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On 2/7/25 8:39 AM, pothead wrote:
On 2025-02-07, John Smyth <smythlejon2@hotmail.com> wrote:
Good news.
Watch the democrats oppose it.
"'The Largest Tax Cut in History for Middle-Class Working Americans'"
<https://x.com/libsoftiktok/status/1887585824218509380>
<https://hannity.com/media-room/potus-priorities-karoline-leavitt-confirms-trumps-tax-plan-the-largest-tax-cut-in-history-for-middle-class-working-americans-watch/>
'On Thursday, White House Press Secretary Karoline Leavitt confirmed
that President Trump is planning “the largest tax cut in history for
middle-class working Americans.”
“These are the tax priorities of the Trump Administration that the
president has laid out for members in that meeting today,” Leavitt
began.
“No tax on tips, which is obviously a very public campaign promise the
president made. No tax on seniors’ social security. No tax on overtime
pay. Renewing President Trump’s 2017 middle-class tax cuts — again,
these are the president’s priorities. Adjusting the SALT cap. Eliminate
all the special tax breaks for billionaire sports team owners. Close the
carried interest tax deduction loophole. Tax cuts for Made in America
products,” Leavitt said.
“This will be the largest tax cut in history for middle-class working
Americans. The president is committed to working with Congress to get
this done.”'
The democrats will fight this tooth and nail to make sure it never passes or if it does it's some watered down version.
Perhaps one should fact-check prior to commenting.
For the latest version I saw noted that income taxes would *rise* for
everyone whose income is less than $360,000 per year - - all of the tax
cuts were for incomes above $360K.
Cite, with an easy-to-understand bar chart:
<
https://itep.org/trumps-tax-plan-like-robin-hood-in-reverse/>
So remind us again ... what's the income brackets for "Middle Class"?
This reference says:
"In 2023, the median income was $80,060, placing families earning $53,000–$161,000 in the middle class bracke[t]. This is about 40% of all
U.S. households."
<
https://www.visualcapitalist.com/how-big-is-americas-middle-class-in-2024/>
Similarly, one can plug $360K into this income percentile calculator:
<
https://dqydj.com/income-percentile-calculator/>
What one finds is that the Top 2% income in 2023 had a threshold of
$304,010, $360K is definitely in the "Top 2%" of incomes with a ~$56K
safety margin. YMMV on if its "Top 1.5%" or some other "1.X%" number;
one will have to go find another tool with greater granularity if that
matters ... but here, since the claim was "Middle Class" is very clearly
busted by a huge margin.
-hh
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