Tax plan changes over time chart - updated explanation

[flamingdem]

Update from comment below:

The chart is the change in taxes, in millions of dollars for each wage group. The group making $20-$30K would, in total, pay $8 billion more than what they pay now. Since the number of people in each wage band differs, this chart is almost useless. It could mean that they are predicting that wages would be going down massively, so the portion raised from each of the lower income groups goes up.

I think the only point that can be drawn from this chart is that it massively favors the wealthy, especially over time.

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[flamingdem]

1. We need to call furiously next week:

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[flamingdem]

2. And while people are fussing about Franken the GOP put abortion rights into the tax plan

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[flamingdem]

3. Under Trump's tax plan his kids get 4 billion in cuts, the Koch Bros get 34 billion

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[Takket]

4. That is actually the total of that income range in millions

But regardless it is still a tax increase. This plan will destroy the economy in 2008 fashion if we are lucky and 1920s fashion if we are not.

[flamingdem]

6. Yet even half way normal repubs are willing to pass this monstrosity

Just to have a win.

They're desperate and will take all of us down with them.. but of course many of them will be even richer so that's okay..

[onenote]

12. You should fix your OP -- the chart doesn't show what you claim.

It shows the rich get more from the tax bill, but it doesn't show that someone in the $20,000-$30,000 income range will pay $7,999.

[flamingdem]

14. I did. Someone pointed it out

and said the chart is fairly useless -

[roamer65]

5. Im more worried about the currency crisis that will result much sooner than 2027.

There will be one if this POS passes. I guarantee it.

[flamingdem]

7. Can you elaborate? Very interesting if you mean the US dollar will drop

Just being a bit selfish here but then I can get more Euros for the dollar but of course that will do damage as well.

[roamer65]

8. Eventually the world will lose confidence in our Treasury paper as the deficits swell.

The Federal Reserve will be forced to monetize most if not all of it, as the buyers dry up. Inflation will increase substantially, as the monetary base grows uncontrollably. Think Argentina.

When a fiat reserve currency begins to unravel, it takes many others down with it.

[SFnomad]

15. If the US dollar drops, you will get fewer Euros for the Dollar n/t

[Thor_MN]

9. Ummm, the chart is not what you think it is. At least if the labels are correct.

The chart is the change in taxes, in millions of dollars for each wage group. The group making $20-$30K would, in total, pay $8 billion more than what they pay now. Since the number of people in each wage band differs, this chart is almost useless. It could mean that they are predicting that wages would be going down massively, so the portion raised from each of the lower income groups goes up.

I think the only point that can be drawn from this chart is that it massively favors the wealthy, especially over time.

[flamingdem]

10. Thanks - can't say that it made much sense with such extremes but the GOP

is capable of madness so I suspected it was that simple.

[NutmegYankee]

11. The numbers dont match.

Someone in a 75k-100k range doesn’t even pay 21k in taxes due to the brackets and deductions. This is likely a chart of overall revenue change in taxes from each bracket.

[flamingdem]

13. Thanks, the person who posted before you caught that

You can tell I'm not a wiz with taxes - I updated the information in the title and post