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The Trump tax cuts expire in 2027, so "during the window" all rates will revert back to 2017. If that's the angle, that's kind of misleading because the tax rate change is not due to the new bill but rather the expiration of the 2017 bill.
I agree. There is some angling going on there that isn't entirely fair or transparent in it's claims.
Another thing to consider from the article:
Quote:
The measure would raise $739 billion over a 10-year span, with much of that money coming from a 15% corporate minimum tax, the West Virginia Democrat and the Senate majority leader said.
Corporations are going to pass that cost along folks, they always do. (I can show you the formula lol)
So, this is going to cause more price increases and inflation.
2. just because they analyzed it to be ever so slightly good, doesn't mean they properly analyzed it.
congress has moved to have a few bills... and each of them ends up hurting, more than helping
Quote:
Congress’s $76 billion plan to help U.S. chip makers is bad tax policy — and could turn into subsidies forever
Rather than create a federal “chip†bureaucracy and a special interest group dependent on subsidies, Congress would do better to broadly reduce the tax cost of research and development and of building factories, which can cost tens of billions of dollars.
Democrats' Inflation Reduction Act would RAISE taxes on Americans making less than $400,000
Senate Democrats' Inflation Reduction Act of 2022 would raise federal taxes for Americans in every income bracket, according to a nonpartisan study shared by Republicans on the Senate Finance Committee.
The study by the Joint Committee on Taxation found that taxpayers bringing in less than $200,000 per year would see their taxes raised by $16.7 billion over a decade.
But the study speculates about the effect of the package's 15 percent minimum corporate tax rate, which it suggests could be passed off onto workers and shareholders.
It also factors in possible effects on the stock market that would affect company shareholders and people who rely on pensions and other similar funds.
$313 billion by implementing a 15-percent corporate minimum tax
$288 billion from empowering Medicare to negotiate lower drug prices
$124 billion from strong IRS enforcement of tax law
$14 billion from closing the carried interest loophole for money managers
It also includes $433 billion in new spending:
$369 billion on energy security and climate change
$64 billion to extend health care subsidies for the Affordable Care Act
All this would leave $300 billion to reduce the deficit
But a projection that includes making ACA subsidies permanent would shrink that deficit reduction to just $89 billion.
'The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods,' said Senator Mike Crapo, ranking member on the Senate Finance Committee.
'Non-partisan analysts are confirming this bill raises taxes on the middle class and produces no meaningful deficit reduction when gimmicks are removed and the full cost is accounted for.
Most Americans will feel tax pain from Dem inflation bill despite Biden's past promises: analysis
'Democrats are trying to sell the American people a bill of goods,' said Senate Finance Committee ranking member Mike Crapo
The Inflation Reduction Act — unveiled Wednesday by Sen. Joe Manchin, D-W.Va., and endorsed by Biden — would increase tax revenue by $16.7 billion from Americans earning less than $200,000 a year, according to a nonpartisan analysis from the Joint Committee on Taxation (JCT) published Friday. Nearly every tax bracket would pay more in taxes with those making below $10,000 per year seeing the largest uptick, the analysis showed.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023 under the Inflation Reduction Act.
In addition, the share of tax revenue collected from all Americans making more than $200,000 per year would remain at the current percentage, according to the JCT. Taxpayers with an annual income of $200,000 or greater pay more than 57% of all federal income taxes.
"Democrats are clearly trying to pivot this as only a tax like on the wealthy," Mike Palicz, the federal affairs manager at Americans for Tax Reform, told FOX Business in an interview. "But you look at any of these taxes — take something like the [corporate minimum tax]. That's going to lower workers' wages, it's going to cost jobs."
"There's a $25 billion crude oil tax in this bill," he added. "That's something that's going to hit everyone. That's a regressive tax increase on poor people that raises their energy costs, raises the price of gasoline."
this bill is just garbage...zero improvements
the whole bill is a sham
1. it will increase inflation.....90% of the inflation we face today is because of spending and "free" money
2. more spending NOW, increases the debt (talking debt, not budget deficit), which increase the interest payment (this is ontop of the fed increasing the rate)
3. this is OFF BUDGET ADDITIONAL spending, ontop of the already trillion dollar budget deficit
4. it does NOTHING for the environment
5. raising the corporate tax to 15% when it is already at 20+%...funny how they are going to call it a "minimum" .....as opposed to what we currently have (are they going to rename it a max tax?)
it is a sham... and the poor/middleclass taxpayers are the ones who will feel the pain, they always do when liberals write spending/tax bills
..The Congressional Joint Committee on Taxation found that taxes would jump by $16.7 billion on American taxpayers making less than $200,000 in 2023 and raise another $14.1 billion on taxpayers who make between $200,000 and $500,000...
congress has moved to have a few bills... and each of them ends up hurting, more than helping
Quote:
Quote:
Congress’s $76 billion plan to help U.S. chip makers is bad tax policy — and could turn into subsidies forever
Rather than create a federal “chip†bureaucracy and a special interest group dependent on subsidies, Congress would do better to broadly reduce the tax cost of research and development and of building factories, which can cost tens of billions of dollars.
