Despite conflicting analyses, Rep. McCarthy guarantees tax cuts for everyone in middle class
Source: CBS News
House Majority Leader Kevin McCarthy said Sunday that his party's tax plan will cut taxes for America's middle class, despite the fact that congressional budget scorekeepers say that likely won't be the case.
"Look, we are cutting rates. We're not raising rates. So, this is a tax cut," McCarthy said on CBS News' "Face the Nation."
When pressed on whether everyone in the middle class will get a cut, the California Republican said, "Yes. It is a fact that the first $55,000 you earn for a family of four will not pay any tax. So, it is a tax cut for the middle class."
Congressional budget analysis however has found, however, that middle class families will likely end up paying more in years 2023 and 2024 due to the sun setting of some provisions of the bill, including the proposed child tax credit. While the current proposal increases the child tax credit to $1,600 from $1,000, that provision is not permanent, thus costing families more in the long term.
Read more: https://www.cbsnews.com/news/despite-conflicting-analyses-rep-mccarthy-guarantees-tax-cuts-for-everyone-in-middle-class/
There are plenty more right wing smoke and mirror talking points at the link.
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and my taxes are going up over $1,000. The individual exemption was $4,050. So, the child credit is a deduction loss. Some other deductions are canceled. Most of my friends and family are in the same boat. This is a significant tax increase for the middle class in blue states. Tax cut my , , , ,
