Winners and losers in the GOP tax plan

House Speaker Paul Ryan says middle class families will see a tax cut of nearly $1,200 under the new Republican plan. The House bill reduces the number of tax brackets from seven to four. The House Ways and Means Committee will take up the bill Monday. CBS News business analyst Jill Schlesinger joins "CBS This Morning" to break down what this tax overhaul means for Americans.
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[@marseilleicon]

"Tax laws are written for the rich, by the rich" Robert Kiyosaki Rich Dad Poor Dad

[@kelvinhernandez4714]

"Learn the rules like a pro, so you can break them like an artist." - Pablo Picasso

[@annberry8149]

This is the most brazen attack against the middle class in history.

[@Orf]

3:45 who benefits most? The ultra wealthy

[@zach1872]

Yet she fails to mention how despite presenting statistics for everything else

[@serangel3601]

The Lord Jesus Christ says "It is easier for a camel to go through the eye of a needle than for a rich man to get into heaven."

[@redmercury1159]

amen

[@babadook192]

Take your religious delusion elsewhere!

[@kfizzle357]

@@babadook192 aaw ru triggered by people who believe in God...take your hatred elsewhere

[@babadook192]

@@kfizzle357 Got any evidence for your god?

[@babadook192]

The Lord Jesus Christ? Lol You mean that deranged myth?

[@Wardemonxi]

Throw crumbs to the middle class and hope it distracts from the fact you are giving all the cake to the rich.

[@micheletravis9057]

"let them eat cake" Not a real quote, but sounds familiar.

[@jchess78]

Wardemonxi how Bout work your way to get rich as Stop complaining about those who did

[@jethrobowdine9420]

Wardemonxi seems your rite,i see nothing for me at $100,000 income

[@jethrobowdine9420]

Robert hinton jr 75,000 per year

[@Wardemonxi]

To add insult to injury this new tax cut that disproportionately benefits the top 1% is projected to result in 13 million americans losing their healthcare and jack the rates up for everyone too due to the bill's changes to ACA mandate.

[@susanweaverrs]

This is a dark day in America

[@jimgallagher5902]

No it is not, but it is for greedy liberals who are unable to tax people into poverty.

[@jenningsmills5398]

So you make 46k a year & give uncle Sam $11,500 wow what a bargain Lol"😂 sarcasm"

[@stocktips9284]

When was the last time democrats lowered anyone's taxes?

[@yao052]

Every Democratic administration since JFK

[@Input1914]

The truth is that this plan hurts the upper middle class, not the working or true middle class

[@redmercury1159]

TRUMP: "Let them eat cake...."

[@armandhammer2235]

"If you're poor, go have some kids" great advice.

[@zaydawood5354]

Should have a protest to every town hall against unfair tax laws

[@TheJuan_N_0nly]

Taxes, Taxes, and more Taxes.. Read the creature from Jeckyll Island..

[@buckyoung4578]

Best book ever.

[@jumpman366]

Buck Young really eye opening and when you try to explain to others, they look at you crazy. But at least we have the upper hand.

[@Worldtravelerr78]

Time to seriously consider leaving the United States and creating a new life in another country. Living in the US as a middle class earner is almost impossible now.

[@makemoneyonline8793]

@Modern MBTOW....Exactly and I agree!

[@SuperTruthful]

or get with other middle class earners and vote for people to reverse this and fight for more rights. running ain't helping.

[@Worldtravelerr78]

SuperTruthful Unfortunately, business and governments only understand loss of profit or loss of taxes. You won’t change much with petitions and requests. I am doing my part for change AND not sacrificing myself on the alter of American society.

[@BryceJohnson88]

Just wait till socialism takes over and your taxes go up to 65%. Think how hard it will be then.

[@Worldtravelerr78]

Mike Stevens Again, leave the country. Why would you stay in the US and put up with that? I really dont understand this deep seeded nationalism in America as if there is no where else to live.

[@maudieicrochet9491]

My taxes went up last year even though I made less money than the year before.

[@willoughbykrenzteinburg]

What specifically caused your taxes to go up?

[@willoughbykrenzteinburg]

@T E Yeah, I get that you want to blame Trump. I'm asking you what change in the tax code caused your taxes to go up?

[@xDannyK]

@@willoughbykrenzteinburg Valid question, unfortunately, you asked a fool.

[@willoughbykrenzteinburg]

@@xDannyK Undoubtedly so.

[@cloudatlasminer478]

Willoughby Krenzteinburg tax rates might have gone down, but right offs and deductions also changed, so you have less a chance for returns, which means you end up paying more in taxes when you see less of a return.

[@k.s.7104]

I hear people stewing over the property tax deduction capped at 10,000.00. I pay around 3K for my modest small ranch. If you are paying 6K to 10K you must be living in a McMansion or living in high tax liberal Caliafornia, New England, Chicago, or in downstate New York. Start voting out democrats then, force the liberals to lower your taxes and consolidate government services! President Trump is doing the right thing by America as a whole.

[@rush1764]

10-15% across the board. How hard is that?

[@arientshole114]

Paul Ryan lied knowing he wont be back in congress. Hahahhaha

[@elanamccullum1479]

WELL OF COURSE IT DOES..JUST LIKE TRUMP PROMISED ALL OF HIS RICH FRIENDS OUT AT THAT RESTAURANT WHEN HE WAS CAMPAIGNING...SMH

[@davidlafleche1142]

...and Hillary was arranging fake charity.

[@niggajuicextr4623]

David Lafleche Why do u have the need to mention Hillary

[@davidlafleche1142]

@Ricardo: Because when Democrats are in the White House, they blamed George Bush, so fair's fair. Besides, you Liberals keep making up false accusations against Trump, even though he is doing an excellent job, and has not harmed anyone at all. Meanwhile, the FBI covered up for Hillary, and you ignore it, you hypocrite.

