GOP’s tax cut isn’t a gift to the rich, analysis finds

[Baker Boy 1,477]

The top 20 percent of wage earners will pay 87 percent of all federal income taxes in 2018, according to a new analysis by the nonpartisan Tax Policy Center.

Thats up from about 84 percent last year.

The increase comes thanks to the tax-reform bill passed in December, which kept the progressive structure of the US tax code.

https://nypost.com/2018/04/07/gops-tax-cut-isnt-a-gift-to-the-rich-analysis-finds/

[TimmySmith 2,782]

But, but....real wages?

[RLLD 3,455]

But, but....real wages?

 

Orr....Obama did that!!!

[MDC 5,877]

The article doesnt support the headline though.

 

Two thirds of the tax cuts went to the top 20% of wage earners. And the cuts were to the federal income tax, which has always been mostly paid by higher earners. Payroll taxes are incredibly regressive as is sales tax.

 

Only a matter of time before the GOP starts calling for cuts to Social Security and Medicaid to make up for the trillion dollar deficits they helped create.

[Baker Boy 1,477]

Payroll taxes are incredibly regressive as is sales tax.

 

The top 20 percent of wage earners will pay 87 percent of all federal income taxes in 2018,

[Bert 1,087]

Payroll taxes are incredibly regressive as is sales tax.

 

 

So are the costs of the services funded by those taxes.

[MDC 5,877]

So are the costs of the services funded by those taxes.

Yeah well, we as a society decided to not have elderly, people with disabilities and working poor dying on the streets. Id rather spend my tax $ on that than the War on Terror or some other such foreign boondoggle.

[Bert 1,087]

Yeah well, we as a society decided to not have elderly, people with disabilities and working poor dying on the streets. Id rather spend my tax $ on that than the War on Terror or some other such foreign boondoggle or cluster fock health care

I agree, but as long as we have the fock chops in congress and the senate with no term limits the problem will continue.

[MDC 5,877]

I agree, but as long as we have the fock chops in congress and the senate with no term limits the problem will continue.

Aint that the truth.

 

Id be satisfied with an overall flat tax provided there were no loopholes for investment income etc. and the payroll tax contribution were uncapped. As it is now our tax code is so convoluted and tilted toward the rich its impossible to unpack.

[lickin_starfish 1,477]

I'm all for a flat tax.

 

I also believe that people shouldn't get refunds bigger than they paid in taxes. (low income scumbags)

[Bert 1,087]

Aint that the truth.

 

Id be satisfied with an overall flat tax provided there were no loopholes for investment income etc. and the payroll tax contribution were uncapped. As it is now our tax code is so convoluted and tilted toward the rich its impossible to unpack.

I would be good with the flat tax but I do not think it will ever happen. More middle income people would pay more when they lose mortgage deductions, child care deductions, dependent deductions, etc. that most high earners are already phased out of. More importantly the government would lose power with a flat tax and you know they ain't about to let that happen.

 

I also don't see the local thiefdoms ever giving up control.

 

ETA: And Don't forget about the Consultant mantra: If you are not part of the solution there is money to be made prolonging the problem.

[TimmySmith 2,782]

With the property tax deduction dodge removed, millions of people will be paying off of a higher income.

[Baker Boy 1,477]

With the property tax deduction dodge removed, millions of people will be paying off of a higher income.

 

Property Tax deduction for 2018:

 

You Have to Itemize

Property taxes are reported on Schedule A. This means you must itemize to claim the deduction and the total of all your itemized deductions should be more than the standard deduction you're entitled to claim for your filing status. Otherwise, claiming the deduction is probably not worth your while—your overall tax bill could end up being more.

 

You might want to prepare your tax return both ways to be sure because the new tax legislation has also doubled standard deductions beginning in 2018. They're now set at $12,000 for single taxpayers, $24,000 for married taxpayers filing jointly, and $18,000 for those who qualify to file as head of household.

 

The total of all your itemized deductions must exceed the applicable amount to make itemizing—and claiming the property tax deduction—worth your while. Otherwise, you could end up paying taxes on more income than you have to.

https://www.thebalance.com/property-tax-deduction-3192847