rbynaker
Level 12

@BobKamman wrote:

For those who really want to be paranoid, consider this:


And pay particular attention to the source.  It's an OPINION piece in the NYT.  I call BS.

Can someone smarter than me (like perhaps folks who write opinions for the NYT) please explain this math:

"People with incomes between $10,000 and $30,000 — nearly one-quarter of Americans — are among those scheduled to pay a higher average tax rate in 2021 than in years before the tax “cut” was passed. The C.B.O. and Joint Committee estimated that those with an income of $20,000 to $30,000 would owe an extra $365 next year"

I'd like to see an example of someone making anywhere in the $20-$30K range who would owe more tax in 2021 than they would have prior to TCJA.  The only fringe cases I could come up with are when kids age out of the $2K credit.  At those levels a more accurate terminology might be "would have their negative tax (federal tax subsidy) decrease by $365 next year".