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.

[E. Pluribus Unum]

Karl Marx would agree with you.

http://laissez-fairerepublic.com/tenplanks.html

[DoodleDawg]

The mantra begins: “tax cuts for the rich.”

I wouldn't mind the "tax cuts for the rich" if the pland didn't also result in "tax increase for me". What's wrong with "tax cuts for everyone"?

[DoodleDawg]

Minimum wage taxpayers?

No this is middle class. It currently starts phasing out at $100,000 a year. I'm not sure it should be that high, much less a million.

[DoodleDawg]

You should take your class warfare schtick back to North Korea, Comrade.

I'd rather fight it out here.

Please explain why people making $1 million a year need a $1650 child tax credit?

[EQAndyBuzz]

My father used to say, “the rich get richer, the poor get poorer and the middle class pays for it.”

[Rome2000]

We didn't elect a GOP majority to RAISE TAXES ON THE MIDDLE CLASS-PERIOD.

This nonsense of subsidizing high tax States is exactly that- NONSENSE.

The people writing this tax bill are lying Goldman Sachs oligarchs Banksters, the same scumbags that were “too big to fail” and got the taxpayers to bail them out back in 2008 that now want a huge tax cut for corporations and want the upper middle class to pay for it.

CUT SPENDING

DO NOT RAISE TAXES ON THE MIDDLE CLASS

This bill raises taxes on a family of four in ANY State, whether they have a State Income tax or not.

Banksters Mnuchin and Gary Cohn from Goldman Sachs are writing the tax bill.

This is an attempt at the biggest heist in history.

“Mnuchin is a member of the “Big Six”, a group of politicians convened to write a tax reform proposal that incorporated input from members of the House of Representatives, Senate, and White House. In addition to Mnuchin, the group consists of Senators Orrin Hatch (R-UT) and Mitch McConnell (R-KY); Representatives Kevin Brady (R-TX) and Paul Ryan (R-WI); and National Economic Council Director Gary Cohn”.

Do you trust these 2 creepy scumbags or believe a goddamned word they say?

I sure as hell don't

They need a trip to the Guillotine, not running around trying to steal cash from HARD WORKING MIDDLE CLASS TAXPAYERS!!!!!

Even an idiot can see from this bar chart that FEDGOV is out of control.

Yearly spending has doubled too, from 2 trillion to 4 trillion since 2001.

Rather than cut spending, the GOP wants to stick it to MIDDLE CLASS taxpayers THAT ACTUALLY PAY TAXES, give corporations a break (windfall that won't be passed down to employees), and pass it off as a TAX CUT

OUTRAGEOUS!!!!!

[DoodleDawg]

So you really think that because someone makes more money they should pick up the tab for those who don't? I can see that your comments weren't driven so much by ignorance, but rather by class envy.

Actually it's driven by questioning the stupidity of our Senators. Stupidity that seems to have escaped you.

Assuming for the sake of argument that it is the government's job to provide a subsidy for children, with the justification being to provide extra tax breaks for families with children, why should this tax break be unlimited? Does a family earning $1 million a year really need the tax break as much as a family earning $50,000? If the government is going to provide the subsidy at all then shouldn't it be means tested? Please justify the credit in the first place, then provide your reasoning why it should apply to literally anyone?

[impimp]

Rich people need tax breaks...they pay way more tax than the average middle class person.

[DoodleDawg]

Rich people need tax breaks...they pay way more tax than the average middle class person.

It's not like they aren't getting tax breaks without the child tax credit. An end to the Alternate Minimum Tax alone is a considerable tax break.

And leave aside for a moment whether or not the very wealthy need this particular credit? The visuals alone argue against it. The Democrats will claim, as they always do, that this is a tax cut for the rich and not the middle class. And extending the child tax credit is only one way that the Republicans in the Senate are making their point for them.

[impimp]

Optics? Your mindset seems to be similar to that of those prognosticators who said Trump had no chance. The optics are fine with me for the tax break.

[impimp]

If she is making minimum wage then she DOESN’T PAY TAXES. HOW CAN SHE DESERVE A TAX CREDIT? You propose to put her on welfare.

[from occupied ga]

Does a family earning $1 million a year really need the tax break as much as a family earning $50,000 ... Please justify the credit in the first place

Note the the word"need" in your response. There you bare your class warfare and class envy psyche for all to see. AND I don't "need" to nor am I justifying ANYTHING to you. The fact that you ask for a justification again shows that you're committed to class warfare like Bernie, Hillary and Fauxcahantas. OTO YOU should justify to those of us who actually ARE conservatives (which you are obviously not) why you think just because someone makes more money they need to support those who don't.

"From each according to his ability. To each according to his need." has been a recipe for more disasters and human suffering than any other philosophy in recorded history. And yet here you are on a supposedly conservative forum advocating "needs testing" i.e. "according to his need." Right from Karl Marx - congratulations comrade.

Oh and btw I don't think the majority of our senators are so much stupid as arrogant egotistical and in some many cases downright evil. Stupid implies that they don't see the consequences of what they do. I think they full well understand what they're doing and do it anyway.

[RealVirginia]

Yes, I want to pay the producers and hard workers to have children. Give them the child tax credit. Right now we are paying illegal aliens and American bums to produce a parasite class.

[grania]

I propose that those who work full-time and are fully qualified for their job earns a living wage. And I submit that anyone earning over $100,000 a year should not receive a child tax care credit.

[sportutegrl]

This is a clean up of the law. The original Bush child tax credit faded out at higher incomes. (Not much higher, at 100K, we only get 300 off per child instead of 1000). This would simplify the law, everyone gets the tax credit. Taxes are already progressive, stuff like this makes them even more progressive.

I favor a truly flat tax, where everyone pays the same AMOUNT, not the same percentage, because that would allow some to pay more than others.

[impimp]

You want to raise minimum wage? Hello youth unemployment.

[from occupied ga]

I propose that those who work full-time and are fully qualified for their job earns a living wage

I don't know why I waste my time doing this, BUT the value for which one is paid depends on WHAT they do. It stand to reason that some jobs are more valuable than others (e.g. you need heart surgery you don't go to the guy who flips burgers at Burger King simply because he charges less per hour) So following this line of reasoning, some jobs will not yield a "living wage" (whatever that is) unless much longer hours are worked. WHICH many of the so-called poor are not willing to do.

To put it another way: A study done over 20 years ago correlated family hours worked with family wealth. this was a statistical correlation not an exact formula so there will be exceptions, but on average the poor had fewer than 20 total family hours per week worked, and the wealthy had over 100 family hours worked per week (i.e. both spouses worked long hours), and I can't remember how the stuff fell in between. So for a two wage earner family, child care is actually a business expense and SHOULD be tax deductible.

[dinodino]

Because they are the ones actually paying the taxes.

I am 100% for tax cuts for anyone, anywhere, at any time, for any reason. The only way to fix this mess is to reduce taxation and reduce government spending.

[DoodleDawg]

I am 100% for tax cuts for anyone, anywhere, at any time, for any reason.

But this plan will raise taxes on the middle class. Why should I support additional tax credits for the wealthy when my taxes are going up? That's why I wonder if this child tax credit expansion is a poison pill meant to derail the whole thing?

[ridesthemiles]

$250,000 is a SMALL INCOME???

I MOST of the people I have come to know in my entire lifetime of almost 78 years have NEVER come close to that kind of income.

That would be over $122 an hour in wages.