Who Will Benefit from the GOP Tax Reform Bill?

Discussion in 'Congress' started by Viktor, Feb 4, 2018.

  1. Viktor
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    Viktor VIP Member

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    The Democrats are singing the same old tune:"The GOP only gives tax cuts to the wealthy>"
    Well, back in the 1990s, they said the same thing about another tax cut. At the time, i was
    making less than $50,000 a year and I got a tax cut and a tax rebate.
     
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  2. peach174
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    peach174 Gold Member Gold Supporting Member Supporting Member

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    Everybody will benefit from the new tax.

    Every American will benefit from the GOP tax reform plan

    News keeps up the old lefty way of thinking it's the rich which is not true.

    First, the overwhelming majority of the bill's tax cuts will go to individuals, not corporations, and the middle class will receive substantial tax cuts. According to a report released by the Joint Committee on Taxation on Dec. 18, $1.1 trillion of the $1.45 trillion tax cut goes to individuals, 77 percent of the total tax cut. The net corporate tax cut is only $329 billion, or 23 percent of the tax cut. The bill's corporate rate cut does cut corporate taxes by $1.35 trillion, but these cuts are offset by $695 billion of corporate loophole closers and $324 billion of higher revenues from international tax changes. The claim that the bill disproportionately benefits corporations is wrong.

    For individuals, the tax cuts benefit taxpayers in every income group, not just the wealthy. The three largest tax cuts come from the across-the-board tax rate reductions for all taxpayers ($1.2 trillion), the increased standard deduction ($720 billion), and the expanded child tax credit ($573 billion), all of which will provide substantial tax relief to middle-class taxpayers. According to the House Ways and Means Committee, the typical family of four earning the median income of $73,000 will receive a tax cut of more than $2,000 a year. The claim that the bill only benefits the wealthy is wrong.

    Our liberal press should be ashamed of themselves.
     
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  3. bullwinkle
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    bullwinkle Gold Member

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  4. MarathonMike
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    MarathonMike Platinum Member

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    The vast majority of Americans and nearly all businesses are seeing significant increases in their income. You can cherry pick the odd exception to the rule and play your Democrat game of deception, but that is not reality.
     
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  5. peach174
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    peach174 Gold Member Gold Supporting Member Supporting Member

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    Yep!
    What is the number one issue?
    The Economy.
    Guess who they will voting for. :)
     
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  6. bullwinkle
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    bullwinkle Gold Member

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    Mike, we have yet to see if the cited staffer is the "odd exception". I don't see how it could be true that this one person is an exception, but let's wait and see. Personally, I think the middle class is left out of the loop considering the trade-offs of less deductibles and increasing insurance rates. But I am not an economist, so I just have to wait and see. How much do you have to earn to qualify for the 4K average decrease in taxes?
     
  7. Slashsnake
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    Slashsnake VIP Member

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    Amazing enough I haven't seen an additional penny in my paycheck from these tax cuts.

    I'm not a Democrat either.
     
  8. Skull Pilot
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    Skull Pilot Diamond Member

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    People who own and operate small businesses under sole proprietorship, LLCs and S corps will receive great benefits.

    Under section 199A people these businesses will be eligible for a 20% qualified business income deduction. Which basically exempts part of the income generated from taxes.

    This section was added to allow businesses that are pass through entities to realize tax cuts that otherwise would have only been available to C corporations.

    This is a huge tax cut for millions of middle class business owners
     
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  9. Windparadox
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    Windparadox Gold Member

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    The richest 1% of Americans will benefit most.
     
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