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If under SALT limit, most will pay the equivalent of 10 months of the tax they paid in 2017.
A 17% reduction in Federal Income Tax liability.
I have not seen any study that characterizes the middle class tax cuts as significant, maybe you have a link because everything I have seen is around $20 a paycheck on average.
Obama and the dems had 8 years to come up with some sort of tax relief for the middle class but instead raised taxes. IMHO the reason the economy has been growing so slowly since 2008 has been a lack of a tax cut. I expect 2018 to be an incredible year for economic growth in the US. Easily north of 4% for the year. Best under Obama 2.6% with huge budget deficits.
We didn't need a middle class tax cut and we certainly didn't need a corporate cut at this time, no one has been able to explain why we needed a tax cut when we have a huge deficit and a fairly healthy economy. I don't see this elevating middle class wages and I don't buy the economists at the Heritage Foundation claim high taxes were holding us back.
Obama actually wanted to end the Bush cuts but because of our situation the last several years that would have damaged the recovering economy.
I didn't read the entire report from your link but it indicates the US companies can't compete with other countries because of the 35% corporate rate. Pretty glaring that he fails to mention that on average the effective rate paid by corporations due to preferential tax loopholes is in the low 20% range. I would like to know who all these companies are that cant compete because it seems to me they are enjoying record profits.
I have not seen any study that characterizes the middle class tax cuts as significant, maybe you have a link because everything I have seen is around $20 a paycheck on average.
I have not seen any study that characterizes the middle class tax cuts as significant, maybe you have a link because everything I have seen is around $20 a paycheck on average.
Dirty little secret not discussed:
The tax bill is a massive redistribution to PARENTS, who enjoy a refundable expanded child tax credit up to $1,400 FREE taxpayer money.
It's the tens of millions of taxpayers without kids who get $20 per paycheck. Low wage workers without kids get $15 per month which won't even cover the average rent increase they're getting this year.
The tax bill is a massive redistribution to PARENTS, who enjoy a refundable expanded child tax credit up to $1,400 FREE taxpayer money.
It's the tens of millions of taxpayers without kids who get $20 per paycheck. Low wage workers without kids get $15 per month which won't even cover the average rent increase they're getting this year.
Low wage workers pay under $100 a month. $15 would be a 15% reduction in expense.
I will see a 18% reduction in liability, as will most middle class folks who are not far above or even below SALT cap.
Unlike you, I am not envious of the expanded child tax credit.
I'd favor a single tax rate for all, from dollar one, same rate individuals and corps, and all people file as individuals.
Also eliminate EITC.
If I'm going to be taxed a flat rate from dollar one, I need to totally minimize living expenses which means I insist on NO government-inflated housing costs, no housing codes or density restrictions.
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