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But I thought the Trump tax plan was going screw the middle class. From just a glance at the chart, though: 1. More are receiving a tax cut than a tax increas

But I thought the Trump tax plan was going screw the middle class. From just a glance at the chart, though: 1. More are receiving a tax cut than a tax increase. 2. Those receiving an actual increase are highly concentrated near the $0 amount, which means the increase is minimal. 3. The tax cuts definitely begin phasing out as income goes up (about $80K), which is exactly what a true, progressive, middle class tax cut would show. So if this can get rid of a lot of loopholes and complexity, I'm not seeing why liberals are throwing such a fit, at least on the portion related to the middle class. Those parts of the plan that may or may not (we'll see) end up being massive give-aways to the 1% and wealthier are a whole different topic.

mrguyorama 9y ago
1. The chart represents the impact in 2018; the situation looks considerably different in 2027, after many provisions of the bill are set to expire. 2. The Congressional Budget Office estimates that under congressional budgetary rules, the tax plan would force deep cuts to Medicare spending over the next decade. 3. Many households most affected by the loss of the state and local tax deduction live in coastal states such as New York, California and Connecticut. Those states have high tax rates; they also tend to vote for Democrats 4. Executives and other top earners would probably get the biggest boost.) And people who own stocks or have other business investments would see a direct benefit from corporate tax cuts >Those parts of the plan that may or may not (we'll see) end up being massive give-aways to the 1% and wealthier are a whole different topic. That's the whole point isn't it? Basically what it comes down to is this: I'd save $1500 on taxes next year. Big whoop. Meanwhile, we'd gut medicare, further increase the national debt while having a president who doesn't seem to understand that you can't just default on it and be fine, corporations would see huge tax reductions and top earners would see most of the benefit, and the "little guy" continues to be fed patronizingly small improvements in their life and society. The entire point of this bill is to hugely benefit the wealthy by giving the less better off tiny improvements to make it palatable

mrguyorama 9y ago

1. The chart represents the impact in 2018; the situation looks considerably different in 2027, after many provisions of the bill are set to expire. 2. The Congressional Budget Office estimates that under congressional budgetary rules, the tax plan would force deep cuts to Medicare spending over the next decade. 3. Many households most affected by the loss of the state and local tax deduction live in coastal states such as New York, California and Connecticut. Those states have high tax rates; they also tend to vote for Democrats 4. Executives and other top earners would probably get the biggest boost.) And people who own stocks or have other business investments would see a direct benefit from corporate tax cuts >Those parts of the plan that may or may not (we'll see) end up being massive give-aways to the 1% and wealthier are a whole different topic. That's the whole point isn't it? Basically what it comes down to is this: I'd save $1500 on taxes next year. Big whoop. Meanwhile, we'd gut medicare, further increase the national debt while having a president who doesn't seem to understand that you can't just default on it and be fine, corporations would see huge tax reductions and top earners would see most of the benefit, and the "little guy" continues to be fed patronizingly small improvements in their life and society. The entire point of this bill is to hugely benefit the wealthy by giving the less better off tiny improvements to make it palatable