Quote:
Democrats' Inflation Reduction Act would RAISE taxes on Americans making less than $400,000
Senate Democrats' Inflation Reduction Act of 2022 would raise federal taxes for Americans in every income bracket, according to a nonpartisan study shared by Republicans on the Senate Finance Committee.
The study by the Joint Committee on Taxation found that taxpayers bringing in less than $200,000 per year would see their taxes raised by $16.7 billion over a decade.
But the study speculates about the effect of the package's 15 percent minimum corporate tax rate, which it suggests could be passed off onto workers and shareholders.
It also factors in possible effects on the stock market that would affect company shareholders and people who rely on pensions and other similar funds.
$313 billion by implementing a 15-percent corporate minimum tax
$288 billion from empowering Medicare to negotiate lower drug prices
$124 billion from strong IRS enforcement of tax law
$14 billion from closing the carried interest loophole for money managers
It also includes $433 billion in new spending:
$369 billion on energy security and climate change
$64 billion to extend health care subsidies for the Affordable Care Act
All this would leave $300 billion to reduce the deficit
But a projection that includes making ACA subsidies permanent would shrink that deficit reduction to just $89 billion.
'The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods,' said Senator Mike Crapo, ranking member on the Senate Finance Committee.
'Non-partisan analysts are confirming this bill raises taxes on the middle class and produces no meaningful deficit reduction when gimmicks are removed and the full cost is accounted for.
Quote:
Most Americans will feel tax pain from Dem inflation bill despite Biden's past promises: analysis
'Democrats are trying to sell the American people a bill of goods,' said Senate Finance Committee ranking member Mike Crapo
The Inflation Reduction Act — unveiled Wednesday by Sen. Joe Manchin, D-W.Va., and endorsed by Biden — would increase tax revenue by $16.7 billion from Americans earning less than $200,000 a year, according to a nonpartisan analysis from the Joint Committee on Taxation (JCT) published Friday. Nearly every tax bracket would pay more in taxes with those making below $10,000 per year seeing the largest uptick, the analysis showed.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023 under the Inflation Reduction Act.
In addition, the share of tax revenue collected from all Americans making more than $200,000 per year would remain at the current percentage, according to the JCT. Taxpayers with an annual income of $200,000 or greater pay more than 57% of all federal income taxes.
"Democrats are clearly trying to pivot this as only a tax like on the wealthy," Mike Palicz, the federal affairs manager at Americans for Tax Reform, told FOX Business in an interview. "But you look at any of these taxes — take something like the [corporate minimum tax]. That's going to lower workers' wages, it's going to cost jobs."
"There's a $25 billion crude oil tax in this bill," he added. "That's something that's going to hit everyone. That's a regressive tax increase on poor people that raises their energy costs, raises the price of gasoline."
this bill is just garbage...zero improvements
the whole bill is a sham
1. it will increase inflation.....90% of the inflation we face today is because of spending and "free" money
2. more spending NOW, increases the debt (talking debt, not budget deficit), which increase the interest payment (this is ontop of the fed increasing the rate)
3. this is OFF BUDGET ADDITIONAL spending, ontop of the already trillion dollar budget deficit
4. it does NOTHING for the environment
5. raising the corporate tax to 15% when it is already at 20+%...funny how they are going to call it a "minimum" .....as opposed to what we currently have (are they going to rename it a max tax?)
it is a sham... and the poor/middleclass taxpayers are the ones who will feel the pain, they always do when liberals write spending/tax bills
The Trump tax cuts expire in 2027, so "during the window" all rates will revert back to 2017. If that's the angle, that's kind of misleading because the tax rate change is not due to the new bill but rather the expiration of the 2017 bill.
Quote:
Originally Posted by Mad_Jasper
I thought the Trump tax cuts only applied to the rich.
Good catch. This proves they didn't. In fact, most of the Trump tax cuts went to the middle class and below:
Quote:
"A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans' Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.
Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.
By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. (For more detailed data, see my table published here.)
That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.
What's more, IRS data shows earners in higher income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year."
congress has moved to have a few bills... and each of them ends up hurting, more than helping
this bill is just garbage...zero improvements
the whole bill is a sham
1. it will increase inflation.....90% of the inflation we face today is because of spending and "free" money
2. more spending NOW, increases the debt (talking debt, not budget deficit), which increase the interest payment (this is ontop of the fed increasing the rate)
3. this is OFF BUDGET ADDITIONAL spending, ontop of the already trillion dollar budget deficit
4. it does NOTHING for the environment
5. raising the corporate tax to 15% when it is already at 20+%...funny how they are going to call it a "minimum" .....as opposed to what we currently have (are they going to rename it a max tax?)
it is a sham... and the poor/middleclass taxpayers are the ones who will feel the pain, they always do when liberals write spending/tax bills
The measure would raise $739 billion over a 10-year span, with much of that money coming from a 15% corporate minimum tax, the West Virginia Democrat and the Senate majority leader said.
Corporations are going to pass that cost along folks, they always do. (I can show you the formula lol)
So, this is going to cause more price increases and inflation.
That's true. You can tell them that a centillion times, but many still won't ever believe it.
centillion: 10^303
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