4 ms·

The media has been portraying this tax bill as a major break for billionaires, but these charts don't seem to show that.

hkmurakami 9y ago
That's because this only looks at income tax. The tax bill is a boon for billionaires because of (1) estate tax repeal (house) and (2) corporate tax cuts that will benefit the capital class that holds corporate equity.
- sureshv 9y ago
  Don't forget passive income via pass through and capital gains . Also deductions for private jets and golf courses.
  - hkmurakami 9y ago
    I believe the latter 3/4 are not touched in this bill.
icantdrive55 9y ago
I'm confused too. I would like to see that data Brock Whittaker used to make this tool. It's funny how I just assume a well done app is correct. I don't have any reason to question Brock, but we need the parameters. I looked him up, and didn't see any reason to question him. And yes, it looks like those making 1-3 million will pay more. If this is the case; I'm for the bill. The only Rebublican I trust is Mccain. If he's going for it--it might be ok. (I would like to see this app with projected tax saving on corporate income. Actually, I get it now. The wealthy will set up more corporations overnight, and pay themselfs a nominal wage. All their income will be taxed at a lower rate than than the rest of us. Warren Buffet's secretary will still pay more taxes than Warren--percentage wise. CPA's will be busier than ever.)
a_humean 9y ago
Two reasons for that: 1) These are the first year income tax cuts, but most of these income tax cuts are getting phased out over time after the first year. By 2027 some of these income groups may see tax increases, and most won't see much benefit at all. 2) The temporary income tax cuts are peanuts compared to what is happening with the corporate rate, pass-throughs, capital gains, and estate tax (all permanent), which benefit people that own companies and/or inherit wealth - which is predominately the richest people. The richest people in the country don't get their wealth from their income, but rather from returns on capital.
- ryanwaggoner 9y ago
  I thought capital gains rates weren't changing?
hirsin 9y ago
This shows only a small portion of the impact of the bill - the SALT and child/marriage/standard deductions increase for earned income, but none of the passthrough changes, changes to the way unearned income (stock market investing, e.g.) is taxed, corporate changes. M/Billionaires don't file a 1040-ez, but that's what this page is showing (before said deduction increases expire)

hkmurakami 9y ago

That's because this only looks at income tax. The tax bill is a boon for billionaires because of (1) estate tax repeal (house) and (2) corporate tax cuts that will benefit the capital class that holds corporate equity.

sureshv 9y ago
Don't forget passive income via pass through and capital gains . Also deductions for private jets and golf courses.
- hkmurakami 9y ago
  I believe the latter 3/4 are not touched in this bill.

icantdrive55 9y ago

I'm confused too. I would like to see that data Brock Whittaker used to make this tool. It's funny how I just assume a well done app is correct. I don't have any reason to question Brock, but we need the parameters. I looked him up, and didn't see any reason to question him. And yes, it looks like those making 1-3 million will pay more. If this is the case; I'm for the bill. The only Rebublican I trust is Mccain. If he's going for it--it might be ok. (I would like to see this app with projected tax saving on corporate income. Actually, I get it now. The wealthy will set up more corporations overnight, and pay themselfs a nominal wage. All their income will be taxed at a lower rate than than the rest of us. Warren Buffet's secretary will still pay more taxes than Warren--percentage wise. CPA's will be busier than ever.)

a_humean 9y ago

Two reasons for that: 1) These are the first year income tax cuts, but most of these income tax cuts are getting phased out over time after the first year. By 2027 some of these income groups may see tax increases, and most won't see much benefit at all. 2) The temporary income tax cuts are peanuts compared to what is happening with the corporate rate, pass-throughs, capital gains, and estate tax (all permanent), which benefit people that own companies and/or inherit wealth - which is predominately the richest people. The richest people in the country don't get their wealth from their income, but rather from returns on capital.

ryanwaggoner 9y ago
I thought capital gains rates weren't changing?

hirsin 9y ago

This shows only a small portion of the impact of the bill - the SALT and child/marriage/standard deductions increase for earned income, but none of the passthrough changes, changes to the way unearned income (stock market investing, e.g.) is taxed, corporate changes. M/Billionaires don't file a 1040-ez, but that's what this page is showing (before said deduction increases expire)