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Doubling the standard deduction results in tax breaks for the working class.

• sharemywin 9y ago
  smoke and mirrors: More than 60% of U.S. households would get tax cuts from the Senate Republican tax plan in 2019, while 8% would pay more, according to the nonpartisan Joint Committee on Taxation. By 2027, after the individual tax cuts EXPIRE, most households would see little effect, as 61% would have either tax increases or tax cuts below $100. In that year, 16% of households would have tax cuts exceeding $100 while 23% would pay more.
  • mrguyorama 9y ago
    That's not even the important part. I don't care if I'm paying a sliver less taxes, because it's all being paid for by ballooning the deficit, and higher earners are getting a larger share of that anyway. Why should I care that I'm saving 5% on taxes while those making 100x my income suddenly save 15%, when their effective tax rate was already low? This is completely besides the fact that I find taxes to be a good thing, seeing as the only reason I even have a future is through publicly funded programs that helped pay for my education and subsidize the small town I grew up in and even my entire state. I'm plenty glad to pay back what the USA invested in me