Adam Michel, Abraham Farooqui
Here’s what that means.
It’s no secret that Democrats want to raise taxes on the rich. They are less willing to admit that their plan would actually raise taxes and shrink economic opportunity for the middle class.
Since the 2017 tax cuts are now two years old, it’s worth revisiting the most universally agreed upon Democratic proposal to raise your taxes: the Repeal the 2017 Tax Cuts and Jobs Act.
Taking them at their word, what would a repeal of the tax cuts look like for the average American taxpayer?
Most Americans Worse Off
If the tax cuts were repealed in 2020, the average American would be $26,906 poorer over the next decade. Taxes would go up and incomes would go down in every state, every congressional district, and at every income level. The pain would be felt all across the country.
Depending on where you live, the average taxpayer would lose between an estimated $7,660 and $59,633 in take-home pay. A family of four could be between $10,585 and $101,009 worse off.
These numbers represent both direct tax increases and slower wage growth from what could easily become a flat-line economy under higher taxes. If you like your higher paycheck, you may not get to keep it.
As Christmas approaches, it’s easy to imagine the lost charity and gifts that would be stolen by a dramatic tax increase. Income that could have gone to a local church, spent on daycare expenses, or the down payment on a home would instead go to government.
American taxpayers know how to spend their money better than lawmakers in D.C. Washington should let them keep it.
Opponents of the tax cuts have claimed that Americans actually didn’t benefit or that most people’s taxes went up. But the numbers don’t lie. Even The New York Times admits that you (probably) got a tax cut.
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