Contrary to hysterical Democratic claims about the Senate GOP tax bill, a new analysis shows most American households would have their taxes cut by at least $100 in 2019.
An analysis from the Joint Committee on Taxation (JCT) acquired by The Hill shows that over 60 percent of households would initially experience the cut, although that percentage does drop over the coming years.
The analysis shows around 38 percent of households either experiencing a tax increase or a change of less than $100 in 2019. However, the vast majority of that group is affected by less than $100 either way. Eight percent will see a tax increase of over $100. The other 62 percent will see their tax burden decline by over $100.
It’s not exactly the $2,000 we were all hoping for, but it’s something.
On Wednesday, Senate Republicans voted unanimously to begin debate on the bill, and hope to pass it by the end of the week.
A key sticking point or Democrats is the fact that the bill cuts the corporate tax rate to 20 percent from the current level of 35 percent. Further, the cut would be permanent as opposed to the individual rates, which would expire after 2025.
🚨 Republicans in the Senate want to bring their tax bill up to a vote soon. 🚨
We don’t need to give more tax breaks to corporations paid for by millions of middle class families. Let’s defeat this bill: (202) 224-3121.
— Kamala Harris (@KamalaHarris) November 29, 2017
Senator Kamala Harris and others seem to forget that corporations aren’t people, but they do employ people. If they aren’t giving over a third of their profits to Washington, they can use that money to expand their businesses, hire new workers, give raises, and spend money that ultimately puts others to work.
According to The Hill, “The majority of poor Americans don’t pay any federal income taxes, but under the new plan, many wouldn’t get a significantly larger refund.” This is a sticking point for Dems, but it does beg the question that if someone isn’t paying any federal income taxes at all and they just wouldn’t get a larger “refund” under the bill, wouldn’t that “refund” simply be a giveaway anyway?
Those affected the most in 2019 are high-income households. The JCT analysis shows 80 percent of households that make over $1 million having their taxes cut by more than $500 and another 19 percent having their taxes increased by around the same amount.
After the individual cuts expire, most households, around 61 percent, would be virtually unaffected, while 16 percent would experience at least $100 in cuts in the year 2027, according to the analysis.
Nonpartisan Tax Foundation analysis of Senate tax bill: "Our results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children." Lower taxes & higher post-tax income across the board… pic.twitter.com/SPoRFBAYfF
— Guy Benson (@guypbenson) November 28, 2017
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Op-ed views and opinions expressed are solely those of the author and do not necessarily represent the views of BizPac Review.
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