Frank T wrote:
Okay Rac, I'll try one more time. After the tax cuts were analyzed it was determined that 85% of the benefits of the tax cut went to people making over a million dollars a year.
You can believe me or not. I truly don't care.
Part I.
Let’s see.....Before the tax reform took effect the CBO projected that the tax cuts would have only a modest impact on economic growth, but now has projected in consecutive annual reports that higher-than-expected growth will add an extra $1.2 trillion to federal revenue in the coming decade, covering about 80% of the Treasury’s original projected cost of the tax cuts.
If 3% growth is sustained for another year, the growth surge will have paid for the tax cuts.Part II.
The American tax code is the most progressive tax code in the developed world! Revenues at the federal, state and local levels all are increasingly dependent on strong economic growth.
The top 10% of U.S. households earn 33.5% of all income but pay 45.1% of all income-based taxes, including income, Social Security and Medicare taxes.
The top 10% of American earners pay 1.35 times their share of income in income taxes......more progressive than the European Mecca’s of progressiveness that our own homegrown f*****t progressives preach to about!
In France, Germany and Sweden—supposed progressive paradises—the top 10% of earners pay just 1.1, 1.07 and 1.01 times their respective shares of national income.But wait...there’s more!
Part III.
The Joint Committee on Taxation — Congress’s nonpartisan team of tax analysts — found that every income group would see a tax cut on average. So did the Institute on Taxation and Economic Policy, a left-leaning think tank that was sharply critical of the law. In fact, that group went even further: In a December 2017 analysis, it found that every income group in every state would pay less on average under the law in 2019.
Part IV.
So, let’s summarize, shall we? What’s the bottom line for typical families?
Well, A median income family of four with two kids makes about $80,000 per year. Their income tax was reduced from around $4,600 to $2,300, a
50 percent cut in income tax. A single parent with two kids making $60,000 per year got an even bigger tax cut, seeing her taxes reduced from $3,000 to $800. Even an individual making $35,000 benefits as her/his taxes are cut from $3,200 to $2,600.
Think that through..... The prototypical family, mom and dad and two kids, got their income tax cut in half by the Tax Cuts and Jobs Act.