What are they talking about that the tax bill doesn't benefit th
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Stone Harbor - What are they talking about that the tax bill doesn't benefit the middle class? A 10 percent rate up to $9,500,12 percent to $39,000 and 22 percent to $83,000. The standard deduction doubles to $24,000 for a married couple, the childcare deduction doubles to $2,000. Obama exchange healthcare is subsidized by the taxpayers and the corporate rate drop from 35 percent to 21 percent will bring offshore money home, have businesses reinvest and employees see higher wages and employment. Could the law be better? Of course. Could it be worse? Of course. The old law had its inequities too.
Moderator's Note:
Impressions and impacts of the tax bill depend who "they" are. Summations like this are imprecise and incomplete. Early reports from various sources across the political spectrum generally agree that most - but not all - taxpayers will see benefits, with some middle class earners realizing significant tax savings ... at least initially. Many of these same reports seem to indicate the greatest benefits will flow to upper class, not the middle class. Time will tell.
Print Publication Date:
1/03/2018