I have no doubts that this article is correct. But, I get the feeling that when people were asked if this bill would increase their taxes, they interpreted the question as "will the stuff Trump is doing increase my taxes (and lower my standard of living)." And to this question, the answer, especially for the people who are in average or lower tax brackets, is 'yes.'
It's very difficult to run a poll about one specialized thing in a vacuum.
“The CBPP, meanwhile, estimates would increase after-tax income by 0.6% for the poorest 20%,”. The reason this percentage is so low is that this demographic pays NO federal income taxes. Hard to increase something that doesn’t exist. The top 50% earners pay 97% of all taxes collected. The bottom 50% of earners pay 3%. How can you provide more tax cuts for a group that pays no tax now?
Great Gabe ! Does anyone think the wealthiest 40 year olds really need an additional $35K over the course of their lifetime? . . . and at what societal expense? More wholistic thinking might see a right leaning voter viewing deeper into the future and recognizing that the U.S. needs to put the brakes on disparity v.s amplifying it. . .which may change how they view the big bill.
Dear Gabe, It is note worthy, that your article, (which I believe to be excellent,) is totally void of mentioning that the “Big beautiful Bill” makes PERMANENT, the 2017 Ryan-Trump tax cut for the uber-wealthy, in lieu of it expiring this year as it was written. It is this permanent extension that makes up the vast majority of the debt catastrophe.
The tax cuts are for every tax bracket. Not just for the wealthy. Those earning $15,000 and $50,000 saw a 26% reduction in federal tax. Those earning $50,000 to $100,000experienced a 17% reduction.
I have no doubts that this article is correct. But, I get the feeling that when people were asked if this bill would increase their taxes, they interpreted the question as "will the stuff Trump is doing increase my taxes (and lower my standard of living)." And to this question, the answer, especially for the people who are in average or lower tax brackets, is 'yes.'
It's very difficult to run a poll about one specialized thing in a vacuum.
“The CBPP, meanwhile, estimates would increase after-tax income by 0.6% for the poorest 20%,”. The reason this percentage is so low is that this demographic pays NO federal income taxes. Hard to increase something that doesn’t exist. The top 50% earners pay 97% of all taxes collected. The bottom 50% of earners pay 3%. How can you provide more tax cuts for a group that pays no tax now?
No payroll tax would be one way.
A negative income tax.
Great Gabe ! Does anyone think the wealthiest 40 year olds really need an additional $35K over the course of their lifetime? . . . and at what societal expense? More wholistic thinking might see a right leaning voter viewing deeper into the future and recognizing that the U.S. needs to put the brakes on disparity v.s amplifying it. . .which may change how they view the big bill.
Bruce McKelvy:
Dear Gabe, It is note worthy, that your article, (which I believe to be excellent,) is totally void of mentioning that the “Big beautiful Bill” makes PERMANENT, the 2017 Ryan-Trump tax cut for the uber-wealthy, in lieu of it expiring this year as it was written. It is this permanent extension that makes up the vast majority of the debt catastrophe.
Is there such a thing as a permanent tax cut or increase?
The tax cuts are for every tax bracket. Not just for the wealthy. Those earning $15,000 and $50,000 saw a 26% reduction in federal tax. Those earning $50,000 to $100,000experienced a 17% reduction.