How Trump or Harris tax plans might change your income
How Trump or Harris tax plans might change your income
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I might break 140k this year living near Seattle for a single income household with 3 children under 6. Is this graph saying that Trump's tax plan will benifit me, a middle class, some would argue lower middle class in this location, better than Harris?
Yes the graph says that your income would be around 0.7% higher. What the dramatic increase of the others will do to the value of your income (inflation) and hence the stuff you can actually effort with this, is up to discussion of somebody who knows this stuff better than me.
I'm not voting for Trump for a thousand dollars on my tax return. Seeing by the down votes people really think any kind of scrutiny shouldn't be discussed, and no one wants to talk about a family man and his income. This fight between getting income relief for the bottom class and letting millionaires run free leaves the middle class more or less get pulled.
My income is fine with me, I make enough to survive even with the high prices of groceries. I'm looking for a better life for my family. Something I have many options for, where millions are struggling to put food on the table. So I know where my heart is.
The issue here is that for those of us who are actually in the middle class a thousand bucks shouldn’t make us betray folks who need the help more than us.
IMO
I agree. I came from poverty. I know what it's like there. And voting against poverty stricken Americans for a little more on my plate is evil. But I'm not going to lie when I'm being stretched thin too. I climbed hard with my labor and some days I feel like the line between middle class and lower class is right on my heels. I can't help but feel angry that there's nothing being done.
It only goes so if Trump doesn't place the tariffs he says he wants to place, because then prices on all goods increase across the board...
He wants 100% tarrifs which is just a tax on us in the end on everything from China and Mexico. And 20% on everywhere else.
So every item you buy, mark the price up by such, and then ask yourself if you spend $1000 that year.
Note: never has he mentioned food being exempt.
Throw in the deportations and you look at the building unions who say they are 400,000 workers short, and you realize labor shortages will increase building costs which in turn drive up insurance costs for houses...
So your income will go up by a $1000, and your expenses will go up dramatically
He wants 100% tarrifs which is just a tax on us in the end on everything from China and Mexico. And 20% on everywhere else.
I legitimately think he doesn't understand that.
To be fair if someone worded it to him like I worded it there, it isn't very clear. I really need to take more time to phrase sentences more clearly. (Off topic but just needed to criticize myself there)
Raising minimum wage does not cause inflation.
I didn't say so, did I?
I haven't looked into the specifics of these policies, so I could be wrong, but I'd say no.
This graph doesn't really take into account everything it should IMO. The massive tax cuts to the wealthy are going to dramatically screw over people with lower incomes, because there'll be less money overall. I believe Trump's case would involve making up that deficit with really high tariffs on things, especially Chinese goods. This means that, although your taxes would be slightly lower on paper, you're spending a lot more money for literally everything that's made in China (or contains parts or materials from China). Typically tax cuts for the wealthy also involve money leaving crucial areas for lower income areas, like schools and infrastructure. The Harris plan (I believe) is revenue neutral, meaning for you it's literally free money with no downsides. In her case the extra money comes from slightly increasing the tax rates of the wealthy (as you can see here).
It's also worth noting that your income is taxes in the brackets it falls in. The first $39,000 is taxed at that (lower) rate, then the next bit is taxed in the next bracket, etc. Breaking the $140,000 mark doesnt mean all your income is now taxed at a higher rate. I THINK this is taken into account in this graph, but I haven't looked into it to be sure. I wanted to mention it though because it's a constant point of confusion for people.
Hope this helps.