[@bryangaraventa7022]

States should cut their property taxes now!

[@bkmc0340]

EVERYBODY should have buy-in in this country! Flat tax! No more breaks for ANYONE!

[@jasondosborn]

Taxes aren't complicated because of tax brackets. Don't know why they keep talking about reducing that making it simpler. It is all the deductions and exemptions.

[@ninabittrolff]

Jason O Why do you librials fail to see that the wealthy create jobsThe more wealthy people you have the Moe chance for you to get jobs or create wealth by providing them goods and services. You Democrates only want to provide the poor with all the freebies you can so then they will vote for your side because there use to being on goverment services Basically you keep the poor enslave to your handout and unable to think for themselves. Give a man a fish and you feed him for a day but teach him to fish and he can feed himself for life. The only thing Thats going to change the poverty problem is to make people work for there welfare if there not disabled so bad that they can't. Hold people accountable..

[@ninabittrolff]

MrBigEnchilada. So what are you saying Rich people owe you something or that you should have what they have because your the Big enchlilada?.We need to thing about all the money rich people spend on non necessities like new boats and homes and cars these these things fuel. Our economy and give workers a chance to offer goods and services.so they can provide themselves with income. Stop coveting what rich people have and. Work for what you want. If you get rid of rich people our economy will tank. Every one should have a tax break.

[@ninabittrolff]

MrBigEnchilada Let me spell it out for you it's like this a rich person orders a new boat and the boat builder hires carpenters to work on said boatthere are materials are used like screws ,paint varnish and a hundred different other thing so reltailers make money and can hire more workers so these workers can pay more taxes and around and around it goes.Basic capitalism at work. You invent the wheel some one with money buys that wheel so you hire someone to help make two wheels and then others want wheels so you hire more people to make wheels and the workers pay taxes and the buyer pays taxes and the government wastes the money so tomy way of thinking it's not Rich people to blame it's the Government. If they treated our tax money like they had to be accountable for it then everyone would be better off.

[@jasondosborn]

Nina Bittrolff What makes you think I'm a liberal Democratic. Your making big ill informed assumptions. A person making $30,000 is going to turn around and spend a higher percent of a tax cut than someone making $250,000. They will also most likely be spending it in their local economy. A tax cut for the lower incomes turns over more times than going into someone's tax shelter.

[@ninabittrolff]

Jason O Think what you want but I think your the one with bad information but to each his own. This action will be good for the country.

[@CheeseCircus]

Winners: Not you Losers: You

[@Polarcupcheck]

I get it now.

[@helenohenzo2239]

if u make less than 24% u will pay no tax, u r a winner

[@ninabittrolff]

Terry Canaan Not me because I had no deductions and filing single so I am very happy to double my standard deduction.I am bearly middle class and on a fixed income so the new tax bill will be a win for me.

[@CheeseCircus]

The reduction isn't permanent. Your taxes will be higher after two years.

[@haijin7484]

Still salty lmao? Get over it Trump get his things done.

[@YANKEES27504]

No exemptions, no write off for tax prep fees, unreimbursed employee expenses, or moving expenses.

[@FloridaCoastalGuy]

The $4,050 Exemption for each dependent claimed on Form 1040 Line 42 has been eliminated. The Tax Cuts and Jobs Act signed into Law on December 22, 2017 almost double the Standard Deduction to $24,000. on 2018 1040 Tax Return for married filing jointly, however, you lose the $4,050.00 for each Dependent Exemption; you can’t claim any of your dependents if you use the Standard Deduction on 2018 1040 Tax return filed in 2019.

[@BrandonJamesH]

How is it unfair that the rich's taxes be reduced from over 50% to 39%? That's a ridiculousl amount more than the rest of us pay. I'm not rich. This just seems like a no-brainer.

[@thefountain153]

Brandon Hall because the rich can pay those taxes because they are rich

[@outdoorsnevada4138]

Brandon Hall They shouldn't have too. I love when people say the rich dont pay enough. Many pay more in taxes in 1 year than we will our whole lives. They pay their fare share. They also create jobs so everyone else can have an income. I'm glad this new tax plan passed. Will the owners of my company get a tax cut..... Yep. Will I still get my yearly raises like normal?..... Yep. What's wrong with that? Keep businesses going and they will spread the wealth to those that EARN it.

[@georgejenkens9959]

Those who want to tax the rich to death have a criminally insane jealousy of those who are better off than them. And the better off someone is, the greater and more insane the jealousy is for that well-to-do person, thus ultimating to the point of hate, violence, and even revolution. It is from this phenomenon of jealous personalities that Marxism and Communist uprisings spring forth. For the Communists will use the angry have-nots as cannon fodder in the overthrow of their targeted government. Communists main goal is to acquire all of the world's wealth for themselves.

[@tomjordan3619]

I don't care if others get richer, as long as I am getting richer too - which is exactly what the new plan will accomplish. Fair is fair. This is the land of opportunity. Everyone will have the same opportunities under this plan. We need to stop hating people who have what we want; but we aren't willing to work to get it.

What if you don't have kids and are single and are renter? It sounds like I will pay more taxes! And I don't want to see responses to my comments, from Trolls who have to use foul language and rude speech. We can have a polite debate, damn it!

[@bighands69]

Single earners are really not going to see that much of a change in all of this. The biggest group to benefit will be households who earn under $90,000 per year as they are going to be changed from 25% down to 12%. As they are going to fall into the new rate. They have done this to try and win votes over the next 4 years. You will benefit in the long term because the economy will grow and you will see that growth in your income as well.

[@B33SON1]

bighands69 that's actually not true. Many deductions have been removed so half of people under $100k will pay more under the GOP tax plan.

