By Christopher R Rice
The tax hikes that would hit single parents and large families would result from Trump's plan to eliminate the personal exemption and the head-of-household filing status. These features of the tax code have enabled many Americans to reduce their taxable income.
His other proposed tax changes would benefit middle- and lower-income Americans. But they wouldn't be enough to offset those modifications.
"If you're a low- or moderate-income single parent, you're going to get hurt," said Bob Williams, a fellow at the Tax Policy Center.
Lily Batchelder, a visiting fellow at the Tax Policy Center and former deputy director of President Barack Obama's National Economic Council, estimates that roughly 7.9 million families with children would pay higher taxes under his proposals. About 5.8 million are led by single parents. An additional 2.1 million are married couples.
Other analysts, including economists at the conservative Tax Foundation and right-of-center American Enterprise Institute, have agreed with Batchelder's conclusions.
Trump's plan would more than double the standard deduction to $15,000. But that change would be outweighed by his elimination of personal exemptions and head-of-household status. So the family's taxable income would be $60,000, and their tax bill would be $2,440 more than it is now.
By contrast, the wealthiest 1 percent — those earning over $700,000 — would enjoy a tax cut averaging nearly $215,000, boosting their after-tax incomes 13.5 percent. And the richest 0.1 percent — those making above $3.7 million — would receive a bonanza: An average tax cut exceeding $1 million.
By Christopher R Rice
How do we get rid of the Republicans and the Democrats? Or as I like to call them the crooks and the criminals. They are not about to just give up power, but we can make it hurt for them to hold onto power.
We need to offer a better alternative
What I'm suggesting is very simple. No protest or revolution or armed militias are needed. I believe we'd all like to see a viable alternative to the political fiasco masquerading as our leaders.
To: All BRAVE, able bodied and well disposed men and women. In your neighborhood, who have any inclination to join the People's Party, now being raised by Christopher R Rice, for the defense of the liberties and independence of the United States. TAKE NOTICE:
Failing Economics of Washington DC only making things worse!!
Half The Country Makes Less Than $27,520 A Year now!!
1.) According to a brand new CNN poll, 59 percent of Americans believe that it has become impossible for most people to achieve the American Dream.
2.) More Americans than ever believe that homeownership is not a key to long-term wealth and prosperity...
3.) Overall, the rate of homeownership in the United States has fallen for eight years in a row, and it has now dropped to the lowest level in 19 years.
4.) 52 percent of Americans cannot even afford the house that they are living in right now...
5.) According to the U.S. Census Bureau, only 36 percent of Americans under the age of 35 own a home. That is the lowest level that has ever been measured.
6.) Right now, approximately one out of every six men in the United States that are in their prime working years (25 to 54) do not have a job.
7.) The labor force participation rate for Americans from the age of 25 to the age of 29 has fallen to an all-time record low.
8.) The number of working age Americans that are not employed has increased by 27 million since the year 2000.
9.) According to the government's own numbers, about 20 percent of the families in the entire country do not have a single member that is employed at this point.
10.) This may sound crazy, but 25 percent of all American adults do not even have a single penny saved up for retirement.
11.) As I noted in one recent article, total consumer credit in the United States has increased by 22 percent over the past three years, and 56 percent of all Americans have "subprime credit" at this point.
12.) Major retailers are shutting down stores at the fastest pace that we have seen since the collapse of Lehman Brothers.
13.) It is hard to believe, but more than one out of every five children in the United States is living in poverty in 2014.
14.) According to one recent report, there are 49 million Americans that are dealing with food insecurity right now.
15.) Overall, the U.S. poverty rate is up more than 30 percent since 1966. It looks like LBJ's war on poverty didn't work out too well after all.
And this is why we need four things to happen...
1.) Get rid of Citizens United...Corporations are not people.
2.) Term limits!! Just like the President ...Two and goodbye!
3.) Salary based on performance!
4.) Equal and visible spending for elections. You can spend this much to get your point across!
Oh....wait make it 5!! I forgot the most important thing....If you are caught lying, cheating, stealing or any other infraction that the rest of us would go to jail for...you're out!! Jail time for politicians, no one should be above the law.
Now that would clear out the place wouldn't it. There are too many good people who can run this ship. We don't need carpetbaggers anymore.
Fact is, fear bolsters denial, and scapegoats are release valves. Easier to hate the messengers than to accept the message. The police state we have (and let's just be real children, the shoe fits very well) is intimidating. Open criminality by large businesses or elected officials goes unpunished. No thought is more naïve or dangerous than "can't happen here". Unless you think you're magical, and our nation's founders were idiotic conspiracy theorists. Human nature has not changed. The police state exists to contain domestic political forces. In the 60's, the FBI used COINTELPRO quite effectively to weaken rights/peace/justice movements. Don't be naïve. It's not Snowden you need to be worried about.
It's already started here. Many cities now have laws against protests, something that is guaranteed under our Constitution. We lost our right to privacy (ie. spying by the government on its own citizens and spying by private companies on us. Our ss#', our address, our phone number and private details of our life are spread out on the net for anyone who has the fee to buy). And we have no say.
The 1% own most of the wealth and each year they own a little more. And many Americans view the poor as being poor because they didn't work hard enough or weren't smart enough to not be poor. Our tax system gives the rich an unfair advantage in not paying their fair share of taxes and corporations often pay NO TAX.
My parents marched for equal rights down in the South where my Dad was stationed. I remember the cross that was burned two houses down from us (it was the house of a school principle). I had somehow thought that things would be better by now but they're actually worse.
It doesn't matter if you're a conservative or a progressive or anything else. Unless we put aside our differences and start fighting back, the American dream will be dead.
Since the late 1970s wealth inequality, while stabilizing or increasing slightly in other industrialized nations, has increased sharply and dramatically in the United States. And it is no secret that such a trend is taking place.
During the short boom of the late 1990s, conservative analysts asserted that, yes, the gap between rich and poor was growing, but that incomes for the poor were still increasing over previous levels. Today most economists, regardless of their political persuasion, agree that the data over the last 25 to 30 years is unequivocal. The top 5 percent is capturing an increasingly greater portion of the pie while the bottom 95 percent is clearly losing ground, and the highly touted American middle class is fast disappearing.
According to economic journalist, David Cay Johnston, author of "Perfectly Legal," this trend is not the result of some naturally occurring, social Darwinist "survival of the fittest." It is the product of legislative policies carefully crafted and lobbied for by corporations and the super-rich over the past 25 years. New tax shelters in the 1980s shifted the tax burden off capital and onto labor. As tax shelters rose, the amount of federal revenue coming from corporations fell (from 35 percent during the Eisenhower years to 10 percent in 2002). During the deregulation wave of the '80s and the '90s, members of Congress passed legislation (often without reading it) that deregulated much of the financial industry.
The time for marches and peaceful demonstrations is over!
To: All BRAVE, able bodied and well disposed men and women. In your neighborhood, who have any inclination to join the People's Party, now being raised by Christopher R Rice, for the defense of the liberties and independence of the United States.