Drudge Retort: The Other Side of the News
Tuesday, December 19, 2017

Extremes make averages, and the benefits would be much larger for richer households. A household earning $1 million or more would get an average cut of $69,660, an income bump of 3.3 percent. Compare that to the average household earning $50,000 to $75,000, which would get a tax cut of $870, or 1.6 percent. Put another way, in 2018, households earning $1 million or more -- or, 0.4 percent of all tax filers -- would be getting 16.5 percent of the total benefit from the bill. In 2027, households earning $1 million or more -- 0.6 percent of all filers -- would be getting 81.8 percent of the total benefit, even though their average tax break would shrink by about $26,000 over that 10-year period.

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The numbers look bleaker a decade out for most American households. To help ensure their bill met the budget limits Republicans had set for themselves, lawmakers set many individual income tax changes to sunset after 2025 (they made cuts to corporate tax rates permanent, meanwhile).

This would mean a tiny tax bump for many lower- and middle-class households -- the average $50,000 to $75,000-earning household would have a tax bill that's $30 higher than today. The average household earning more than $1 million would get a cut of more than $23,000.

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Adam Schiff‏ @RepAdamSchiff

Trump just made his most self-serving deal ever – the tax bill. With its decrease in the top rate, its pass through income and estate tax cuts, his family stands to make more money than all of their previous deals combined.
4:50 PM - 18 Dec 2017

#1 | Posted by Gal_Tuesday at 2017-12-19 11:06 AM | Reply

Well duh. If working people wanted tax cuts, they should have been born rich so they didn't have to work.

This will be the first time in US History that people working will pay a higher percentage than people making the exact same amount by living on investments.

#2 | Posted by Sycophant at 2017-12-19 11:06 AM | Reply

And, of course, the numbers are completely different than other sources. It's already been proven that people making 20k or less will save ~20% on their taxes and it gradually goes down as income level goes up; however, that number didn't include any deductions being removed. But the article alludes to those numbers not being included in their graph, either. So, if multiple sources can vary so much, there is no way of knowing what it will do. Which is pretty much true with most legislation that has so many changes. One thing that is true beyond a doubt, based on the legislation language, is that the lower income you have, the more you will save percentage-wise...until tax time and deductions come in to play. That part isn't debatable until you get to sources like this one that has had a lot of bias before.

#3 | Posted by humtake at 2017-12-19 11:41 AM | Reply | Funny: 1

"It's already been proven that people making 20k or less will save ~20% on their taxes"

Proven, huh?

#4 | Posted by snoofy at 2017-12-19 11:48 AM | Reply

#3 that's never been shown by any legitimate source.

#5 | Posted by BruceBanner at 2017-12-19 11:58 AM | Reply

#3 is never been shown ever.

#6 | Posted by BruceBanner at 2017-12-19 11:58 AM | Reply

#3 is just a big pile of crap, none of it is even true.

" One thing that is true beyond a doubt, based on the legislation language, is that the lower income you have, the more you will save percentage-wise...until tax time and deductions come in to play."

Absolutely untrue.

Obviously a person who only listens to the propaganda channels.

#7 | Posted by danni at 2017-12-19 12:13 PM | Reply

We need a good, old fashioned, French or Russian Revolution Where all the uber-wealthy get executed. Starting with any billionaire who was pushing for this tax plan. ---- the uber-rich.

#8 | Posted by moder8 at 2017-12-19 12:46 PM | Reply

This place id so full of fake news.

#9 | Posted by Sniper at 2017-12-19 01:03 PM | Reply | Funny: 1

A tweet this morning from Sen. John Cornyn:

Under #TaxCutsandJobsAct a married couple earning $100,000 per year ($60,000 from wages, $25,000 from their non-corporate business, and $15,000 in business income) will receive a tax cut of $2,603.50, a reduction of nearly 24 percent.

Just your regular, average American family eh? Who here doesn't have a couple of side businesses?

#10 | Posted by Derek_Wildstar at 2017-12-19 01:04 PM | Reply

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"It's already been proven that people making 20k or less will save ~20% on their taxes"

Link?

#11 | Posted by Gal_Tuesday at 2017-12-19 01:56 PM | Reply

This place id so full of fake news.

#9 | POSTED BY SNIPER

Find us a source that says the opposite. Seriously. We'll wait. Go ahead.

Time to put up or shut up, idiot.

#12 | Posted by Sycophant at 2017-12-19 02:03 PM | Reply | Newsworthy 3

"The GOP Tax Bill Isn't for the Middle Class. And It Was Never Meant to Be

As they pushed their sweeping tax bill through Congress, Republicans made two central promises. First, that the bill would simplify the U.S. tax code, allowing citizens to file their taxes "on the back of a postcard." And second, that the overhaul would primarily benefit working Americans and the middle class.

The first claim proved false. And economic experts are skeptical about the second, arguing that the bill aids businesses at the expense of middle-class taxpayers.

"The slant towards upper-income earners and people who run corporations is great, and the losers here are average taxpayers," says Steve Bell, who served as staff director of the Senate Budget Committee during the Reagan administration.

"Don't fool people by saying it's tax reform. It's not. It's a tax cut for businesses with some contradictory stuff for individuals."

time.com

Even Time Mag knows this. Sniper misses his shot yet again.

#13 | Posted by Corky at 2017-12-19 02:18 PM | Reply

OMG, this is just too much on the day the GOP is going to vote "yes" on the biggest transfer of wealth from the working classes to the rich in our country's history:

Marco Rubio‏ @marcorubio

Better to be poor and walk in integrity than rich and crooked in one's ways. Proverbs 19:1
4:12 AM - 19 Dec 2017

#14 | Posted by Gal_Tuesday at 2017-12-19 02:19 PM | Reply | Newsworthy 1

"In other words, the new bill will be a test of trickle-down economics, the Reagan-era economic policy that many experts now consider a flawed theory. Even some Reaganites are unimpressed by the legislation.

