There are too many people out there who are reading headlines, tweets, and Facebook posts trying to convince the public that the GOP tax plan will take money out of your pocket (working class) and give to the rich. There is nothing more complicated than a tax plan, which explains the quick trigger to retweet anything that may seem concerning to your pocketbook. For those of you interested in some real information, here's the rub.
Lets start with something simple to put your mind at ease. The middle class will not be receiving a smaller tax break than the rich! Proportionally your tax break will be even with the "rich." Instead of looking at how much the rich will be saving, it's important to look at what we contribute. The top 1% (super duper wealthy) pay 40% of all federal income taxes. Tired of hearing about the small margin of powerful money makers? Well the top 25% (still super duper wealthy) pay 86% of all federal income tax. The working class, or bottom half of earners, only contribute 3% of the dreaded income tax. Not to mention the refund that usually surpasses the money withheld. Wondering what you should take from that? The rich carry the income tax burden, and we barely contribute. That's like having a breadwinner in the household that pays for rent, utilities, food, a vehicle, and cable, while you pay for a pack of toilet paper once a month.
So what else do you want from the rich? It seems as though we may only be happy if the well-off pay 100% of taxes. That would make us charity cases.Yes the rich are going to be able to hold on to more of their income, but so will you. Never will there be a day that the middle class will receive a return in a tax break equivalent to someone making 20 times more and paying an equivalent in taxes. A millionaire is looking at paying in the ballpark of $70,000 in taxes every year according to Forbes. Just ask yourself if you pay your country anything even close to that.
This is the last question you should be asking yourself. When you pay taxes, is your first thought "I cant believe I'm giving all this money that I earned to my own government?" That's what I think after I look at each paystub. You know who else is paying money they earned to their own government? The answer would be every single person in the country, unless you're an illegal immigrant bidding your manual labor in Texas for what basically amounts to 30 dollars an hour tax free.
So before you go off complaining about a tax plan that some op-ed writer from the Washington Post is telling you will be unfair to you and the working class, perhaps common sense will come in handy before judgment day. Don't listen to silly Paul Krugman (tweet below).