GOP Fat Tax Plan Cash Windfall for the Few and $39 for Grandpa and Grandma…
The government has increased the social security rate for retirees to account for increases in cost of living. The value? $39 a month or $468 per year.
Just for contextual reference that’s $468 for the approximately 61 million monthly recipients. Totaling $28.548 billion. Man, that’s a lot of cheddar.
So let’s compare the tax reform costs too!Taxpayers in the top 1% — defined as those making over $730,000 — would receive 20% of the total tax cut from the bill. They’d get an average cut of $37,000, which translates to about 2.4% of their after-tax income. That’s $3,083 a month folks.
The IRS publishes some data but they don’t have a $730,000 cut off. For people above $500,000, there were 1,245,279 tax returns in 2014 that had $500,000 or more. So with a quick cutoff of 250k people I will assume 1 million $730k plus returns.
So… $37,000 * 1,000,000 top earners = $3.7 billion as the cost to the government to give people who almost make a million dollars a year $37,000 more but 61 times more people who are retired are only given $468 more. Thanks GOP, you are almost helping.