Poor Americans don't fare well under Trump's tax cut plan

[TomCADem]

Source: MSN/Associated Press

The poorest would get an average tax cut of about $60 a year, according to an analysis by the Tax Policy Center. Middle-income families would get about $300 on average.

"There's no significant benefit for low-income families," said Elaine Maag, a senior research associate at the Tax Policy Center. "It's important because when low-income families get money they tend to spend it, putting it right back into the economy. High-income families tend to save it."

Republicans have backed a budget resolution that would enable Congress to pass a tax package that could add up to $1.5 trillion to the national debt over the next decade.

The Tax Policy Center's analysis says most of the tax cuts would go to the wealthiest Americans. For example, the top 1 percent — families making about $700,000 a year — would get an average tax cut of $129,000. Tax breaks targeting the wealthy include lowering the top income tax rate from 39.6 percent to 35 percent, eliminating the alternative minimum tax, and doing away with the federal estate tax, which is only paid by people who inherit multimillion-dollar estates.

Read more: http://www.msn.com/en-us/news/politics/poor-americans-dont-fare-well-under-trumps-tax-cut-plan/ar-AAt0D16?li=AA5a8k&ocid=spartanntp

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It is unfortunate that there is not more media coverage of just how little the vast majority of Americans would benefit from a trillion dollar tax cut.

[Hortensis]

1. Taxes? CNN's Jeff Zucker's been doing 24-hour saturation coverage on Las Vegas,

day after day after day. As Vegas's fascination dwindles, what's he going to choose to distract America with next?

Although Zucker often boasts of showing whatever makes the highest profits, this is the guy who created Rump-the-national-leader, both with The Apprentice and with close to saturation coverage of Trump during the campaign. Now he's been using dead people in Vegas to wipe all issues that embarrass Rump right out of the consciousness of many Americans.

Next? Promise: IT WON'T BE TAXES. IT WON'T BE:

Growing desperation in Puerto Rico and VI.
Russia. Treason.
Massive corruption in his administration.
Healthcare policy. Expiration of CHIPS program for millions of children.

[Wellstone ruled]

2. Oh you so nailed it my friend.

[WePurrsevere]

3. A $60. 'tax cut' won't mean jack if...

tRumpublicans also cut/eliminate programs and services low income Americans rely on to make ends meet or even survive like Medicaid, heating/cooling assistance, Food Stamps, etc.

[NickB79]

4. And local/state taxes will spike while services crumble

As federal dollars dwindle, states will either have to increase local taxes and fees, or cut services that the poorest depend on to survive.

The end result will be millions more poor people losing what little they have and end up on the streets or living out of their cars.

[videohead5]

5. 60 Votes

I think they can pass a tax cut bill through reconciliation but I'm not sure they can pass a whole budget using reconciliation?...it will take 60 votes I'm pretty sure.

[Always2DaLeft]

12. They plan to

pass the tax cut via reconciliation but it will have to be revenue neutral which isn't going to happen unless they eliminate the SALT which means it won't pass the House.

But otherwise things are looking up for this tax reform plan.

Ha,ha,ha!!!

[iluvtennis]

6. Just shameful. Trump robbing from the poor to give to the rich.

[democratisphere]

10. What would you expect from Moron Hood.

Robbing from those that have little or nothing and giving to those that have everything and then some.

[Doreen]

7. It is reasons like this I get pissed when everybody

gets all upset about the middle class. Middle class this, middle class that, middle class get this taken, middle class get that taken. The poor pay more than anyone else in one way or another. It is so fucking nice they want to give the poor a $60 dollars a year in tax breaks. In the meantime wages will be lowered, food assistance will go away, medical assistance will go away, any type of welfare will go away. How in the fuck is it good to get $60 fucking dollars a year when you either have no money at all to get a break from or it disappears in the first week of the first month of the year?

[former9thward]

8. The poor don't pay income taxes.

So of course they would not get a cut in taxes. How could they if they are not paying them?

The very last two paragraphs in the OP link:

One reason the poorest families wouldn't get much of a tax break is that many don't pay federal income taxes. About 44 percent of U.S. households pay no federal income tax, according to the Tax Policy Center. Most of these people pay other federal taxes, including payroll taxes.

However, when it comes to the income tax, most low-income families receive tax credits that are greater than the amount of taxes they owe. They receive the tax credits in the form of a tax refund, even though they paid no taxes.

[Yupster]

11. That was my reaction too

You aren't going to help poor people by cutting income taxes because they don't pay any.

Cut social security taxes or sales taxes and you'll help poor people.

Good arguing point though to say the tax cuts don't help the poor.

Kind of like saying curing testicular cancer wouldn't help women's health one bit.

[Zorro]

9. The Republican solution obviously is for the poor to start making $700k+ a year

Then they can reap the benefit of their tax plan!

[Bengus81]

13. I am sooooo SHOCKED I can't get a breath!! Gosh...I though all of us working slobs......

would be getting $1,000 or so!!!! Damn.........

Pffftttt...get a tax cut and PAY for TWO sales tax increases here under the Brokeback trickle down.