While his promise to cut taxes, mostly to the benefit
of upper income earners, will probably lead to a short - term boost in U.S. GDP growth, it also threatens to leave a significant shortfall in federal tax revenue down the road — as much as $ 6.2 trillion over the next decade.
The least you could do is be clear to your readers that the recomendations you are making are geared towards a small minority
of upper income earners.
Not exact matches
The report from the nonpartisan Tax Policy Center (TPC) found that while Americans at all
income levels would, on average, get a tax cut form the final version
of the tax bill, the benefit would be skewed towards people at the
upper range
of income earners.
But for most middle - and even
upper - middle -
income earners, the prospect
of making one's savings stretch into what seems like an endless retirement is a daunting one, increasing the uncertainty around how to invest, how to pay for medical care, and whether you can leave a legacy behind for the kids or your community.
Additionally, Trump kept open the option
of raising taxes on
upper -
income earners.
Social Security represents a substantial share
of income for the bottom quintile but is less important for higher -
earners — reflecting the progressive nature
of the benefit formula and the fact that higher -
earners have many other sources
of income — whereas private retirement
income is less important at the low end but is more important for middle and
upper -
income groups (those at the very top mostly rely on investment or business
income).
Hewitt is expecting these «crucial commitments» from a candidate who promised gargantuan
upper -
income tax cuts during the Republican primary, then said he wasn't necessarily a huge fan
of his own tax cut proposal, and then engaged in nonsensical double - talk about whether taxes would go up or down on high -
earners.
The Hedge Clippers analysis argues that the massive sums from the hedge fund industry have helped create a system where wealthy individuals pay «nowhere near their fair share» due to tax policies that favor the rich, including a low tax bracket on
upper -
income earners and on «carried interest» profits, as well as the recent elimination
of the «alternative minimum tax.»
Even Clegg's flagship raising
of the
income tax threshold was soon revealed by the Resolution Foundation to direct most
of its huge # 10bn cost to the benefit
of the
upper half while low
earners gained little.
Cuomo said preventing
upper - middle - class and wealthier taxpayers from using the deduction will help drive them out
of the state and put more
of a tax burden on lower -
income earners.
Mr. Wright, however, was hazier on the details
of how to reconcile such a moratorium with Mayor Bill de Blasio's plan to construct and maintain 200,000 units
of affordable housing, which hinges in part on re-zonings and outlays for
upper -
income construction that devotes 20 percent new units for low - and middle -
income earners — a plan Mr. Wright said he was «very much in support
of.»
We know the
upper class is the top 20 %
of income earners and the lower class are the bottom 20 %.
That, in the middle
of the global distribution (where people emit about 7 tCO2e per person per year), we find «the top 1 %
earners from Tanzania, the
upper middle class (7th decile) in Mongolia and China as well as poor French and Germans (respectively 2nd and 3rd
income deciles,» and that, at the bottom
of the global distribution, we have, for example, the poorest 7 %
of the population
of India, (at about 0.15 tCO2e).