[@joshuaquinn5220]

That not how a progressive tax works. If you are at the top of the 12% bracket and you get a 10k raise you pay the next higher rate (25%) only on the raise, so your net goes up by 7500.

[@joshuaquinn5220]

Show me the math on that. The point you at which the increase in tax is greater than the increase in income. And individual tax payers are cash basis so accrued earnings don't count until they are paid.

[@joshuaquinn5220]

+Major League www.irs.gov/pub/irs-pdf/i1040tt.pdf Single person at 36,500 pays 5,008 in tax so has a net of 31,492 if they make 37,000 they pay 5,090 and net 31,910. So the 500 dollar raise net an extra 418. See the tax table in the link.

[@orionstar6268]

We can turn that back . Let’s vote on that.

[@ciphertester1147]

Why do some people complain about lower tax? There's not that much difference in the tax rate before and after.

[@outlawJosieFox]

Funny how the billionaire class are keeping their deductions? And what about single people

[@JTempleton]

Josie Fox The wealthy are getting hosed with this bill.

[@opiator420]

billionares run this country, they are taking everything for themselves and leaving everyone else in the dust. and they have the working class of this country completely controlled by the media... which surprise... the billionaires own.

[@arigold7664]

not all of them. a handful have issued out statements stating they don't want their taxes cut. This plan is UnAmerican.

[@bighands69]

Billionaires can avoid taxation by using many different forms of investment vehicles. They do not care about income taxation rates.

[@SpinDoc420]

John Templeton hosed.. did you not listen and read? The rich NEVER do anything that won't help them

[@chrisarias4055]

Great for the poor and rich. Not so much for the middle class

[@satyrsak]

Poor will end up paying more. Up to 12% from 10%.

[@bighands69]

The middle class are going to be the biggest group to see benefits.

[@mikejackson7881]

The lowest class is now paying more in taxes while the richest pay less....how are they benefiting?

[@chrisarias4055]

Mike Jackson good for the extremely poor* as I people making less than 32,000 who have children would get increase child tax credit. In fact most of them wouldn't even have to have federal taxes withdrawn since 23000 would be the standard deduction... but it Screws over the middle class and even the wealthy. Only the super wealthy and super poor get benefited. Terrible plan

[@MrGb4ever]

That`s not true Steph.....Be careful who you listen too....The current tax bracket from 0-$9,325 is 10% and under the new plan will remain 10% for 0-$9,525

[@buddyjenkins7188]

Losing some of the deductions will actually increase those in the upper tax brackets, especially if they remove the state income tax exemption.

[@helenohenzo2239]

they forgot, people making less than $24k will pay no tax aka 0%

[@Chromozome12051]

That's b/c people like me don't exist to them.

[@Yourdeadmeat69]

You missed it. The tax reductions for corporations will be paid for by the loss of the itemized deductions. If you're a WWII widow making $75,000 SS and pensions or IRA's, you're paying $50,000 for home nursing care, you just lost a $43,500 tax deduction. If you are paying $10K for medical insurance outside of home care, you've lost that deduction. If you're over 65, you just lost the over 65 deduction on top of the individual deduction, another $8300. If you're losing SALT of about $16,000, there goes that deduction. TOTAL: $61,500 in deductions LOST. You pick up the standard deduction of $12,000, NET LOSS $50,000 in deductions, run the numbers a WWII widow in her home getting nursing care (it's closer to $110,000 on each coast) will be paying an increase of $10,000 Federal Tax. Oh wait, I forgot, many states mimic the Federal tax scenario. The follow the rules of the Feds. Which means your NONDEDUCTIBLE state taxes will DOUBLE because those itemized deductions AT STATE LEVEL WILL DISAPPEAR. This isn't just SOME people, it's seniors and the disabled AND EVERY FAMILY WITH MORE THAN THREE PEOPLE. How many people are struggling with this kind of household? Estimate, 8,000,000 FAMILIES STRUGGLING TO PAY OUT OF POCKET FOR SENIORS, and growing each year as the over sixty five boomers reach 65-7. .How many people will be struggling with a tax INCREASE without the seniors burden? Estimate 47,000,000 families. For families of three or more, it's not as bad, but it's bad. Here's a hint for all those corporations that think they're going to benefit. Corporations sell products, but people need to have money to pay for them. They're called customers. The same people that haven't had more than a one percent raise since 9/11 will see all that money disappear they've squeaked out since then. What do you think that is going to do to the bottom line of all those sellers out there? Margins are being squeezed now. GLWT

[@Yzzo1]

Yourdeadmeat69 wow I call that dedication

[@firekram]

Then the corporation said "in response to high profit and low retention, we are giving every employee a raise" corporations still need people to drive sales

[@blackhawk21ism]

Truth Warrior the comment was made in early November and WOW a whole two years

[@sylvasia8287]

I have never seen a WWII widow making $75,000 SS and pensions or IRA's.

[@charlesweaver9297]

most people dont make 75k a year in retirement. Most people do not have pensions either. When you retire you pay different taxes than a person who is still working. 50k a year is alot for a nursing home

[@b3at2]

Tax break for millionairs..

[@ledsabbath3298]

JRLM Anyone can be a millionaire these days especially in the U.S.... don’t hate those that made it to millionaire status just because they put the time and made the sacrifices people like you Never will.

