Republican Tax Cut Scam

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Republican Tax Cut Scam

Here is the deliberately confusing  -- take from here to give there  -- smoke and mirrors.

For all taxpayers in 2027, a substantial portion — about 30 percent — will end up with higher taxes:

Change in, (average per income category), Taxes 2019- 2027 - All Taxpayers:

as you can see by 2023 everyone, on average, under $40,000 is paying MORE in taxes !


  Married, Filing Jointly Single Filers  
  new old new old  


ends 2025

$24,000  $12,700 $12,000 $6,350  

Child Tax Credit
ends 2025

earning less than $Y can receive a tax credit of up to $X  for each child under 17.


ends 2025

$24,000  $12,700 $12,000 $6,350  


$4,050 per person, married couple with two dependents would receive $16,200.

returns 2025.


$109,400 to $1 million $84,500 and begins to phase out at $160,900 $70,300 to
$54,300 and begins to phase out at $120,700 end 2025
 Itemized Deduction limits are repealed through the 2025   $X=$313,800   $X=$261,500 Itemized deductions may be limited, and total itemized deductions may be phased out (reduced), if your adjusted gross income exceeds $X
Tax Bracket New Taxable Income Old Taxable Income New Taxable Income  Old Taxable Income   
10 % Up to $19,050 Up to $18,650 $9,525 Up to $9,325  
15 %
12 %
$19,051-$77,400 $18,651-$75,900 9,526-$38,700 $9,326-$37,950  
25 %
22 %
$77,401-$165,000 $75,901-$153,100 $38,701-$82,500 $37,951-$91,900  
28 %
24 %
$165,001-$315,000 $153,101-$233,350 $91,901-$191,650 $91,901-$191,650  
33 %
32 %
$315,001-$400,000 $233,351-$416,700 $191,651-$416,700 $191,651-$416,700  
35 % $400,001-$600,000 $416,701-$470,700 $416,701-$418,400 $416,701-$418,400  
37 %
39.6 %
Over $600,000 Over $470,700 Over $418,400 Over $418,400  

Mortgage Deductions:
  Eliminated till 2025 (deductible limit drops from $1.1 million to $750,000 for new debt incurred after Dec. 31, 2017. )

Inflation Rate Measure

Previous law: The IRS uses the Consumer Price Index for urban consumers to adjust tax bracket thresholds and other tax provisions for inflation. That includes such provisions as the standard deduction, the personal exemption, earned income tax credit and the alternative minimum tax, as the Tax Policy Center explains.

New law: The IRS would switch to an inflation index known as the chained CPI. As we have written, chained CPI is considered a more accurate measure, but rises somewhat more slowly than the traditional CPI. That would mean bracket thresholds and tax credits, for example, would rise more slowly. That could have the effect over time of pushing more people into higher tax brackets and reducing the purchasing power of tax credits.

Capital Gains Tax Rate Capital gains are the profits realized from the sale of assets such as stocks or real estate.

Previous law: The profits on the sale of assets held for more than one year are eligible for a tax break. The long-term capital gains tax rates are 0, 15, and 20 percent for most taxpayers. If your ordinary tax rate is already less than 15 percent, you could qualify for the zero percent long-term capital gains rate. For high-income taxpayers, the capital gains rate could save as much as 19.6 percent off the ordinary income rate.”

New law: No changes.

Estate Tax

Previous law: A top rate of 40 percent applies in 2017 to estates valued at more than $5.49 million (nearly $11 million for couples).

New law: The top rate of 40 percent would apply to estates valued at more than $11.2 million ($22.4 million for couples). The increased levels expire after 2025.

Corporate Taxes

Previous law: The top corporate rate was 35 percent. As with some high-income individual taxpayers, corporations are also required to calculate their tax liability using the corporate alternative minimum tax (AMT)— a parallel system that reduces or eliminates some deductions and tax credits. After calculating tax liability using both the regular corporate income tax system and the corporate AMT, corporations pay the higher of the two amounts.

New law: The top rate would be 21 percent, and the corporate AMT would be repealed.

Pass-Through Business Taxes

Previous law: Businesses organized as sole proprietorships, LLCs and partnerships don’t pay corporate tax rates. Instead, the owners pay individual income taxes on their share of business income – they’re called pass-through business taxes. Those tax rates are the same as the individual income tax rates.

New law: Business owners can take a 20 percent deduction on their pass-through business income, with limits for those earning above $157,500 (single) and $315,000 (married, filing jointly).

Revenue Impact

The changes in the tax code are expected to reduce federal tax revenues by an estimated $1.46 trillion over 10 years, according to the nonpartisan Joint Committee on Taxation.