Saturday, December 23, 2017

Oops! Walker proves tax bill grossly favors millionaires

WI GOP Gov. and boy who flunked 8th grade Math Fundamentals Scott Walker just fell into that old percentages trap.

While trying the other day to show on Twitter that modest wage earners are the bigger beneficiaries of the Trump-Ryan tax giveaway bill, Walker ended up proving that millionaires will make more than times as much money from the Trump-Ryan tax bill than filers making $50,000 or less..

Take a look at his tweet, don't quibble about the numbers he posted and just do the math for him:

“Lumping all taxes together, the Joint Committee on Taxation indicates that taxpayers making less than $50,000 will get an average tax cut of 11.2 percent, while those making over $1 million will get a tax cut of 5.9 percent.” - The Lindsey Group
lower-earners, and, in fact, larger than an entire year's lower-earner income.
And since Walker's Twitter feed is filled with rote GOP talking point about tax reductions that put more money in your pocket, which would you rather have in your pocket - - $5,600 or $59,000?

Which goes farther? Which can be used to generate more wealth?
And which category of earners do you think had better access to the lobbyists who worked on the bill with GOP legislators in Congress behind closed doors to distribute the benefits disproportionally of the tax bill to one set of Americans by a factor of ten?


Anonymous said...

What is not being given by any media outlets is that the figures must be adjusted to reflect actual taxable income. Someone making $50,000 a year takes their deductions etc. in order to arrive at a taxable figure. That could easily be down in the $30,000 range or less. Now apply the tax bracket percentage and you have a way different picture. Additionally any changes to the personal exemption and income ranges used to determine your tax bracket can have major impacts. The point is that nobody I've read or heard so far has talked to an actual CPA and published any results for various scenarios. What is a certainty is that the Republicans didn't craft this bill in secret under cover of darkness because they had to keep secret how much they were helping average taxpayers.

Mary Kay said...

Whatever happened to the idea of progressive taxation... based on ability to pay... where the wealthier pay a higher rate of tax than the less-affluent. So the percent of tax you and I working class people pay should be a lower percent than those who make millions each year. Somehow that is turned all around. It is the super rich who now get the lower percent after their loopholes and special treatment of capitol gains taxes.

Psych Social Class Spring 2009 said...

Anonymous. This tax scam took almost all of the deductions by the 99% away. If you don't own a private plan or golf courses the deductions you are allowed are very few. When I looked at the tax calculator for the new tax law I would get a measly $400 plus dollars more whereas when it expires I will pay over $1200 more. The super rich save millions and millions. Trump himself is reported to benefit by $40 million.

Anonymous said...

SNOTTY lies as usual!