Many Won't Even Notice a Tax Cut

[DonViejo]

December 11, 2017 at 6:46 am EST By Taegan Goddard

“A funny thing happened when Congress approved a tax cut for the middle class eight years ago: Most Americans didn’t notice,” Bloomberg reports.

“The 2009 economic-stimulus bill contained a one-year tax break worth $800 for married couples in 95% of working households — a little over $15 a week. A February 2010 poll found that just 12 percent said their taxes had been reduced. More than half, 53%, said they saw no change. A remarkable 24% thought their taxes had increased.”

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https://politicalwire.com/2017/12/11/many-wont-even-notice-tax-cut/

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Some Could Face 100% Marginal Tax Rates

December 11, 2017 at 6:50 am EST By Taegan Goddard

“Republicans are moving their tax plan toward final passage at stunning speed, blowing past Democrats before they’ve had time to fully mobilize against it but leaving the measure vulnerable to the types of expensive problems popping up in their massive and complex plan,” the Washington Post reports.

“Questionable special-interest provisions have been stuffed in along the way, out of public view and in some cases literally in the dead of night. Drafting errors by exhausted staff are cropping up and need fixes, which must be tackled by congressional negotiators working to reconcile competing versions of the legislation passed separately by the House and the Senate.”

Wall Street Journal: “Some high-income business owners could face marginal tax rates exceeding 100% under the Senate’s tax bill, far beyond the listed rates in the Republican plan. That means a business owner’s next $100 in earnings, under certain circumstances, would require paying more than $100 in additional federal and state taxes. As lawmakers rush to write the final tax bill over the next week, they already are looking at changes to prevent this from happening.”

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https://politicalwire.com/2017/12/11/face-100-marginal-tax-rates/

[lame54]

1. They will if they get sick

[frazzled]

7. We are super concerned about that

My parents were very middle-middle class people who worked really hard to save and invest money so that in their old age, there would be funds to pay for a nursing home or nursing care if it became necessary. They never expected to live this long. My father passed away last year at age 100, but my mother, now in her 90s, has been needing in-home health care. It's very expensive, but the money is there to do it, and it's so good for her (and our) health and happiness.

So far, we've been able to deduct these expenses against any tax liability she has from her investments. That will be gone under the Republican plan, and it will mean a huge increase in taxes. Added to the medical expenses, we don't know how much longer this way of making our mother's life comfortable could go on.

[bdtrppr6]

2. we'll all notice the cuts

when roads are complete shit, bridges start collapsing from dis-repair, fire departments need to hold bake sales to survive... you know, the GOP "plan".

[L. Coyote]

3. Taxpayers won't notice how much their $400,000 share of the national debt goes up.

What's another $25,000 a year?

[gratuitous]

4. I think this is true

And when the Republicans tell their supporters that they got a fabulous tax cut, they'll believe it. They won't remember what their taxes were before the bill, and they will simply buy into whatever nonsense the Republicans peddle to them. As mentioned, when government services are strangled again, they'll blame the Holy Trinity of Republicanism (Waste, Fraud, and Abuse) for their crumbling roads and decrepit schools.

If only there was another political party that could point out the gaps in their beliefs.

[genxlib]

5. I think this is a very small part of a very large issue

It is my opinion that the last two decades has seen several major trends that make the middle class feel financially squeezed. However, politics has blamed the Government as baring the burden for being overtaxed.

-Health care costs - even people with good jobs and benefits started seeing a larger and larger chunk of their paycheck go to insurance and deductibles.

-Media/utilities - between cable, internet and cell phones, many families carry hundreds of dollars in expenses that earlier generations did not have

-Housing costs - went crazy starting about 20 years ago and consumes a far larger piece of family budgets than earlier generations.

There are other factors (like college costs) but the bottom line is that it takes a lot of money to be middle class. You can argue that much of that spending is not necessary and I would agree. But that isn't the point. Society has moved the bar for what middle class means and people have trouble affording those standards.

Meanwhile, Republicans have been demonizing Government throughout that time frame and making the middle class feel like taxes were robbing them of their livelihood. In truth, taxes have been historically low during that period.

People won't notice the tax cut because it isn't the taxes that are making them feel poor.

[Hortensis]

6. +100. "It takes a lot of money to be middle class."

It also takes a lot of security. You're not what we think of as middle class if you're always worried if you'll still have your job or home this time next year.

As for business taxes, overall, taxes actually paid by American business are below average for advanced nations, and in some advanced nations they are significantly higher. Some businesses, of course, pay very little.

[CrispyQ]

8. Tax policy from the party that thinks you can buy a new car or upgrade your kitchen

with your $1000 annual tax cut. That's not even a down payment on that shit. They don't have a clue & they lie every time their mouths move.

[subterranean]

9. I will certainly notice my tax HIKE.

Based on my preliminary calculations, my taxes will go UP by about 45% if this tax scam passes. All due to the elimination of personal exemptions. I suspect there will be many other middle-class taxpayers in the same boat.

[question everything]

10. Indeed. Most people do not realize that the personal exemptions have been eliminated

resulting in an increase in taxable income, for a family of four by $16,200. This is not offset by doubling the standard deduction, nor the increase in child credit, nor in change in tax rate.

This, and the removal of state tax and medical deductions will raise our tax by 20%.