Will the middle and working classes see any tax reform gains?

[Yo_Mama_Been_Loggin]

The U.S. economy was the feel-good story of 2017, with the pace of real economic growth rising strongly and the stock market playing out a euphoric high. Corporate profits are at a record high and job growth is moving toward the level that economists consider full employment.

But that came among many feel-bad subtexts. President Trump and congressional Republicans worked hard to undermine the Affordable Care Act. They failed to enact a long-term reauthorization of the Children's Health Insurance Program, which provides coverage for 9 million low-income children and pregnant women.

Trump introduced an almost medieval hostility to science into government policies on environmental regulation, climate change and programs aimed at stemming teen pregnancy and providing contraceptives to women at no charge. That approach to governing will make some of its consequences known in 2018, but could also have an impact on Americans' quality of life for years, even decades, to come.

Republicans aren't making any connection to the $1.4 trillion the tax cuts will add to the deficit, but Democrats are sure to make the connection for them.

Republicans are hoping - indeed, bragging - that millions of households will be gratified to see higher take-home pay in their paychecks starting early in the year, thanks to the tax bill signed by President Trump just before Christmas. The GOP asserts that the bill's centerpiece, a cut in the top corporate tax rate to 21 percent from 35 percent, also will spur business growth that will trickle down to the working class through more jobs and higher pay.

But many people won't see much of a difference on their pay stubs. Workers earning $75,000 a year will see an average tax reduction of a bit more than $870, according to the Tax Policy Center. That would amount to about $17 a week, compared to gross weekly pay of $1,442. The sum could be swamped by larger deductions for items such as employer-sponsored health insurance, the employee cost of which has been creeping up, even as deductibles and co-pays rise.

-more-

https://www.msn.com/en-us/money/markets/will-the-middle-and-working-classes-see-any-tax-reform-gains/ar-BBHtkg6?li=BBnbfcN

[quartz007]

1. Lion's share of taxcuts will go to...

the richest 10%. Middle class earners making less than $50k will be lucky to get $500 taxcut.

[doc03]

4. I think most of us will see a tax cut but if it adds 1% to inflation

these goes that $500.

[Skittles]

2. Trump voting idiots will be expecting to see a big jump in their pay checks

it boggles the mind they do not understand who he truly serves

[Hoyt]

3. Unfortunately, I think a lot of people will be pleased with their tax "cut," not realizing the cost.

They'll wonder what all the fuss is about when they see $80 -- maybe $150 -- more a month in their checks.

The deficit increases over $150 Billion a year due to the tax plan, but that pales compared to the $600 billion it increased in 2017 without a tax plan, and it will likely increase every year by a similar amount plus the tax cut.


For the 2018 elections, I don't think the tax "cuts" will do us much good at the polls. Healthcare maybe. Fact is, a lot of ignorant white wingers voted for Trump, and they'll do so again unless something happens.

Now, if we can get the vote out, we might take the House.