the staff of the Ridgewood blog
Ridgewood NJ, according to the website Unbiased America author Kevin Ryan calls it the smoking gun in the tax cut. Rayan writes , ” If you want a smoking gun that the media and Democrats are actively spreading falsehoods about the tax cuts, this is it. Earlier this week, Congress’ bipartisan Joint Committee on Taxation released an analysis on the proposed tax cuts which showed that $61 billion, or 23% of the total cuts on the individual side, would go to the middle class (which they define as families making between $20,000 and $100,000). Democrats pounced on the figure, and the media parroted their criticism that “only” 23% of the tax cuts were going to the middle class. Except they left out one important piece of information.
The middle class only accounts for 3.9% of total individual income tax payments.
In other words, the group that only contributes 3.9% of federal income tax was getting 23% of the benefit of these cuts. The media has the narrative backwards. Not only is the middle class benefiting from this reform, they are benefiting disproportionately relative to how much they pay into the income tax. ”
ABC News reports Republicans’ “first major legislative victory” under President Donald J. Trump is the “largest overhaul of the tax code in 30 years.” The bill simplifies the tax code by eliminating several special interest loopholes and doing away with Obamacare’s individual mandate. The President said Americans would start to see the bill’s effects beginning in February. “This bill means more take-home pay. It will be an incredible Christmas gift for hard-working Americans. I said I wanted it done before Christmas. We got it done,” President Trump said.
In the biggest overhaul of the US tax system in 30 years , its important to note that not one democrat voted for the middle-class tax cut .