Today's Date: June 8, 2023
Air Purification Experts Provide Guidance For Protecting Indoor Air Quality During Wildfires   •   Biote Announces Expiration and Results of Exchange Offer and Consent Solicitation Relating to Warrants   •   NAELA Theresa Award Honors Attorney Laurie Hanson, a Trusted Advocate for Individuals Living With Disabilities   •   Children's Miracle Network Hospitals® Celebrates 40th Anniversary with Celebrity Friends and Supporters   •   National Evaluation System for health Technology Coordinating Center posts Request for Information (RFI) 23-001 for Medical Devi   •   Brookdale Reports May 2023 Occupancy   •   Federman & Sherwood Investigates Summit Eye & Optical for Data Breach   •   U.S. Conference of Mayors Denounces State Legislature Attacks on LGBTQ+ Rights, Reaffirms Commitment to LGBTQ+ Community   •   Federman & Sherwood Investigates GCM, Inc for Data Breach   •   SoftwareReviews Reveals the Top ESG Software Solutions That Enable Organizations to Build a Culture of Purpose and Sustainabilit   •   GenCare Lifestyle and Rippl Care Announce Partnership to Bring Enhanced Behavioral Health Care to Senior Living Communities   •   KIA K5 NAMED AMONG LIST OF 2023 BEST CARS FOR TEENS BY U.S. NEWS AND WORLD REPORT   •   INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Tingo Group, Inc.   •   USCIB Releases Pride Month Statement, Supporting Equality and Inclusion   •   INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Prudential plc and Encourages Investors wi   •   Federman & Sherwood Investigates Over the Top Marketing (OTTM) for Data Breach   •   University of Phoenix and Military Police Regimental Association Announce Winner of Full-Tuition Scholarship   •   Federman & Sherwood Investigates New Enchantment Group, LLC for Data Breach   •   A Decade of Impact: 11,000 Our Military Kids Scholarships Funded by KBP Brands   •   Forbes names Sun Life U.S. a Best Employer for Diversity
Bookmark and Share

Report: Tax Plan Better For Low-Income Americans

 WASHINGTON - The current compromise tax proposal agreed to by President Obama and Republicans in Congress would be more generous to low-income workers than the competing proposal favored by Democrats in the House of Representatives, according to a new report by the Tax Foundation.

 

Less affluent taxpayers would benefit in large part from the proposed one-year cut in the payroll tax, a key element of the White House compromise plan, but one that is lacking in the Democrat-supported tax bill passed earlier this year in the House. The impacts of both plans, as well as other possible legislative scenarios, are examined in the new publication Tax Foundation Fiscal Fact No. 254, "Obama's Tax Compromise and its Effects on Low-Income Taxpayers," by analyst Nick Kasprak.

Using a hypothetical family of four with two children and $40,000 in income, Kasprak calculates the financial impact of allowing the Bush tax cuts to completely expire, extending them fully with no other changes, the original Republican plan, the House Democratic plan and the White House compromise plan. The report concludes that the compromise plan constitutes the best deal for lower-income taxpayers.

"The compromise between Senate Republicans and the President produces a much lower tax bill (or a higher tax refund) for low-income workers," said Kasprak, analyst at the Tax Foundation. "Despite not being quite as generous as current 2010 tax law in very low-income cases, below $40,000 for married filers and $20,000 for single filers, it remains a better deal than the GOP or the Democratic bills proposed in Congress."

In addition to the newly released Fiscal Fact, Kasprak has also updated the Tax Foundation's 2011 Tax Calculator to take into account the major provisions of the Obama compromise package. Taxpayers can calculate their own liability under the competing scenarios and compare their potential tax bills for next year.

For more information on the Obama tax compromise proposal, see "Initial Observations on Pending Tax Cut Deal" by Tax Foundation President Scott A. Hodge.

The Tax Foundation is a nonpartisan, nonprofit organization that has monitored fiscal policy at the federal, state and local levels since 1937.


STORY TAGS: GENERAL, BLACKS, AFRICAN AMERICAN, LATINO, HISPANIC, MINORITIES, CIVIL RIGHTS, DISCRIMINATION, RACISM, DIVERSITY, RACIAL EQUALITY, BIAS, EQUALITY



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News