Democrats unveil tax plan that, unlike GOPs, would actually help working families
Coming on the heels of the Republican tax plan, Sen. Tammy Baldwin (D-WI) and Sen. Cory Booker (D-NJ) have announced a tax reform plan of their own.
Their plan, called the Stronger Way Act, markets itself as “tax reform to reward work.” In contrast to the GOP tax plan, Booker and Baldwin’s plan doesn’t change the actual tax code, but rather uses the existing tax code to help working families.
“Tax reform needs to reward hard work, raise incomes and help working families keep more of what they earn. Too many people are being left behind by Washington and The Stronger Way Act starts helping them get ahead,” said Baldwin in a statement. “The Stronger Way Act offers tax reform to reward work and a new partnership to invest in local jobs programs that will help raise incomes for working families.”
At the center of their plan are two tax measures that would benefit lower and middle income families: expanding the Earned Income Tax Credit (EITC) and the Child Tax Credit.
https://thinkprogress.org/democrats-unveil-tax-plan-that-unlike-gops-would-actually-help-working-families-36eb0b1844a5/
Bloomberg, estimates that under the GOP tax plan that a middle-class couple with three kids would actually have to add $20,250 to their taxable income to make up for measures of their tax plan like the elimination of the personal exemption. That amounts to nearly double the “benefit” they would receive by a doubled standard deduction. It’s difficult, however, to determine the exact impact on a particular family because the plan lacks critical details, particularly the details that affect working families the most.
Think about that a "middle income family of four" means that the couple would have to generate $20,250 more dollars to make the income tax bracket .......well income raises has been like shit for over 40 years, benefits have been turned into 401K instead of a defined benefit, and heath care for the individual family are under assault by dig bats (republicans) that want to kill people, and give that money to the top 10%, and corporations that don't pay shit now in taxes...................
