From Congressman Andy Harris:
U.S. House of Representatives Unveils Pro-Growth Tax Reform Plan
WASHINGTON, DC: On November 2, the U.S. House of Representatives unveiled its tax reform plan, entitled the Tax Cuts and Jobs Act. Congressman Andy Harris (MD-01) issued the following statement in support of the legislation:
“The Tax Cuts and Jobs Act is a win for middle class families and businesses that create American jobs in a global marketplace. Under this bill, a typical middle-income family of four earning $59,000 annually will receive a $1,182 tax cut. This legislation doubles the standard deduction, expands the Child Tax Credit, and maintains 401(k) and IRA retirement plans.
America’s small family owned businesses and larger employers will receive tax cuts as well – allowing businesses to invest and grow, and encouraging them to return outsourced jobs to the United States. The Tax Cuts and Jobs Act will stimulate economic growth and increase America’s competitiveness in the global economy.”
Snowflake alert.
http://nymag.com/daily/intelligencer/2017/11/the-house-republican-tax-cut-is-a-failure-on-its-own-terms.html
I see Sagamore did Bmores bidding for the Amazon Hq. No way that’s happening, let alone UA’s compound.
What will this familiy’s taxes look like in 2023 when the family flexibility credit and non-child dependent credit go away? You give the corporations permanent cuts, but the middle class ones are just temporary. Also, what about that exploding national debt that we will leave our grandchildren? you were very concerned about that just a year or two ago.
Why weren’t we, the voters, able to vote on this? Because they knew that we would hate it, that’s why! Instead it is thrown out at us after the fact, without us being at to read about it.
It should be: “being able to read about this.”
This will be devastating to families with medical needs and to recent college graduates. Andy, why don’t you meet with your constituents, so you know what we want?
“The old formula for passing a big tax cut for the rich was simple: Package it with a modest tax cut for the middle class — and talk endlessly about the middle-class part. But…”About 17 percent of households earning between $50,000 and $150,000 would see their taxes rise immediately…Among households earning between $150,000 and $250,000, the share is about 35 percent.” David Leonhardt
Here’s a look at TRUMPTAX:
• Reduces the current seven tax brackets for individuals to four: 12%, 25%, 35% and 39.6%.
• Eliminates deductions for state and local income taxes, casualty losses and medical expenses.
• Scraps the personal exemption ($4,050 for each taxpayer). In exchange, roughly doubles the standard deduction to $12,000 for individuals and $24,000 for married couples.
• Changes two key housing write-offs — mortgage interest and property taxes — for some people..
• Expands the child tax credit to $1,600 from $1,000. Also provides a $300 credit for each parent and non-child dependent.
• Cuts the top corporate tax rate immediately to 20% from 35%.
• Doubles the estate tax exemption to about $10 million and phases it out over six years.
In total, the plan contains $1 trillion in total tax cuts over 10 years for businesses and $300 billion for individuals and families, as well as $200 billion in tax cuts — almost all of which will accrue among the wealthiest families.
NO TAX REFORM WITHOUT TRUMP’S TAX RETURNS!!!
…”About 17 percent of households earning between $50,000 and $150,000 would see their taxes rise immediately…Among households earning between $150,000 and $250,000, the share is about 35 percent.” David Leonhardt
So… If my math is correct about 83 percent of households earning between $50,000 and $150,000 would see their taxes remain the same or go down…among households earning between $150,000 and $250,000, the share is 65 percent. Seems an overwhelming majority of Americans would benefit and this does not factor in the increase in value of corporations with the reduced tax burden. Most Americans in the latter bracket are invested in 401Ks.
Funny how the left is so concerned about the deficit after Obama doubled it in 8 years. Where was that concern before? The federal government does not have a revenue problem, it has a spending problem. Increasing economic activity will increase federal revenues. Reduce spending, increase economic activity and the deficit disappears. Really is not that complicated.
As a member of the freedom caucus how does Andy justify this adding TRILLIONS, with a T, to the national Debt? What Andy is suggesting on a personal scale is if you are in debt up to you eyeballs ( like the US Government) the solution to your problem is to quit you job and get one that pays less per year.
If you believe Andy is giving the middle class a tax break I suggest you look beyond the lies.
We are retired middle class (15% bracket) and our taxes will be going up because there will no longer be exemptions and expenses we could use for itemized deductions are gone, especially for our higher medical expenses as senior citizens. Thought taxes for ALL of the middle class were supposed to decrease. Also, since we will no longer be able to itemize, our MD taxes will increase.
Andy and his buddies think low and middle income is around $450,000 a year.
I’d like to say that I’ve never know of such an indecisive, ineffective, mediocre, wavering, weak politician, but Harris alone doesn’t hold those characteristics.
Don’t fall for this fake tax plan that benefits only the rich. Don’t fall for the “double standard deduction” scam.
Why the doubling the standard deduction is a shell game: The doubling of the standard deduction comes at the expense of eliminating personal exemptions. This shift is done to eliminate the claiming of itemized deductions by the middle class.
If you run the numbers both ways for a sample two person family with $124,000 gross income and $24k in itemized deductions ($12k mortgage interest, $8k church contributions, and $4k property tax), you will see how the family pays more taxes with the $8k of personal exemptions eliminated and the standard deduction doubled to $24k, than if the $8k personal exemptions were kept and the standard deduction only raised slightly to $16k.
That’s right. The new tax plan benefits most those who actually pay taxes. Since 90% of the taxes are paid by 20% of the population, it’s really hard to give a tax break to someone who pays none.
Oh look it’s that 30% chronically dumb fox news audience that believes anything they feed him.
Good boy Arturro
Now that is the reaction we have come to expect form the “progressives” of our world. Don’t address the facts or fiction go after the individual. “No Bernie did it! No he never held office. No no no the Russians did it.” Moron, what about the question?
Maroon, that was an incredibly mean comment. No one, including Members of Congress, should be criticized for security/esophageal issues beyond their control.