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Response to democrattotheend (Reply #11)

Tue Dec 18, 2012, 08:24 PM

16. No, it is a shit deal. Chained CPI will RAISE taxes and the poor will be hit the worse

and, of course, the 1% will barely feel it.

The argument that a reduction in benefits would be offset by an increase in tax revenue from high-income earners also falls short. Switching to the Chained CPI to adjust annual income tax brackets would lead to incomes jumping to higher brackets faster, or in other words, tax increases. Congress’ non-partisan Joint Committee on Taxation showed that if income taxes were indexed to the Chained CPI starting in January of 2013, by 2021, 69 percent of the gains in revenue would come from taxpayers with incomes below $100,000. Those taxpayers with incomes between $10,000 and $20,000 would see an increased tax burden of 14.5 percent while those with incomes over $1,000,000 would only see their taxes go up by 0.1 percent.


http://www.cepr.net/index.php/press-releases/press-releases/chained-cpi-cuts-social-security-benefits-while-raising-taxes-on-the-middle-class

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Arrow 18 replies Author Time Post
democrattotheend Dec 2012 OP
msongs Dec 2012 #1
Liberalynn Dec 2012 #10
leftstreet Dec 2012 #14
PoliticAverse Dec 2012 #2
alcibiades_mystery Dec 2012 #3
GoCubsGo Dec 2012 #4
Luminous Animal Dec 2012 #5
democrattotheend Dec 2012 #17
Luminous Animal Dec 2012 #18
democrattotheend Dec 2012 #6
WillyT Dec 2012 #9
Liberalynn Dec 2012 #12
reformist2 Dec 2012 #7
democrattotheend Dec 2012 #13
Liberalynn Dec 2012 #15
Bonobo Dec 2012 #8
democrattotheend Dec 2012 #11
LineLineLineNew Reply No, it is a shit deal. Chained CPI will RAISE taxes and the poor will be hit the worse
Luminous Animal Dec 2012 #16
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