Posted on 11/11/2017 10:45:21 PM PST by Oshkalaboomboom
Senate majority leader Mitch McConnell is now admitting that some middle class Americans might see tax increases after all if the new Republican tax plan goes through.
Kentucky Republican senator McConnell had previously stated that 'nobody in the middle class is going to a tax increase' under the new tax plan, but dialed back his assertion in a new interview.
'I misspoke on that,' McConnell told the New York Times on Friday, noting that it wasn't possible to guarantee that 'no one sees a tax increase.'
McConnell went on to explain that what the Republicans were 'targeting levels of income and looking at the average in those levels and the average will be tax relief for the average taxpayer in each of those segments.'
The New York Times predicted that the new Senate tax bill, which was released on Thursday, will result in an increase on taxes for millions of middle class households, while greatly rewarding the high earning and corporations.
The Times defined middle class households as those earning about $50,000 to $160,000 per year for a family of three, excluding individual filers and households headed by people 65 or older. Adjustments were also made for the size of each household.
Although the Senate Finance Committee's bill would reduce taxes for all income levels, the actual amount of taxes that would need to be paid would vary significantly, depending on individual and household circumstances.
As a result, many middle class people would likely need to pay more in taxes than they do currently.
In crunching the numbers, the Times predicted that about one-quarter of middle class families would see about a $1,000 increase in taxes by 2018. By 2026, one-third of the middle class families would face a $1,600 tax increase.
(Excerpt) Read more at dailymail.co.uk ...
The NY Times and McConnell seem BFF these days.
When the Hell is Trump going to Wake Up and wage War Against this M***F*****.
The government typically trades deductions for tax cuts, and then in later years raises taxes again but does not restore deductions. Then there’s those cute little fees on your utility bills.
But the donor class will get a big tax break. That was all this was ever about anyway.
They have to pass it so McConnell and Ryan can see what’s in it.
Yeah, the same people who were behind every tax increase they've ever heard of have their panties in the wad because there could be a tax increase.
It seems like the people in high tax States are going to feel the effects of living in a high tax State more, that's what the NYT sees as a problem. They can see the people leaving CA and Chicago in droves and the last thing they want is for people who pay exorbitant State and local taxes to not be able to pass that fact along to the Federal deficit which is where the deductions for State and local taxes actually end up.
Screw all of em', I say, and make a flat 15% tax, no deductions, on every cent someone earns above 50% of the average of the prior five years median income. Let the State and City governments deal with losing population if they can't get their own act together.
JMHo
If by donor class you mean corporations I don't see how that is a bad thing. A corporation is a piece of paper. Pieces of paper don't pay taxes, people do. So any taxes on big business get passed on by way of higher costs, lower salaries or less return to shareholders. You cut their rate you cut everybody's rate by default.
That is common sense if you think it through but to few do that now days.
Resign, you stinking rat bastard.
The best indicator of how bad things in DC really are is the increase in both deficit spending and absolute increase in the Federal budget.
If Trump fails to reverse the 25-year trend his 2016 victory will be a dismal and total failure.
Trump better adopt a fix soon by any means necessary. Good intentions are not enough when both major parties the MSM, plus rogue millionaires running loose are part of the DC-NY-CA swamp.
By any means necessary, Donald.
The Magic Negro led the way; the validation for the technique is complete.
By any means necessary!
In the elites parallel universe, this a good thing.
“Misspoke” is McConnell’s “1984” version of “Lied”. He’s as corrupt as the US Left/Media/Academia/Politicians even if he is from Kentucky.
Let’s send him back there real fast. Say as a Thanksgiving Dinner, giblets and all. You want cornbread with them fixin’s Mitch?
The difference is the corporate “piece of paper” is a contract. There are good and bad corporations. If their bad contract lobbies congress to raise your taxes, gut your job for favored monopolies or raise your inflation, then it is bad to reward bad corps.
Real bad corps do exist and hate your liberty. Many are enslavers that should be highly taxed.
Free the people, tax the corps, is better than,
tax the people, free the corps. DOH!
This tax bill is an abomibation. For once I hope McLame is right with his prediction that it will fail.
The government typically trades deductions for tax cuts, and then in later years raises taxes again but does not restore deductions. Then there’s those cute little fees on your utility bills.
The most corrupt and bought off Senate and House I have ever seen in my lifetime .
The billionaire elite run both .
The GOPe will lose in 2018 if they pass this tax scam .
Taking way middle class deductions and giving Apple a tax break will result in a election nightmare .
But are Mitch and Ryan trying to get Trump removed for sake of the Uniparty and the Globalist elites .
They are so awful and clueless it appears that is their real plan .
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