Great news for those in the 35% and 40% brackets. Not so great for those earning less than $18,550, where, according to HowMuch.net, the tax rate would actually go up by 2 percentage points to 12%.
.. Of note, Amoros points out that the graph doesn’t account for other aspects of Trump’s plan, like the increase of standard deductions and a cap on itemized deductions.
The American Dream, Quantified at Last
About 92 percent of 1940 babies had higher pretax household earnings at age 30 than their parents had at the same age. (The results were similar at older ages and for post-tax earnings.)
.. For babies born in 1980 — today’s 36-year-olds — the index of the American dream has fallen to 50 percent: Only half of them make as much money as their parents did.
.. The rise of inequality has damaged the American dream more than the growth slowdown.
.. Given today’s high-tech, globalized economy, the single best step would be to help more middle- and low-income children acquire the skills that lead to good-paying jobs. Notably, most college graduates still earn more than their parents did, other data show — yes, even after taking into account student debt.
Trump wants to impose a whopping 35% tariff on businesses that move jobs overseas. This is why.
.. The Trump foreign economic plan most closely resembles President Herbert Hoover’s “mercantilist” approach, which tried to deal with the 1929 crash of the U.S. economy by protecting U.S. industry from foreign competition (and Mexican immigrants). The Smoot-Hawley Act of 1930 dramatically increased U.S. tariffs on imports, thereby hurting America’s trade partners. Those countries, especially the European ones, responded with trade tariffs of their own. The resulting trade war worsened economic problems, produced the Great Depression, and paved the way for Nazis in Germany. If Trump’s “close the borders” approach led to trade wars with China and others that were even half as nasty as those of the 1930s, the world would be immeasurably worse off.
.. Neoliberalism has arguably produced the conditions that are leading to its own eclipse at the hands of Trump. This suggests that it creates the conditions for its own demise, as the political and economic theorist Karl Polanyi suggested in the 1940s.
.. Equally, it is likely to lead to retaliation from other countries, and very strong opposition from multinational firms, who have often supported the Republican party in the past. If Trump and the people around him get his way, America is about to launch a vast new experiment in economic policy, with highly uncertain consequences for the US economy and the world.
SQL Joins: Visualized
One picture worth thousands words: SQL Joins