You have a president who can't deliver a message trying to promote a package that will greatly benefit him and his business...And he didn't deliver things like eliminating carried interest and simplifying the code that he promised. What do you expect the public reaction to be? People are smart enough not to fall for the "you get 3% more back" and be like ohhhhhh okay.
This is my favorite thing I think. Cohn (sp?) was on CNBC the other day and said, "yeah, we have tried multiple times to end the carried interest exemption, and the president keeps saying he wants to, but the lobby is just too powerful". Saying this crap on TV rough ridin' blows my mind. Yep, rich people have lots of money and buy politicians and there is nothing we can do about it, but yeah, eff those poor people. We can eliminate all of their crap and no one can do anything about it. Everyone enjoy your $28 a week!!!!!
I like the honesty, personally. Both GOP and Dems are absolutely beholden to special interests. Just like the absurd tax break preserved for higher ed.
And keeping an extra $28 a week is a pretty big deal for people who don't make much money. Do you have any idea how condescending you sound when you dismiss that? That amounts to over $1000 more per year and perhaps a 5% or more tax reduction for a poor household. Cant believe you'd smirk at that.
Poor households aren't keeping that much per paycheck.
They aren't? Consider 4 scenarios....
Married couple with 2 kids and $30k AGI: -$6,222 (2017), -$7,732 (2018) A $1,510 (5.03%) "savings"
Married couple with 2 kids and $20k AGI: -$7,616 (2017), -$9,616 (2018) A $2,000 (10.00%) "savings"
Married couple with 1 kid and $30k AGI: -$2,911 (2017), -3,826 (2018) A $915 (3.05%) "savings"
Married couple with 1 kid and $20k AGI: -4,400 (2017), -$5,400 (2018) A $1,000 (5.00%) "savings"
I put "savings" in quotations because these folks already owed less than zero Federal Income Tax. They are eligible for these large "refunds" because the CTC and EITC are fully refundable at these income levels, both in 2017 and 2018. (If you're wondering how these refunds could possibly be this high, the Earned Income Tax Credit is a massive subsidy for poor working families. Go here to run the calculations if you don't believe me.
http://www.eitcoutreach.org/help/)
So these savings mean they're getting even more of other peoples' money under the new bill. But I digress. Regardless, every one of the families in the above scenarios is reaping $915 to $2,000 extra under the new plan.
You think any of these families isn't going to notice or appreciate an extra 1-2 thousand dollars a year?
Or will they be too consumed with class envy that the millionaire paying over $100k in taxes is getting more money back? I think it's going to be the former.