Taxes are not a sexy topic. No one ever goes up to another person and whispers softly in their ear, "ooh, girl, let me tell you about how to be fiscally responsible and use your deductions to maximum advantage, so we can work on that sexy, sexy retirement package while smoothing out your NRA."
If you zoned out halfway through that sentence, that's the point. If you actually understood that sentence and was like – wait, that literally makes no sense – also the point.
We're not economically savvy people by any stretch of the imagination, but in previous weeks, we've found ourselves paying attention to taxes, and news about taxes, more and more each day.
JUST IN: GOP leaders formally sign tax bill, sending it to Trump https://t.co/7UIVnGeqYk https://t.co/VqTNJgylXd— The Hill (@The Hill)1513878014.0
Even more worrying, it's not the " incredible Christmas gift for hard-working Americans" Trump crowed about after the bill passed 51 to 48 this Wednesday. In fact, it actually hurts the working class.
As The Balance explains:
Among individuals, it would help higher income families the most. Everyone gets a tax cut in 2019. But in 2021, taxes will increase on those making $30,000 or less. The lower tax rate won't make up for the deductions and credits they lose. By 2023, costs will rise on everyone who makes less than $40,000 a year.But how much exactly does Trump stand to make?
Trump is openly bragging about the deceptive way the tax bill guts Obamacare and potentially causes 13 million Amer… https://t.co/nSoBrzJrbk— NowThis (@NowThis)1513877724.0
"Trump’s revenues are still not big enough, by a long shot, to backup the claim that his net worth is anywhere near that 'in excess of $10 billion,'" Fortune wryly quipped.
In fact, the new tax code helps not only Donald Trump, but also his cabinet, as well as the most senior members of his team, who are all at the upper echelons of the tax brackets.
It’s not just Corker. Dozens of lawmakers (and President Trump) stand to reap a tax windfall thanks to a loophole i… https://t.co/mzlFpHCss6— Kyle Griffin (@Kyle Griffin)1513866905.0
How much money could members of the Trump team get from the tax bill? CAP ran the numbers: - Donald Trump: $11m-$15… https://t.co/HEg2bea8zn— Joy WE VOTED!! WEAR A MASK!! Reid 😷) (@Joy WE VOTED!! WEAR A MASK!! Reid 😷))1513833847.0