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Bad News If You Make $150,000 to $300,000: Higher Taxes for Many (wsj.com)

Posted by msmash on from the shape-of-things-to-come dept.

From a WSJ report: If President Donald Trump sticks to what he has said, Americans earning between $149,400 and $307,900 are most likely to see an increase in their taxes as a result of tax reform (Editor's note: the link could be paywalled). Those figures come from a recent study by the Tax Policy Center, a nonpartisan group in Washington, and are based on Mr. Trump's statements and proposals. The study concludes that nearly one-third of about 19 million households in that income range could see tax increases averaging from $3,000 to $4,000 a year. By contrast, less than 10% of households earning the least or the most -- below $25,000 or above $733,000 -- would owe more after a tax overhaul. Over all, the study found that about 20% of taxpayers would owe more after tax reform than before it. The issue of tax reform's winners and losers has resurfaced after top congressional Republicans and the Trump administration released a set of broad principles for tax policy on Thursday containing few details.

2 of 483 comments (clear)

  1. Another fraudulent summary by Anonymous Coward · · Score: 0, Flamebait

    Just like those who scream "CUT" when the increase they get is smaller than than they wanted, TFA discusses relative winners and losers based on a plan imagined by the author, based on the author's biases, and not reflecting any actual legislation.

  2. Re: Death to middle class by Anonymous Coward · · Score: 0, Flamebait

    Education is not free! Not in Sweden, not in the US, not anywhere. Someone always pays somewhere along the line.

    Also, where did you get the idea that Americans pay for 10 years of school? There's a reason it's called K-12 here, and primary school education in the US is paid by property taxes. Also, only private schools are typically in the range that you allege for both K-12 and college.

    You don't have to like this country, but don't use skewed statistics you hear from all the anti-US media to try and prove your point. The real WTF in Scandinavia is why they charge 150% sales tax on cars. According to my taxi driver when I visited there, it was "because that's the way it's always been done."