Breaking on CNBC - Study shows bottom 95% will see a 1.2% rise in income. Top 5

[Laura PourMeADrink]

will gain 8.5% boost to income.

https://www.cnbc.com/2017/09/29/gop-tax-plan-favors-the-richest-tax-analysis-shows.html

[PoindexterOglethorpe]

1. And at the bottom, that 1.2% will be just a few dollars.

At the top it will be many thousands. THOSE are the ones who will be able to buy a car.

[Laura PourMeADrink]

2. TRUE ! from link

As a result, the Tax Policy Center analysis made a series of assumptions about the impact of the provisions that have not been spelled out. The analysis also did not take into account any future economic impact, a process known as "dynamic scoring," that GOP proponents say will generate higher revenues and reduce the impact on the federal deficit.

Based on the available details, the center estimates that the top 1 percent of households, or those making more than $730,000, will get an 8.5 percent tax windfall — or about half of the total cuts provided by the plan.

Much of the benefits would fall to businesses. Corporations would see some $2.6 trillion in tax savings over a decade while individual taxpayers would get $470 billion.

But the worst news for middle-class taxpayers is that they would see a tax increase over 10 years, according to the analysis.

That includes some 10 percent of low-income households — more than a quarter of the middle class.

And people making $150,000 to $300,000 a year would also get hit. By 2027, 60 percent of them would see their taxes rise by about $4,000, according to the tax center. But just 3 percent of the richest Americans would face a tax increase, the analysis found.

[Eliot Rosewater]

3. That's OK, as long as my president hates the same people I hate, then by goshawillickers

I say the more you take from me the better.

Or, wait, uh,. I knew I had this a minute ago...wait,

I said WAIT god dammit, I have it written down somewhere





I know the rich getting richer while I starve is a GOOD thing, I know I have it written down somewhere

[marybourg]

4. Assuming this is about tRump's income tax proposal -- Not me.

My WWII veteran-spouse's assisted living/medical expenses are $50,000+/year, which we pay for (by ourselves, without taxpayer help) in part by selling stock/bonds. I'm guessing that without the medical deduction, but with the doubled exemption, we'd be paying another $4800/year in taxes. This would be a major strain.

[PoindexterOglethorpe]

11. You get no Social Security?

No pension? No VA?

[marybourg]

12. Errr, yes, modest ones.

But they don't expand to cover $50,000+/year in addition to my continuing expenses. Just like everyone else, I still need a roof over my head, food on the table, utilities, insurance, property tax, car expense, home repair and maintenance.

Necessitates a large enough income to cover, which we achieve by selling some investments --that's what we saved for -- but having to pay another $4800 tax on those forced sales will hurt. Especially in light of who will benefit from our pain.

[maxsolomon]

5. And the Deficit? The National Debt?

Oh, that's right. We don't care about that anymore.

[ProfessorGAC]

6. So, 50k Household Gets $600. . .

. . .and 5 million household gets $425. Hmmmm.

Yeah, that should boost revenues just fine even though, of course, 425k is 700x the savings and the income is only 100x apart.

If it weren't for that pesky algebra, this would be great!

[louis-t]

10. Same idea bush had.

And the deficit nearly tripled.

[FreeStateDemocrat]

7. "Trump could save more than $1 billion under his new tax plan" read it and learn:

http://www.msn.com/en-us/news/politics/trump-could-save-more-than-dollar1-billion-under-his-new-tax-plan/ar-AAsBLyY?li=BBnb7Kz&ocid=mailsignout

[BigmanPigman]

8. Did anyone REALLY expect anything different from the GOP?

If they ever do anything to help the 99% I will be shocked.

[Atman]

9. A 1.2% increase in a $25,000 salary will get you almost nothing.

Whoopee! $300 a year! I'll send my kid to college now! Meanwhile, Trump and his golf buddies will net literally BILLIONS that come right off of the balance sheets.

[Boomerproud]

13. You won't see this on Fox Business I bet.

Well, I know I'll sleep better tonight knowing that the Top 5% will be able to afford another vacation home and pontoon boat for their 4th of July parties (to celebrate their freedom and all that).

[Laura PourMeADrink]

14. Sleep better ! No way any of this will pass. It even pissed of republicans. Thank god

because it is really hurting blue states.