Wyden-- Families earning $30,000 and under are going to get clobbered with a tax hike.

[riversedge]

This tax plan get more cruel as the days go by!



JCT: Low-Income Households Worse Off Under New Senate Tax Plan

Families will be “clobbered,” Wyden says



https://www.rollcall.com/news/politics/jct-low-income-households-worse-off-under-new-senate-tax-plan

Posted Nov 16, 2017 12:25 PM





https://www.rollcall.com/news/politics/jct-low-income-households-worse-off-under-new-senate-tax-plan
The Senate Finance Committee is debating a revised GOP tax plan that would raise taxes on lower-income households, according to the JCT. Pictured here, ranking member Ron Wyden, left, and Chairman Orrin G. Hatch at a Wednesday markup. (Bill Clark/CQ Roll Call)
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“We have gotten astounding news in the last hour,” Senate Finance ranking member Ron Wyden of Oregon said at the outset of Day Four of the panel’s markup of the Republican tax bill. “Families earning $30,000 and under are going to get clobbered with a tax hike.”

Finance Chairman Orrin G. Hatch of Utah used the $318 billion in 10-year revenue generated by repealing the mandate penalty — a central plank of the health care law — to cut tax rates further for middle-income households and expand the size of child tax credits to $2,000 for households earning up to $500,000.

Hatch said the JCT analysis showing worsening results for lower-income groups reflected the choice not to buy health insurance and therefore lose premium tax credits. JCT Chief of Staff Thomas A. Barthold explained that the change in the estimate for lower-income groups “accounts for taxpayer behavior.”

The overall result, however, is that beginning in 2021, there would be smaller tax cuts in the new version for families earning up to $50,000, and outright tax increases for those making between $10,000 and $30,000. At the same time, households with more than $50,000 in annual income, including the wealthiest Americans, would generally see larger tax cuts than they would have under the Senate GOP’s earlier plan - at least until most of the new tax provisions affecting individuals expire after 2025.

Republicans are also opting to make a reduction in the corporate tax rate permanent, which Wyden at Wednesday’s markup called a “double standard” in the bill.
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[The_Casual_Observer]

1. My guess is that this will sink faster that the ACA repeal.

Regardless of the bullshit reports on NPR about how this is "on track". They said the same thing about each ACA repeal failure.

[BigmanPigman]

2. This is the GOP plan.

Kill and/or bankrupt people. I will be one on both counts. I wish that I could reincarnate when I die and had the choice of what I would want to come back as. It would be someone/something that would destroy the GOP, big money donors and Fux Ruse. Oh I wish...I wish...

[Sophia4]

3. Thanks for posting this. The Franken commotion tends to silence the protest we should

be having about this tax bill.

[Watchfoxheadexplodes]

4. I keep hearing crazy right say those families don't pay taxes

I beg to differ

[oasis]

5. Orrin Hatch can kiss my ass!

[FarCenter]

6. Isn't there a raise of the standard deduction to $24,000 for families?

Families making up to 24,000 would pay nothing.