A Quote by Susan Davis
Most of them benefit businesses, things like research and development tax credits. But people will also benefit, too, from things like - the earned income tax credit and the child tax credit have been made permanent. They predominantly help lower-income families.
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Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
Tax expenditures for middle- and working-class Americans - like the earned income tax credit - aren't thought of as loopholes; they're just thought of as benefits.
We will lower the tax burden on middle class Americans by asking the very wealthy to pay their fair share. Middle class taxpayers will have a choice between a children's tax credit or a significant reduction in their income tax rate.
Notably, the Trump tax cuts also doubled the child tax credit, reducing the tax burden on working families so that they have more resources to devote to their children.
While the wealthiest families completely benefit from the tax cuts targeted towards the upper brackets, middle-income families were hit with the unwelcome surprise of higher taxes on tax day.
I was involved in the 'reformicon' effort in 2013-2014, which was explicitly, 'We can't just Xerox Reagan.' In the spirit of Reagan, actually, we could rethink things - maybe we need to think more about job-training programs, earned income tax credit, adjust the tax code.
Tax reform for the 21st century means rewarding hardworking families by closing unfair loopholes, lowering tax rates across the board, and simplifying the tax code dramatically. It demands reducing the tax burden on American businesses of all sizes so they can keep more of their income to invest in our communities.
The premium tax credit that is in the Obama plan is exactly that - it is a tax credit, and it isn't cash. It is a discount on the amount that you pay for an individual policy based on your family size and your income.
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions.
Lower-income immigrant families might receive more in benefits than they pay in taxes. But that mathematical equilibrium is temporary, and an artifact of the way the tax-and-transfer system is structured to help lower-income families and to support families with kids.
Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.
No one making less than $250,000 under Barack Obama's plan will see one single penny of their tax raised, whether it's their capital gains tax, their income tax, investment tax, any tax.
There's a lot to be said for expanding the Earned Income Tax Credit.
More than 1.1 million taxpayers in Pennsylvania will enjoy a lower tax rate, more than 1.4 million married couples will benefit from the reduction in the marriage penalty, and more than 1.1 million parents will have the advantage of an increased child tax credit.
The Healthy Homes Tax Credit Act will help ensure that all families, regardless of their income, can protect their children from the lifelong health impacts of lead poisoning.
We must end the iniquitous multi-taxing of the same money. It is not right to tax people's incomes, then their savings on that income, to tax the movement of assets through capital gains tax, stamp duty and tax them again through inheritance tax if they have the audacity to die.
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