). Most of these people also qualify for the EIC, so they end up being paid by the government to file. Well, that will change for millions of them - they will become net tax payers (finally).
Other things that directly affect whether certain lower income people pay taxes is the marriage penalty (comes back and hits the two lowest bracket) and, related to that, is the standard deduction for married, filing jointly - it goes down.
That’s my first cut at it - I’d LOVE to see these tax cuts end, and I’d LOVE to see the Democrats explain to the poor why they are now taxpayers - once they lost the protection of the Bush tax cuts. I’m sick of his tax cuts getting a bad rep.