Home | About | Donate

Under GOP Tax Law, Top 1% Get Extra $33,000 Per Year. The Poor? $40


#1

Under GOP Tax Law, Top 1% Get Extra $33,000 Per Year. The Poor? $40

Jake Johnson, staff writer

In its first analysis of how the GOP tax plan will affect Americans' personal income taxes, the nonpartisan Tax Policy Center (TPC) this week underscored what experts and most of the public already knew: that the Republican tax law will pour tens of thousands of extra dollars into pockets of the wealthy few


#2

This is not a Tax Cut. This is Theft.

Obscene, Yes.

Criminal, Absolutely.


#3

I think we should all invest in tar and feathers. :wink:


#4

This isn’t the whole story. I’ll bet as the income goes above $732,000, the savings goes up. It also doesn’t count CEO income like stock options, ect.


#5

PonyBoy your right, and until we who fall in the bottom 99% begin to fight back and fight back hard nothing is going to change. It’s just like any other crook…if they get away with their theft the first time then they will continue their thieving ways and increase the amount they steal everytime they get away with it. Okay, these bastards have been getting away with ripping off the bottom 99.9% for quite some time now and been successful every time. With income inequality being front and center in the news this tax scam is the most brazen slap in the face yet…by a billionaire president who himself stands to benefit by dodging yet more millions in taxes nonetheless!!! Look, individual thieves eventually either get busted by the pigs or get shot during the commission of their crime. Since the piggies are the armed muscle of the super rich who perpetrate these crimes we only have the option of fighting back and shooting at the vital organs which to the rich is their money. With a 99.9% majority of population against a measly handful of rich trash we have the power to put these pigs on the access ramps of the freeways selling pencils for food. Why aren’t we doing exactly that? We need to use our collective power to confiscate every penny of their ill gotten gains and force these greed pigs onto the streets to dumpster dive for their next meal rather than watch American Idol, Dancing with the Stars, Monday night football, or arguing over guns, abortion, bathroom rights for transsexuals, etc. I’m not saying those aren’t valid arguments but income equality is more important because if we have income equality we have a far greater impact politically over the other issues. First things first!


#6

Hard to believe that “most of the public hasn’t seen a boost”. Me and my working class cohorts have all seen reductions in the amount withheld from our paychecks, giving us more take home pay.

None of us requested reduced withholding and we know that reduced withholding is NOT a tax cut and we expect that we will be sending more money to the IRS a year from now to make up for reduced 2018 withholding. Hopefully the withholding hasn’t been cut back so much that we will also be fined for not having enough withheld.

The GOP knows that nobody will calculate their 2018 taxes until three months after the November 2018 election and is counting on workers voting GOP in November as payback for the reduced withholding, before those workers realize that they got little or no tax relief and have been duped.


#7

TIME TO WAKE UP REPUBLICANS!!! You cannot keep going in this direction of lip lock on rich and ultra rich (white) butts. I hate to state the obvious here but this is blatant kissing rich donor butts. And they are usually all White butts.

Real Clear Politics
https://realclearpolitics.com/epolls/latest_polls/

|President Trump Job Approval|Reuters/Ipsos|Approve 41, Disapprove 55|Disapprove +14|
|2018 Generic Congressional Vote|Reuters/Ipsos|Democrats 42, Republicans 35|Democrats +7|
|2018 Generic Congressional Vote|CNN|Democrats 50, Republicans 44|Democrats +6|
|Congressional Job Approval|Reuters/Ipsos|Approve 20, Disapprove 73|Disapprove +53|
|Direction of Country|Reuters/Ipsos|Right Direction 30, Wrong Track 59|Wrong Track +29|

This is what Trump thinks he is buying, favor-ability in polls so he looks good to the American people. His polls show some support but not enough to get a strong percentage advantage over Democrats.


#8

Prospects

One worker said to the other workers
Hey, my pay went up ten dollars
With the new tax break; another worker
Said, mine only nine dollars and a stray
Thirty-seven cents. The plant
CEO whose stock options grew
Two million in value, and whose
End of the year tax bite decreased
Two hundred fifty-two thousand
And a stray on hundred ninety
Dollars, did not hear the workers’ conversation,
But had been depending on it all along.

Now, the CEO has multiple guesses
At what the workers will say
When social security is slashed
To fill the budget hole.
Work longer, and thanks for the incentive?

    -- Ken Poyner

From the Blue Collar Review.


#9

"the Republican tax law will pour tens of thousands of extra dollars into pockets of the wealthy few while providing mere crumbs for the poor."

Typical glass half empty view - surely, the rich’s new personal and electronic security spending to fend off the growing rabble will create jobs and stimulate the economy.


#10

However, many in the 99.9% those making over $100,000 may think they are on there way to being one of the 1% or 10% so they don’t want to see change. Those making over $250,000 and a family of four living a comfortable living don’t want to rock the boat as in some urban thriving overpriced cities that is only a comfortable living. Remember Americans are optimistic and believe they are exceptional.


#11

That opinion has been discredited and known to be untrue. Just like corporations aren’t doing more hiring, giving pay raises they are buying back stock and giving stock options to pad their executives pay and drive up unrealistic stock prices. Do your hear a bubble is coming. These top earners might buy a home in Europe or a Yacht in the Mediterranean.

It is not proven that they spend more and create jobs.


#12

My wife and I are both on social security. In the last 3 years our increase has gone up a total of eight dollars.


#13

They aren’t called “the poor” for nothing.
America is a lost cause.


#14

It’s worse than that, for all of the eight years Obama was in office monthly SS payments rarely increased more than, on average, $2/month, each year. Worse still, most years there was no, -0-, increase at all. I’m well-aware SS increases are based on a formula. It is obviously not working. (No brainer here: this should have been corrected while a democrat was in office. Anyone really think a republican will do it.)

That means over the last ten years the monthly increases in SS amount to a grand total of, on average, a whopping $8-10/month. So who believes this is all that rent, groceries, utilities, medical bills, prescriptions, etc over those ten years have increased?

This year’s increase was the highest of those ten years, however, for the average SS recipient, it was all eaten away by the increase in the monthly medicare premium. So whose idea was that? To reduce the income on which seniors, survivors and the disabled depend while at the same time increasing their contribution to Medicare premiums. (Both Obama and Trump have taken from Medicare to pay for Obama/Trumpcare.)

The bottom line is the majority of SS recipients are receiving, per month, only about $10 more than they did ten years ago. This is a perfect example of Grover Norquist’s quote in action: "I don’t want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub."


#15

If you are talking about FICA taxes then that’s not good.

If you are not paying enough into FICA and end up having to pay more when you file at the end of the year, you can remedy that by increasing the number of dependents you claim with your employer. That way what you will owe at the end of the year will be reduced or eliminated (or you may get a refund).

If however you’ve seen a reduction in your federal taxes, then you’ve benefited to some degree from Trump’s tax cuts. That’s not necessarily a bad thing and you should not have to pay more (or make up for it) at the end of the year. Trump’s tax cuts, by design, cut taxes for the highest earners the most.


#16

Every inch Elites/billionaires take is a test as to whether they can go another foot or
another yeard.


#17

Despite getting their tax raids- the biggest companies are not hiring- they are laying off and keeping the profits. They need to be charged with treason.


#18

You’re okay with that then- guess you must be an elite.


#19

Yes, that is true and obscene. They need to be charged with treason and hung.


#20

I do not think we are exceptional- many Americans are fat, spoiled entitled know it alls.