11-28-2017, 09:29 PM
I don't know the date of the chart and whether it has been updated to include either the latest House or Senate proposals.
But, what it reflects is how much tax payers in each income group will contribute to the federal deficit over the next 10 years, assuming a tax reform bill is passed in 2018 (effects would start being realized in 2019).
People making $30,000 or less will be putting more money in the government's pocket from the start and increasingly so over time.
By 2027, everyone making less than $75,000 per year will be paying more to the government than they are now and everyone making over $75,000 will continue paying less to the government. There is no deficit by 2027 and a $40 million surplus, which is accomplished by taking much more from the lower income brackets to cover giving the upper ones so many breaks. That's my reading of that chart.
I'm gonna try to watch the CNN tax reform townhall in 35 minutes. Maybe it will clear some things up.
But, what it reflects is how much tax payers in each income group will contribute to the federal deficit over the next 10 years, assuming a tax reform bill is passed in 2018 (effects would start being realized in 2019).
People making $30,000 or less will be putting more money in the government's pocket from the start and increasingly so over time.
By 2027, everyone making less than $75,000 per year will be paying more to the government than they are now and everyone making over $75,000 will continue paying less to the government. There is no deficit by 2027 and a $40 million surplus, which is accomplished by taking much more from the lower income brackets to cover giving the upper ones so many breaks. That's my reading of that chart.
I'm gonna try to watch the CNN tax reform townhall in 35 minutes. Maybe it will clear some things up.