"I'm underwhelmed by this bill," says Steve Hanke, a former senior economist on President Reagan's Council of Economic Advisors who is now a professor of applied economics at Johns Hopkins University.

"I go back to my days as one of the original supply-siders, and they have not followed the ‘five P's' that Jim Baker used to recite: prior preparation prevents poor performance. This is not thought out, and this is not well-sold. It's not like the Reagan tax reforms, where public opinion was completely behind it and everyone understood what was in it."

Same Time link.

Even old Reaganites know this is BS. Young ones don't know jack.

#15 | Posted by Corky at 2017-12-19 02:22 PM | Reply

This place id so full of fake news.
#9 | POSTED BY SNIPER
Find us a source that says the opposite. Seriously. We'll wait. Go ahead.
Time to put up or shut up, idiot.
#12 | POSTED BY SYCOPHANT

Tic toc, Snippy.

#16 | Posted by Sycophant at 2017-12-19 02:58 PM | Reply | Newsworthy 1

Is there anything Team Trump won't lie about? Apparently not:

Ted Lieu‏ @tedlieu

Ted Lieu Retweeted The Hill
Dear @PressSec: You don't serve in Congress. I do. And I can say with absolute certainty that you are lying.

The Hill‏ @thehill

Huckabee Sanders: GOP "begged" Dems to work on tax reform thehill.com

#17 | Posted by Gal_Tuesday at 2017-12-19 03:14 PM | Reply

Adam Schiff‏ @RepAdamSchiff

Make no mistake: After they borrow $1.5 trillion to pass a windfall tax break for corporations and the rich, Trump, Ryan, and McConnell will seek cuts to Medicare, Medicaid, and Social Security to pay it back.
9:13 AM - 19 Dec 2017

#18 | Posted by Gal_Tuesday at 2017-12-19 03:21 PM | Reply | Newsworthy 1

#18

As Paul Ryan and others have already said, next year they will suddenly discover what a blow this tax cut for the corps and wealthy is to the Deficit and start cutting safety net programs for kids, seniors, and the poor to pay for it.

That's their SOP.

#19 | Posted by Corky at 2017-12-19 03:24 PM | Reply

#17 The GOP owns this tax cut bill, and yet they are trying to blame Democrats for not participating:

Rep. Dan Kildee‏ @RepDanKildee

Rep. Dan Kildee Retweeted The Hill
I haven't received one email, call, meeting request or text message, from either Republicans in Congress or President @RealDonaldTrump, to work on real bipartisan tax reform. @PressSec is not being truthful here.

#20 | Posted by Gal_Tuesday at 2017-12-19 03:24 PM | Reply | Newsworthy 2

This place id so full of fake news.
#9 | POSTED BY SNIPER
Find us a source that says the opposite. Seriously. We'll wait. Go ahead.
Time to put up or shut up, idiot.
#12 | POSTED BY SYCOPHANT
Tic toc, Snippy.
#16 | POSTED BY SYCOPHANT

Poor lil Snowflake.

#21 | Posted by Sycophant at 2017-12-19 05:47 PM | Reply

This place id so full of fake news.

#9 | Posted by Sniper at 2017-12-19 01:03 PM | Reply | Flag:

Shouting fake news every time you don't have facts to refute an argument is soooo last year.

#22 | Posted by 726 at 2017-12-20 08:27 AM | Reply

"As Paul Ryan and others have already said, next year they will suddenly discover what a blow this tax cut for the corps and wealthy is to the Deficit and start cutting safety net programs for kids, seniors, and the poor to pay for it."

Yes, that is their plan but they completely underestimate the push back which will come when they do. Seniors vote, seniors do public meetings, we will fight them tooth and nail. I seriously doubt that they will succeed in their attempt to undermine the third rails of our democracy.

#23 | Posted by danni at 2017-12-20 09:00 AM | Reply

A corporation is never going to say, "Hey, we're paying lower taxes this year. We should cut the price on our widgets and pass the benefits along."

#24 | Posted by lee_the_agent at 2017-12-20 02:37 PM | Reply

A corporation is never going to say, "Hey, we're paying lower taxes this year. We should cut the price on our widgets and pass the benefits along."

#24 | POSTED BY LEE_THE_AGENT AT 2017-12-20 02:37 PM

What about if a corporation says that because of the tax cuts they are going to pay 200,000 employees a $1000 bonus, would they ever say that?

#25 | Posted by Rightocenter at 2017-12-20 05:00 PM | Reply | Funny: 1

CAn mookistang do his taxes on a postcard?
And Would anyone ever promise that

#26 | Posted by ChiefTutMoses at 2017-12-20 05:11 PM | Reply

#25

I'd say it's raining beer.

#27 | Posted by Zed at 2017-12-20 05:19 PM | Reply

#25

I'd also say that two million dollars is pigeon crap compared to what the companies are getting.

#28 | Posted by Zed at 2017-12-20 05:21 PM | Reply

What about if a corporation says that because of the tax cuts they are going to pay 200,000 employees a $1000 bonus, would they ever say that?

#25 | Posted by Rightocenter

Not the corporations the Gary Cohn spoke to. They said theyd spend it on stock buybacks - making rich people richer instead of workers. Of course the trumpers ignored them and gave them the money anyway,

www.cnbc.com
CEOs raise doubts about Gary Cohn's top argument for cutting the corporate tax rate right in front of him

#29 | Posted by SpeakSoftly at 2017-12-20 05:23 PM | Reply

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