As we’ve belabored this morning, the final “Tax Cuts and Jobs Act” isn’t fully decided upon. But the House and Senate each have final versions of the bill.
Maxim Lott, Executie Producers for Stossel Productions and a senior producer for Reason TV, has created a calculator that tells you what you can save each year under the two plans.
As an example, I put in a lower middle class household income of $30,000 a year for a two-parent household with two dependent children, taking a standard deduction.
Here is the result (click to enlarge):
That’s a tax cut. That family, under either plan, would have more cash in their paychecks under the GOP tax cut plan.
Here is the result if their income was $50,000, bottom of the middle middle class.
Still a tax cut. And, as you can see liberals, the lower middle is getting a bigger benefit. INTERESTING.
Here is the higher end of middle middle class, at $100,000.
Again. It’s a TAX CUT.
Whatever differences you have with the plan, it’s just not true to say it’s not a tax cut, and it’s especially not true to say that it’s not for the middle class.
Calculate for yourself here, courtesy of Maxim Lott.
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