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Very Hot Topic (More than 25 Replies) Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan (Read 1,177 times)
Phillip 2.0
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Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Oct 7th, 2017 at 7:29pm
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Sad!


WASHINGTON (AP) — President Donald Trump promised Americans "the largest tax cut in our country's history." But for low-income households, Trump's plan would amount to crumbs.

The poorest would get an average tax cut of about $60 a year, according to an analysis by the Tax Policy Center. Middle-income families would get about $300 on average.


"There's no significant benefit for low-income families," said Elaine Maag, a senior research associate at the Tax Policy Center. "It's important because when low-income families get money they tend to spend it, putting it right back into the economy. High-income families tend to save it."

Republicans have backed a budget resolution that would enable Congress to pass a tax package that could add up to $1.5 trillion to the national debt over the next decade.

The Tax Policy Center's analysis says most of the tax cuts would go to the wealthiest Americans. For example, the top 1 percent — families making about $700,000 a year — would get an average tax cut of $129,000. Tax breaks targeting the wealthy include lowering the top income tax rate from 39.6 percent to 35 percent, eliminating the alternative minimum tax, and doing away with the federal estate tax, which is only paid by people who inherit multimillion-dollar estates.

Congressional Republicans dispute that their plan would ultimately help wealthy families more than it would help the middle class. They note that the plan unveiled by Trump and GOP leaders last week is incomplete. The plan would reduce the number of tax brackets from seven to three, but it doesn't include the income levels for each tax bracket.

The plan would also increase the $1,000 child tax credit, but it doesn't say by how much. Those details are still being worked on.

"There is simply no way for TPC or anyone to deliver these kinds of specific estimates with the information provided in the framework," said Sen. Orrin Hatch, R-Utah.

"To get their estimates, they filled in blanks with numbers from other proposals, added a pile of exceptionally pessimistic and biased economic assumptions, and came up with a tax plan that, for all intents and purposes, is their own," said Hatch, who chairs the Senate Finance Committee.

The Tax Policy Center says it filled in the blanks by taking numbers from a tax blueprint released by House Republicans. For example, the analysis assumes that the child tax credit would increase to $1,500.

Republican Sens. Marco Rubio of Florida and Mike Lee of Utah want to increase the child tax credit to $2,000. Rubio says doubling the credit is the best way to target tax relief for low- and middle-income families.

The main provisions that would affect low-income families are increasing the child tax credit and raising the standard deduction from $6,300 to $12,000. This would be partially offset by eliminating the $4,050 personal exemption.

Also, the lowest tax rate would increase from 10 percent to 12 percent, but the plan doesn't specify the income levels for each tax bracket.

In the Tax Policy Center's analysis, low-income families make less than $25,000 a year. That puts them in the bottom 20 percent of households.

An analysis by the conservative Tax Foundation noted the plan's lack of details. Nevertheless, it found only modest benefits for low-income families, increasing their annual incomes by an average of less than 1 percent.

The liberal Center for Budget and Policy Priorities argues that if adding to the national debt leads to spending cuts, low-income families could be worse off.

"By increasing deficits and debt, the tax cuts would intensify pressure, likely in the next several years, for steep budget cuts in programs that help low- and middle-income families," wrote Sharon Parrott, a senior fellow at the center. "Most low- and middle-income children and their families would likely lose more from these budget cuts than they would gain from the tax cuts."

One reason the poorest families wouldn't get much of a tax break is that many don't pay federal income taxes. About 44 percent of U.S. households pay no federal income tax, according to the Tax Policy Center. Most of these people pay other federal taxes, including payroll taxes.

However, when it comes to the income tax, most low-income families receive tax credits that are greater than the amount of taxes they owe. They receive the tax credits in the form of a tax refund, even though they paid no taxes.

Maag said this would not change under Trump's tax plan.


https://www.yahoo.com/news/poor-americans-dont-fare-well-064745527.html
  
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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #1 - Oct 7th, 2017 at 9:50pm
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They note that the plan unveiled by Trump and GOP leaders last week is incomplete. The plan would reduce the number of tax brackets from seven to three, but it doesn't include the income levels for each tax bracket.


The bold is an extremely important point which makes the headline of the article or analysis for that matter a bunch of shit.

How can anyone make such a judgement about this specific plan if the numbers haven't even been released?  Makes absolutely no sense.
  

Deny, Ignore, Evade, Distract, Place Blame Elsewhere!  Must defend the Trump Messiah!

But, but, but....but Hillary, but Lynch, but Obama, but Boosh, but Clinton!
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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #2 - Oct 8th, 2017 at 12:49am
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I must have missed where the "poor" and "middle class" income brackets have been defined.

