Friday, December 29, 2017

The Big Republican Tax Reform

Pros and cons. From Ben Shapiro at the Daily Wire:
1. Virtually Everyone Will Get A Tax Cut. Despite the media’s insistence that this is a “tax cut for the rich,” virtually everyone who pays taxes gets a tax cut. The only people who see tax increases are high income-earners living in high-tax states (like yours truly). This isn’t the biggest tax cut in history, as Republicans have been pitching, but it’s not insignificant either — according to the Tax Policy Center, the average household will receive a tax cut of $1,610 in 2018; an average household earning $1 million or more would see a tax decrease of approximately $69,660, as compared with $870 for households making $50,000 to $75,000. The reason for that: high income earners pay the vast bulk of the taxes in the country. The idiotic idea that Americans will pay more taxes after the bill — an idea believed by 50% of the population — is simply wrong. (Read more.)


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