News Blog for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this "Blog" - no paid ads - no payments for articles.Fair Use Doctrine is posted & used. Blogger/Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year] Contact: editor@arranewsservice.com (Pub. Since July, 2006)Home PageFollow @arra
One of the penalties for refusing to participate in politics
is that you end up being governed by your inferiors. -- Plato
(429-347 BC)
Thursday, December 21, 2017
‘Undeniable Math’
‘Most People Are Going To Pay Less’ In Federal Income Taxes
Non-Partisan TAX FOUNDATION: ‘We’ve Run The Taxes Of Eight Example Households… Our Results Indicate A Reduction In Tax Liability For Every Scenario’
TAX FOUNDATION: “To help provide a sense of how the Tax Cuts and Jobs Act would impact real taxpayers, we’ve run the taxes of eight example households. Each sample taxpayer has realistic characteristics to show how the individual income tax provisions of the bill would impact individuals and families across the income spectrum. Our results indicate a reduction in tax liability for every scenario we estimated, with some of the largest changes in after-tax income accruing to moderate-income families with children.”(“Who Gets A Tax Cut Under The Tax Cuts And Jobs Act?” Tax Foundation, 12/19/2017)
EXAMPLE: “a single-earner married couple with two kids, earning $85,000. We assume tax-deferred retirement savings of $5,500, and that the couple takes the standard deduction. They also benefit from the expanded child tax credits, and see an overall tax savings of 20 percent, from $11,035 to $8,782. This family’s after-tax income increases by 2.65 percent.”(“Who Gets A Tax Cut Under The Tax Cuts And Jobs Act?” Tax Foundation, 12/19/2017)
>EXAMPLE: “A dual-income household with three children, this household sees incomes of $250,000 and $75,000 respectively, with an $800,000 home (same assumptions as above), charitable contributions of 2.5 percent of income, an effective state and local income tax rate of 5 percent, and a slightly higher effective property tax rate of 1.25 percent. The couple has $37,000 in retirement contributions (maxing out 401(k)s under current law in 2018), and is ineligible for child tax credits under current law, but eligible under the Tax Cuts and Jobs Act. Their tax liability would decrease by 13 percent under the plan, from $71,629 to $62,012. Their after-tax income increases by 2.96 percent.”(“Who Gets A Tax Cut Under The Tax Cuts And Jobs Act?” Tax Foundation, 12/19/2017)
‘Left-Leaning’ TAX POLICY CENTER: ‘We Find The Bill Would Reduce Taxes On Average For All Income Groups
WALL STREET JOURNAL: “The Tax Policy Center is a joint project of the left-leaning Brookings Institution and the Urban Institute that the media routinely labels ‘nonpartisan.’ Its record of hostility to any GOP tax reform that cuts tax rates shows the opposite.”(Editorial, “Tax Policy Center Propaganda,” Wall Street Journal, 10/1/2017) Tags:Undeniable Math, Most People, Going To Pay Less, Federal Income TaxesTo share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!
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