Scotties Toy Box

April 16, 2019

Vanity Fair: You’re Welcome, America: Workers Got a One-Cent Bonus Thanks to Trump’s Tax Cut s

Filed under: News — Scottie @ 18:39

You’re Welcome, America: Workers Got a One-Cent Bonus Thanks to Trump’s Tax Cuts
Buy yourself something nice, sweet cheeks.

Read in Vanity Fair: https://apple.news/Am0UokqJlQEW1-ESGxzarnA

Shared from Apple News

Sent from my iPad,Hugs and Best wishes,
Scottie

9 Comments »

  1. I made the same this year as last. The new tax law cost me over three thousand dollars. For those who are better off all I can say is enjoy your tiny windfall because it goes away in 2025. Republicans! It obviously pays to be a servant of the billionaire class.

    Liked by 2 people

    Comment by nationofnope — April 16, 2019 @ 19:24

    • Hello Nation. Yes this law seems to have screwed most of us not in the upper incomes. Hugs

      Like

      Comment by Scottie — April 17, 2019 @ 05:11

  2. The tax cut doesn’t go away for the ultra-rich who pay a negative income tax, but even that isn’t enough for those who gouge with impunity.

    Liked by 2 people

    Comment by Bill Ziegler — April 16, 2019 @ 21:35

    • Hello Bill. Thank you. It seems it is never enough. Plus the idea of those with more helping out their communities seems to have died off also. I think we will have to get control of the government and force the return of higher tax rates for these people and rescind their tax givebacks. I hear Republicans say that the US has the highest tax rates and they need to be cut. That is simply not true. Many countries have higher taxes on the wealthy and on corporations and they do fine. Hugs

      Like

      Comment by Scottie — April 17, 2019 @ 05:46

  3. From the washington post.

    “Promise: The middle class will benefit. Yes, the vast majority of Americans — 65 percent — did get a tax cut. Looking specifically at the middle class, the Tax Policy Center predicted that 82 percent of middle-class earners (households who make $49,000 to $86,000 a year) would receive a tax cut averaging about $1,050.”

    so I don’t buy this horse hockey one bit. Still don’t like trump, still think the tax cuts were lopsided and still think were done wrong. I know many of the promised effects have not happened but as far as this one penny deal is not true.

    /hugs

    Liked by 1 person

    Comment by Michelle Styles — April 17, 2019 @ 15:02

    • Hello Michelle. Sorry but I have looked at five different sites and all say the same thing. How much you saved depends greatly on your income, and where you live. Rather than just post a bunch of links, let’s look at NPR. You agree it is not a progressive or “liberal” news provider?
      https://www.npr.org/2019/04/15/713616898/the-losers-and-winners-of-the-trump-administrations-big-tax-cut
      Here is the important information.

      ZARROLI: And that was true. Mark Mazur of the Urban-Brookings Tax Policy Center says people at every part of the income spectrum benefited at least a little from Trump’s tax cut.

      MARK MAZUR: Low-income families with children might see a tax cut of $50 or $100 a year. In the middle-income categories, the tax cuts would be several hundred dollars.

      ZARROLI: And he says high-end taxpayers may have saved thousands, or even tens of thousands of dollars. Though Trump initially promised that rich people would be hurt by his tax bill, they weren’t, says former Obama administration official David Kamin.

      DAVID KAMIN: Those at the top are not paying, on average, more because of this bill. Quite the opposite – they’re getting a disproportionate amount of this tax cut.

      ZARROLI: Still, most people – some two-thirds of American taxpayers – got a tax cut, says Mark Mazur. But Mazur says there’s a problem for Republicans.

      MAZUR: I think a lot of Americans don’t really seem to feel that tax cut.

      ZARROLI: In surveys done over the past year, most Americans say they don’t think they benefited from the cut, even when they did. David Kamin says the tax cut kind of got lost.

      KAMIN: For middle- to low-income Americans, the tax cut was not all that large. It was then spread out over time as, you know, they would just get a somewhat bigger paycheck immediately.

      ZARROLI: As a result, a lot of people didn’t even realize they got a tax cut. The bill also created some geographic winners and losers. It sharply cut the amount of money people could deduct for state and local taxes, which hurt millions of people in high-tax states, such as New Jersey and California.

      KAMIN: That’s not the vast majority of Americans, but there are a relatively small number who do immediately face a tax increase under the bill.

      ZARROLI: And it barred taxpayers from deducting business expenses, such as computer software or magazine subscriptions. The Tax Policy Center says about 6 percent of Americans saw their taxes rise as a result of the bill. And Kamin says the bill will have another harmful effect.

      KAMIN: When you begin to think through what this tax bill means over the long term, it becomes clear this is likely to leave most Americans worse off.

      You may like to think this is partaisain, but it is not. It is simply math. Do you remember the famous Paul Ryan gaff about bragging a teacher got $1.50 more a week? Yes she got more money, a whole dollar and a half but did that make a difference compared to the loss of deductions she might have to pay. There were some deliberate “fuck yous” in the tax bill such as the removing the ability to deduct state taxes from your federal return. That was a thought out attempt to hurt people in blue states as they tend to be states that tax higher to support public services. That has raised the taxes of a lot of people. No one I know paid less in taxes this year. I know that is anecdotal, but even we who are not in the bracket this year you mentioned got far less back than we normally do. The people at the hospital that ron works with from the nurses to the cleaning staff and cafe workers are all complaining of paying more this year.
      Nation mentioned in a comment he paid three grand more this year due to the tax bill. I have been following the comments on Joe.My.God. and everyone said the same thing, their taxes went up, they paid more, or got less refund. So Michelle this tax bill was not a gift to the people, it was and still is a gift to the wealthy and corporations at the expense of the people and the rising deficit. Hugs

      Like

      Comment by Scottie — April 17, 2019 @ 16:14

      • How about HR Block?
        “The data out so far backs up the estimates. H&R Block said that among the millions of tax returns it processed by the end of March, the average tax cut was $1,200. (It’s also true not everyone is celebrating.”

        I never defended the tax bill and made it clear I believe it was done wrong. However the facts of the matter are most people got 1200 dollars more this year than last. That’s 100$/month. That is the point. I’ve found dozens of reference to this exact point. As for NPR yes they are liberal media.

        “NPR’s own official ombudsman, Jeffrey Dvorkin, admitted a liberal bias in NPR’s talk programming.”
        I can post the clip if needed. They are closer to center than say MSNBC but heck not many are further left than MSNBC.

        hugs

        Liked by 2 people

        Comment by Michelle Styles — April 17, 2019 @ 16:30

        • Hello Michelle. I do not accept the average tax cut was $1200 from the sites I have been reading. Everything from CBS broadcasting to a site calling it self independent tax information. Yes most sites say people got an increase in their take home pay of some small amount. But none other than the ones you mention claim it was $1200 dollars. So I guess time will tell. As for NPR being liberal , I guess their idea of liberal and mine are different. I looked up and posted some years ago about the idea of the “liberal news media”. Turns out 3/4 of all news stories have a right leaning or far right bias in the news, and only a quarter are left leaning. News media that claims to be neutral were shown to do far more stories with a right bias than neutral. I don’t find NPR to be liberal at all. Hugs

          Like

          Comment by Scottie — April 17, 2019 @ 17:13

  4. PS Turbo tax reported similar numbers of 1188$.

    Liked by 1 person

    Comment by Michelle Styles — April 17, 2019 @ 16:31


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