Here’s How Much Money Your Family Could Lose if Dems Win

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mmckee1952
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Here’s How Much Money Your Family Could Lose if Dems Win

Post by mmckee1952 »

Here’s How Much Money Your Family Could Lose if Dems Win Midterms and Repeal Trump’s Tax Cuts.
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A new study showed how much money the average American household could lose if Democrats repealed President Donald Trump’s tax reform package after the midterm elections.
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The conservative Heritage Foundation estimated that if a Democratic majority repealed the series of tax cuts that the president implemented, taxes would increase in every congressional district in the United States, and each average American household would lose $26,906 in take-home pay over a 10-year period.
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It also projected that repealing the Tax Cuts and Jobs Act (TCJA) would translate into a $45,379 loss in take-home pay for the average family of four. Married couples with two children could lose between $10,585 to $101,009 depending on location.
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The authors based their estimates on a repeal starting in 2020 and used an individual income tax model that accounted for a variety of factors.
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“The model accounts for the law’s effects on private saving, foreign capital inflows, government deficits, investment in new capital, interest rates, wages, and hours worked,” the group said.
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As IJR previously reported, House Minority Leader Nancy Pelosi (D-Calif.) already indicated that she would raise taxes and has vehemently opposed Republicans’ reform package as exacerbating inequality.
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“Some have proposed repealing the tax cuts, which would shrink incomes, destroy jobs, lower investment, and, ultimately, decrease economic opportunity,” the authors said.
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The package included both a steep corporate income tax cut and temporary individual tax cuts.
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While it’s tough to gauge the overall impact of Trump’s tax reform on the economy, many companies have announced they would use their corporate tax savings to increase investment and distribute greater benefits to their employees.
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Experts like JPMorgan CEO Jamie Dimon have also suggested that the wave of positive economic reports resulted from Trump’s broader economic agenda.
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Many Democrats, however, have argued that the TCJA dramatically increases the deficit, something Heritage said Congress should solve by reducing spending not repealing the tax cuts.
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Read More: http://conservativemedia.us/politics/he ... -tax-cuts/
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My Thoughts:
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Food for thought, don’t let it happen. Vote Republican Nov. 6th
“Those who surrender freedom for security will not have, nor do they deserve, either one.”
― Benjamin Franklin
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dusterdude
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Re: Here’s How Much Money Your Family Could Lose if Dems Win

Post by dusterdude »

Doesnt the president have to sign off on this?

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