Saturday, November 11, 2017

Ryan's tax cut trick? They slowly fade away by 2027!!!

How do Republicans keep their angry resentful base fightin' mad? By slowly taking away their tax cuts without them ever noticing...oh, but keep promising more tax cuts!!! What an amazing con.

The GIF here says it all. If by 2027 the remaining tax cut is enough to satisfy, well, you are the willing dupe of a party with nothing left lose (Roy Moore).
NY Times: And the tax cuts would shrink by 2027, except for the wealthiest. By 2027, tax cuts would shrink for every group except the top 1 percent, and one quarter of taxpayers, many in the upper middle class, would pay more than they would without the new plan.

For example, taxpayers with incomes of about $149,400 to $216,800 would receive, on average, a $2,300 tax cut in 2018. But in 2027, that cut would shrink to just $560.
Additional analyses by the Institute on Taxation and Economic Policy and Congress’s Joint Committee on Taxation also found that the tax cuts would shrink over time.

There are a few reasons for this. A new family tax credit would expire in 2023, and the expanded portion of the child tax credit would not be indexed for inflation, so its value would decrease in the coming years. In addition, tax brackets would be indexed to a slower measure of inflation, meaning that by 2027, more income would be taxed at higher rates.
Dynamic Voodoo Trickle Down Supply Side Magic: Republicans pushed and got to include their crazy magical predictions into what many would consider a simple math computation:
The Tax Foundation, which tends to incorporate high economic growth effects in its estimates, found that the so-called dynamic effects of the bill would actually cause taxpayers to fare better under the bill in 2027 than in 2018.

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