@fanuc2013 Tell me you didn't read the entire bill without telling me.
For starters, all those tax cuts to the rich are being funded by cutting my medical care and food, but you don't care about that, right? Why would you? That doesn't directly affect you in the slightest. And it also doesn't answer your question. You know what does?
@fanuc2013 It doesnt .. the same 35-40% of people who paid zero federal tax in 2024 will pay zero federal tax when they file for 2025. Its liberal lies.
They might receive less in medicaid or food stamps .. but that is NOT paying more in federal taxes.
@BrandNewMan Repealing the IRA (one of the "savings" outlined in the Act) will result in the loss of tax credits that currently favour the poor. Combined with the loss of entitlements you describe above, those in the bottom quintile of earners (with less than $18K of income) will see around a -1.1% change in their household income (on average a loss of around $165, rising to $1,300 by 2033) while the richest 0.1% (earning over $4.4m) will see their household income increase by around 2.4% (on average $300,000) by 2027.
@SunshineGirl Lol. You do not understand the US tax codes and how low income people use them, what they own, etc.
First .. The vast majority of low income earners do not itemize because they lack sufficient allowed deductions. They take the std deduction .. hell, I'm top 5-6% and I take the std deduction because of nearly paid off mortgage and SALT deduction limits. The std deduction is increasing, which will lower their taxes or allow more income to go tax free for those who pay Zero dollars in Federal income taxes. The income threshold for the tax brackets is increasing, so more money will qualify for the lower tax bracket. That decreases their taxes.
Assuming IRAs you refer to are clean energy tax deductions .. virtually NO low income people own qualufying EVs or convert to solar /wind energy sources as they are low income and CANNOT AFFORD TO DO THAT.
Of the total itemized deduction filings .. only about 6 % fall into the lowest 2 income brackets .. and mortgage interest, state /local taxes and medical bills are the biggest components of their allowed deductions. IRA energy related deductions in that bracket are virtually non-existant.
This is the kind of lying, idiotic bullshit that make you liberals so fucking annoying.
@BrandNewMan Clean energy tax credits were directed towards companies that invested in historically under-represented communities, including rural, low income, and tribal. Withdrawing tax incentives will therefore impact disproportionately incomes and economic prospects among the most marginalised in society. Nothing to do with personal tax liability. Everything to do with f**king up a farsighted and progressive economic stimulus.
@BrandNewMan My post is about the change in household income which results from this legislation. Why look only at personal taxes if this presents only a partial picture?
