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By 2027, over half of all Americans — 53 percent — would pay more in taxes under the tax bill agreed to by House and Senate Republicans, a new analysis by the Tax Policy Center finds.
LOL. You can't make this stuff up.
Obviously people are going to pay more taxes in 10 years. Inflation plus the passage of time ensures that, as a matter of course. The fact that only 53% would be paying more after 10 years is a point in the bill's favor.
This perpetual mendacity of the Left is so tiresome.
Yes, those of us that work will each get some extra money, for a while.
As for those upset that the wealthy and corporations will gain the most, you must remember that the Republicans are keeping a campaign promise: to their 'big money' donors.
As has been discussed before, the 'big money' donors had told the Republicans, in no uncertain terms, that if they don't get this tax cut passed, they may forget future donations. The Republicans have taken this threat very seriously.
What will happen to those Republicans that lose their seats next November? More than likely, they will readily obtain jobs as consultants, lobbyists, etc. They will be well compensated for passing this tax 'reform' bill.
Some economists argue that the tax reform may lead to inflation. Others, to recession. I am not an economist, so I have no idea, but it does seem like we are due for a cycle of inflation.
I will say this, as one having lived through the inflation cycle of the 1970s: inflation will eat up your income much faster than you think. You may initially enjoy keeping a few hundred dollars of your money through 2025 (the sunset provision date), but if inflation returns at a meaningful percentage, you may kiss that extra money, and more, goodbye.
Also recall that inflation not only makes the cost of goods you buy more expensive (month to month back in 1974 and 1975, as I can attest), but it makes interest rates go up significantly. Think our national debt is bad now? What if, instead of interest rates of 3 percent, they hit 10 percent?
Heck, the other day even Ben Stein (very much a conservative economist, as well as actor), appeared on Fox News stating that 1) he was against this tax bill since the economy does not need it (stimulus is not needed during a very good economy, like now, but during poor economic times), and 2) this tax bill will raise the spectra of heightened inflation:
This bill is the biggest rip-off of middle class that can possibly go through.
It is amazing what FOX News and right wing exploitation of uneducated can do, that people actually support that bill is beyond me. Just wow.
No it isn't. You are most likely saying that because you are living above your means and you will end up paying more and can't afford it along with many of your clients. I'm good with it. I pay less taxes and that's all that matters in my world.
after a quick and dirty calculation, we will likely save a couple of thousand dollars if the tax bill passes.
why would a tax policy that allows taxpayers to keep more of their own earnings be a bad thing??
Less money in taxes, means less money for paying down debt, less money for paying for every program that we rely on, means less money to take care of america's infrastructure, it means less money for fighting ISIS (that thing conservatives just love to scare us over), less money sent back to states for education, etc.
It's the very reason why even those like Bush Sr and Reagan both INCREASED taxes.
It's not as simplistic as some claim it is, where they just boil it down to "hey, we have more money, how's that a bad thing"?
after a quick and dirty calculation, we will likely save a couple of thousand dollars if the tax bill passes.
why would a tax policy that allows taxpayers to keep more of their own earnings be a bad thing??
We will also save several thousand dollars with the new tax plan and I am lucky enough to work for a company that I think (based on past history) will pass on a decent amount of their savings due to the reduced corporate tax rate to their employees. But long term, I think this will significantly increase the deficit and that will do more harm than good to this country. That's why I think this is a bad thing. I think cutting spending to reduce the deficit would be better and then once the deficit is down to a manageable amount implement the tax cuts.
And why don't you tell the truth of WHY individuals see a tax increase in 2027?
In case you're ignorant of the facts (as opposed to just lying about them), it takes 60 votes in the senate to make the tax cuts permanent; otherwise they expire in 10 years. Want to make them permanent? Contact your Democratic senators and ask them, just once, to do something for the middle class and vote for this bill. There is still time to do the right thing and quit harming the country just to spite Trump. Otherwise-in ten years, the Dems will be responsible for one of the largest middle class tax increases in history.
It's not hysteria it's fact Trump and his gang are giving the biggest tax breaks to the most wealthy and big corporations just about every news source is in agreement. It's not like this is a big secret they are not trying to hide it.
The Republican tax bill that the House and Senate are set to pass as soon as Tuesday night would give most Americans a tax cut next year, according to a new analysis. However, it would by far benefit the richest Americans the most. Meanwhile, many lower- and middle-class Americans would have higher taxes a decade from now ... unless a future Congress extends the cuts.
However, extremes make averages, and the benefits would be much larger for richer households. A household earning $1 million or more would get an average cut of $69,660, an income bump of 3.3 percent. Compare that to the average household earning $50,000 to $75,000, which would get a tax cut of $870, or 1.6 percent.
This tax bill was never intended to benefit the masses. It was always a gift to the GOP donor class - big corporations and the extremely wealthy. Republicans could care less about the little people.
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