HSX Forum

TVStocks, MusicStocks and Life

Check the facts: those under $25k (bottom 20%) will get a whole $60 a year. The next quintile DO pay taxes, and get $30 a month.

Posted by: dubord.s on Dec 21, 13:32 in response to PhoneHome's post Since they are already paying zero, $220/yr is coming...

But just so I'm not accused of "distorting", here's the DIRECT quote from the TPC report:

In 2018:

"Taxpayers in the bottom quintile (those with income less than $25,000) would see an average tax cut of $60 or 0.4 percent of after-tax income. Taxpayers in the middle income quintile (those with income between about $49,000 and $86,000) would receive an average tax cut of about $900 or 1.6 percent of after-tax income.

Taxpayers in the 95th to 99th income percentiles (those with income between about $308,000 and $733,000) would benefit the most as a share of after-tax income, with an average tax cut of about $13,500 or 4.1 percent of after-tax income. Taxpayers in the top 1 percent of the income distribution (those with income more than $733,000) would receive an average cut of $51,000, or 3.4 percent of after-tax income."

Word-for-word quote from the non-partisan Tax Policy Center.

Joint Committee on Taxation: Lower- and middle-income households ($10k-$75k) will likely end up paying more in taxes dubord.s Dec 21, 07:57

you are making the common mistake of reading the actual text of the bill. what the GOP really means is someone will fix this later {nm} slipping jimmy Dec 21, 09:00

Fortunately, in a couple months low and middle income Americans will see the benefits in their paychecks, and shortly thereafter those out PhoneHome Dec 21, 10:15

I'd be willing to debate, but to characterize a statement from JTC as "media lies" indicates how open you are to actual debate. {nm} dubord.s Dec 21, 10:17

The lies comes from those such as the CBC article you cited that manipulate JTC and TPC information out of context {nm} PhoneHome Dec 21, 10:21

That's just your opinion. Provide some context then, {nm} Antibody Dec 21, 10:48

According to the TPC directly (link enclosed), the bottom 40% will reap a whopping $220 a year. Then hands some back in 2025. dubord.s Dec 21, 12:41

Again with distorting by using incomplete information. The TPC also says the bottom 45% doesn't pay any taxes. Zero, none, nada. PhoneHome Dec 21, 13:08

Ludicrous? They get about $190k, which by my math, is almost 1000 times $220. But of course, that's straight math so it must be a trick. {nm} dubord.s Dec 21, 13:24

it also ignores all the other non-tax costs that will continue to go up as a result -- higher premiums for health insurance will wipe out slipping jimmy Dec 21, 13:28

Since they are already paying zero, $220/yr is coming from you and me and the top 1% in the form of credits. Actually a nice gift. {nm} PhoneHome Dec 21, 13:19

(income taxes, because they don't make enough money to get into a bracket. still pay plenty of sales and other taxes) {nm} slipping jimmy Dec 21, 13:23

Check the facts: those under $25k (bottom 20%) will get a whole $60 a year. The next quintile DO pay taxes, and get $30 a month. dubord.s Dec 21, 13:32

Your quote ignores the 2nd quintile. And it defintely doesn't say anybody, including the top 0.1% is saving $190K. Made up figure? PhoneHome Dec 21, 14:48

Really? 8 page report too long for you? Here's some help: it's in the p.3 table. Ave Fed Tax Change of $193,380 for Top 0.1% {nm} dubord.s Dec 21, 20:30

low and middle income (0 to $75k/yr) will see, at best, $202 to $2,129/year in savings (at first). $20 to $180/mo is table crumbs slipping jimmy Dec 21, 10:49

$2,129/year table crumbs? Tell them that. Avg taxes for $30-40K is $2149, $40-50k $3325, $50-75K $5634. Thats 38-100% annual tax savings! PhoneHome Dec 21, 11:56

yes, compared to the trillions that will be flowing to the top brackets, corporations, and pass-through entities, $2k a year is scraps. and slipping jimmy Dec 21, 12:15

$2000/yr avg savings as per TPC X 126,000,000 households = $250 billion/yr, $1.75 trillion over 7 years PhoneHome Dec 21, 12:26

surely they'll all turn out in the midterms to vote for the reps and senators who passed it, if it's such a great deal! {nm} slipping jimmy Dec 21, 13:25





Post a Reply

To post to the forums you must first login!


