...a stepped tax increases every two years begins in 2021 and will affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under — that’s about 65 percent of taxpayers — will face a higher tax rate ...
So for all of you ... But my taxes... yahoos voting for Trump.
He’s already knifed you in the back.
The current poverty line for a family of four is $26,200: People with incomes between $10,000 and $30,000 — nearly one-quarter of Americans — are among those scheduled to pay a higher average tax rate in 2021 than in years before the tax “cut” was passed.
The C.B.O. and Joint Committee estimated that those with an income of $20,000 to $30,000 would owe an extra $365 next year — these are people who are struggling just to pay rent and put food on the table.
By 2027, when the law’s provisions are set to be fully enacted, with the stealth tax increases complete, the country will be neatly divided into two groups: Those making over $100,000 will on average get a tax cut. Those earning under $100,000... will not.
At the same time, Trump has given his peers, people with annual incomes in excess of $1 million dollars, or the top 0.3 percent in the country, a huge gift:
The Joint Committee on Taxation estimated the average tax rate in 2019 for this group to be 2.3 percentage points lower than before the tax cut, saving the average taxpayer in this group over $64,000 — more than the average American family makes in a year.
Me: So if you are voting on your pocketbook issues and make less than 100,000 a year, Trump and the GOP are screwing you outright and laughing all the way to the bank.
This analysis makes clear that the vast majority of Americans will be better off with the likely tax reforms that will emerge from a Biden administration than they would be by sticking with Mr. Trump’s ill-conceived tax bill.
The Republicans... saw a chance to give their rich friends and corporations a big thank you for campaign contributions. But the tax cuts they promised these donors produced projections that the resulting budget deficits were well beyond $1 trillion.
To reduce that stomach-churning amount, they had to phase-in higher taxes on ordinary Americans. While this kind of budget gimmickry has been used before under President George W. Bush’s administration, Mr. Trump carried it to a new level.
The tax cut to the corporations would, they promised, trickle-down to citizens at the bottom of the income ladder...

In fact the money gushed up to those at the very top in the form of stockholder dividends, chief executive bonuses and a record level of stock buybacks...
Elections matter. Elections gave Republicans the power to enact these tax shenanigans. Neither conscience nor principles stopped them.
You can follow @RRalstonAgile.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:

By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.