Who benefits most from Republican tax cuts. The following information from a chart from the Tax Policy Center, associated with the Urban Institute and the Brookings Institution.
Items are broken down by individual yearly earnings, average nearly tax benefit, and average monthly tax benefit.
• $10,000 to $20,000, $50 per year, $4.16 per month.
• $30,000 to $40,000, $360 per year, $30 per month.
• $50,000 to $75,000, $870 per year, $72.50 per month.
• $100,000 to $200,000, $2,260 per year, $188.33 per month.
• $500,000 to $1,000,000, $21,240 per year, $1,770 per month.
• More than $1,000,000, $69,000 per year, $5,800 per month.
In 2027 these tax cuts for the average person are scheduled to go away. The tax cuts for the ultra-rich and the corporations are scheduled to continue.
What are the effects on the national debts from these tax cuts? Information from the Treasury Department reported in the Minneapolis Tribune Tuesday, Oct. 14. “The federal budget deficit swelled to $779 billion in fiscal year 2018, driven in large part by a sharp decline in corporate tax revenue after the Trump tax cuts took effect.” Also “It is now on pace to top $1 trillion a year before next presidential election.”
What are Republican plans to deal with the growing debt? Consider information from an article in the Washington Post on Dec. 6, 2017. “House Speaker Paul D. Ryan (R-Wis.) said Wednesday that congressional Republicans will aim next year to reduce spending on both federal health care and anti-poverty programs, citing the need to reduce America’s deficit.” Federal health care programs and anti-poverty programs include social security, Medicare and Medicaid.
What are Republican plans for dealing with the Affordable Care Act which includes protections for people with preexisting conditions? Information comes from an article in the Minneapolis Tribune on Oct. 18. “Senate Majority Leader Mitch McConnell, R-Ky., said Wednesday that Republicans may try once again to repeal the Affordable Care Act after the November midterm elections.”