12-03-2017, 02:37 AM
quote:
Originally posted by EightFingers
Your link only shows rates for single filers.
I would post the NY Times analysis which is more in depth analysis, but then I was worried about cries of lamestream media or fake news.
To understand the scope of the giveaway to the rich. This tax plan adds 1.4 - 1.5 trillion in new debt. If you divide amount evenly by the entire population of the United States (330 million) every man, woman child in the United States would receive $4,242. A family of 4 would get a check for $16,898.
https://www.nytimes.com/interactive/2017...ilies.html
The heavy diagonal line on the chart reflects the most common situation for these couples. Those earning $40,000 — roughly the bottom of the middle class in our definition — get about a $300 tax cut.
Until now, we’ve been focusing on the impact of the Senate bill on people’s taxes in 2018, when most households would get at least a small tax cut. But the situation would look very different a decade from now. That’s because in order to reduce the cost of the bill, its authors set essentially all of the individual tax cuts — the doubled standard deduction, the more generous child credit, the lower tax rates — to expire after 2025. But one provision that’s bad for taxpayers — changing the measure of inflation used for many tax calculations — would not expire. As a result, two-thirds of middle-class households would get a tax increase in 2027, and none — zero percent — would get a tax cut. (That’s what’s shown in the left-hand chart above.)
Those figures, however, consider only how the bill would affect personal income taxes. Starting in 2019, the bill would also cut taxes on businesses. Unlike the personal tax provisions, the business tax cuts would not expire.