Help for Your Thanksgiving Day Tax Debates
If your family is anything like ours, politics tends to come up around the Thanksgiving Day table and diverse opinions are often put forward, including by one or more of our cranky uncles who mutter about “those people” and the “damn government.” Since your cranky uncles like mine no doubt listens to Rush and his friends, they are going to present you with a lot of misinformation about the GOP federal tax cut bill. But have no fear as we have your back. Claim: Of course we are cutting taxes for the rich and not for the poor. Only the rich pay income taxes. Answer: This is the myth that helped cost Mitt Romney the election in 2012. It’s totally misleading. It is true that in good economic years, about 40% of households don’t owe federal taxes. But: 1. If we include federal payroll taxes, only about 14% of… Continue reading