Income redistribution like a tax cut going from 39% to 25%?
Ahhh…got it!
Yawn. Keeping the money you earn isn’t redistribution. Taking $100 of taxes from someone and giving the $100 to a person who pays $0 taxes is income redistribution.
As I said, I am an idiot when it comes to English, but sometimes I know how to read it and comprehend it.
Redistribution of income and redistribution of wealth are respectively the transfer of income and of wealth (including physical property) from some individuals to others by means of a social mechanism such as taxation, monetary policies, welfare, land reform, charity, confiscation, divorce or tort law.
So, again, my math is not that good, but I believe if we subtract 25% out of 39% we have 14% redistributed from the hands of uncle Sam=IRS to an individual.
By the way, I heard that we Americans, the middle class, are gonna get a wealth distribution of $40 next time we do our taxes, and I am dumbfounded, I never worked to deserve that huge amount of money.
That is so great! I think an idiot in the senate said we can buy a brand and stinky new car! Oh…wait! Liar! He said it was going to be $10K ! Dang it! I could have bought a brand new home in the Bay Area with that money!
Thank you dear Socialist president for the next round of wealth distribution! Your comrades, American comrades that is, not the ones who made you a president, will be so in love with ya…
You can’t even understand what you found on Wikipedia. This is funny.
People are starting to realize the commie in the white house is destroying this country.
37% approval rate? The worse in history!..
I present you…the truth!
Come on republicans! Aren’t you tired of winning?
What do you expect from the traitor in the white house trashing the American intelligence services but kissing Putin’s rear arse.
Don’t you see a commie when you see one?
It will take 5 minutes for a comrade to come by and defend the turd.
The house originally proposed it wouldn’t be taxable until later. I don’t get what the senate is doing there. That’s a TERRIBLE idea.
Thank the Putin’s lover for that.
This is a good article but I think it’s still underestimating the impact for some segments. Namely, homeowners with high property taxes will be really hard hit. Example:
Homeowner making say 200K all in. Owns 1M home.
Property tax is 12K/year
California income tax is around 5% on first 50K income, then around 10%. Total = 2.5+15=17.5K
In 2017: deducted 29.5K California state taxes
In 2018: can only deduct 10K of California state taxes
Difference: 19.5K in federal deductions, which at 32 percent marginal tax rate would be worth around 6.24K at 32 percent tax rate.
For a brand new homeowner, they could ALSO lose 250K of interest rate deduction (imagine House is more like 1.2M) would be around 670/month in interest payments. That’s another 2.5K of tax savings that won’t happpen. So for this person the loss is easily 8k/year difference in post tax income.
Am I thinking about this right?
try that, i think gives you a better idea.
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Isn’t tax rate also reduced?
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@BAGB you’re right! I was looking at the marginal rate at around 200K and didn’t notice how much the taxes had been lowered in the lower brackets and that the buckets have changed.
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Yeah. Media often misleads people by selective reporting. Peer discussion can be less biased. Most people I met had the same reaction as you do, I think that’s what media wants to create.
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Someone called that.
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