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83% of the benefits of tax bill HR1 will go to top 1%

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Rich123

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If history serves as a lesson for today or the future then one might want to consider that Spikes in income inequality have correlated with catastrophic economic crashes.

Today we see that 1% of the top wage earners hold more wealth than the bottom 90% of our nation's population.

In spite of that glaring inequality this republican lead White House and congress has been pushing a tax bill that 83% of the tax benefits will go to the top 1%

It dramatically lowers the top tax rate for top earners.

There was a special provision that was pushed through in the last minute to benefit Real Estate Investors like Bob Corker and Donald J. Trump that will cost the government some $414 billion dollars.

The total cost of this proposal will cost our government some 1.5 trillion dollars.

Only 7% in a recent poll says they think this bill will benefit the middle class.

So the question comes to mind, Why don't republicans law makers care about what their base says about this bill. It's obvious from the above recent poll that if 7% feels it will benefit them ,then 93% feel it will not benefit them, which must include republican voters. So why are those republican law makers pushing this bill? To answer this question let's ask Bob Corker or Donald J. Trump or Donald jr. or Jared Kushner or Ivanka. Or just ask the donors who donate to the republican law makers. To my fellow workers of America, do you see you in any of that equation?
You see my fellow American workers. Doesn't matter if you Blue or Red. Doesn't matter if your black or white, male or female. If your a working stiff, do you really believe that those brokers for the wealthiest one percent care about you? I'll bet Sean Hannity won't speak ill of the HR 1 tax bill either.
 
Rich123 said:
If history serves as a lesson for today or the future then one might want to consider that Spikes in income inequality have correlated with catastrophic economic crashes.

Today we see that 1% of the top wage earners hold more wealth than the bottom 90% of our nation's population.

In spite of that glaring inequality this republican lead White House and congress has been pushing a tax bill that 83% of the tax benefits will go to the top 1%

It dramatically lowers the top tax rate for top earners.

There was a special provision that was pushed through in the last minute to benefit Real Estate Investors like Bob Corker and Donald J. Trump that will cost the government some $414 billion dollars.

The total cost of this proposal will cost our government some 1.5 trillion dollars.

Only 7% in a recent poll says they think this bill will benefit the middle class.

So the question comes to mind, Why don't republicans law makers care about what their base says about this bill. It's obvious from the above recent poll that if 7% feels it will benefit them ,then 93% feel it will not benefit them, which must include republican voters. So why are those republican law makers pushing this bill? To answer this question let's ask Bob Corker or Donald J. Trump or Donald jr. or Jared Kushner or Ivanka. Or just ask the donors who donate to the republican law makers. To my fellow workers of America, do you see you in any of that equation?
You see my fellow American workers. Doesn't matter if you Blue or Red. Doesn't matter if your black or white, male or female. If your a working stiff, do you really believe that those brokers for the wealthiest one percent care about you? I'll bet Sean Hannity won't speak ill of the HR 1 tax bill either.
Click to expand...

So apparently from that poll only 7% know how to use the internet. I have used several different calculators (NYT, CNN, etc) and should it pass I would get to keep an extra 1,800 to 2,900 dollars. As someone in the middle class this seems like a better deal for me than the current model.
 
Rich123 said:
If history serves as a lesson for today or the future then one might want to consider that Spikes in income inequality have correlated with catastrophic economic crashes.

Today we see that 1% of the top wage earners hold more wealth than the bottom 90% of our nation's population.

In spite of that glaring inequality this republican lead White House and congress has been pushing a tax bill that 83% of the tax benefits will go to the top 1%

It dramatically lowers the top tax rate for top earners.

There was a special provision that was pushed through in the last minute to benefit Real Estate Investors like Bob Corker and Donald J. Trump that will cost the government some $414 billion dollars.

The total cost of this proposal will cost our government some 1.5 trillion dollars.

Only 7% in a recent poll says they think this bill will benefit the middle class.

