04-27-2021, 07:24 PM
reversing the trump/GOP tax heist...and more!
Not rich? Good news: You’re probably getting a tax cut.
https://www.politico.com/news/2021/04/25...den-484476
Everyone knows that Democrats want to raise taxes on the rich, but what hasn’t gotten nearly as much notice is how much they’ve cut them for most everyone else — substantially more than Republicans did in the first year of their 2017 tax overhaul.
New estimates by Congress’s official forecasters show Democrats’ tax cuts — included in their March stimulus package — will drive down tax rates on low- and middle-income people so much this year that those earning less than $75,000, on average, will owe nothing in federal income taxes.
Those making between $75,000 and $100,000 will pay a scant 1.8 percent average tax rate this year, the nonpartisan Joint Committee on Taxation predicts.
That will shift the relative burden to the wealthy, at least temporarily, with those earning more than $500,000 expected to pay more than two-thirds of all income taxes this year.
It’s a flip side to Democrats’ campaign to raise taxes on the well-to-do, though one that’s sometimes overlooked. Much of the focus has been on their bid to raise taxes on wealthy individuals and corporations to help pay for big new spending initiatives.
President Joe Biden is preparing to officially unveil another tranche of tax increase proposals, including hiking the top marginal income tax rate and upping levies on capital gains. That would come on top of previous calls to raise the corporate tax rate and require businesses to pay more on their foreign earnings.
Not rich? Good news: You’re probably getting a tax cut.
https://www.politico.com/news/2021/04/25...den-484476
Everyone knows that Democrats want to raise taxes on the rich, but what hasn’t gotten nearly as much notice is how much they’ve cut them for most everyone else — substantially more than Republicans did in the first year of their 2017 tax overhaul.
New estimates by Congress’s official forecasters show Democrats’ tax cuts — included in their March stimulus package — will drive down tax rates on low- and middle-income people so much this year that those earning less than $75,000, on average, will owe nothing in federal income taxes.
Those making between $75,000 and $100,000 will pay a scant 1.8 percent average tax rate this year, the nonpartisan Joint Committee on Taxation predicts.
That will shift the relative burden to the wealthy, at least temporarily, with those earning more than $500,000 expected to pay more than two-thirds of all income taxes this year.
It’s a flip side to Democrats’ campaign to raise taxes on the well-to-do, though one that’s sometimes overlooked. Much of the focus has been on their bid to raise taxes on wealthy individuals and corporations to help pay for big new spending initiatives.
President Joe Biden is preparing to officially unveil another tranche of tax increase proposals, including hiking the top marginal income tax rate and upping levies on capital gains. That would come on top of previous calls to raise the corporate tax rate and require businesses to pay more on their foreign earnings.