Avatar
All Posts by Empower Wisconsin

Average taxpayers would lose big if left repeals tax cuts

Empower Wisconsin | Dec. 19, 2019

By Adam Michel and Abraham Farooqui, Daily Signal  

It’s no secret that Democrats want to raise taxes on the rich. They are less willing to admit that their plan would actually raise taxes and shrink economic opportunity for the middle class.

Since the 2017 tax cuts are now two years old, it’s worth revisiting the most universally agreed upon Democratic proposal to raise your taxes: the Repeal the 2017 Tax Cuts and Jobs Act.

Leading Democrats like Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., have said they want to roll back the 2017 tax cuts.

Taking them at their word, what would a repeal of the tax cuts look like for the average American taxpayer?

If the tax cuts were repealed in 2020, the average American would be $26,906 poorer over the next decade. Taxes would go up and incomes would go down in every state, every congressional district, and at every income level. The pain would be felt all across the country.

Depending on where you live, the average taxpayer would lose between an estimated $7,660 and $59,633 in take-home pay. A family of four could be between $10,585 and $101,009 worse off.

These numbers represent both direct tax increases and slower wage growth from what could easily become a flat-line economy under higher taxes. If you like your higher paycheck, you may not get to keep it.   

As Christmas approaches, it’s easy to imagine the lost charity and gifts that would be stolen by a dramatic tax increase. Income that could have gone to a local church, spent on daycare expenses, or the down payment on a home would instead go to government.

American taxpayers know how to spend their money better than lawmakers in D.C. Washington should let them keep it.

Read more at the Daily Signal

Adam Michel focuses on tax policy and the federal budget as a policy analyst in the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation.

Abraham Farooqui is a member of the Young Leaders Program at The Heritage Foundation.

Listen to more:

Explore More
Tool of the Week: Politics-first Josh Kaul

Tool of the Week: Politics-first Josh Kaul

MADISON — Last week, the Republican-led Legislature had to vote on a resolution requiring Attorney General Josh Kaul to follow…

Read More »

April 18, 2021
All Woke Up: California’s bad math

All Woke Up: California’s bad math

For most, 1+1 = 2. For the painfully Woke, math = white supremacy. As Fox News reports, California’s education department…

Read More »

April 18, 2021
Meckler: Momentum growing for Convention of States

Meckler: Momentum growing for Convention of States

By M.D. Kittle MADISON — The Convention of States movement to rein in the ever-expanding federal government has been energized…

Read More »

April 18, 2021
Sources: Verona teacher tells students, ‘all cops are racist’

Sources: Verona teacher tells students, ‘all cops are racist’

By M.D. Kittle MADISON — The parent of a Verona High School student said an English teacher recently taught her…

Read More »

April 16, 2021
Evers wants all the money

Evers wants all the money

By M.D. Kittle MADISON — The Republican-controlled Assembly on Tuesday passed a package of bills directing how the state should…

Read More »

April 16, 2021
Coalition: Fix damage done by ‘lost year’ in education

Coalition: Fix damage done by ‘lost year’ in education

By M.D. Kittle MADISON —A coalition of conservative organizations is urging Wisconsin policymakers to use federal pandemic relief funds to…

Read More »

April 16, 2021
Leave a Comment

Your email address will not be published. Required fields are marked *