[@carolg3517]

There is no trickle down it trickles up up up

[@BeefT-Sq]

" I want to stress that I am not an advocate of public ( i.e. , government-operated) schools, that I am not an advocate of the income tax, and that I am not an advocate of the government's " right " to expropriate a citizen's money or to control his spending through tax-incentives. " -Ayn Rand-

[@RelyOnA30.06]

As TRUMP & his Companies could benefit personally from these TAX CUTS he should recuse himself from all negotiations as HE has a MAJOR CONFLICT OF INTEREST

[@lawrencesheffield4759]

Dave Christie. He is well on his way to becoming a trillonare at the expense of the American tax payer. Furthermore. The wealthy are the biggest user of resources ,the biggest polutters with planes trains and automobiles. With all this. Why is not unfair to tax them more

[@fullbattlerattle2493]

I make about 41k after taxes annual. I’ll see a slight increase with this new tax plan plus 2 different raises for being in the military. Not really a trump supporter but I’m kinda liking this .

[@EK-rr2md]

The personal exemption was only about 4000 dollars and old standard deduction was about 6000. Therefore, for a single person, doubling the standard deduction is better.

[@buckyoung4578]

You should consider being a President Trump supporter then. Winning at home and winning on the battlefield.

[@traceford4904]

joe ramone At what point did he mention that he votes Democrat?

[@bradbirney5964]

Lol. She says it's not good for a middle cass family with kids, then says go get kids to earn the child tax credit. Which one is it? I can amost hear the bias in her voice...

[@sixsix7minus1]

Watch the retail sales fall another 5% next year based on this. Upon properly accounting for inflation and deficit spending, the real GDP growth rates is at negative 7% currently. Hitting negative 12% and the negative effects will be more universally felt so the propaganda of an improving economy will be ineffective.

[@bonnenaturel6688]

since income tax is unconstitutional anyway, I love how they have Schlesinger explaining what her people illegally put in place via the illegal Fed Reserve bank.

[@Hoplon719]

They don’t explain how this plan helps the ultra wealthy.... all they were talking about was middle class family’s, elimination of state deductions from federal which would affect real estate and cap limits/grand fathering in of mortgage caps.....

[@HtineTEE]

Charles Martinez the loopholes aren’t closed. Plus the rates are temporary! Subject to change while the corporate rates are permanent. Who’s taxes do you think will go up in a few years?

[@zebrastripe85]

SayItLOUD ! Tax cuts are never permanent nor temporary. A new administration could scrap it with enough votes. They use that wording but you have to Pick up a book and study.

[@mattmann06]

imagine that? Sounds like Republican propaganda.

[@progressivegranny4207]

DESTROYING THE MIDDLE-CLASS IN REAL TIME!

[@delioniowilson7301]

She forgot to say that middle class tax deduction will only last 10 years

[@TheSpokenWizard]

People fail to realize, the middle class benefits most when the poor and rich benefit. The middle class makes money off the rich and poor. Its the middle class that provides services for the rich and poor.

[@blackblack3836]

TheSpokenWizard not true at all

[@satyrsak]

The poor will pay more, 12% up from 10%

[@onestunningdude9445]

TheSpokenWizard that is incorrect

[@SuperTruthful]

you're a bonafide fool. explain to me how you're going to be taxed more and it's a damn benefit? deplorables are stupid.

[@B33SON1]

That's called trickle down economics and it's been proven not to work.

[@wetshlovesusa2898]

More rich people, more Jobs...I’ve never seen a poor man give anyone a job. But I’ve seen people that have go to the spa, take vacation, build apartments, and is generous to the less fortunate.

[@workingclassdudeallmylife1372]

WE TSH Yvette -- how wrong you are the rich put their money in foriegn bank's rather than reinvesting in the American economy. What you're describing is trickle down economics and was first tried by Ronald Reagan, David Stockman was the economist that originally devised this theory and even he said it doesn't work. The rich don't give jobs, if there is a need for something to be done a person performs a service to do what needs done in exchange for money , the only people that are given anything are the Paris Hilton class that inherite money for nothing and now they will no longer be taxed for doing nothing and the working class can pay for the roads and courts and all other services that are provided by the tax payers so the rich can get to the spa after a long day of counting their money

[@rdaevi6129]

Workingclassdude Allmylife everyperson that has given you a job is a rich dude

[@latinace1981]

More like more yachts and house to buy. The rich are greedy

[@sharkboi6164]

Latin Ace Okay fine, say a rich guy can’t buy a jet, boo hoo who cares right? But that also means a dealer didn’t sell a jet, a shipping company didn’t move a jet, a manufacturer didn’t build a jet, a pilot can’t fly a jet etc.

[@KDrop84]

I feel this is a sprint commercial . Holy moly! It’s your money. Wake up!

[@coachtanishamarie]

Under $24,000 no tax

[@ReelSpeariT_Florida]

Are you people mathematically challenged. For every 1000 bucks made the govt gets $120. $250. $350 and $396 respectively. So tell me how this exclusively benefits the wealthy considering the current 28% bracket under this plan pays 25%. Now granted the 33% moves up to 35%. So i guess if you were in the 33% bracket you have a reason to complain but is 200k+ to 500k bracket considered middle class? I dont think so.

[@ReelSpeariT_Florida]

Jaymie T if under for 45000 is unfair i guess its time to get a second job if you want more like other hard working people that want more.

[@simetry6477]

Not all money is treated the same. So if you earned 50,000, every 1000 dollars after that a quarter or 250 is taken out, are you mathematically challenged? Brackets and bounded sets, I guess you school did not teach you of them.

[@shadowdance4666]

French Revolution coming. Off with their HEADS

[@bryangaraventa7022]

Wicked Gypsea Fishing actually it is middle class . I'm a union ironworker and my wife is a nurse ... Jointly we make 260k - 300k a year.

[@stevewright9195]

Lol the average household income is 81.5k

[@dustinbible23]

It better than the last one but you small minded people can't see that all you see is Trump did it so it can't be good so stop your crying

[@kleevorpos1838]

reagan did this in the 80s, it didnt work, besides, the guy has NEVER done ANYTHING good in his entire life

[@mrob611]

You're just not smart. Massive tax breaks for the rich will be disastrous for out economy just as it has been in the past.

