Government Tax Cuts And The Middle Class - quite
Unfortunately, it appears that many middle-income homeowners will see their taxes go up, not down, under the Big 6 plan. A big reason why is that this plan takes away the most popular — and one of the most valuable — deductions for households: the deduction for state and local taxes SALT. In other words, as Willie Sutton once infamously said in explaining why he robbed banks, Washington is targeting this deduction because this is where so much middle-class money is. Generations of hard working homeowners have counted on our longstanding tax policies to help make a middle-class life possible. For other taxpayers who rent today, the proposal may delay or eliminate their opportunity to purchase a home in the future. Furthermore, NAR also found that housing values might drop about 10 percent because tax reform would increase the after-tax cost of housing and dampen demand. Equally important, taking away SALT puts at risk the tax base that supports public sector services and vital investments here in DeKalb County, and at the state and local levels across the country, including solid infrastructure, reliable public safety and excellent education — services and support that benefit all taxpayers in communities across the entire country. Every organization representing state and local governments and public service providers, including both Republicans and Democrats, opposes the elimination of SALT as part of tax reform. Washington should stay true to history and middle-class homeowners and preserve it.Government Tax Cuts And The Middle Class - advise
Comparing the income tax data for the year before the TCJA became law with , clearly demonstrates that it did not. However, lowering rates for a group of taxpayers does not necessarily reduce their share of the tax burden. In , 1. Their share of the tax burden also increased. They accounted for 22 percent of total income in a 0. By the way, you read that right. About 1. So, as a result of the TCJA, high earners paid more taxes to the government, while everyone else paid less. They also paid a larger percentage of all taxes, while everyone else paid a smaller percentage. Government Tax Cuts And The Middle Class.
Republicans claim their tax cuts will mostly help the middle class.
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Aside from how stupid the idea sounds from a policy standpoint, how does a politician go and say "were going to do trickle down economics" and not have half of his audience immediately think "we're going to Clsss on the poor". They want the wild wealth for a few back again. It was sold in the late 's-early 's as horse and sparrow Government Tax Cuts And The Middle Class. It's really worth looking up, but it's nothing new.
Reagan just repackaged it. We're right back into the eugenics, etc, of the turn of the last century. It's the new Gilded Age.]
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