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Orange Blooded [2763]
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Fine print of the Tax Cuts and Jobs Act?
Nov 10, 2020, 2:06 PM
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Seems like our tax cuts won't be so great in 2027 if nothing happens before then. According to the Act, passed in 2017, taxpayer groups with incomes of $75,000 or less (65% of Americans) will face a higher tax percentage in 2027 than in 2019. People in the $20-30K (poverty) bracket will pay over $350 more starting in 2021, while people in the million-plus bracket on average get a cut. Which bracket do you think is suffering more from the pandemic?
And so y'all know, this was written by Joseph Stiglitz, a former chief economist of the World Bank, a professor at Columbia University, a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark medal (in short an award for being a great economist), not some random NY Times opinion author.
https://www.nytimes.com/2020/10/31/opinion/republicans-biden-taxes.html
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All-In [26968]
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There's no way this tax law survives that long.
Nov 10, 2020, 2:08 PM
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Someone will change it, or extend the cuts.
When they made this law, they had to try to pay for the cuts, so it's logical they would raise taxes later on. Of course, no one advertises that.
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Orange Blooded [4365]
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Re: There's no way this tax law survives that long.
Nov 10, 2020, 6:26 PM
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Prodigal
1. Let me point out that the middle and lower classes will be the ones to pay the higher taxes when the bill comes due. The ultra rich walk off with the largest cuts and it will remain that way unless a new law is passed.
2. If people put pressure on them to be fair, they will extend some cuts to the working class - and count on THAT to distract them from the huge increase in the debt. The rich will keep all of their cuts.
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Orange Blooded [2203]
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Re: There's no way this tax law survives that long.
Nov 10, 2020, 8:40 PM
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Well tell me this one. China Joe said he would reverse the tax cuts from 2017. He think he can do it with an executive order?
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Rock Defender [54]
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Re: Fine print of the Tax Cuts and Jobs Act?
Nov 10, 2020, 2:09 PM
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All-TigerNet [13207]
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Orange Blooded [4365]
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Re: Fine print of the Tax Cuts and Jobs Act?
Nov 10, 2020, 6:33 PM
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keowee,
Your article explains the original tax cuts only. As the Op's article points out, they hid the tax increases for the bottom 655 of tax payers in the later years.
They showed you a shiny object to distract you from the increases that will start for the working classes next year.
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110%er [9674]
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They could only do so much - to avoid a Dem filibuster
Nov 10, 2020, 2:29 PM
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so the tax cuts HAD to expire within 10 years. They planned to extend them later...
I didn't read it - but it would have been impossible to put anything in it that extended past 2027.
Did the author surmise that an individual would likely be earning more in 2027 than 2017, so they would be paying more taxes when the tax cuts expired?
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Orange Blooded [2763]
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He's going by percentages, not amount earned.***
Nov 10, 2020, 3:15 PM
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Orange Blooded [4365]
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110%er [9674]
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I only commented on what I remember when the
Nov 10, 2020, 11:32 PM
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tax cut was done. And then I asked a question. It is a fact that they could have done nothing that would extend beyond 2027 (cuts or increases).
I didn’t read it because I assumed it was someone’s spin on a situation - it’s an opinion piece...
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Orange Blooded [4365]
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Re: Fine print of the Tax Cuts and Jobs Act?
Nov 10, 2020, 6:22 PM
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This is how the Republicans work. They give the working classes something small and temporary to distract them while they give large and lasting breaks to their ultra-wealthy overlords.
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Rock Defender [54]
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Re: Fine print of the Tax Cuts and Jobs Act?
Nov 10, 2020, 6:39 PM
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Hall of Famer [24265]
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Re: Fine print of the Tax Cuts and Jobs Act?
Nov 10, 2020, 7:51 PM
[ in reply to Re: Fine print of the Tax Cuts and Jobs Act? ] |
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Which working class are you referring? The 40 hour per week working class or the 80 hour per week working class?
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All-In [31938]
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Look up the Bryd Rule and Reconciliation process***
Nov 10, 2020, 8:07 PM
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Legend [16264]
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DJT's one signature legislative accomplishment was hand-
Nov 10, 2020, 8:36 PM
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crafted and delivered in fait accompli by the very Establishment he ran against as a Populist. But there it is all the same.
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