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.
The tax plan needs to be fair for as many taxpayers as possible, not just the “average” taxpayer. That’s especially the case for low-income taxpayers. In any case, please provide a precise link to the table that gives your numbers. It’s not that I doubt your numbers but that will allow me to look at other related numbers and look for other data such as a distribution table, if one exists.
> and now I'm beginning to doubt your knowledge.
As you can see from the sources at the bottom of this page that I posted on my web site, I'm well aware of the SOI Tax Stats tables. But, as I said before, the average numbers are of limited value. The tax plan needs to be fair for as many taxpayers as possible, not just the "average" taxpayer. I was hoping you might have something more useful. Also, I had taken a quick look at the SOI tables and couldn't immediately see where your numbers came from. Can you link to the actual file (such as https://www.irs.gov/pub/irs-soi/15in21id.xls) and tell me the numbers and the calculations by which you got your numbers?
To paraphrase Shakespeare, you doth protest too much, methinks. You made a mistake in a simple tax calculation, wrongly assuming that the tax rate on all of $13,000 of income was 10 percent under the Senate bill. I therefore ask you for your numbers and calculations on your next attempt at math and you go ballistic. Put up you numbers and calculations or I suggest that we end this conversation.
So I guess you have no intention in giving the numbers and calculations by which you got the above numbers? Anyhow, following are a couple of examples of taxpayers whose itemized deductions are one-third of their incomes and whose taxes will go up 7.5 percent.
You showed your true colors here, by saying, "In addition, I would contend that we cannot afford another tax cut."
Yes, I also believe that we should not be rewarding ourselves and our donors with tax cuts and leaving the bill to future generations when we have a climbing federal debt like the one shown in the graph in message 79 above. Does that climbing debt look sustainable to you?
so last yr our deductions what with SALT,interest,charity etc were over $20,000..
God forbid we win any jackpots because we'll never get to claim our losses, even after paying taxes on the winnings...
bait and switch...and why so many are falling for it is beyond me...
but we gots to help out the rich and the wall streeters....
Single, no children, 30000 income, 2600 deferred, 10000 itemized Names Taxes Released After_Tax 1 Current 2018 3806.250000 4331 26193.7500000 2 Senate 2018 3952.500000 3953 26047.5000000 3 Change 146.250000 -379 -146.2500000 4 % Change 3.842365 -9 -0.5583393
The graph is heading downward...
and your next link points to liberal #fakenews
You haven't looked at many budgets, have you? The budget, Republican or Democrat, almost always projects improvement in the debt. I blogged about this looking at the outlays projected in the Bush budgets at this link. Note the vertical line that has "Actual" on the left and "Estimate" on the right in the graph. The graph to the left is useful for seeing the actual history of the debt up to the present. The graph to the right is useful for looking at the President's claimed priorities.
If you look at the graphs at this link, you'll see that Trump contends that this turnaround in the debt will be caused by drops (as a % of GDP) in Defense, Income Security, and Health (chiefly Medicaid). He's already reversed himself on Defense, I think. To be fair, the graphs at this link showed that Obama contended that the turnaround would be caused by a continued recovery in revenue. Of course, no President totally gets his way and/or the forecast turns out to be overly rosy. Hence, you can only look at the projections as a statement of priorities.
and your next link points to liberal #fakenews
Kind of like the following show a page from the conservative #faketaxbill ?
and you continue to out yourself as a left-wing liberal...
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