Taxes
Posted: Apr 26th, '21, 10:58
Turns out, unless you're a very high earner, Democrats have a better record on tax cuts than Republicans do:
As for Biden's proposals, I'm good with upping taxes on the highest bracket and on cap gains. I just wish that politicians weren't so eager to spend it all on new programs.
https://www.politico.com/news/2021/04/2 ... den-484476Everyone knows that Democrats want to raise taxes on the rich, but what hasn’t gotten nearly as much notice is how much they’ve cut them for most everyone else — substantially more than Republicans did in the first year of their 2017 tax overhaul.
New estimates by Congress’s official forecasters show Democrats’ tax cuts — included in their March stimulus package — will drive down tax rates on low- and middle-income people so much this year that those earning less than $75,000, on average, will owe nothing in federal income taxes.
Those making between $75,000 and $100,000 will pay a scant 1.8 percent average tax rate this year, the nonpartisan Joint Committee on Taxation predicts.
That will shift the relative burden to the wealthy, at least temporarily, with those earning more than $500,000 expected to pay more than two-thirds of all income taxes this year.
As for Biden's proposals, I'm good with upping taxes on the highest bracket and on cap gains. I just wish that politicians weren't so eager to spend it all on new programs.