Posted on 09/28/2017 11:26:12 AM PDT by Mariner
President Donald Trump's top economic adviser, Gary Cohn, said today that he can't guarantee that taxes won't go up for some middle-class families under the administration's sweeping tax overhaul.
"There's an exception to every rule," Cohn told ABC News chief anchor George Stephanopoulos in an interview on "Good Morning America."
"I can't guarantee anything," said Cohn, the director of the White House Economic Council. "You can always find a unique family somewhere."
He said Trump's plan is "purely aimed at middle-class families." But Cohn acknowledged that "it depends which state you live in."
"A typical family of four earning $55,000 in America today is going to have a substantial tax decrease," he said, adding that its taxes would decrease by $650 to $1,000. "Everything we have done in this tax plan is to solve for the middle class."
(Excerpt) Read more at abcnews.go.com ...
And I'll bet he can't guarantee that taxes won't go down for the top tier of taxpayers either.
Getting 1k credit for losing 4k exemption is a decrease if you are not in the 25% bracket.
However you also lose the two exemptions for the parents which is OK if you don’t itemize.
“President Donald Trump’s top economic adviser, Gary Cohn, said today that he can’t guarantee that taxes won’t go up for some middle-class families under the administration’s sweeping tax overhaul.”
So when we say “tax reform,” it depends what the meaning of is is.
In California and other states where the cost of living is halfway to the next solar system, I’m sure $250K is middle class-but here in Texas and some southern states, that is well into being an upper class income-the local dentist out here is married to the owner of the ranch store-and they don’t even make $250K between them-so it is all about where you live. I’ll be more than happy to see working class people like me and my neighbors keep more of OUR money...
“Some tax cuts, the rich do well, the poor do well, the middle class bears the burden. How wonderful. “
Correct.
Wage earners under $60k do really well. As do all corporations. And the non-working poor.
The rest of us pay the whole friggin’ bill.
Taxes will always go up.
I'm sure he's also taking into account the elimination of the personal exemption and the additional $28,000-plus in additional taxable income. That will more than offset the doubling of the child tax credit if, in fact, it is actually doubled.
Healthcare is now a luxury the unwashed cannot afford.
Those in the $250,000 will see a decrease from 39 to 35%. The $60,000 family will be fortunate to see a few dollars back.
Yes, which is politically stupid. Just creating more Democrat voters.
“So, the same peoole hammered by ACA, will be taxed even more.”
This is why 0care should have been repealed first. And the illegals that are costing the system untold billions needed to get booted out.
But neither happened, and are not likely to happen anytime soon, if at all.
For the middle class to break even, this tax bill needs to throw them a bone - and quite a big one to boot.
Still, it’s too early to get bent out of shape about it. Lots of horse trading to come. Problem is, we’ve got the aforementioned ACA and illegal albatross around our neck.
Swamp budget. Worth it to get business tax cuts? Maybe.
Those folks were NEVER in the 39% bracket.
39% was always $400k +.
like every tax bill, this one merely rearranges the deck chairs on the S.S. Leviathan.
“Healthcare is now a luxury the unwashed cannot afford.”
That’s very true, for the most part.
I doubt there's a single elected official in this country who wants it repealed.
scratchin my head why what state you live in should make a difference ?
Horrible headline. But they’d better be careful to lower not raise taxes. Or the political ( and economic) damage will be HUGE!
Thanks for clarifying, so sounds like it is really a cut for the rich, not the middle class?
Half the country pays no or a negative federal tax rate. That’s the problem coupled with out of control spending
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