[@JeffLifeInReview]

Love how the have to keep trying to make this a rich vs poor issue. Reporter asks a second time at the end who benefits the most...super wealthy after not moments earlier saying families with kids will get an extra $600 a peace for them. Do the math, families with kids get the biggest payout in total. Why we pay people to have kids is beyond me. How does that benefit society while they use up our resources

[@Swnsasy]

Dustin Bible Regan did the same and it took down the economy.. Watch Fox Business news.. They say the exact same thing.. This bill screws the middle class.. It's ok.. You don't have to believe any economists or anyone else that has been telling you what's in it and how bad.. You'll feel it.. I won't say I told you so..

[@mrob611]

Same with Bush's tax cuts. Low taxes, especially on the rich have preceded the two worst economic disasters in US history, the Great Depression and the Great Recession. Republicans depend on their clueless and easily misled followers and are able to full them every time.

[@mohamedabdurahman7178]

They didn't mention that the poorest Americans are gonna have a tax hike from 10% to 12%

[@debo4898]

People making over $100,000 are already being taxed at 25%, how is this different?.......or even a tax cut?

[@EvoSGooD]

Middle class earnings should be up to 65k a year. 65k a year is just enough to live comfortably. For California anyways.

[@weaverdetails4747]

EvoSGooD I totally agree income is different in every state and needs to be adjusted as such. 100 k a year in nyc and you are in a studio apartment eating ramen noodles but a 100 k in Florida and you live like a king.

[@donald_the_savage1234]

In North Carolina that's pretty good

[@SuperTweezy5]

And our gas tax, property tax, lower the sales tax, and take away the recent increase in our vehicle registrations for starters.

[@justmemadison]

Until you don't get to write off your state and local taxes. With the property values so high, many in CA are going to lose their mortgage interest deductions, too.

[@plopplopfizfiz7372]

Trump is sort of stupid to neglect california. The house remains pub because of republicans out here.

[@iliannym160]

This is very unfair I do not see where it would benefit a single person with no children I'm divorced and I have to work and my kids are grown how would this help me

[@B33SON1]

The answer is that the GOP tax plan won't help you. You will pay more

[@marshalmcbride2753]

Fight for lower taxes for everyone. Your problems stem directly from the cost of living and government. If you could take your taxes and cut them in half, would you be asking that same question?

[@marilynharper5854]

Ilianny Martinez nicely said agree thanks :)

[@ghostdance216]

Here's how: Big business passes on massive corporate tax rate cut as AT&T gives EVERY worker a $1,000 bonus and Boeing, Comcast and Wells Fargo hand out wage rises and bonuses too AT&T will pay $1K bonuses as soon as President Trump signs tax cut bill into law and promised to invest and extra $1 billion in America next year Boeing also announced a plan to spend an additional $300 million on its employees and charities, also tied to the tax plan A Cincinnati bank said it will bonus 13,500 employees $1,000 each and raise its minimum wage to $15 per hour because its tax rate will soon plummet Wells Fargo is matching that $15 minimum wage and giving $400 million to charities FedEx says if tax cuts spur GDP growth it will likely expand hiring Comcast NBCUniversal said it's giving out $1,000 bonuses to more than 100,000 workers Minutes before AT&T's announcement, Senate Minority Leader Chuck Schumer slammed it as a greedy corporation out to enrich its executives. You couldn't make this stuff up if you tried !! LOL -

[@josiah7552]

Damon W amen.

[@zachwieberg7088]

They're missing the point lower taxes on corporations creates jobs, that makes more money for the people. Jobs,jobs,jobs.

[@BrandonJamesH]

All of you with comments on how this is terrible because a rich guy paying over 50% tax goes down more than 10% while you pay nothing or half that in taxes is seriously stupid. The only thing unfair about a successful guy paying 40% while average Joe pays 12%, is the fact that the hard worker pays 3 TIMES MORE. Fair would be everybody pays 12% period. Even Trump is screwing the successful and smart.

[@darthrevan.gaming327]

So the Middle Class and Working class will have to pay for the 1.5 to 1.7 trillion dollars.

[@patrickcollins1319]

They need to CUT the 1.7 out of the budget. That is what any normal business or person would do.

[@cl9826]

Yup. Work harder.

[@helenohenzo2239]

for people making less than $24k a year aka the real working class will decrease to 0%, but CBS doesnt tell u that

[@modernwarrior24]

DarthRevan .Gaming No. 70% of middle class families who aren't dependent on deductions, there will are no tax increase.

[@judyroks]

No

[@pruettb]

Again give the money to the rich at the expense of us all.

[@PhilAbrahamZija]

yess Bernie

[@BryceJohnson88]

How does it give to the rich?

[@davidlafleche1142]

39% is a huge tax bill.

[@BryceJohnson88]

eddieisfiction you know who else makes money off stocks? Anyone with a retirement account....

[@B33SON1]

Mike Stevens the GOP tax plan removes many deductions available to the middle class which are used to pay for more deductions and lower taxes for the rich and corporations.

[@motorcycleman3470]

After 2 years it all goes away

[@lisumaperaly4252]

The only ones it effects negatively are the lazy and unfocused.

[@thurmanburman4456]

So alooot of corporate jobs will be coming back and stock market will make alot of money

[@bighands69]

What is going to happen is that jobs will come back. People will see their income increase because taxes are cut and this will all add up to economic growth probably near 6% and an actual visible change in the economy. This will in turn kick start the US economy and at the same time kick start the world economy.

[@thebesteggisarunnyegg922]

Let me see no. Taxes will go up for alot of people. Also, the effective corporate tax will actually go up.

