The Tax Policy Center has analyzed the tax proposal and who pays less and who pays more. Spoiler alert! The rich pay less and the rest pay more. While everyone would pay less in the first year (enabling the Republicans to claim that everyone gets a tax cut), the rich will pay a lot less and there is a time delay in the bill that results in tax increases for lower income people down the road.
We find the bill would reduce taxes on average for all income groups in both 2019 and 2025. In general, higher income households receive larger average tax cuts as a percentage of after-tax income, with the largest cuts as a share of income going to taxpayers in the 95th to 99th percentiles of the income distribution. On average in 2027, taxes would rise modestly for the lowest-income group, change little for middle-income groups, and decrease for higher-income groups. Compared to current law, 9 percent of taxpayers would pay more in 2019, 12 percent in 2025, and 50 percent in 2027.
Elizabeth Warren discussed with Stephen Colbert what the current Republican tax plans will do, how it will benefit the wealthy at the expense of the rest of us, and what needs to be done to stop it from passing.
I predict a sharp rise in manure-fork pricing.
(One is entitled to some hope, isn’t one?)
I was reading about the changes in taxes for graduate students somewhere and thinking: Wow this is great!
Not for the USA, of course, but in something of a competitive market for the best graduate students, especially in the STEM area, every topnotch research university in just about any developed country in the rest of the world just became more competitive.
Prospective graduate students are likely already crossing almost all US universities off their lists and those topnotch universities mentioned above may be thinking about doing a little poaching.
I remember reading that, after the Brexit vote, top foreign scientists and possibly native Brits as well, started getting phone calls almost immediately.
If you cannot attract good graduate students to your lab, maybe that offer in Copenhagen looks good. And, of course, take your current graduate students and post-docs with you.
The level of Republican stupidity continues to astonish me.
Some time back I was arguing on a forum with a very conservative person that was saying the trickle down had been proven to work. My response was, “Oh, really?” and then proceeded to give the actual numbers. Over the 40 years from 1975 to 2015 the average GDP per person in the US had gone up (IIRC) 108% (in real dollars adjusted for inflation). The median per person income had gone up 6% (also in real dollars). Clearly the lower income people were not receiving the bounty of that 108% increase. It was almost exclusively the wealthy. No trickle down.
# 3 Mobius
Did that conservative actually understand what a mean and a median were?