BUCKNACKT'S SORDID TAWDRY BLOG
We should not be a journey to the grave with the intention of arriving safely in an attractive & well preserved body, but rather to skid in sideways, chocolate, bier or wein in hand, body thoroughly used up, totally worn out and screaming "WHOO-HOO, WHAT A RIDE!!!!!!"
ANOTHER example of the drumpf/trump-pence commitment to represent the 1% at the expense of the poor, the working and middle classes. The Clinton-Kaine campaign's proposals raise taxes on those who can afford to and should pay more, the rich, especially the 1%. Check this out from +PolitiFact ......
Under Donald Trump's tax plan, "51 percent of single parents would see their taxes go up."
— Hillary Clinton on Friday, November 4th, 2016 in a campaign rally
Campaigning in the final stretch of the presidential election, Hillary Clinton took a brief break from knocking Donald Trump’s character to hammer his tax plan.
"He's taking care of himself, he's taking care of his family, he's taking care of the super wealthy and corporations," Clinton said at a rally in Pittsburgh on Nov. 4, 2016, adding that under Trump, "51 percent of single parents would see their taxes go up."
Briefly, Trump’s tax plan would collapse the seven federal income tax brackets into three (12 percent, 25 percent and 33 percent). He would also raise the standard deduction (the amount everyone can deduct from taxable income) but repeal personal exemptions and head of household filing status.
Tax analysts have found that Trump’s plan would deliver, on average, tax cuts across all income brackets. So how is it possible that single parents would pay more?
The Clinton campaign referred us to analysis of Trump’s tax plan from the Tax Policy Center, which is affiliated with the left-leaning Urban Institute.
According to the report, authored by New York University professor Lily Batchelder, about 20 percent of households and more than half of single parents would wind up paying more in federal taxes.
How?
First, Trump’s proposal to increase the standard deduction wouldn’t be enough to offset the amount many single parents could have deducted with personal exemptions (which Trump would take away).
For example, a single mother with one child can take a $9,350 standard deductionand two $4,050 exemptions, one for herself and one for her child in 2017 under the current system — or $17,450 in exemptions in total. Under Trump’s plan, she would be able to take just a $15,000 standard deduction. The end result? That mother would have to pay income tax on an additional $2,450 under Trump’s plan.
Second, the head of household filing status currently applies to unmarried filers with dependents, and their standard deduction and tax rates are between those of married filers and single filers. Repealing this provision as Trump proposes would require single parents to file as individuals with higher tax rates.
Third, Trump’s three brackets would increase taxes for many head of household filers. For example, the current lowest bracket is 10 percent, but Trump’s lowest bracket is 12 percent.
"For example, in 2017 a single parent with one child who claims the standard deduction would face a 25 percent tax rate on adjusted gross income between $53,050 and $68,550, compared with just a 15 percent rate under current law," Roberton Williams, an analyst at the Tax Policy Center, wrote in Forbes.
Put it altogether, 51 percent of single parents or about 5.8 million households would see a tax increase under Trump’s plan, Batchelder calculated. As our colleagues at FactCheck.org noted, "single parents tend to do worse under Trump’s plan than under current law."
For example, a single parent with an income of $75,000 and two school-age children would see his or her taxes increase by $2,440 or by $1,640 if the family had child care costs that could be deducted under Trump's plan, according to Batchelder. Similarly, a single parent making $50,000 and who had three children would face an increase of $1,188.
The Tax Foundation, a free market-oriented think tank, has not released similar analysis. But its director of federal projects, Kyle Pomerleau, found no faults with Batchelder’s report.
The Trump campaign did not respond to a request for comment.
Our ruling
Clinton said, under Trump's tax plan, "51 percent of single parents would see their taxes go up."
Trump’s proposal would simplify the federal tax code and provide tax cuts for many. But, analysts say, Trump’s plan would make changes that would affect some people negatively.
Trump’s proposal to eliminate the head of household filing status and personal exemptions would raise federal income taxes for many single parents.
We rate Clinton’s claim True.
About this statement:
Published: Sunday, November 6th, 2016 at 5:16 p.m.
chris shristie is a liar. desperate to get back to the "grown up" stage for the next republican / tea-bagger debate he is resorting to flat out lies about the tax proposals of the Democratic presidential candidates. This from +PolitiFact sets the record straight.....
The Democrats plan "to raise your tax rates to 70 or 80 percent."
— Chris Christie on Tuesday, November 10th, 2015 in the fourth GOP undercard debate.
By Linda Qiu on Thursday, November 12th, 2015 at 11:25 a.m.
New Jersey Gov.
Chris Christie speaks during the Republican Presidential Debate
sponsored by Fox Business and the Wall Street Journal Nov. 10, 2015.
(Getty Images)
New Jersey Gov. Chris Christie may have gotten bumped to
undercard debate, but that didn’t deter him from aiming above the GOP
field and targeting the other side instead.
Don’t worry about his fellow Republican rivals, Christie said, worry
about the Democrats and Hillary Clinton, who is "coming for your
wallet."
"If anybody believes the stuff they heard from that Democratic debate a few weeks ago, there’s nothing for free," Christie said.
"What they forgot to tell was that they’re going to raise your tax
rates to 70 or 80 percent in order to provide all of that stuff." Severalofyou asked us to look into whether Clinton, Bernie Sanders and Martin O’Malley want to hike up taxes to 70 or 80 percent.
