At BlueNC, James writes—The Great North Carolina repugican cabal Tax Increase of 2014:
When repugicans talk about their big tax cut coming in
January, people will be forgiven for not getting all that excited. The
bottom rate will drop from 6.0% to 5.8%, which qualifies as nothing more
than chump change. For a person making $25,000, the tax cut is whopping
$50. Impressive.
Of course, if you happen to be a high-income earner, the picture is a
lot prettier. Your tax rate will drop from 7.75% to 5.8%. So if you're
making $200,000, you'll get a $3,900 tax break. In other words, your
benefit from the repugican plan is 78 times higher than the person at
the bottom of the income scale. Seventy-eight freaking times!
But the gift that keeps on giving doesn't stop there. In addition to
that whopping $50 savings, all income earners will now be paying taxes
on movies, museums, live entertainment, service contracts, warranties,
maintenance agreements, repair contracts, electricity and natural gas,
manufactured homes and modular homes sold at retail, and a whole lot
more. So if you spend as little as $5,000 on all of those services
combined, you'll be paying an additional $235 each year. Most people
will pay twice that.
Over the month ahead, right wing nutjobs will be singing the praises
of tax reform as a giant step forward for North Carolina families. Don't
buy their bullshit. You've been played. This is nothing more than the
old bait and switch, and the only people who will make out are ... you
guessed it ... the rich and well-to-do.
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