"Massive tax cuts for the middle class" is a hoax!
A married couple making $80,000 a year will pay about $1,600 a year less in taxes. Is that what Trump calls a massive tax cut? What are they going to do with all that extra money? How much will that increase their standard of living? Not enough to notice.
How about a couple making $120,000 a year? Their take-home pay will be about $3,200 per year more or double the first couple. Still far from "massive and spectacular."
Now let's jump to $600,000 a year. Now we are well above "middle class." This couple's tax savings amounts to $37,576 per year. Their income is five times that of the couple making $120,000, but their Trumped-up tax savings is 11.5 times as much.
The next example we double this couples income to $1,200,000 per year. Their tax savings will be $105,149 after the cut. Their income is double the previous couple, but their increased tax savings is nearly triple.
Are you getting the reality yet?
Those earning $400,000 a year and upward into the millions will save tens of thousands to hundreds of thousands to millions in taxes. But it will not stimulate the economy if not the reverse, because the very rich already have about everything they could want. The result will be the loss of tons of government revenue without the increase of jobs and income expected.
Then a Republican Congress and an insane idiot President will start talking about deep cuts in entitlement programs to balance loss of revenue. This bill was not the largest U.S. tax cut in history as Trump claimed, but the eighth. The SOTU speech sucked except that Trump was able to stay on teleprompter and not trip over his own stupidity.
Steve Epperly, Mason City