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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe hottest tax idea in Washington right now would cost average families $1,000 a year
causing people in the lowest income brackets the most pain. But that should come as no surprise to anyone who pays the least bit of attention to tax policies. The Republicans just LOVE regressive taxes.
The GOP plan to reform corporate taxes which the Trump administration last week claimed could make Mexico pay for President Trump's border wall would effectively charge companies 20 percent on their imports. To consumers, it would feel a lot like a hefty new sales tax on foreign-made products. And, like any sales tax, it would put the most strain on the poorest households.
Families at the bottom of the income ladder could pay 5 to 8 percent of their incomes as a result of increased prices from the Republican proposal, according to new calculations from Katheryn Russ, an associate professor of economics at the University of California, Davis. Middle-class families would pay between $700 to $1,000 a year, or about 1.3 to 2 percent of their incomes.
These charts show how the new tax would affect a range of American households. The highest-earning 10 percent of households would pay the most, because they buy the most. But since poorer families spend a larger share of their paychecks toward purchasing food, clothing and other necessities which are often imported the import tax would make a larger impact on their budgets.
Families at the bottom of the income ladder could pay 5 to 8 percent of their incomes as a result of increased prices from the Republican proposal, according to new calculations from Katheryn Russ, an associate professor of economics at the University of California, Davis. Middle-class families would pay between $700 to $1,000 a year, or about 1.3 to 2 percent of their incomes.
These charts show how the new tax would affect a range of American households. The highest-earning 10 percent of households would pay the most, because they buy the most. But since poorer families spend a larger share of their paychecks toward purchasing food, clothing and other necessities which are often imported the import tax would make a larger impact on their budgets.
link:https://www.washingtonpost.com/news/wonk/wp/2017/01/31/the-hottest-tax-idea-in-washington-right-now-would-cost-average-families-1000-a-year/?hpid=hp_no-name_hp-in-the-news%3Apage%2Fin-the-news&utm_term=.ea562d40cb2dhttp://|
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The hottest tax idea in Washington right now would cost average families $1,000 a year (Original Post)
PA Democrat
Jan 2017
OP
smirkymonkey
(63,221 posts)1. K&R
HassleCat
(6,409 posts)2. It's all good.
We have to pay for the war with Eastasia.
PA Democrat
(13,225 posts)3. You seem to be confused comrade. We are at war with Eurasia
We have always been at war with Eurasia.
grantcart
(53,061 posts)7. How about Freedonia?
Initech
(100,081 posts)4. The rich get richer and we get fucked, it's all part of the master plan.
logosoco
(3,208 posts)5. $700-1000 is nothing to these "people"
they do not understand how it could be an amount that would affect someone's budget. TO them, there is something wrong with people who have a problem with that amount of money.
PA Democrat
(13,225 posts)6. Yes, Donald will screw the very people he promised to help.
rgbecker
(4,832 posts)8. You have said it all. Right on.