Perhaps we have stumbled upon what is really sad.
  

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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #3 - Oct 9th, 2017 at 5:35am
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Phillip 2.0 wrote on Oct 7th, 2017 at 7:29pm:
Sad!


WASHINGTON (AP) — President Donald Trump promised Americans "the largest tax cut in our country's history." But for low-income households, Trump's plan would amount to crumbs.

The poorest would get an average tax cut of about $60 a year, according to an analysis by the Tax Policy Center. Middle-income families would get about $300 on average.


"There's no significant benefit for low-income families," said Elaine Maag, a senior research associate at the Tax Policy Center. "It's important because when low-income families get money they tend to spend it, putting it right back into the economy. High-income families tend to save it."

Republicans have backed a budget resolution that would enable Congress to pass a tax package that could add up to $1.5 trillion to the national debt over the next decade.

The Tax Policy Center's analysis says most of the tax cuts would go to the wealthiest Americans. For example, the top 1 percent — families making about $700,000 a year — would get an average tax cut of $129,000. Tax breaks targeting the wealthy include lowering the top income tax rate from 39.6 percent to 35 percent, eliminating the alternative minimum tax, and doing away with the federal estate tax, which is only paid by people who inherit multimillion-dollar estates.

Congressional Republicans dispute that their plan would ultimately help wealthy families more than it would help the middle class. They note that the plan unveiled by Trump and GOP leaders last week is incomplete. The plan would reduce the number of tax brackets from seven to three, but it doesn't include the income levels for each tax bracket.

The plan would also increase the $1,000 child tax credit, but it doesn't say by how much. Those details are still being worked on.

"There is simply no way for TPC or anyone to deliver these kinds of specific estimates with the information provided in the framework," said Sen. Orrin Hatch, R-Utah.

"To get their estimates, they filled in blanks with numbers from other proposals, added a pile of exceptionally pessimistic and biased economic assumptions, and came up with a tax plan that, for all intents and purposes, is their own," said Hatch, who chairs the Senate Finance Committee.

The Tax Policy Center says it filled in the blanks by taking numbers from a tax blueprint released by House Republicans. For example, the analysis assumes that the child tax credit would increase to $1,500.

Republican Sens. Marco Rubio of Florida and Mike Lee of Utah want to increase the child tax credit to $2,000. Rubio says doubling the credit is the best way to target tax relief for low- and middle-income families.

The main provisions that would affect low-income families are increasing the child tax credit and raising the standard deduction from $6,300 to $12,000. This would be partially offset by eliminating the $4,050 personal exemption.

Also, the lowest tax rate would increase from 10 percent to 12 percent, but the plan doesn't specify the income levels for each tax bracket.

In the Tax Policy Center's analysis, low-income families make less than $25,000 a year. That puts them in the bottom 20 percent of households.

An analysis by the conservative Tax Foundation noted the plan's lack of details. Nevertheless, it found only modest benefits for low-income families, increasing their annual incomes by an average of less than 1 percent.

The liberal Center for Budget and Policy Priorities argues that if adding to the national debt leads to spending cuts, low-income families could be worse off.

"By increasing deficits and debt, the tax cuts would intensify pressure, likely in the next several years, for steep budget cuts in programs that help low- and middle-income families," wrote Sharon Parrott, a senior fellow at the center. "Most low- and middle-income children and their families would likely lose more from these budget cuts than they would gain from the tax cuts."

One reason the poorest families wouldn't get much of a tax break is that many don't pay federal income taxes. About 44 percent of U.S. households pay no federal income tax, according to the Tax Policy Center. Most of these people pay other federal taxes, including payroll taxes.

However, when it comes to the income tax, most low-income families receive tax credits that are greater than the amount of taxes they owe. They receive the tax credits in the form of a tax refund, even though they paid no taxes.

Maag said this would not change under Trump's tax plan.


https://www.yahoo.com/news/poor-americans-dont-fare-well-064745527.html



Quote:
One reason the poorest families wouldn't get much of a tax break is that many don't pay federal income taxes. About 44 percent of U.S. households pay no federal income tax, according to the Tax Policy Center. Most of these people pay other federal taxes, including payroll taxes.

However, when it comes to the income tax, most low-income families receive tax credits that are greater than the amount of taxes they owe. They receive the tax credits in the form of a tax refund, even though they paid no taxes.



How about putting this in bold?
  

All throughout our American history, world history, "ordinary people can do extraordinary things"
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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #4 - Oct 9th, 2017 at 9:34am
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In the spirit of the Fairness Doctrine ... the rebuttal ...

