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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRepublicans, Not Biden, Are About to Raise Your Taxes, tRump built in tax increases beginning in2021
The Trump administration has a dirty little secret: Its not just planning to increase taxes on most Americans. The increase has already been signed, sealed and delivered, buried in the pages of the 2017 Tax Cuts and Jobs Act.
President Trump and his congressional allies hoodwinked us. The law they passed initially lowered taxes for most Americans, but it built in automatic, stepped tax increases every two years that begin in 2021 and that by 2027 would affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under thats about 65 percent of taxpayers will face a higher tax rate in 2027 than in 2019.
For most, in fact, its a delayed tax increase dressed up as a tax cut. How many times have you heard Trump and his allies mention that? They surmised correctly, so far that if they waited to add the tax increases until after the 2020 election, few of the people most affected were likely to remember who was responsible.
Looking at the analyses of the nonpartisan Congressional Budget Office and the Joint Committee on Taxation at the time the December 2017 tax bill was enacted, we see very clearly how different income groups are affected by the Trump tax plan. And its disturbing.
The current poverty line for a family of four is $26,200: People with incomes between $10,000 and $30,000 nearly one-quarter of Americans are among those scheduled to pay a higher average tax rate in 2021 than in years before the tax cut was passed. The C.B.O. and Joint Committee estimated that those with an income of $20,000 to $30,000 would owe an extra $365 next year these are people who are struggling just to pay rent and put food on the table.
Of course, the poor have never mattered much to the Republican Party, but those on the edge of poverty have been particularly hard hit by the pandemic and the recession it has caused, so Trumps planned tax increases seem especially heartless, and impractical, when you consider that their higher tax payments, while a huge burden for them, will add little to the budget.
https://www.nytimes.com/2020/10/31/opinion/republicans-biden-taxes.html
kacekwl
(7,012 posts)nugget of info out today. Won't make a difference but just to go on record.
BComplex
(8,017 posts)interviews. People need to be aware of what is coming at them!! It will mean total devastation after the coronavirus has put so many millions out of work, that what little people are able to make will be suddenly taxed at a higher rate.
This could mean death to some people. It needs more publicity than just the NYTimes.