GOOD

How Much Will You Pay Under Trump’s Tax Plan?

Spoiler alert: Those in the top 1% are the big winners.

Last week, details emerged of the Republican Party’s proposed tax reform plan that aims to shake up the current federal tax bracket system. At present, there are seven federal tax brackets, which begin at 10% and top out at 39.6%. The Republican plan, championed by President Trump, will reduce that number to three: 12%, 25%, and 33%. This bracket reshuffling means that some in the working and middle class will get breaks, others will pay more, and the undisputed winners will be those in the top 1%.

Here’s a simple guide to the proposed new brackets by How Much.


\n

“Some taxpayers would definitely benefit from Trump’s tax reform — especially those at the higher end of the income scale. There are others, however, who would see their tax rates go up. Especially those on lower incomes,” according to How Much. But there is more at play in Trump’s plan than just new brackets. “The graph does not take into account other aspects of the Trump tax plan not directly related to the changes to income tax bands, such as the increase of standard deductions and a cap on itemized deductions.”

Photos by 401(K)2012/Flickr and Michael Vadon/Flickr.

The proposed tax plan aims to double the standard deduction, which at first glance, appears to be a big win for working and middle-class families. But that will be met by the elimination of many deductions, which could raise some of their taxable income. ”Currently, single taxpayers can claim a total of $10,400 in standard deductions, plus personal exemptions. The boost to $12,000 will still lead to a reduction of $1,600 in taxable income, but that’s a whole lot less than what the near-doubling language would suggest,” according to the Motley Fool said.

Per the Tax Policy Center (TPC), the Republican plan would result in a huge shift in the tax burden from top earnings to middle- and working-class people over a decade. According to Forbes, “TPC projects, 80% of the dollar value of the tax cut would go to the 1% and 40% of the benefit to the 0.1%. Meanwhile, 60% of families earning $150,000 to $300,000 and nearly 30% of those earning $50,000 to $150,000 would pay more under the Trump plan than under current law.”

Money
Photo by Josh Couch on Unsplash

Christopher Columbus, Alexander Hamilton, William Shakespeare, and Sir Walter Scott are getting company. Statues of the famous men are scattered across Central Park in New York City, along with 19 others. But they'll finally be joined by a few women.

Susan B. Anthony, Elizabeth Cady Stanton, and Sojourner Truth are the subjects of a new statue that will be on display along The Mall, a walkway that runs through the park from 66th to 72nd street. It will be dedicated in August of next year, which is fittingly the 100-year anniversary of the 19th Amendment that granted women the right to vote.

Currently, just 3% of statues in New York City are dedicated to women. Out of 150 statues of historical figures across the city, only five statues are of historical women, including Joan of Arc, Golda Meir, Gertrude Stein, Eleanor Roosevelt, and Harriet Tubman.

Keep Reading Show less
promo-homepage

It's easy to become calloused to everyday headlines with messages like, "the world is ending" and "everything is going extinct." They're so prevalent, in fact, that the severity of these statements has completely diminished to the point that no one pays them any attention. This environmental negativity (coined "eco-phobia") has led us to believe that all hope is lost for wildlife. But luckily, that isn't the case.

Historically, we have waited until something is near the complete point of collapse, then fought and clawed to bring the species numbers back up. But oftentimes we wait so long that it's too late. Creatures vanish from the Earth altogether. They go extinct. And even though I don't think for a single second that we should downplay the severity of extinction, if we can flip this on its head and show that every once in a while a species we have given up on is actually still out there, hanging on by a thread against all odds, that is a story that deserves to be told. A tragic story of loss becomes one about an animal that deserves a shot at preservation and a message of hope the world deserves to hear.

As a wildlife biologist and tracker who has dedicated his life to the pursuit of animals I believe have been wrongfully deemed extinct, I spend most of my time in super remote corners of the Earth, hoping to find some shred of evidence that these incredible creatures are still out there. And to be frank, I'm pretty damn good at it!

Keep Reading Show less
The Planet

For more than 20 years. Sen. Susan Collins (R-ME) has served the citizens of Maine in the U.S. Senate. For most of that time, she has enjoyed a hard-fought reputation as a moderate Republican who methodically builds bridges and consensus in an era of political polarization. To millions of political observers, she exemplified the best of post-partisan leadership, finding a "third way" through the static of ideological tribalism.

However, all of that has changed since the election of Donald Trump in 2016. Voters in Maine, particularly those who lean left, have run out of patience with Collins and her seeming refusal to stand up to Trump. That frustration peaked with the nomination of Brett Kavanaugh to the Supreme Court.

Keep Reading Show less
Politics
NHM Vienna/Hans Reschreiter

Wealth inequality has been a hot topic of discussion as of late, but it's something that's occurred all throughout history. Class structure is a complicated issue, especially when you consider that haves and have nots have been in existence for over 4,000 years.

A study published in Science took a look at over 100 late Neolithic and early Bronze Age skeletons found in a burial site in southern Germany. The study "shed light on the complexity of social status, inheritance rules, and mobility during the Bronze Age." Partly by looking at their teeth and the artifacts they were buried with, researchers were able to discover that wealth inequality existed almost 4,000 years ago. "Our results reveal that individual households lasting several generations consisted of a high-status core family and unrelated low-status individuals, a social organization accompanied by patrilocality and female exogamy, and the stability of this system over 700 years," the study said.

Keep Reading Show less
Culture
via Truthout.org / Flickr and Dimitri Rodriguez / Flickr

Bernie Sanders' presidential campaign looks to be getting a huge big shot in the arm after it's faced some difficulties over the past few weeks.

Alexandria Ocasio-Cortez, a leading voice in the Democratic parties progressive, Democratic Socialist wing, is expected to endorse Sanders' campaign at the "Bernie's Back" rally in Queens, New York this Saturday.

Fellow member of "the Squad," Ilhan Omar, endorsed him on Wednesday.

Keep Reading Show less
Politics