Sunday, November 26, 2017

Analysis: Senate Tax Plan Will Reduce Taxes for Most Taxpayers, Gives Biggest Cuts to Moderate-Income Families

Via Billy


The Senate's Tax Cuts and Jobs Act will reduce taxes for most households and will give the biggest cuts to those with moderate incomes and those with children, according to an analysis from the Tax Foundation.

"To help provide a sense of how the Senate's amended version of the Tax Cuts and Jobs Act would impact real taxpayers, we've run the taxes of nine example households," the foundation states. "Our results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children."

The foundation says that each type of family it scored had realistic characteristics so it could show how the bill's individual income tax provisions would impact various types of families with different incomes.

For example, the foundation first scored a single individual with no dependents who earns a salary of $30,000. If this filer takes the standard deduction under current law, this person would likely owe $4,331 in taxes. Under the Tax Cuts and Jobs Act, this filer would instead pay $3,953—a 9 percent cut—and his after-tax income would increase by 1.3 percent.

6 comments:

  1. It is my understanding that the cuts for working class disappear by I think 2025, the other classes will not lose their tax cuts. Is this in error? Because if it's not, it the biggest bait and switch since odummer and his stimulus bill. I don't expect much out of republicrats anyway.

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  2. I have heard so many conflicting reports about the tax plan that I don't know what to believe. I guess I'll have to wait for an actual bill, but I offer these thoughts:

    1. I'd like to see the corporate tax rate lowered to about 20%. That should stimulate growth.

    2. The "wealthy" pay most of the taxes. If there is going to be a personal reduction in taxes it stands to reason that the "wealthy" will benefit.

    3. Those who don't pay taxes won't see a reduction. A lot of people don't understand this.

    4. The "poor" can see a reduction if, as Senator Cotton has suggested, the Obamacare "tax" is eliminated.

    5. No one should get a tax refund that exceeds their tax payment.

    6. Regardless of the above, I would really like to a simplified tax code so that a one page tax return can be used.

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    1. 1. I'd like to see the corporate tax rate lowered to about 20%. That should stimulate growth.

      Yes, but don't know if they will be able to get it that low, though any reduction will help.

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      3. Those who don't pay taxes won't see a reduction. A lot of people don't understand this.'

      The Lord only knows why they don't understand.

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      5. No one should get a tax refund that exceeds their tax payment.

      Agreed.

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      6. Regardless of the above, I would really like to a simplified tax code so that a one page tax return can be used.

      The accountants will be screaming bloody murder. :)

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  3. It's telling how government see OUR property and discuss THEIR confiscation of it.

    I find the whole as disgusting as it is despicable. The entire cause of forming government is to protect property not argue over how best they can take and redistribute it.

    As long as we discuss this matter as how best pick their neighbor's pocket we shall be as beggars at the rich man's table fighting for scraps while he east OUR steak. Better to see this for what it is and then discuss how best to protect EVERYONE'S property.

    Y'all have a nice day.

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    Replies
    1. Well said and just posted one by Clarence Thomas you might like.

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