Wordslinger wrote: Deus X wrote: RealLindaL wrote:How is that even POSSIBLE in a rational world?
The bullshit about Kavanaugh and the economy. We're at damn near full employment, the unemployment rate hasn't been this low since the 70s, that's how.
The tax breaks that fueled the current economy went to the wealthiest and most powerful Americans not to the Middle Class, for whom McConnell wants to slash endowment programs like medicare and social security because the tax breaks haven't lessened the national debt a whit.
And the biggest fear for today's American citizen is climate change and the worsening firestorms, hurricanes and sea rise -- while the Pussy Grabber pushes coal sales.
Reality.
Not reality: https://www.usatoday.com/story/news/politics/elections/2018/10/19/fact-check-democratic-congressional-campaign-committee-ads/1697432002/
Tax plan’s effect on ‘middle class’A DCCC ad in Virginia’s 10th Congressional District misleadingly says Rep. Barbara Comstock voted for “the Trump tax plan that gives almost all the benefits to the richest 1 percent, while middle-class families pay higher taxes.” Actually, most middle-income families will see a tax cut in the first years of the plan. When and if many of the individual income tax changes expire after 2025, those middle-income tax cuts disappear.
But the ad cherry-picks to make the point that the Tax Cuts and Jobs Act — which Comstock supported — “gives almost all the benefits to the richest 1 percent, while middle-class families pay higher taxes.”
According to an analysis of the Tax Cuts and Jobs Act by the nonpartisan Tax Policy Center, taxes will decline on average across all income groups in 2018. While “middle-class families” is a subjective classification, TPC noted that in 2018 “taxpayers in the middle income quintile (those with income between about $49,000 and $86,000) would receive an average tax cut of about $900, or 1.6 percent of after-tax income.” Upper-income taxpayers, especially those in the top 1 percent, would benefit even more as a share of after-tax income.
Those middle-income taxpayers would continue to see tax cuts through 2025, TPC said, on average about $900 that year, or 1.3 percent of after-tax income. However, because most of the individual income tax provisions are scheduled to sunset after 2025, TPC found that by 2027, “taxpayers in the middle income quintile would see no material change on average.” Those in the bottom two quintiles, after seeing a small tax cut through 2025 “would face an average tax increase of 0.1 percent of after-tax income.” Some of those could be considered “middle class.”
Republicans added sunset provisions to most of the individual tax cut provisions so that the bill could pass through budget reconciliation, a process requiring only a majority vote in the Senate. In order to do that, Republican lawmakers could not add more than $1.5 trillion to the deficit over 10 years. Nor could they have a bill that added to the deficit beyond that 10-year window. However, Republicans say they expect a future Congress will extend those cuts.
Home
