Here's how you will be affected, in 2019 and in 2027

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Here's how you will be affected, in 2019 and in 2027

Post by T on Sun Nov 19, 2017 3:16 pm

Initially, most average Americans will get a small tax cut (of course, the 1%ers reap millions), but...it mostly goes away in ten years (not so for the 1%ers).

Corporate tax cuts in the bill do not expire in 2025 as they do for individuals.

This plan will wreak havoc with the national debt (when "W" Bush cut taxes, the debt mushroomed), something Republicans have lambasted Democrats for for many years.  So what do they do? They add to the debt. And you Trumpery lemmings still support these buffoons? wall Of course Trumpery mouth pieces say, with these tax cuts the economy will grow so much we will grow our way out of debt.  That didn't happen with "W"'s tax cuts.

Retirees on fixed incomes, and those hoping to retire in the next 10+ years...beware. The most likely way future politicians will be forced to solve this problem will be to cut Social Security and Medicare benefits.

__________________________________________________________________________________________________________________________

Average Tax Rates Under Current Law vs. the Senate Tax Plan - 2019

$10,000-$20,000
Current Law -.7%
Senate Tax Plan -1.2%

$20,000-$30,000
Current Law 3.9%
Senate Tax Plan 3.4%

$30,000-$40,000
Current Law 7.9%
Senate Tax Plan 7.2%

$40,000-$50,000
Current Law 10.9%
Senate Tax Plan 10.0%

$50,000-$75,000
Current Law 14.8%
Senate Tax Plan 13.5%

$75,000-$100,000
Current Law 17.0%
Senate Tax Plan 15.7%

$100,000-$200,000
Current Law 20.9%
Senate Tax Plan 19.5%

$200,000-$500,000
Current Law 26.4%
Senate Tax Plan 24.2%

$500,000-$1 million
Current Law 30.9%
Senate Tax Plan 27.8%

$1 million +
Current Law 32.5%
Senate Tax Plan 30.4%


Average Tax Rates Under Current Law vs. the Senate Tax Plan - 2027

$10,000-$20,000
Current Law -0.5%
Senate Tax Plan -0.8%

$20,000-$30,000
Current Law 4.2%
Senate Tax Plan 4.1%

$30,000-$40,000
Current Law 7.7%
Senate Tax Plan 7.6%

$40,000-$50,000
Current Law 11.1%
Senate Tax Plan 11.0%

$50,000-$75,000
Current Law 14.5%
Senate Tax Plan 14.5%

$75,000-$100,000
Current Law 16.3%
Senate Tax Plan 16.3%

$100,000-$200,000
Current Law 20.7%
Senate Tax Plan 20.6%

$200,000-$500,000
Current Law 26.6%
Senate Tax Plan 26.5%

$500,000-$1 million
Current Law 30.8%
Senate Tax Plan 30.5%

$1 million +
Current Law 32.1%
Senate Tax Plan 31.7%

Source: Joint Committee on Taxation

T

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Re: Here's how you will be affected, in 2019 and in 2027

Post by T on Sun Nov 26, 2017 10:40 am

Trumpery: “It’s not good for me, believe me.”

I forgot to mention how Trumpery will benefit with his tax plan.  He claims it won't benefit him. But alas, he's the liar in chief.

Remember this exchange with a reporter?

Trumpery: "My plan is for the working people, and my plan is for jobs."
Reporter: "You wouldn't benefit under your tax plan?"
Trumpery: "No, I don't benefit. I don't benefit. In fact, very very strongly, as you see, I think there's very little benefit for people of wealth."

Tax reform comments start at 4:40 minutes



There are two important provisions in the tax code which will be eliminated with Trumpery's plan:

1) The Estate Tax
2) The Alternative Minimum Tax

The repeal of the Estate Tax will save the Trumpery estate (estimated value = $3.5 billion) around $2 billion dollars when Trumpery kicks the bucket.

Repeal of the AMT will benefit Trumpery big time as well. Based on his 2005 tax return, the AMT increased Trumpery's tax bill from $5.3 million to $36.5 million. That’s $31 million he would have saved in 2005 without the AMT.  Since Trumpery refuses to release his most recent tax returns, we can only estimate what he'll save.

FYI - The Alternative Minimum Tax is a safety net designed to prevent the uber wealthy from avoiding paying taxes.

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Re: Here's how you will be affected, in 2019 and in 2027

Post by T on Sat Dec 02, 2017 10:54 am

Yes, you might get a few crumbs, but both bills recently passed definitely are designed for the wealthy.  If you believe otherwise, well...you're ignorant.
Sad



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Re: Here's how you will be affected, in 2019 and in 2027

Post by T on Sun Dec 03, 2017 10:12 am

Under the Senate bill, the Joint Committee on Taxation and the Congressional Budget Office have calculated that by 2027, people making between $50,000 and $75,000 will pay $4 billion more in taxes, and people making $1 million or more will pay $5.8 billion less.

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