[@sociallibertarian7723]

What this means is corporate owners pocket more money and anyone making under 75k per year will actually end up paying more in taxes

[@tokenetta8070]

Ppl forget the fact you lose more due to cuts to healthcare and other programs. The tax cuts aren't going to give more revenue to the government to fund programs and infrastructure. Just for rich ppl to pocket money we won't see and trump to spend on his vacations. Money is only being funneled to rich ppl and this tax plan is the biggest example. The rich get the biggest percentage of cuts and it's not going anywhere, but to themselves. You think that they'll hire more ppl? Sure, in another country. You think they'll make more products? Sure, in another country. Why help you, when they never needed too? Trump isn't going to do anything about it, especially when his own daughter is doing it. They playing you guys for a fool.

[@sespaillat]

Thurman Burman p

[@wetshlovesusa2898]

More rich people/ richer the better...they pay for all of us that have Jobs get better jobs.

[@crisbf2470]

WE TSH Yvette hahaha. What a bunch of ignorance here.

[@mnybags07]

WE TSH Yvette You can't be this slow

[@joshroscher2534]

Most serious economist that I have listened to say that this current bill will make it easier for jobs to stay overseas.

[@sharkboi6164]

Cristina Briones Fourzan You sir are VERY ignorant, the govt doesn’t use the money they collect, they just take out 10B a day in loans and spend that. Let’s say a rich guy can’t buy a jet, boo hoo, who cares right? The dealer who didn’t sell a jet does, and shipping company who didn’t ship a jet, the pilots who can’t fly a jet etc. in the end the rich pay way more in taxes, whereas the poor pay little to none meaning you can’t cut them.

[@tmc6799]

I had a great deal of trouble following this explanation. What wasn't mentioned are the loss of our ability to take off medical costs and interest on student loans. I am middle class, I itemize, this "big tax cut" will cost me hundreds of dollars. If you live in a high local tax state, rent and have no children you will get soaked. Our social security, medicare and medicaid will be attacked and the billionaires will be sitting on more money that they will send to other countries.

One last point, one desperate point to try to convince you diehard TAx plan fans. AGAIN, this is not about Democrat or Republican. The current tax plans that have been passed or will pass. are not NOT. going to get you increased wages or better salaries. When was the last time your employer raised your wages or salaries JUST BECAUSE he or his company saw a profit? No, you have to wait for the yearly raise and it won't be much. I am talking to regular people who work jobs where the make less than40000 a year. ALSO, the current tax plans in congress for the Tax Cut Bill, will not make you more money or less taxes. However money you make in the Fed Tax filing next year, it will be OFFSET by your State tax filings in Virginia, New York, California, Illinois, etc., etc. BOTH PLANS have taken away ALMOST ALL State tax deductions and standard deductions. You cannot use the State deductions even on your Fed Tax Return files. DO YOU IDIOTS UNDERSTAND? Oh, I almost forgot [chuckle!]. You have to actually REEEAAAADDDD the tax plans online and do research to find out what it REALLY says. Then come back to me and debate.

[@tomjordan3619]

Several companies have already raised their minimum wages to $15, in anticipation of how much they will save next year on taxes - and they are giving big bonuses at the end of THIS year, so this plan is already benefitting the middle class.

[@dwu9369]

Let's put the percentages in actual numbers. If you make $500,000 with the 39.6% rate, your tax is a whopping $198,000. If you make $44,000 with the 12% rate, your tax is $5,280. A 'fair share' scenario is everybody pays a fixed percentage no matter what income you make. Taxing brackets has always been about punishing the ambitious and the successful. The rich pay more than their fair share. They've been paying more than their fair share before the tax reform and they're still going to pay more than their fair share with the tax reform.

[@lottsalasagna431]

Tony Wu like communists

[@letsstophighexpectationsfr7754]

Only if you consider 500k rich.She clearly stated that the rich will pay way less than all. When she stated that “They profit the most”.Profit so much that they didn’t even put them on the chart😂Are we surprised that he would make sure that he and all the people who surround him profit the most from this?We shouldn’t be.

[@CheeseCircus]

The rich pay more because they take more. Your average family doesn't get as much benefit from infrastructure as the guy who owns a factory. They pay more, because they use more. It's fair.

[@HtineTEE]

This is just income tax. Not capital gains, which is how most rich ppl earn their income.

[@journey2win572]

The real breaks are for those that make over $500,000 they receive a higher break.

[@franklotion7716]

I make too much to receive the child credit. But I know a bunch of welfare people that get it. It's the same thing every year dirt poor people come out with big fat tax returns. And be broke within 2 months. Leave it at a thousand they don't know what to do with it anyway!

[@yamielmerrel8797]

You're absolutely right! Just more for bear and useless things, also most of those are completely worthless human beings, BUT THE WORST PART IS : NO MONEY GOES INTO THE KIDS WORLD, (EDUCATION, WELL BEING ETC)

[@Joseph-nx5gv]

"welfare people" lol

[@SuperTruthful]

how do welfare people get tax credit...unless they work and earn so little that they are given tax credits. explain that.

[@bighands69]

The US currently spends 2 trillion per year on welfare.

[@SuperTruthful]

Yes, the US does currently spend 2 trillion per year on corporate welfare.

[@charlesballiet7074]

so broken

[@chefmark1751]

People have to realize, this isn't just about helping rich people. This will increase the debt and reduce revenue used to fund schools, infrastructure, healthcare and social security. People who think this doesn't effect them will feel it... and probably blame Obama or Nancy Pelosi.

[@leonsingleton4674]

Winners are the American workers.

[@SuperTruthful]

how are American workers winners here troll?

[@marvinwilliams4223]

Dumbest comment I've ever seen in my life

[@leanagonzalez467]

If you could take a minute to explain how? I'm open to try and understand because it seems like 45 positioned himself in the White House to be sure and profit (not being sarcastic)...take it away.

