Politics IRS data prove Trump tax cuts benefited middle, working-class Americans most
Report: Marcus Stroman drawing interest from Red Sox, Giants, Cubs, Angels, Mets
The Red Sox, Giants, Cubs, Angels and incumbent Mets are among the clubs with interest in Stroman. The Angels were already reported to be suitors, but the other four teams represent newly known entrants into his market. No one in that group is particularly surprising, as each of that quintet has been known to be seeking starting pitching. The Giants, Cubs and Angels have all made one or more notable rotation pickups already, but each reportedly remained in the bidding for Steven Matz even after landing other starters.
President Biden and congressional Democrats' Build Back Better Act (BBB) is now in the hands of the Senate. That legislative body's 50-50 partisan split will undoubtedly make the bill's passage difficult.
In order for BBB to become law, Democratic Senate leadership will need to convince moderates such as Sens. Kyrsten Sinema (D-Ariz.) and Joe Manchin (D-W.Va.) that the legislation'sprice tag can be offset by expanding the Internal Revenue Service (IRS) and its enforcement efforts while imposing substantial tax reform measures.
Chargers sign first-round pick Rashawn Slater to rookie deal
The Bolts took Slater No. 13 overall, beating the Vikings and other interested clubs to the punch . The son of former eight-year NBA veteran Reggie Slater, Rashawn started 37 games at either left or right tackle between 2017 and 2019. This included a sophomore season in which he earned Third-Team All-Big Ten honors. Slater also fared well against Chase Young in their final matchup of the 2019 campaign, not allowing the ex-Buckeyes phenom to record a quarterback hit when they were matched up. Despite shifting from right to left tackle as a junior, Slater did not allow a sack in 11 games that year.
Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, who, according to many on the left, have benefited disproportionately and unfairly from thepassed by Republicans and signed by former President Trump. The latest data, however, prove that this claim is pure mythology.
Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans' tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.
, one that includes the effect of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans' Tax Cuts and Jobs Act went into effect and the most recent year for which data are available.
Who to start in fantasy football: Week 12 rankings, start-sit advice for PPR, standard, superflex scoring
Pamela Maldonado goes in depth on a few prop bets she is playing for week 12 of the NFL season.
Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.
By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. (For more detailed data, see my table published.)
That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.
What's more, IRS data show earners in higher-income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year.
In fact, every income bracket with filers earning $200,000 or more increased its tax burden in 2018 compared to 2017, and every income bracket with a top limit lower than $200,000 paid a smaller proportion of the total personal tax revenue collected.
GOP Senator slams Biden Build Back Better bill as 'corporate welfare'
Louisiana Senator Bill Cassidy claimed that one-third of Biden's sweeping progressive package involved 'tax cuts for billionaires' during an interview with ABC on Sunday.'A middle class person can't afford a used car, is paying for a tax credit for someone who makes $500,000 per year? Republicans wouldn't agree to that. Yet now we're being asked to increase the debt limit to pay for it - that's not a fair deal,' he said on ABC News.
That means that Republicans' tax reform law resulted in the tax code becoming slightly more progressive - the exact opposite of what Democrats have claimed over the past four years.
The IRS data further show that the tax reform law - which included a variety of business tax cuts, including a large reduction in the corporate income tax rate - spurred economic mobility.
Every income bracket with a top level lower than $25,000 experienced a reduction in its number of filers, and every income bracket above $25,000 increased in size, with the biggest gains occurring in the brackets with a floor of at least $100,000.
The fact is, Republicans' 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups, provided the greatest benefits for middle-income households and spurred economic growth that helped to reduce poverty and improve prosperity.
It would be a grave mistake for Democrats to eliminate key parts of this important legislation.
Justin Haskins () is director of the Socialism Research Center at The Heartland Institute and the co-author, with Glenn Beck, of the forthcoming book, " ."
Who to start in fantasy football: Week 14 rankings, start-sit advice for PPR, standard, superflex scoring .
It's Week 14, and your fantasy start 'em, sit 'em decisions are coming down to the wire. We've compiled all of our Week 14 rankings for PPR, standard, and superflex leagues in one place to help you decide who to start.If you're looking for more analysis, click the links located throughout the article, which include DFS advice and injury updates (directly below).