Career site, Zippia, broke down the tax savings from blue collar earners from the GOP “tax reform” bill. The bean counters went through difference scenarios, including whether it was better for the earner to take the standard deduction or itemize.
The good news: Blue collar workers may see a rise in takehome pay.
The bad news: It won’t be enough to cover dinner at a good steakhouse.
Basically, the savings for the occupations they analyzed amount to around $750-$800 per year, or around $31 in a typical biweekly paycheck.
- Fast food cook: salary $20,570; 2017 annual tax $1,059; 2018 annual tax $857; savings per year $202, or $7.76 per biweekly check
- Landscapers: salary $28,560; 2017 annual tax $2,258; 2018 annual tax $1,797; savings per year $461, or $17.70 per biweekly check
- Bus drivers: salary $41,780; 2017 annual tax $4,128; 2018 annual tax $,383; savings per year $745, or $28.65 per check
- Electrical power line installers: salary $67,160; 2017 tax $8,622; 2018 tax $8075; savings $550, or $21.15 per check.
If both spouses work, taxes for these households might actually increase.
Most of the benefits of the bill go to corporations and the wealthy. Really. Which explains the current stock market rally.
Some theoreticians explain current events as part of the effort the kill the concept of the “nation-state,” and free capitalism to go wherever it wants and do whatever it wants. Money replaces government and religion as the absolute power. It may be a path to end high taxation, but it also ends free education and any kind of social safety net. No one will care about the quality of your life, how long you live, or how quickly you die.