So the question comes to mind, Why don't republicans law makers care about what their base says about this bill. It's obvious from the above recent poll that if 7% feels it will benefit them ,then 93% feel it will not benefit them, which must include republican voters. So why are those republican law makers pushing this bill? To answer this question let's ask Bob Corker or Donald J. Trump or Donald jr. or Jared Kushner or Ivanka. Or just ask the donors who donate to the republican law makers. To my fellow workers of America, do you see you in any of that equation?
You see my fellow American workers. Doesn't matter if you Blue or Red. Doesn't matter if your black or white, male or female. If your a working stiff, do you really believe that those brokers for the wealthiest one percent care about you? I'll bet Sean Hannity won't speak ill of the HR 1 tax bill either.
Click to expand...

Well, according to the CNN "tax calculator" found here:

Use this calculator to see how the tax bill affects your paycheck - CNNPolitics

Between 2018 and 2027 my taxes will go down and my after-tax income will go up 4.1%

AFTER 2027 my taxes will go up and my after-tax income will go down 0.3%

But why should I worry about 2027?

Isn't that loooooong after you Democratic Progressive-Leftists will retake the government...and of course "cut" our taxes?

Hmmm...maybe not since that is the same group that likes to raise taxes to pay for all the giveaway social welfare programs...I guess we'll see. :shrug:
 
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Captain Adverse said:
Well, according to the CNN "tax calculator" found here:

Use this calculator to see how the tax bill affects your paycheck - CNNPolitics

Between 2018 and 2027 my taxes will go down and my after-tax income will go up 4.1%

AFTER 2027 my taxes will go up and my after-tax income will go down 0.3%

But why should I worry about 2027?

Isn't that loooooong after you Democratic Progressive-Leftists will retake the government...and of course "cut" our taxes?

Hmmm...maybe not since that is the same group that likes to raise taxes to pay for all the giveaway social welfare programs...I guess we'll see. :shrug:
Click to expand...

Lol, Democrats cut taxes? It was actually pretty smart for Republicans not making it permanent because when Democrats eventually take power back Republicans will be able to hit them with raising taxes on the middle class when they try to let those cuts expire.
 
Rich123 said:
If history serves as a lesson for today or the future then one might want to consider that Spikes in income inequality have correlated with catastrophic economic crashes.

Today we see that 1% of the top wage earners hold more wealth than the bottom 90% of our nation's population.

In spite of that glaring inequality this republican lead White House and congress has been pushing a tax bill that 83% of the tax benefits will go to the top 1%

It dramatically lowers the top tax rate for top earners.

There was a special provision that was pushed through in the last minute to benefit Real Estate Investors like Bob Corker and Donald J. Trump that will cost the government some $414 billion dollars.

The total cost of this proposal will cost our government some 1.5 trillion dollars.

Only 7% in a recent poll says they think this bill will benefit the middle class.

So the question comes to mind, Why don't republicans law makers care about what their base says about this bill. It's obvious from the above recent poll that if 7% feels it will benefit them ,then 93% feel it will not benefit them, which must include republican voters. So why are those republican law makers pushing this bill? To answer this question let's ask Bob Corker or Donald J. Trump or Donald jr. or Jared Kushner or Ivanka. Or just ask the donors who donate to the republican law makers. To my fellow workers of America, do you see you in any of that equation?
You see my fellow American workers. Doesn't matter if you Blue or Red. Doesn't matter if your black or white, male or female. If your a working stiff, do you really believe that those brokers for the wealthiest one percent care about you? I'll bet Sean Hannity won't speak ill of the HR 1 tax bill either.
Click to expand...

I’m sure by the time the sun comes up people will be saying it’s 100% going to the top 1%.
 
chuckiechan said:
I’m sure by the time the sun comes up people will be saying it’s 100% going to the top 1%.
Click to expand...

Some have been saying that already.

The funny thing is that the top quintile pays 85% of federal income tax and the bottom 60% pay less than 2% of the federal income tax. It shouldn't be much of a shock that those that pay the most in taxes will benefit the most with taxes getting cut.
 
Nap said:
Some have been saying that already.

The funny thing is that the top quintile pays 85% of federal income tax and the bottom 60% pay less than 2% of the federal income tax. It shouldn't be much of a shock that those that pay the most in taxes will benefit the most with taxes getting cut.
Click to expand...