Kevin Hassett spanks the Tax Policy Center on taxes and growth

President Donald Trump's new Council of Economic Advisors chair, Kevin Hassett, walked into the lion's den last week with his first official speech. He used the moment to pound the leftist Tax Policy Center (TPC).

It was a wonderful sight.

When Hassett wasn't pounding the TPC, he was spanking them. He took them to the woodshed, and disciplined them in public view.

Hassett rightfully accused the TPC for ignoring widely accepted economic literature, for using false assumptions on tax details that have never been published, and for manufacturing income-redistribution ("tax cuts for the rich") and deficit numbers that don't even exist.

"It's inaccurate," he said. "It's fiction."

In perhaps his toughest criticism of all, Hassett called the TPC's findings "scientifically indefensible." There's no greater insult among academics.

It's a pity that mainstream media outlets refer to the TPC as "nonpartisan." They're not. TPC staff is chock-full of former Obama economists.

Hassett, however, has shown no fear. He is the new face at the highest economic level of the Trump administration, but he's no neophyte. He has a PhD in economics from the University of Pennsylvania. He has spent time on the staff of the Federal Reserve Board in Washington. He taught at Columbia Business School. He was a long-time economic-policy director at American Enterprise Institute (AEI).

And he's well-liked by everyone who knows him. Plus, he's smart—very smart.

Not only did he chastise the TPC, he schooled them on a number of important tax policies that have become mainstream thinking inside the Trump White House. Sighting numerous peer-reviewed papers, Hassett reminded his audience of a plain truth: Taxes matter. They impact the economy.


Queshank
  

BowHunter wrote on Nov 30th, 2017 at 10:24am:
I am not aware of any article
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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #5 - Oct 9th, 2017 at 9:38am
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Queshank wrote on Oct 9th, 2017 at 9:34am:
In the spirit of the Fairness Doctrine ... the rebuttal ...

Kevin Hassett spanks the Tax Policy Center on taxes and growth

President Donald Trump's new Council of Economic Advisors chair, Kevin Hassett, walked into the lion's den last week with his first official speech. He used the moment to pound the leftist Tax Policy Center (TPC).

It was a wonderful sight.

When Hassett wasn't pounding the TPC, he was spanking them. He took them to the woodshed, and disciplined them in public view.

Hassett rightfully accused the TPC for ignoring widely accepted economic literature, for using false assumptions on tax details that have never been published, and for manufacturing income-redistribution ("tax cuts for the rich") and deficit numbers that don't even exist.

"It's inaccurate," he said. "It's fiction."

In perhaps his toughest criticism of all, Hassett called the TPC's findings "scientifically indefensible." There's no greater insult among academics.

It's a pity that mainstream media outlets refer to the TPC as "nonpartisan." They're not. TPC staff is chock-full of former Obama economists.

Hassett, however, has shown no fear. He is the new face at the highest economic level of the Trump administration, but he's no neophyte. He has a PhD in economics from the University of Pennsylvania. He has spent time on the staff of the Federal Reserve Board in Washington. He taught at Columbia Business School. He was a long-time economic-policy director at American Enterprise Institute (AEI).

And he's well-liked by everyone who knows him. Plus, he's smart—very smart.

Not only did he chastise the TPC, he schooled them on a number of important tax policies that have become mainstream thinking inside the Trump White House. Sighting numerous peer-reviewed papers, Hassett reminded his audience of a plain truth: Taxes matter. They impact the economy.


Queshank

What would you expect him to say.  He is President Donald Trump's new Council of Economic Advisors chair.
  

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Knowing the truth, seeing evidence of truth, but still believing the lie.
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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #6 - Oct 9th, 2017 at 2:33pm
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I love when people think they know what the impact will be on various individuals when there are details of the policy that they couldn't possibly know but would need to know to make such claims.
  
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The Wreath of Khan
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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #7 - Oct 9th, 2017 at 2:38pm
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wyattstorch2004 wrote on Oct 9th, 2017 at 2:33pm:
I love when people think they know what the impact will be on various individuals when there are details of the policy that they couldn't possibly know but would need to know to make such claims. 



Sort'a reminds one of one of the libertarian utopias often bandied about.

  
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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #8 - Oct 9th, 2017 at 2:47pm
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The Wreath of Khan wrote on Oct 9th, 2017 at 2:38pm:
Sort'a reminds one of one of the libertarian utopias often bandied about.

 


LOL, what?
  
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Phillip 2.0
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Re: Tax Policy Center: Poor/Middle Class don't fare well under Trump Tax Plan
Reply #9 - Oct 9th, 2017 at 3:17pm
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Luther wrote on Oct 9th, 2017 at 5:35am:
How about putting this in bold?



"Most of these people pay other federal taxes, including payroll taxes."


Then why not put that in bold?
  
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