The Christie camp told us that it’s been widely reported that Sanders
"doesn’t flinch" over returning to a 90 percent top marginal tax rate.
But that’s not the same thing as a tax increase of 70 or 80 percent for
the average taxpayer (Christie earned a Pants on Fire
for his statement last debate that Sanders wants a 90 percent rate for
ordinary Americans). Nor does that prove that Clinton and O’Malley also
want a tax rate, top marginal or otherwise, of 70, 80 or 90 percent.
None of the three Democrats have released formal tax plans, but
spokespeople for Clinton and Sanders said Christie’s statement is
"ridiculous" and "completely false." Tax analysts also told us that
there’s nothing in what Clinton, Sanders and O’Malley have said so far
that suggest rates that high. The tax plans
Here’s what each candidate has proposed so far, according to analysis by the free market-oriented Tax Foundation and the nonpartisan Tax Policy Center, as well as our own research:
Clinton’s tax plan
Sanders’ tax plan
O’Malley’s tax plan
• Makes the higher education tax credit permanent and creates a credit for out-of-pocket health care costs
• Repeals the Cadillac tax in the Affordable Care Act
• Creates medium-term capital gains rates between 24 and 39.6
percent (current short-term rate is 39.6 percent and long-term rate is
20 percent)
• Creates a 15 percent tax credit for companies that share profits with workers
• Creates a high-frequency trading tax
• Eliminates carried interest loopholes
• Raises the top marginal income tax rate from 39.6 percent to above 50 percent
• Creates a net investment income surtax of 10 percent
• Raises capital gains and dividends tax rates to the level of income taxes
• Raises the top estate tax rate from 40 percent to 65 percent (estates under $3.5 million would be exempt)
• Repeals the Cadillac tax in the Affordable Care Act
• Raises the payroll tax of 12.4 percent to 12.8 percent
• Eliminates deferral on foreign income
• Creates a $20 per ton carbon tax
• Creates a financial transaction tax
• Creates a Wall Street speculation tax
• Eliminates the cap on Social Security taxes
• Repeals the Cadillac tax in the Affordable Care Act
• Creates a financial transaction tax
Compared to the Republicans’ tax plans,
the Democrats’ proposals are less detailed and make minor changes to
the current system, said the Tax Policy Center’s Roberton Williams. He
and other experts emphasized that no Democrat has offered a detailed tax
plan with specific rates, let alone rates as high as Christie says.
"It does not seem likely that the Democratic candidates intend to
levy very high rates on the median American household," said Scott
Greenberg, an analyst with the Tax Foundation.
"Christie’s claim is more of a statement of ‘there’s no such thing as
free lunch,’ " observed Bill Smith, the managing director of the tax
consulting firm CBIZ MHM, adding, "But I don’t think any of one of (the
Democrats) in their wildest dreams would raise taxes to 70 or 80 percent
across the board." Not exactly ‘your tax rates’
Both Greenberg and the Williams pointed out that it’s plausible that
the Democratic candidates would increase the rate on top earners. But
that’s not the same thing as raising "your tax rates to 70 or 80
percent."
"It may be necessary to raise top individual tax rates to levels such
as 70 or 80 percent to fund Democratic candidates’ spending proposals
without increasing the deficit or taxing middle- and low-income
Americans," he said, referring us to a Wall Street Journalanalysis of the price tag of Sanders’ proposals.
As we’ve previouslynoted,
Sanders has said he doesn’t think a top marginal tax rate of 90 percent
would be too high. And he’s specifically proposed to raise the top rate
from its current rate of 39.6 percent to above 50 percent. In other
words, for individuals making more than $400,000 a year (roughly the threshold
for the top 1 percent of incomes), any amount they make above $400,000
would be taxed at 50 percent. The income earned below $400,000 is taxed
at lower rates.
Sanders has also proposed to raise the top estate tax to 65 percent,
which would affect estates worth more than $1 billion (there are 537 individuals with that much wealth in the United States today).
Again, both of those top rates would affect just a tiny fraction of
Americans. Sanders’ proposal to increase the federal payroll tax from
12.4 to 12.8 percent would hit everyone — but that’s nowhere near 70 or
80 percent.
Clinton and O’Malley, for their parts, haven’t said anything specific
about raising income or estate tax rates. But like Sanders, their
proposals would mostly affect the wealthy and still not at the levels
Christie is suggesting.
Take for example, Clinton’s proposal to raise taxes on capital gains,
the profits that come from selling an asset like a stock or property.
In 2014, 42 percent of these investments, about $305 billion out of $722
billion, came from the top 0.1 percent, reported PolitiFact Virginia.
Currently, the short-term rate is 39.6 percent (the same as income),
but it decreases to 20 percent once you’ve held on to that stock for
longer than a year. Clinton’s plans adds four additional brackets
for investments held between one and six years. The highest rate
proposed by Clinton, 39.6 percent, still doesn’t come close to
Christie’s purported 70 or 80 percent. Our ruling
Christie said the Democrats plan "to raise your tax rates to 70 to 80 percent."
We understand the spirit of Christie’s statement, but that doesn’t
make it accurate. None of the three Democrats running have proposed
raising rates to 70 or 80 percent for the average taxpayer or is it
likely that they will. Christie is exaggerating the rate hikes proposed
by the Democrats, the amount of people they’ll affect or both.
We rate Christie’s claim False.
