Jimdamick
Well-Known Member
WASHINGTON (AP) — President-elect Donald Trump's proposals would modestly cut income taxes for most middle-class Americans. But for nearly 8 million families — including a majority of single-parent households — the opposite would occur: They'd pay more.
Most married couples with three or more children would also pay higher taxes, an analysis by the nonpartisan Tax Policy Center found. And while middle-class families as a whole would receive tax cuts of about 2 percent, they'd be dwarfed by the windfalls averaging 13.5 percent for America's richest 1 percent.
Yet all independent analyses show most of the benefit flowing to the wealthiest Americans. Nearly half of Trump's tax cuts would go to the top 1 percent of earners, the Tax Policy Center found. Less than a quarter of the cuts would benefit the bottom 80 percent.
Trump proposes to reduce the number of tax brackets from seven to three, with rates of 12 percent, 25 percent and 33 percent. That would slash the top rate from the current 39.6 percent. He would repeal the estate tax, which affects only about 0.2 percent of estates — those worth above $5.45 million.
For middle-income earners as a whole, the Trump proposals would cut taxes, even taking into account the increases on single-parent families. Those earning nearly $50,000 to about $83,000 — the middle one-fifth — would receive an average cut of $1,010, according to the Tax Policy Center. That would lift their after-tax incomes 1.8 percent.
By contrast, the wealthiest 1 percent — those earning over $700,000 — would enjoy a tax cut averaging nearly $215,000, boosting their after-tax incomes 13.5 percent. And the richest 0.1 percent — those making above $3.7 million — would receive a bonanza: An average tax cut exceeding $1 million.
Way to go you dumb as fuck Trump supporters. Already your boy is screwing you, and I hope you are ready to be pissed on again by a Republican administration. LMFAO
Most married couples with three or more children would also pay higher taxes, an analysis by the nonpartisan Tax Policy Center found. And while middle-class families as a whole would receive tax cuts of about 2 percent, they'd be dwarfed by the windfalls averaging 13.5 percent for America's richest 1 percent.
Yet all independent analyses show most of the benefit flowing to the wealthiest Americans. Nearly half of Trump's tax cuts would go to the top 1 percent of earners, the Tax Policy Center found. Less than a quarter of the cuts would benefit the bottom 80 percent.
Trump proposes to reduce the number of tax brackets from seven to three, with rates of 12 percent, 25 percent and 33 percent. That would slash the top rate from the current 39.6 percent. He would repeal the estate tax, which affects only about 0.2 percent of estates — those worth above $5.45 million.
For middle-income earners as a whole, the Trump proposals would cut taxes, even taking into account the increases on single-parent families. Those earning nearly $50,000 to about $83,000 — the middle one-fifth — would receive an average cut of $1,010, according to the Tax Policy Center. That would lift their after-tax incomes 1.8 percent.
By contrast, the wealthiest 1 percent — those earning over $700,000 — would enjoy a tax cut averaging nearly $215,000, boosting their after-tax incomes 13.5 percent. And the richest 0.1 percent — those making above $3.7 million — would receive a bonanza: An average tax cut exceeding $1 million.
Way to go you dumb as fuck Trump supporters. Already your boy is screwing you, and I hope you are ready to be pissed on again by a Republican administration. LMFAO
