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Poor earners have always paid taxes. Don't get income taxes confused with payroll taxes, VAT, sales and other taxes that low income earners have always paid. The current system, while far from perfect, accounts for the fact that low income earners disproportionately pay too much of their income in taxes, so they get refunds. Trumps new tax plan will slash refunds for low income and middle class Americans.
You are ridiculously naive to think that corporations will bring back trillions of dollars to boost the economy. I think you should stop watching Fox News and do some actual research. Corporations are already sitting on TRILLIONS of dollars of cash INSIDE the US. What makes you think that they'll be rushing to bring any cash in from overseas? And even if they do, it will be a one time tax. 18% of 2.5 trillion is 450 billion. That will barely make a dent in the deficit.
Stop drinking the cool aid, cooperations and the rich will hoard any tax saving. They're sitting on trillions of dollars of money right now. Adding another trillion or two from overseas is not going to make them magically start investing in the economy
The payroll taxes are much lower for the poor, it's the amount of SS, medicare, Disability Insurance those that are not tiered.
Someone making $40-50k is gonna get most of what's paid to the IRS back. You don't get back are the SS, Medcare taxes, and Disability payments.
The problem with the poor is the Fed have not updated what's consider poor in NYC vs elsewhere. You can live like the poor making $60k in NYC, each month your rent $$ and other expenses will eat every paycheck.
Poor earners never paid any taxes. The 47% of Americans that make under $50k, don't pay any taxes and with child credits they get paid. So you are wrong there about poor people paying more.
Conservatives always ignore the income taxes of the poor earners called EMPLOYMENT TAXES. These income taxes are paid from dollar one and are NEVER included in anyone's proposed tax cuts.
And credits are largely only for breeders.
Poor earners never paid any taxes. The 47% of Americans that make under $50k, don't pay any taxes and with child credits they get paid. So you are wrong there about poor people paying more.
Conservatives always ignore the income taxes of the poor earners called EMPLOYMENT TAXES. These income taxes are paid from dollar one and are NEVER included in anyone's proposed tax cuts.
And credits are largely only for breeders.
And poor earners should not pay any taxes. The tax system should give them money instead. Not credits, not welfare, but money. Straight up cash.
And poor earners should not pay any taxes. The tax system should give them money instead. Not credits, not welfare, but money. Straight up cash.
sign me up . i can create a tax free income stream and show little income .
talk about abuse and fraud , ha ha ha can you imagine if we ever did that .
as it is disability turned in to the new extended unemployment insurance and is draining the social security retirement funds it has risen so much since 2008 and is plagued with abuse and fraud ..
sign me up . i can create a tax free income stream and show little income .
talk about abuse and fraud , ha ha ha can you imagine if we ever did that .
as it is disability turned in to the new extended unemployment insurance and is draining the social security retirement funds it has risen so much since 2008 and is plagued with abuse and fraud ..
You'll have to do this to yourself first, or drive 100+ mph going uphill on a bridge.
Anyway back to the topic, if Trump's health care bill gets through the senate middle and upper middle class people can get an additional tax break. The HSA is set to increase to 13k+ for married couples. I know that if it passes I'll be signing up for that. Combine that with 401k, married couples can put away almost 50k tax deferred. And to add to that there are generous employers that may also do a matching contribution for the HSAs especially with the Cadillac tax still intact albeit pushed back which gives employers motivation to entice employees to take a lower cost high deductible health insurance plan.
Also under the GOP health care plan people making up to 75k can qualify for full tax credits to purchase health insurance which I think is crazy. They should just lower the cap and provide more funding for preexisting conditions. But giving tax money to people making that kind of money I would consider a middle class tax cut.
Last edited by bumblebyz; 05-05-2017 at 01:09 PM..
sign me up . i can create a tax free income stream and show little income .
talk about abuse and fraud , ha ha ha can you imagine if we ever did that .
as it is disability turned in to the new extended unemployment insurance and is draining the social security retirement funds it has risen so much since 2008 and is plagued with abuse and fraud ..
There would be less fraud than what we have today in the current welfare and insurance programs. Opportunity for fraud would decrease. Less schemes to take advantage of. More forensic auditor resources that can be concentrated on a particular type of book of work. It would be much more efficient with reduced complexity.
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