Meet Cindy - more than Paul Ryan wants you to know
Speaker of the House Paul Ryan put out a tweet.
He included a photo that tells us Cindy has one child, is a restaurant assistant manager and will see a $700 increase under the Republican Tax Plan.
Under current tax law, Cindy would pay $1,255 in taxes, but after applying her $1,000 Child Tax Credit and her Earned Income Credit (EIC) of $1,536; she would get a refund of $1,281 without having any income tax withheld from her wages.
Under the proposed tax plans currently winding their way through the House and Senate it would be a bit different. The House plan would result in a tax liability of $2,160. She would get a Child Tax Credit of $1,600, leaving a tax liability of $560. Under the Senate plan, her tax liability would be $1,970 but there is a $2,000 Child Tax Credit. How the EIC would work under these plans remains to be worked out.
I don't see an extra $700 here for Cindy. I do see the Marketplace subsidy that reduces her healthcare premiums from $367 per month to only $141 per month going away. That's an increase of out of pocket expense for Cindy over the course of the year of $2,652. That's a lot more than any savings from either of these plans.
The Republican Tax Plan is a giveaway to the wealthy on the backs of the poor and the ever-shrinking Middle Class.
He included a photo that tells us Cindy has one child, is a restaurant assistant manager and will see a $700 increase under the Republican Tax Plan.
Under current tax law, Cindy would pay $1,255 in taxes, but after applying her $1,000 Child Tax Credit and her Earned Income Credit (EIC) of $1,536; she would get a refund of $1,281 without having any income tax withheld from her wages.
Under the proposed tax plans currently winding their way through the House and Senate it would be a bit different. The House plan would result in a tax liability of $2,160. She would get a Child Tax Credit of $1,600, leaving a tax liability of $560. Under the Senate plan, her tax liability would be $1,970 but there is a $2,000 Child Tax Credit. How the EIC would work under these plans remains to be worked out.
I don't see an extra $700 here for Cindy. I do see the Marketplace subsidy that reduces her healthcare premiums from $367 per month to only $141 per month going away. That's an increase of out of pocket expense for Cindy over the course of the year of $2,652. That's a lot more than any savings from either of these plans.
The Republican Tax Plan is a giveaway to the wealthy on the backs of the poor and the ever-shrinking Middle Class.
posted by me at 4:50 AM
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