Saturday, December 23, 2017

Check . . .

. . . the facts . . .


(from https://www.cbsnews.com/news/gop-tax-overhaul-fact-checking-lopsided-political-arguments/)
". . . The tax cuts are not nearly as lopsided as many Democrats are portraying them. Almost all of the middle class would initially pay less in taxes. . . For the next eight years, the vast majority of middle-class taxpayers — those earning between $49,000 and $86,000 — will receive a tax cut, albeit a small one. In 2018, nine-tenths of the middle class will get a cut, according to the Tax Policy Center. In 2025, 87 percent will. The tax cut won't be very big: just $930 next year for the middle one-fifth of taxpayers, the center's analysis concludes. For those paid twice a month, that's about $40 a paycheck. . . . Schumer and other Democrats are basing their assertions on the fact that nearly all personal tax cuts expire after 2025, which would result in a slight tax increase for about two-thirds of the middle class by 2027. The top 1 percent would still get a cut that year. . . Only in 2027 do the wealthiest taxpayers get 83 percent of the benefit, as Schumer says. In 2018, roughly 21 percent of the tax cut's benefits go to the richest 1 percent, a much smaller figure, though still a disproportionate share. Just 11 percent will go to the middle one-fifth. . ."




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