GOP Touts “Progressive” Tax Plans
First off, before I get into my observations of the Republicans GOP Tax Bill, I just want to state that I am moderate and fairly apolitical. I tend to see pros and cons on both sides of the isles, whereas hardcore republicans and democrats appear to have never had a bad idea, ever. That goes for both parties. And both parties also think the other side is out of their mind on every single thing they support (that the other party opposes). Unfortunately politics has become very black and white, either or, and there isn’t much room for grey any more, which is a shame.
Anyways, back to the recently announced GOP Tax Bill and what has been said this past month about it. Below is a screenshot I took while watching one particular show. This was a more conservative show and their fear was that all the wealthy individuals from high taxed states like New York, New Jersey and California will leave for lesser taxes states like Florida and Texas. That doesn’t make a whole lot of sense to me considering individuals in those states are already taxes high…but NOW they will leave?
Conservative speaker of the house Paul Ryan says the average family will save $1,182 with this in GOP Tax Bill. But, based off the below, that doesn’t seem likely. Which is right?
Democrats on the GOP Tax Bill
Then, on the other side of the aisle I watched a much more liberal newscast and they, of course, were stating just how bad this GOP Tax Plan is for the middle class and lower income families. This show citied a study from an independent economist who was projecting out to 2027 and what the proposed tax plan would mean for them.
- In 2027, families making $40,000 to $200,000 would see an after-tax increase of 1% to their incomes.
- In 2027, however, those families making $500,000 to $1,000,000 would be the clear winners and see an after-tax increase (on average) of 2.5% to their incomes.
So, overall, this liberal show states that the proposed GOP Tax Bill is purely a tax plan for millionaires.
To be honest, I’m not sure who is right. It goes to my earlier point that neither side can see good in the others points. Never will, it seems like.