So a quick review of the compromise senate-house tax bill.
First, the Child Tax Credit is doubled from $1000 to $2000 a child. Note: You can qualilfy for this WITHOUT a social security number (a TIN). So it’s a huge give away for an illegal alien family with 8 kids – Thats SIXTEEN K BABY!!!
Second, NO TAX CUT FOR SINGLE MIDDLE CLASS
- 24 percent: $82,500 to $157,500
- 32 percent: $157,500 to $200,000
Now wait a second, what’s the current tax rate?
|28%||$91,150 to $190,150|
So this is a TAX INCREASE of FOUR PERCENT for the upper middle class earning 157k to 190k !!! Some tax cut! Sorry Omarosa your 180,000 salary is in the increased bracket!
So the strategy is to keep your earnings below 157k if at all possible.
No ObamaCare mandate. Ok thats good.
And a 20% deduction for S-corps and other pass throughs. It’s hard to figure out how this works. Seems like you DO NOT get the 21% corporate tax rate, instead you would get say 32% rate minus 20% which is 25.6%. It’s kinda a pile of crap. So they hugely discriminate against personal corporation small businesses.
So what’s the real tax rate? well 32% + 15% ssi + 2% ssdi = 49%. The same as sweden and france basically except without any of the goodies. And if you live in a high tax state, add another 10% to that and PRESTO highest rates on earth.
This is a tax cut for the middle class? Uhm NO. It is not. Even calculating the expanded standard deduction, it’s still a con job. VETO the crapola!