The Death of Robin Hood (TDORH) 25000 26.06 (+0.11)          Lizard Music (LZMUS) 150000 22.30 (+2.30)          John Magaro (JMAGA) 25000 5.34 (+0.21)          Maggie Gyllenhaal (MGYLL) 25000 18.37 (-1.02)          John Magaro (JMAGA) 25000 5.34 (+0.21)          Meryl Streep (MSTRE) 25000 124.21 (-0.99)          Christian Bale (CBALE) 13 88.35 (-0.77)          Penelope Cruz (PCRUZ) 25000 6.85 (-0.57)          Avengers: Secret Wars (AVNG6) 3000 482.92 (+1.48)          They Will Kill You (TWKYU) 89889 15.96 (+0.15)          FKA Twigs (FTWIG) 25000 6.00 (0.00)          Rosamund Pike (RPIKE) 25000 18.84 (+0.10)          FKA Twigs (FTWIG) 25000 6.00 (0.00)          Jon Hamm (JHAMM) 25000 104.09 (+4.55)          Prabhas (PRABH) 25000 9.98 (+0.02)          Jon Hamm (JHAMM) 25000 104.09 (+4.55)          I Want Your Sex (IWYSX) 150000 4.73 (+0.78)          Annette Bening (ABENI) 98 61.72 (+1.07)          Peter Sarsgaard (PSARS) 25000 53.13 (+0.57)          Jessie Buckley (JSBUC) 25000 10.96 (+0.13)          Oh, the Places You'll Go (OTPYG) 3000 95.28 (-0.07)          Jon Hamm (JHAMM) 25000 104.09 (+4.55)          The Souffleur (SOUFL) 150000 1.00 (0.00)          The Invite (TINVT) 150000 14.24 (-0.14)          Jake Gyllenhaal (JGYLL) 25000 21.60 (-14.89)          John Magaro (JMAGA) 25000 5.34 (+0.21)          Lashana Lynch (LLYNC) 25000 136.48 (+0.66)          The Souffleur (SOUFL) 150000 1.00 (0.00)          Jake Gyllenhaal (JGYLL) 25000 21.60 (-14.89)          The Wild Robot Escapes (TWRB2) 150000 48.84 (-1.25)          Annette Bening (ABENI) 25000 61.72 (+1.07)          The Lord of the Rings: The Hunt (LOTR5) 3000 177.80 (-0.08)          Meryl Streep (MSTRE) 25000 124.21 (-0.99)          The Wild Robot Escapes (TWRB2) 150000 48.84 (-1.25)          Jimmy O. Yang: Finally Home (JOYFH) 150000 0.62 (-0.38)          John Lilly and the Earth Coincid (JLECC) 150000 1.00 (0.00)          John Lilly and the Earth Coincid (JLECC) 150000 1.00 (0.00)          Palestine '36 (PAL36) 150000 0.68 (-0.32)          Gina Prince-Bythewood (GPRIN) 25000 33.04 (+0.25)          Ice Cream Man (ICREM) 150000 9.42 (+1.07)          Jon Hamm (JHAMM) 25000 104.09 (+4.55)          Ice Cream Man (ICREM) 150000 9.42 (+1.07)          Children of Blood and Bone (COBAB) 150000 16.35 (+0.05)          Call of Duty (CODUT) 5000 67.29 (+4.86)          Demon Slayer: Infinity Castle 2 (DSIC2) 6000 99.28 (-0.07)          Maggie Gyllenhaal (MGYLL) 25000 18.37 (-1.02)          Lizard Music (LZMUS) 1 22.30 (+2.30)          Chiwetel Ejiofor (CEJIO) 25000 81.38 (+0.50)          Gael Garcia Bernal (GGBER) 25000 51.82 (+0.44)          Jessie Buckley (JSBUC) 25000 10.96 (+0.13)