Tax Cuts for Those Paying at 2.6%

Since Inauguration Day, conservatives might be heartened and even jazzed about what’s been coming out of D.C. But now that Republicans own D.C., isn’t it time to start training our critical lights on the GOP to help make them even better? One reason to come down on our own is because we’re hearing, yet again, of plans for income tax cuts for the middle class. Right now, that’s a bad idea. Warning: the following may constitute a minority opinion. The middle class is not overtaxed, at least when it comes to the income tax. The Congressional Budget Office reports that in 2013 the middle quintile of income taxpayers had an effective income tax rate of just 2.6 percent. To verify that, see the CBO’s June 2016 report “The Distribution of Household Income and Federal Taxes, 2013” and go to page 11 where at the bottom you’ll read: “The average individual income tax rate was 2.6 percent for the middle quintile, 6.1 percent for the...(Read Full Article)