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47% of our population do not pay income taxes, their Adjusted Gross Income [AGI] is not high enough to pay. Many of them get money from filing taxes, due to the EIC.
If you are so wealthy that you are actually paying into Income Taxes, your AGI is well above half the workers out there.
You realize that our president-elect falls into the "doesn't pay taxes" bracket, correct. Cripes, the only people paying taxes are the middle class...
47% of our population do not pay income taxes, their Adjusted Gross Income [AGI] is not high enough to pay. Many of them get money from filing taxes, due to the EIC.
If you are so wealthy that you are actually paying into Income Taxes, your AGI is well above half the workers out there.
??? ??? ??? ???
A childless full time worker at minimum wage actually pays income taxes.
Yes, large families and single parent families will get hit hardest if the Trump plan takes effect. I really don't think it will happen, I can't see congress going for it. The GOP plan makes more sense, and is fairer across the board.
How can you give the whole country a tax break with the exception of single parents? I guess single parents have had it too good for too long!
A childless full time worker at minimum wage actually pays income taxes.
We have gone through this before. <sigh>
2016 Standard Deduction Amounts
Single $6,300
Married Filing Jointly $12,600
2016 Personal Exemption Amounts
personal exemption amount is $4,050
For any couple filing Married Joint, their combined Standard Deduction + Personal Exemptions will be $20,700. So they will need to earn more than $20,700 before they can begin to pay Income Taxes.
For a single person, his / her Standard Deduction + Personal Exemption will be $10,350. They would need to earn more than $10,350 before they can begin to pay Income Taxes.
Miminum Wage is $7.25/hour. If you work 40hr/week then you have earned $290/week, after 52 weeks/year and you will have earned $15,080.
If a single person earns $15,080/year, then write-off $10,350 leaves you with $4,730 that might be taxed [assuming that you refuse to use any other forms of write-offs].
Keep in mind that poverty for a single person is $11k/year.
If you are working fulltime, then you are earning $15k/year [or more]. If you are single this is $4k greater than the poverty level.
A single person working fulltime is earning $4k/year more than poverty.
2016 Standard Deduction Amounts
Single $6,300
Married Filing Jointly $12,600
2016 Personal Exemption Amounts
personal exemption amount is $4,050
For any couple filing Married Joint, their combined Standard Deduction + Personal Exemptions will be $20,700. So they will need to earn more than $20,700 before they can begin to pay Income Taxes.
For a single person, his / her Standard Deduction + Personal Exemption will be $10,350. They would need to earn more than $10,350 before they can begin to pay Income Taxes.
Miminum Wage is $7.25/hour. If you work 40hr/week then you have earned $290/week, after 52 weeks/year and you will have earned $15,080.
If a single person earns $15,080/year, then write-off $10,350 leaves you with $4,730 that might be taxed [assuming that you refuse to use any other forms of write-offs].
Keep in mind that poverty for a single person is $11k/year.
If you are working fulltime, then you are earning $15k/year [or more]. If you are single this is $4k greater than the poverty level.
A single person working fulltime is earning $4k/year more than poverty.
Was your long winded response just a confirmation of what freemkt said?
He claims his tax plans will help the middle class,but it would hammer single moms and single dads with dependent children the most.It will also raise taxes on grandparents and other relatives with no spouse who are raising their dependent grandchildren or dependent relatives.
For example,under his plan single people with dependents will have to claim single.
The increased child tax credits will help a small minority because after a child is 13 you can no longer claim the Child Tax Credit.
This is a disaster,but unfortunately,nobody will care because most people seem to think single and divorced people(esp women) with children deserve their fate.
It makes sense, it is just bad policy. His tax plans will help most middle class people slightly, but will hurt single people with dependents as you stated. It will help the rich immensely, and increase the debt in a way that Obama could only fantasize about.
The fact is that while he claimed to be a champion of the "working people" the truth is he doesn't care a whit about them and has never done anything for them in his life. His "Make America Great Again" hats are made in China- that is all you need to know. He only cares about money and hearing crowds cheer for him, nothing else.
It makes sense, it is just bad policy. His tax plans will help most middle class people slightly, but will hurt single people with dependents as you stated. It will help the rich immensely, and increase the debt in a way that Obama could only fantasize about.
The fact is that while he claimed to be a champion of the "working people" the truth is he doesn't care a whit about them and has never done anything for them in his life. His "Make America Great Again" hats are made in China- that is all you need to know. He only cares about money and hearing crowds cheer for him, nothing else.
Completely agree.
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