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Senate Plan Could Increase Taxes on Some Middle-Class Workers
Mitch McConnell cannot guarantee that everyone in the middle class is going to get a tax cut.
But, he CAN guarantee that every corporation gets one.
Senate Plan Could Increase Taxes on Some Middle-Class Workers
WASHINGTON — Mitch McConnell, the Senate majority leader, acknowledged on Friday that the Republican tax plan might result in a tax hike for some working Americans, saying he “misspoke” days earlier when he said that “nobody in the middle class is going to get a tax increase” under the Senate bill.
“I misspoke on that,” Mr. McConnell, a Kentucky Republican, said in an interview on Friday with The New York Times. “You can’t guarantee that absolutely no one sees a tax increase, but what we are doing is targeting levels of income and looking at the average in those levels and the average will be tax relief for the average taxpayer in each of those segments.”
The Senate bill unveiled on Thursday would raise taxes on millions of middle-class families, according to a preliminary New York Times analysis. The plan would also disproportionately benefit high earners and corporations. Still, middle-class earners would fare better under the Senate proposal than its counterpart in the House, the analysis found.
The Senate Finance Committee bill would, on average, cut taxes for people at every income level. But, as Mr. McConnell alluded to in his revised remarks, those benefits would vary widely within income brackets, depending on the specific circumstances of individuals and households, and many would pay more than under existing rules.
We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists.
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Re: Senate Plan Could Increase Taxes on Some Middle-Class Workers
A huge chunk of middle class tax payers would see NO CHANGE in their tax rates but a massive decrease in their Schedule A deductions....particularly those living in states with high property taxes such as Pennsylvania.
So that translates into a net tax INCREASE.
The fault lies with the obsession on "revenue neutrality", which is based on the faulty assumption that lower tax rates ensures lower tax revenues.
The GOP has totally forgotten the supply side economics which were the basis of the Reagan tax cuts. Those were genuine cuts for all; individuals and corporations alike. Revenues went up and the economy had a true stimulus.
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Re: Senate Plan Could Increase Taxes on Some Middle-Class Workers
The GOP has been tasked with just one more almost impossible task of coming up with tax reform. What they are talking about so far is not really tax reform but rather tax reduction for some. The "some" is primarily corporations which is pretty much a giveaway. I don't see that the giveaways will do much more than lining the pockets of the corporations and their owners and not much more (although I do concede it will help startups and those deciding to venture into business or not). The big giveaway is also on the super rich side with the elimination of the estate tax. Trump's heirs as an example will save hundreds of millions or more as a result. The rest is crumbs for everyone else.
Last edited by tennyson (11/11/2017 1:01 pm)
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Re: Senate Plan Could Increase Taxes on Some Middle-Class Workers
We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists.
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