Budget deal now done.
On to tax reform. Really looking forward to the inevitable talking points from Chuckie Schumer, as he cashes his Goldman Sachs campaign contributions, telling everyone that the reform is nothing but a tax break for the "wealthy".
A reminder:
- Top 1% of all income earners ($490K and over) pay 39% of all federal income taxes.
- Top 10% of all income earners (those reporting $139K and over) pay 70.6% of all federal income taxes.
- Bottom 50% (below $40K) pay 2.8% of all federal taxes.
My wife and I both have good jobs, and we have good income. We live comfortably. But after we save for retirement, pay $25K/year for two kids in daycare, and put money away in our children's 529 plans, there certainly isn't "yacht money" left over. It's amazing how America has been hoodwinked into thinking tax cuts across the board won't help EVERYONE that works for a living.
On to tax reform. Really looking forward to the inevitable talking points from Chuckie Schumer, as he cashes his Goldman Sachs campaign contributions, telling everyone that the reform is nothing but a tax break for the "wealthy".
A reminder:
- Top 1% of all income earners ($490K and over) pay 39% of all federal income taxes.
- Top 10% of all income earners (those reporting $139K and over) pay 70.6% of all federal income taxes.
- Bottom 50% (below $40K) pay 2.8% of all federal taxes.
My wife and I both have good jobs, and we have good income. We live comfortably. But after we save for retirement, pay $25K/year for two kids in daycare, and put money away in our children's 529 plans, there certainly isn't "yacht money" left over. It's amazing how America has been hoodwinked into thinking tax cuts across the board won't help EVERYONE that works for a living.
