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On Friday, The Woodbury Democrat posted about how much you will actually get from the tax cuts the Republicans pushed through congress.
The small tax cuts the common American will be getting won't be enough to offset the rise in health care, gas prices, college tuition, etc. The Republicans make their base happy while making it harder for the common American to get by.Under the just passed Republican tax deal ...
If you make less than $10,000/year, you will save $0 in taxes annually.
If you make $10,000-20,000/year, you will save $3 in taxes annually.
If you make $20,000-30,000/year, you will save $10 in taxes annually.
If you make $30,000-$40,000/year, you will save $17 in taxes annually.
If you make $40,000-50,000/year, you will save $47 in taxes annually.
If you make $50,000-75,000/year, you will save $112 in taxes annually.
If you make $75,000-100,000/year, you will save $406 in taxes annually.
If you make $100,000-200,000/year, you will save $1,395 in taxes annually.
If you make $200,000-500,000/year, you will save $4,527 in taxes annually.
If you make $500,000-1 million/year, you will save $5,656 in taxes annually.
If you make more than $1million/year, you will save $42,766 in taxes annually.Less than 3.5 percent of U.S. taxpayers fall into the category of making $200,000 a year or more.
So, this is a targeted tax cut -- at a $70 billion cost to the Treasury -- for less than THREE AND A HALF PERCENT of the population.
4 comments:
According to your numbers, I saved more money on the round-trip drive between Ames and Kansas City just by driving a fuel-friendly 60mph.
I JUST ENERGIZED THE ECONOMY!!
Interesting, but what do these people pay in taxes per year. You left that out.
The people with smaller incomes pay little or no taxes to begin with, so your argument is silly.
What is your source, anonymous?
I remember paying my income taxes at my last relatively-well paying job. I was making about $25K a year back in 2001, and believe me, I wasn't keeping all of it.
Thousands of dollars is a big deal to people on low incomes. It sounds silly to have to say it...
The important question is does someone who makes $1 million a year need that extra $42,000? Yeah, it might be nice to get that extra pimped out SUV, but they would be just fine without it.
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