You seriously think the middle class needs more tax cuts
Here's the federal tax burden for the middle 3 quintiles (what I'll consider the middle class)
...................................................................Means test....Net Tax
.......................Avg inc.....Inc Tax....All Tax...transfers*.....Burden....Inc Tax%....All Tax%...Net %
2nd Quintile......$42.1K...($0.7K)....$3.8k.....$6.2K...........($2.4K)......(1.7%).......9.0%........(5.7%)
Middle Quintile..$68.7k....$2.0k......$9.6k.....$3.2k............$6.4k..........2.9%........14.0%......(9.3%)
4th Quintile.......$104.5K..$6.7K......$18.6k...$1.8k...........$16.8k........6.4%.........17.8%......16.1%
Average............$71.8k.....$2.7k......$9.5k.....$3.7k............$5.8k..........3.7%.........14.9%......9.7%
The average income tax burden of the middle class is less than 4%. For all taxes (which is mostly comprised of payroll taxes which come with a tremendous future benefit for middle class tax payers), the effective rate is just under 15%. If you subtract out means tested transfer payments (medicare, CHIP, SNAP, ACA subsidies), the overall burden is less than 10%.
We've dramatically reduced the tax burden on the middle class over the last several decades, usually to help sell tax cuts to high earners. The LAST thing we need right now is to reduce middle class taxes. Particularly if you look at all of the additional gov't spending the left wants to do in order to have social benefits that are more like Europe. Well guess what what happens to the middle class in Europe when it comes to taxes.... they pay a SIGNIFICANTLY higher rate.
We need to raise taxes and cut spending. We probably need to raise taxes on high earners. We definitely do not need to cut taxes on the middle class
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In response to this post by Lazarus)
Posted: 03/06/2019 at 1:41PM