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Originally Posted by Oerets
Will this new bill put forth by the Right, the ones in power increase the number of people who in the end will pay no taxes?
I'm thinking of those who will fall into the much maligned, dreaded 47% mentioned by Mitt Romney. It may now increase the way I read things.
Barney
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From NY Times:
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LOW-INCOME FAMILIES Low-income families who claim the earned-income tax credit will lose out on at least $19 billion over the coming decade under the bill because of the change in the way inflation is calculated. And a new requirement that families claiming the child tax credit provide a Social Security number is projected to mean a big reduction in the families claiming it, since those who are not in the United States legally would be prohibited, even if their children were born in the United States.
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Big winners are corporations, billionaires and mega millionaires.
As for corporations, the tax savings will most certainly be distributed as dividends since that is job security for the CEO's and upper management. So the effective growth in economy will go in the opposite direction. Middle class home owners with mortgages and/or property taxes are the hardest hit.
https://www.nytimes.com/2017/12/16/b...=top-news&_r=0