Millions Of Middle-Class Families Will See Tax Increases Under The Trump Plan

http://www.politicususa.com/2016/11/25/millions-middle-class-families-tax-increases-trump-plan.html


A Donald Trump presidency would likely mean higher taxes for millions of middle-income families, CBS News reported on Friday, citing analysis from the nonpartisan Tax Policy Center.

Under Trump’s tax plans, eight million middle-class families would be hit with higher taxes under the incoming president’s proposed “Contract With the American Voter,” which Trump released in October.

Among the millions of people slammed with tax hikes under Trump would be a majority of single-parent households – families who likely need a tax cut more than two-parent households. That’s because Trump plans to eliminate the head-of-household filing status, which 22 million Americans took advantage of last year and will no longer be able to if Trump’s proposal becomes reality.

“If you’re a low- or moderate-income single parent, you’re going to get hurt,” said Tax Policy Center fellow Bob Williams, according to CBS News.

The plan would also hurt taxpayers who have elderly parents living with them.

Another group of income earners likely to be hurt by Trump’s tax proposal are households with three or more children. According to USA Today, a two-parent household with four children could lose nearly $7,000 in tax deductions as a result of the president-elect’s plan to eliminate the personal exemption.

These are parts of the tax code that millions of families use to reduce the amount money they have to give to the government and, if the incoming president has his way, they will no longer be able to.

There are, however, some Americans that will mightily benefit from Trump’s tax proposal: the wealthy.

Under a Trump administration, the wealthiest 1 percent of income earners would have the most to gain as they would see an enormous 14 percent reduction in their tax burden, despite enjoying most of the gains during the recovery.

Ultimately, Donald Trump’s tax proposal is right in line with the failed trickle-down economic policies we’ve seen out of every Republican president in modern history. The only group of Americans that will truly benefit are those who don’t need it.

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If folks cannot differentiate their economic interests from a flim flam man, why should I care. I voted. His tax plan will benefit me. It will hurt America for years into the future where it will take a generation to undo the damage, but if a person could not even bother to vote to stop the outright theft of America again with further tax reduction on the wealthy, why should I care if the very people who are going to be hurt voted against their economic interests because of their fear of people of color.

I paid every year under Obama until I had to claim single and zero and ended up paying 300 more dollars per month in taxes just to get close to breaking even in a tax year. How can Trump make it worse?

Tellthetruth wrote:I paid every year under Obama until I had to claim single and zero and ended up paying 300 more dollars per month in taxes just to get close to breaking even in a tax year. How can Trump make it worse?

Your filing status changed. It had nothing to do with who was President at the time. Now it will, if Trump gets his way. It may not affect you personally, but will have an impact on families with children and single parents.

Obamacaid was the biggest tax increase... falling harshly on the middle class... in our history.

Obamacaid was just the magic beans.

Magic beans

You won. You and your cohorts declared that you were going to get rid of the Affordable Care Act. If it was magic beans........why the backtracking and realization that it is a lot easier being a PK throwing rocks and never.....not even once.....proposing anything which could cover 20 million more Americans or make a bit of sense. You see burning down a barn is a lot easier than building a barn, and the two skill sets are not necessarily the same. So we know that the ACA was not magic beans, and all that was needed was folks building an addition to the barn. You burn it down folks, and lock her up folks are left holding your dick in your hand. Once again nothing constructive to add to America except a bitter realization that maybe things did not work out the way you wanted them in life, and having scapegoats and a belief system that government is bad and democracy is bad......yep magic beans.

Free ain't cheap comrade. I bet my taxes alone supported countless people... the govt easily took half.