Do you care?

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Do you care?

Postby KeithE » Wed Dec 06, 2017 2:48 pm

For those who care about the lower/middle class
Is the GOP tax plan an unprecedented windfall for the wealthy? We look at 50 years of data to find out.
Short Answer: Yes.

You can compare the income level distribution of the GOP/Trump tax cut to the others tax cuts at the link above (scroll down for Nixon’s/Carter’s/Reagan’s/Bush I’s/Bush II's “tax cuts”). The Trump/GOP tax cut plan is an “unprecedented" windfall for the rich. Just compare the blue bars (share of tax cut vs income) on the right of the plots below as compared the other tax cuts. Reagan’s tax cut of 1981 is shown after Trump’s. But look at all of the tax cuts distributions in a like format in the link above.

Image

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It is true that in 2019, the tax cuts are about the same percentage-wise for those between $10K/yr and $1m/yr. But of course the more you make the more the tax cut - about an average tax cut of $75,000 for a rich family with $750,000/yr income but an average of $660 tax cut for the middle class,
The purest definition of a middle-class household encompasses those earning between $48,000 and $86,000, including wages and other income, according to the Tax Policy Center’s (TPC) analysis of the Republican tax proposal. Under the plan, those households would save an average $660 a year


(For a larger range of “middle class” ($40K to $140K/yr) there is a wide spread of tax cuts/increases from a $3800 tax increase to a $4300 tax cut.)

But in 2027 and beyond, that favoritism towards the rich becomes outlandish - it is highly weighted to the rich (60% of which go to those with over $1M/yr which represents <<1%) while those between $10K/yr and $40K/yr get a tax raise). It is an even larger windfall for the the wealthy in 2027/beyond - look at the blue bars on right. I sure hope this never gets close to reality.

Looks much more like a “windfall” tax cut for the rich.

Besides just income taxes, corporate taxes are also falling which also favors the rich. The share of Federal revenues from corporations has fallen from 32% to 8% from 1952 until 2009 and will fall even more with this bill. Corporate profits are also already at a record high (yet they are not increasing jobs or wages significantly). More profits will not lead to significantly better wages/reinvestment/more jobs/better economy - that is the trickle down fiction.

Image

Hope that this bill gets killed in the reconciliation vote. If it passes (as it probably will), it is ashamed that the full effects will not happen until tax day April 15, 2019 (after the Nov 2018 vote).
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For those who care about Children's Health Care:
CHIP Act has not been renewed and ended Sept 30, 2017 - states are running out of money.

For those that care about the unborn:
National Right to Life Factsheets
I do note that abortion leveled off by 1980 and has been receding since 1990 and almost back down to the level when the 1973 Roe vs Wade decision was made.

For those who care for creation:
2017 Climate in Review
This is a large multifaceted set of data/comment/pictures - very well done, imo.

Do you care? Do you just believe these facts are “fake news” or “fake data"? Or have we become apathetic?
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Re: Do you care?

Postby KeithE » Thu Dec 07, 2017 8:58 am

I guess no one cares.

On more thing about Trump’s exaggerations / lies.

He is fond of saying this tax bill is the largest ever in US history. E.g. in a Oct 25, 2017 tweet he says
"the biggest tax cut in U.S. history."


Polifact: Donald Trump wrong that his tax plan is biggest cut ever

Image

Not even close. The man just says anything that pops into his narcissistic brain. And so many of his base just believes this.
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Re: Do you care?

Postby Tim Bonney » Thu Dec 07, 2017 9:52 am

I totally care. But right now, 45 has done a good job of deflecting us from taxes while he tries to get us into a new war in the Middle East.
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Re: Do you care?

Postby Rvaughn » Thu Dec 07, 2017 10:52 am

I care about the middle class. I are one (probably would be counted "lower middle"). While others probably find your charts and graphs helpful, I prefer to read the point someone is trying to make.
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Re: Do you care?

Postby KeithE » Thu Dec 07, 2017 12:29 pm

Rvaughn wrote:I care about the middle class. I are one (probably would be counted "lower middle"). While others probably find your charts and graphs helpful, I prefer to read the point someone is trying to make.

I usually make a point or two given textual form. I feel like I need to back it up; so that is why I often give plots, graphics.
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Re: Do you care?

Postby KeithE » Thu Dec 07, 2017 12:32 pm

Tim Bonney wrote:I totally care. But right now, 45 has done a good job of deflecting us from taxes while he tries to get us into a new war in the Middle East.

It would be a full time job to argue each issue Trump is deflecting attention from. We are saturated in scandals, thoughtless actions, and outright lies.
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Re: Do you care?

Postby Rvaughn » Thu Dec 07, 2017 2:16 pm

KeithE wrote:I usually make a point or two given textual form. I feel like I need to back it up; so that is why I often give plots, graphics.
Keith, you have to write and share what is good and comfortable to you. As for me I think I miss your points in textual form because my eyes start spinning when I see the graphs and charts.
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Re: Do you care?

Postby Tim Bonney » Thu Dec 07, 2017 3:05 pm

KeithE wrote:It would be a full time job to argue each issue Trump is deflecting attention from. We are saturated in scandals, thoughtless actions, and outright lies.


Agreed. I read the news every day in fear of the next world leader or nation for whom Trump will ruin our reputation with or even threaten war with.
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Re: Do you care?

Postby KeithE » Thu Dec 07, 2017 11:41 pm

Rvaughn wrote:
KeithE wrote:I usually make a point or two given textual form. I feel like I need to back it up; so that is why I often give plots, graphics.
Keith, you have to write and share what is good and comfortable to you. As for me I think I miss your points in textual form because my eyes start spinning when I see the graphs and charts.

Just the engineer/scientist in me. I’ll try to summarize my conclusion(s) textually as well as giving the data behind the conclusions.
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