Let me tell you how that urban legend came about. Corporations are considered to be a "person". Thus by reducing their tax rate and treating that reduction in taxes as if it all went to the "person", they can call the vast amount of money "a tax cut for the wealthy".

But as you know, corporation taxes are a "pass through" IOW, they are added to the cost of the product and the end user pays it.
 
Nap said:
So apparently from that poll only 7% know how to use the internet. I have used several different calculators (NYT, CNN, etc) and should it pass I would get to keep an extra 1,800 to 2,900 dollars. As someone in the middle class this seems like a better deal for me than the current model.
Click to expand...

That would be a temporary benefit and it's not going to be that amount. That is why it is stated that 83% of the benefits of the tax plan benefit the wealthiest one percent. However where the benefits for the wealthiest one percent are permanent such as the increased amount that is exempt for inheritance tax your benefit will expire. So if you include yourself in that 7% then maybe you should look a little deeper into who this tax plan is really for. Did your lobbyist go to Washington and meet with Mitch McConnell? You know the Koch brothers have already spent $15,000,000.00 on P.R. to persuade the people who oppose the bill to think otherwise. Why would they care about that? While you count your crumbs that will expire sooner than later the Koch brothers will be banking in off shore accounts money they are legally steeling from all of us.
 
Rich123 said:
If history serves as a lesson for today or the future then one might want to consider that Spikes in income inequality have correlated with catastrophic economic crashes.

Today we see that 1% of the top wage earners hold more wealth than the bottom 90% of our nation's population.

In spite of that glaring inequality this republican lead White House and congress has been pushing a tax bill that 83% of the tax benefits will go to the top 1%

It dramatically lowers the top tax rate for top earners.

There was a special provision that was pushed through in the last minute to benefit Real Estate Investors like Bob Corker and Donald J. Trump that will cost the government some $414 billion dollars.

The total cost of this proposal will cost our government some 1.5 trillion dollars.

Only 7% in a recent poll says they think this bill will benefit the middle class.

So the question comes to mind, Why don't republicans law makers care about what their base says about this bill. It's obvious from the above recent poll that if 7% feels it will benefit them ,then 93% feel it will not benefit them, which must include republican voters. So why are those republican law makers pushing this bill? To answer this question let's ask Bob Corker or Donald J. Trump or Donald jr. or Jared Kushner or Ivanka. Or just ask the donors who donate to the republican law makers. To my fellow workers of America, do you see you in any of that equation?
You see my fellow American workers. Doesn't matter if you Blue or Red. Doesn't matter if your black or white, male or female. If your a working stiff, do you really believe that those brokers for the wealthiest one percent care about you? I'll bet Sean Hannity won't speak ill of the HR 1 tax bill either.
Click to expand...

Since the dawn of time the poor keep getting richer and richer and their living standards have increased exponentially. That's all that matters, not the jealousy of what happens to the rich.
 
Rich123 said:
That would be a temporary benefit and it's not going to be that amount. That is why it is stated that 83% of the benefits of the tax plan benefit the wealthiest one percent. However where the benefits for the wealthiest one percent are permanent such as the increased amount that is exempt for inheritance tax your benefit will expire. So if you include yourself in that 7% then maybe you should look a little deeper into who this tax plan is really for. Did your lobbyist go to Washington and meet with Mitch McConnell? You know the Koch brothers have already spent $15,000,000.00 on P.R. to persuade the people who oppose the bill to think otherwise. Why would they care about that? While you count your crumbs that will expire sooner than later the Koch brothers will be banking in off shore accounts money they are legally steeling from all of us.
Click to expand...

At the very least I get to keep more of my money the next few years and given my current circumstances this is great. The whole tax cut expiring is simply politics, Republicans are hoping that when Democrats take back over they try to let them expire so they can hit the Democrats with raising taxes on the middle class.

Edit: Also, part of the 83% you are complaining about is the corporate tax rate which I am incredibly happy about due to my line of work and our direct competition with Mexico. Cost per unit is a major factor in deciding where car lines are allocated, any change that helps increase job security for me is an added plus.
 
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