How the Republican tax bill benefits the rich, according to government analysis

[IronLionZion]

https://www.washingtonpost.com/news/politics/wp/2017/11/30/how-the-republican-tax-bill-benefits-the-rich-according-to-government-analysis/

There are two governmental organizations that have conducted nonpartisan analyses of the anticipated effects of Republican legislation aimed at overhauling the tax system. There’s the Joint Committee on Taxation, established in 1926 with congressional oversight to prepare revenue estimates on proposals related to taxation. There’s also the Congressional Budget Office, which produces independent analysis of the budgetary effects of legislation.

Recently released analyses from both groups come to the same conclusion. Over both the short- and long-term, the benefits of the Republican proposal is weighted to wealthier Americans.

One aspect of the JCT’s analysis included an estimate of how many households in various income ranges would see increases or decreases in the amount of tax paid. The vast majority of those making under $10,000 a year — 96 percent — would see a minimal change (no more than $100 in either direction) in their tax bill by 2019. By contrast, 91 percent of households making between $500,000 and $1 million a year would see a cut of at least $500.



It’s worth noting that there aren’t that many households making more than $500,000 a year, relatively speaking. But scaling the figures to the number of households in each group, the same broad effect can be seen. There are about 18.4 million households that earn under $10,000 a year which will see little change in their tax bill. There are about 24.5 million households that earn $100,000 to $200,000 a year which will see a savings of at least $500. The 18 million households in the $50,000 to $75,000 range will save at least $500. About 3 million in that group won’t see much change.



Lots more good graphs at the link showing how blatantly they are screwing the rest of us. Even many of the people who think they are getting a tax cut will actually pay more when they lose important deductions. It shifts the tax burden downwards.

[Wellstone ruled]

1. Until one publishs the hard

population numbers by Income,no one will grasp what the hell has happened. How many people make 50k and under? How many people make 50k-75k? These are the two largest groups in the USA. Example is this,Nevada has approx 4 million,our average family unit income is reported to be 52k,using that base,we have several Billionaire Casino owners that crank in hundreds of Millions per year,there goes the average. Most likely actual household average is closer to 35k. Our average hourly wage is 10 dollars and change.

One gets totally fed up with how the Propaganda Game causes people to close their minds to what really counts.

[IronLionZion]

2. The folks under 50K and under 75K are also going to get hit in other ways

they are going to see a dramatic reduction in many services and benefits they rely on which will more than cancel out the small tax cut they'll see.

[Wellstone ruled]

3. Got me going.

Everything depends on which state you live in. First lets all agree on one thing. This Tax Bill is the Republican Punishment to we Dems for not voting for their Thugs. This was and is part of the so called Nixon Southern Strategy. And latter revived by the Koch Brothers and their Wealthy Friends to have a Single Party in the Majority for five decades,doubt this,go back and read statements made by Karl Rove post 2000.

Just can not fathom the Impact the lives of people on fixed incomes,13k with a 7k tax bill in 2027. This friggin country has to wake up and get real. Back of the envelope for the two of us,our Tax bill in 2019 will increase by ruffly fifteen hundred bucks. Being elderly,well we will just be transferring our IRA to the Treasury before the Reaper Comes.