[@helenohenzo2239]

SUPER, people making less than $24k will pay no tax and when you give corporation tax cut, they will hire, try to guess who: workers. workers are the winners, not just paying zero percent in tax but having job

[@blooddiamond93]

Tax Cuts > Corporate Welfare, you Dumbfuckrats.

[@laurachurchill2537]

Tax cut of $ 1200 is nothing. Who makes less than $ 25k and lives on this?

[@naughtymoose6321]

People that live in New Mexico make under $25k. Rumors are that people who live in that state spend a decent amount of their welfare check on weed and lottery tickets. Its sad because those are our tax dollars.

[@himmie1]

How can someone making 50,000 be in the same tax bracket as someone making 150,000 that's nuts

[@cl9826]

himmie1 oh but it's "simpler" now... Hahaha

[@SabertoothX]

This tax plan benefits middle class, poor, and small businesses big time. Don't be idiots people. Under the new tax plan my parents business goes from paying 16,000 a year to 1400. That allows them to grow their business amongst other things.

[@HeadingForTomorrow]

These videos should expire since they don't mean anything anymore, and it's just confusing those who are looking to get simple answers on what changed. There are still "4 brackets" or "mortgage interest going away" or "XYZ is eliminated" while non of that happened by the time bill passed.

[@MostafaMansoori]

The child tax credit is $2,000 now, not $1,600.

[@Cooper1234Daniel]

Never understood why people care that the wealthier people benefit more. You’re still benefiting. They benefit more because they have more to benefit from and the already very high rate they pay.

[@lylesmith7752]

Why not put in the bill that the money the insurance companies save via tax cuts be reflected in premium costs reductions

[@redhytech]

I already pay over 20% in income tax.

[@teresagarcia4329]

"Indeed it is "likely" to help the middle class BUT if you make alot of money, it will help you more" lol

[@vintagevmax2410]

Promises and Quotes.-I will go over the federal budget “line by line” to weed out waste and corruption and would thereby save so much money that it would go a long way to balance the budget.-“When there’s a bill that ends up on my desk as president, you the public will have five days to look online and find out what’s in it before I sign it, so that you know what your government’s doing.”-In the coming weeks, I will be announcing the elimination of dozens of government programs shown to be wasteful or ineffective. In this effort, there will be no sacred cows, and no pet projects.-We need transparency in government to cross political lines to be Bi-partisan.-We need televised debates. -We need to reduce this "unpatriotic and ill responsible" debt.-I will eliminate lobbyists in my administration.-I will take action against earmarks, earmarks would be banned from any stimulus bill that I sign into law.-I promise to "thin the ranks of Washington middle managers, freeing up resources both for deficit reduction and for increasing the number of frontline workers."-I will Fundamentally Transform America. Results…-32+ Czars. -36+ Tax payer funded Green Energy company failures. EPA regulations that stifle the coal industry resulting in a direct loss of 75,000 coal generation jobs in the U.S. by 2020.-Cash for Clunkers.-Food stamp usage increased 45.5 percent.-Twice lowered the National credit rating.-Failure to pass budgets (ie.sequester).-National debt in 2008 was 9 trillion, today 19.2 trillion www.usdebtclock.org/-Race tensions are the highest in 40+ years.-If you like your Doctor, you can keep your Doctor…The average family will save $2500.00 a year.

[@lbkrandyl9374]

I'm poor and only make 7.25 an hour so do I benefit from this? Can't wrap my head around all this

[@luabpj1234]

They just said that people with mortgages over $500,000 , won't be able to deduct interest. In the next breath, she said this only benefits the wealthy. Do you see how stupid they think you are?

[@charlesweaver9297]

how is this bad when the middle class will pay less taxes if you look at it from a non bias view point it is better than what we had.

[@crosswalk5804]

Why doesnt anyone give any specific examples of exact scenarios with numbers where taxes would go up?

[@journeychaktah4129]

I'm forced to be in a higher tax bracket because I made a couple of hundred more. Now I have to pay for the first time in my entire life.

[@declaytor]

Who benefits the most from this plan? The ultra wealthy Who pays the most taxes in this country? The ultra wealthy How will this effect my 401k? You could see a 22% to 30% jump What about those that don't have a 401k? Their effective tax rate is 0%

[@ManguKing]

So sick of tax this tax that. Nothing that has been done by this government since Reagan has been to my aproval, why should I then pay taxes? Honestly, is like I'm being mugged. It's the most stupid part of this country. A country that was founded on the basis of not wanting to pay high taxes and not having proper representation is currently taxing the life out of its citizens, and let's be honest. When was the last time any of us felt represented in congress? Never! Why can't we all just pay a flat line tax rate? 3% of our income and not a cent more? But let's be honest, no non European nation has ever done squad that would benefit it's people. Only some Asian and European countries actually have their citizens as priorities.

[@EB-du3vh]

Everyone says the middle and lower will be hit but I see if you make less than 45k you pay 12. Percent and make less than 24k you pay zero taxes! Under the tax system now I make 30k and pay close to 30 percent. And I used to work at taco bell making 15k and payed 20 percent of that! How is this not helping regular people again??

[@beamersbeamer6514]

Marshall Boling is you make 30k and pay 30% something is wrong with you

[@EB-du3vh]

Beamers Beamer lol I don't think you realize how much tax we pay. I actually pay more than 30 percent that was just a stab. At 30k I pay around 25 percent. But if you include my 7 percent state tax on everything I buy now it's 32 percent. Also the gas tax is way high so I definitely pay over 30 percent in taxes overall while only making 30k. You should think about how much you actually pay in taxes and not just your rate on your w2's lol

[@stephenstarks874]

IF TAX PLAN PASS DON'T DO THESE THINGS;GET OLD, HAVE KIDS,GET SICK,GET PREGNANT,HAVE SURGERY AND BE A MIDDLE CLASS TAX PAYER...

