Politics and Money

[Elroy Jetson]

But Bernie didn't want to couple the increased Standard Deduction with a 20% increase in the tax rate for the lowest income Americans like Trump does to take back part of the increased standard deduction.

If those earning minimum wage - working the typical 30 hours a week so their employer can avoid providing benefits - also have children, Trump's tax changes will hurt them even more and there's no hint how the massive tax cuts for the top one percent will be paid for.

One leaked revenue source is eliminating the Earned Income Tax Credit for half of their Social Security taxes paid - an additional $1,125 tax increase for those making minimum wage and working 30 hours a week.

The net result is the working poor will pay an additional 10% of their income in taxes which will offset most of any "big" increased standard deduction.