Tax cut: The richest get $33,000, the poorest will get $40

[Yo_Mama_Been_Loggin]

The Republican tax law passed last fall will give the richest 1 percent of Americans an average personal income tax break of about $33,000, while the poorest Americans will receive an average personal income tax break of $40, according to a new study published this week by nonpartisan analysts.

The Tax Policy Center, a Washington think tank, has produced its first analysis of how the GOP law’s changes to personal income taxes alone — rather than that of the law overall — affect the rich and poor.

Previous TPC analyses have already looked at the overall distributional effects of the law, which included a giant tax cut to corporations and a reduction in the estate tax paid by the wealthiest families. The new TPC report isolates the impact of the law’s personal income taxes, suggesting that the corporate cut does not alone account for the law offering its biggest gains to wealthier Americans.

“While most of the corporate tax cuts flow to the top of the income distribution, what this shows is that even in the direct changes to the individual-side of the tax code, most of those changes are still being allocated to the top,” said Kim Rueben, a senior fellow at TPC.

http://www.heraldnet.com/business/tax-cut-the-richest-get-33000-the-poorest-will-get-40/?utm_source=DAILY+HERALD&utm_campaign=cb18bda6ec-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_d81d073bb4-cb18bda6ec-228635337

[Angry Dragon]

1. TRICKLE TRICKLE TRICKLE

[Clarity2]

2. We just did our taxes

Blue state, middle income. Our accountant estimated we will be paying up to a thousand more in taxes next year. And thats even going down a couple percentage points in income bracket. Its the loss of deductions and personal exemptions that will hit us.

Thanks for the tax cut Trump.

[airplaneman]

5. Yep a $1000 more next year and $5000 more in 2026 is what I am looking at.

And I would not mind if this money was going to infrastructure, and benefited society as a whole - Health care and other social safety nets.
But to give the rich more money is ridiculous.
-Airplane

[Clarity2]

6. Yeah, my second thought was what about

when the supposed (non existant) tax cuts go away. More of an increase.

$5k a year would financially break us if we don't come up with a plan B for either additional income or selling our modest home and moving into a saltbox.

[FakeNoose]

3. Most of America's one-per-centers have incorporated themselves

The corporate taxes have gone down by huge amazing amounts, most people are saving millions in taxes.
By comparing the differences of 2017 and 2018 personal income taxes, that only matters to little guys like you and me.
The one-per-centers don't even bother looking at the personal income tax tables, it's chickenfeed to them.

[procon]

4. Remember the great Reagan myth of tax cuts... followed by the forgotten fact

of the Reagan tax raises to offset the subsequent drop in federal revenue? It's only a matter of time before Trump will start looking for creative means to bring in more revenue, you know, stuff like tariffs.

Most states won't be able to pass legislation to raise taxes to fill that gap, so look for states to sue when they have to step in and provide funding to make up for the loss of federal money. Citizen groups should also see redress for the unfair manner in how Trump distributed those benefits and the resulting losses that fals primarily on the working class.