[@shaunrosenberg4568]

The most important part is that it eliminates the deduction for dependents

[@Briceo0o]

Didn't happen. Still 7 tax brackets.

[@dannystranahan1004]

Why not just get rid of all income tax completely like the United States used to have up until 1913? The only taxes we would need would be a sales tax and you can text anyone who makes money off another person's labor but you don't tax the income of a person who's working for that income otherwise that's the same as taking someone's property

[@ancientfishing]

Its the SS tax that kills low-income people. Need to make the first 20,000 exempt and then you can have a flat tax after that, that would do more for poor people. And raise the cap for SS.

[@danielswanson5113]

Why do the rich need more money, and why are the Republicans allowing an unfunded tax decrease for the rich.

[@BryceJohnson88]

If your state and local taxes are more than $10k a year, you don't need a deduction, you need a new address in a new state! That's rediculous and maybe you should bring it up to your California and New York governors... just saying

[@uf1978]

Flat tax is the way to go. That way everyone pays their fair share. And this should not be over 15%. You make $100 you pay $15, you make $10,000 you pay $1500, you make $50,000 you pay $7500, you make 100,000 you pay $15,000 and so on. Simple

[@he110me]

So...there are no losers. Good to know.

[@mgmg6462]

Sooo, the parent with five kids that lives in HUD housing gets $8, 000 ...sounds like an educational voucher would go farther, but what do I know. Keep the cycle going

[@hatcher2435]

I still say flat tax is the best no loopholes. Give us an opt out of Social Security and receive a lump sum payment for what we have paid in.

[@winfer1610]

If you make a little bit of money, you get a little bit of money back... If you make a lot of money, you get a lot of money back... plain and simple! Stop complaining about! With this The US is back in the market and this can mean business for everyone

[@Cavallaro2376]

TAX CUTS WON'T GROW THE NATIONAL DEBT? LET'S TAKE A LOOK AT THIS. During the 1950s, 1960s, and early 1970s, the top federal income tax rate remained high, never dipping below 70 percent. In 1980, Democratic President Jimmy Carter's last year in office, the United States National Debt was $907 billion. Between 1981 to 1993, Republican President Ronald Reagan and Republican President George H. W. Bush were in office. The Economic Recovery Tax Act of 1981 slashed the highest tax rate from 70 to 50 percent. In 1982, the National Debt of the United States passed the $1 Trillion mark for the first time ever. The National Debt was $1,142,034,000,000. The Reagan era had introduced America's modern debate over the role of taxes in economic policy. Tax Reform Act of 1986, claiming that it was a two-tiered flat tax, expanded the tax base and dropped the top rate to 28 percent for tax years beginning in 1988. The hype here was that the broader base contained fewer deductions, but brought in the same revenue. Further, lawmakers claimed that they would never have to raise the 28 percent top rate. By the time the Berlin Wall fell in 1989, public debt had climbed from $907 billion in 1980 to $2.85 trillion in 1989 (approximately $5 trillion in today's money). This was the first time since the Great Depression that the debt-to-GDP ratio climbed during peacetime. By 1989 when Ronald Reagan left office and George H. W. Bush became President of the United States, the National Debt was $2,857,430,960,187. By 1993 when George H. W. Bush left office and Bill Clinton became President of the United States, the National Debt was $4,411,488,883,139. Debt would generally continue to climb over the presidencies of George H.W. Bush and Bill Clinton, although the rate of growth slowed considerably after Clinton got Congress to enact tax increases early in his first term. Still, public debt ended the Millennium at $5.65 trillion. During the 1990s under Bill Clinton, the top rate jumped to 39.6 percent. Two things happened in short order. First, the administration spearheaded a significant tax cut that dramatically ratcheted up deficits. Second, the Sept. 11, 2001, terror attacks quickly led to an American invasion of Afghanistan followed by an invasion of Iraq. Neither invasion was funded by additional taxes, and the national debt began growing at a rate of $400 billion to $500 billion per year. This rate of growth was pushed to $1 trillion per year by the 2008 Great Recession as the Bush administration launched spending programs to combat the worst of the downturn's effects. President Barack Obama continued this policy. During his first term, Obama oversaw spending that grew the debt at a rate of well more than $1 trillion per year, although that rate fell by more than half later in Obama's presidency. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 maintained the 35 percent tax rate through 2012. The Patient Protection and Affordable Care Act added an additional 3.8 percent on to this making the maximum federal income tax rate 43.4 percent. That would change again in 2018. President Donald Trump oversaw more than $1.3 trillion in new debt during his first full year in office, an amount many expect will grow as his 2017 tax cuts and some recent spending increases continue to impact government finances. As one of the largest tax cuts in modern history. Trump's tax cuts pushed corporate-tax receipts to a 75-year low and alone will likely account for more than $100 billion of new debt per year over the next decade. UNITED STATES NATIONAL DEBT: JANUARY 1981 - $997,855,000,000 JANUARY 1985 - $1,823,103,000,000 JANUARY 1989 - $2,857,430,960,187 JANUARY 1993 - $4,411,488,883,139 JANUARY 1997 - $5,413,146,011,397 JANUARY 2001 - $5,807,463,412,200 JANUARY 2005 - $7,932,709,661,723 JANUARY 2009 - $11,909,829,003,511 JANUARY 2013 - $16,738,183,526,697 JANUARY 2017 - $20,244,900,016,053 JULY 2020 - $26,561,379,646,486 UNITED STATES FEDERAL BUDGET DEFICIT JULY 2020 -$2,811,013,003,950