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If you are a proponent of tax cuts to promote economic growth, but limit the tax cuts to middle and lower income families, then it’s likely that whatever growth is accomplished will be very muted because their tax responsibilities are relatively low.Let’s not forget President Obama’s claim that a US GDP growth of less than 2% per year should be considered the “new normal” and that “those jobs are not coming back”. Obama Warns of ‘New Normal’ for EconomyYet, the last quarter GDP growth topped 4% per year. Given the size of the US economy, each fraction of a percent reflects huge amounts of dollars of economic growth. That economic growth has resulted in business and companies hiring. The US is now at historic lows in unemployment rates including for blacks, Hispanics and Asians.The following is the argument for broad based tax cuts from the Manhattan Institute:A popular Facebook and Twitter game asks friends to post an unpopular opinion. Here is an unpopular fact: Tax reformers cannot deeply cut income taxes for lower-income families, because they already pay no collective income tax.Tax reform is intended to bring simplification and economic growth. Yet many commentators seem interested in only redistribution.This explains the teeth-gnashing over the Tax Policy Center estimate that the Republican tax blueprint would save the median family $420, but a family in the top income quintile $10,610.While that sounds unfair, consider this: The top-earning 20 percent of households currently pay 88 percent of all federal income taxes. So even a proportional income tax cut will save them the most money.In 2013 (the latest data year available), the top 20 percent of households paid $1.2 trillion in income taxes. The next 20 percent paid just $175 billion. The bottom 60 percent collectively paid $0. Actually, the IRS paid them $17 billion, thanks to refundable tax credits.Put another way: Household income tax bills averaged $47,000 for the top income quintile, $7,000 for the next quintile and negative $200 for the bottom 60 percent.How are tax reformers supposed to target most income tax savings to those with no income tax burden?Obviously, some wealthy families escape taxes and some poorer families face painful tax burdens — which should be addressed. However, the aggregate tax savings will align with the aggregate tax burden.By the way: In anticipation of knee-jerk dismissals of “right-wing lies and propaganda,” all this data is publicly available from the nonpartisan Congressional Budget Office (the same group cited as gospel in the recent health coverage debates). The Obama Treasury produced similar data, which no serious economist has challenged. It cannot be wished away simply because it conflicts with populist narratives.Nor can this extreme progressivity in our tax code be dismissed as the inevitable result of the rich earning all the income. We can adjust for income inequality by comparing the ratio of taxes paid to income earned.The richest 1 percent pays 38 percent of all income taxes while earning 15 percent of all pre-tax income. Thus, their share of the income taxes is 2.6 times their share of the income earned. For the top 1 percent and top 20 percent of earners, this ratio has grown steadily since the 1980s — meaning their share of the income taxes has grown significantly faster than their share of the income earned (surprisingly, the top 1 percent’s share of the income remains at 1998 levels).In fact, the Organization for Economic Cooperation and Development in 2008 showed that the United States had the most progressive tax code of all 24 countries measured. And that doesn’t even count America’s 2013 upper-income tax hikes, or Europe’s steep value-added taxes, which each widen America’s progressivity lead over Europe.European governments tax the rich more heavily than America does — yet Europe’s tax burden is flatter because it also slams the non-rich with a VAT and high income (and payroll) taxes. By contrast, America has steeply cut taxes for the non-rich.Actual tax returns show that the top 1 percent and the top 20 percent pay average effective income tax rates of 23 percent and 16 percent, respectively — nearly the same as in 1979. Yet the average rate paid by the bottom 80 percent of families has fallen from 5.4 percent to 0.1 percent. Millions of low-income families were removed from the income-tax rolls by the expanded Earned Income Tax Credit, refundable child credit and reduced, 10 percent bracket (thank you, George W. Bush).Yes, families pay payroll taxes — often exceeding their income tax burden. But payroll taxes finance the Social Security and Medicare systems, which these families will benefit from later (and cutting payroll taxes means fewer benefits at retirement). Should the entire rest of the federal government be funded by only 20 percent of families? Ten percent?Adding all federal taxes together, the top-earning 20 percent fund 69 percent of all federal revenues.The point is not that progressivity is harmful or should be reversed. Rather, it mathematically limits the low-income taxes left to cut.It’s easy for politicians, populists and panderers to pretend that the middle class pays all the taxes, and thus deserves the largest tax savings. But the first assertion is demonstrably false, which makes the second mathematically impossible. Champions of progressive income taxation have won. The bottom 60 percent have seen their collective income tax reduced to zero. In tax reform, there are no more winnings left for them to claim.Brian Riedl is a senior fellow at the Manhattan Institute.Yes, US tax cuts will mainly benefit those who … pay the most taxes

I would like to start from a pic of my office Cabin— DestinationA Journey which started in Nov 2014 as an MTS in Income Tax Deptt., Delhi.Nov, 2014 —Joined Income Tax Department as MTS (Multi Tasking Staff) through MTS Exam conducted by SSC in 2013.Oct, 2015—Joined Accountant in CAG through SSC CGL-2013.Jan, 2016—Selected for Auditor in CAG through SSC CGL-2014 but did not join.Mar, 2017—Joined CBI as Sub Inspector through SSC CGL-2015.“Now coming to your question “Life like after clearing SSC CGL””.During preparation and meanwhile selection for the post of Accountant in CAG, one of my friends asked me “How Much more time you will continue your preparation as you are already working in Income Tax Deptt. and have been selected for Account in CAG?Without taking even single second I replied “Until I get Pistol on my Civil Dress”.“and my dream came true.”“I feel blesses that I could grab the opportunity among millions of candidates who appeared in the said examination.”“I feel proud that I am serving and making the nation proud by working with a Prestigious Investigation Agency.”“I am grateful that I am being treated respectfully in the society.”“Life is like heaven if we consider that we have been given enough than what we deserve otherwise there is no end of wishes and requirements”.“I am happy because I could achieve what the millions of the aspirants dream of everyday.”Edit 1:- Last Salaries I received in these above mentioned organizations:-MTS in Income Tax Deptt: - Gross 19K, In hand 16.5 K as per 6th Pay Commission.Accountant in CAG:- Gross 33K, In hand 30K as per 7th Pay Commission.SI in CBI:- Presently Gross 67K, In hand 58K.Note:- Salary depends on allowances paid as per class of City (X or Y or Z).Suggestions and Edits are welcome!Thanks and Regards.

According to the latest updates, the total rewards to the two medal winners of Rio Olympic is as followingPV Sindhu - Rs 26 croreRs 5 crore from the Telangana governmentRs 3 crore from the Andhra Pradesh governmentRs 2 crore from the Delhi governmentRs 2 crore: broken into Rs 50 lakhs each from the Haryana and MP governments, the sports ministry and the Badminton Association of IndiaRs 75 lakh from Bharat PetroleumRs 50 lakh from Dubai-based Indian businessman Mukkattu SebastianRs 30 lakh from the Indian Olympic AssociationRs 5 lakh from the AIFF (All India Football Federation)Rs 1.01 lakh from Salman Khan.Two house plots valued at 5 crore each from the AP and Telangana Governments.Two acre land from a film star valued at 2 crorea BMW by former Andhra cricket captain, V ChamundeshwarnathSakshi Malik - Around Rs 5 croreRs 2.5 crore from the Haryana governmentRs 1 crore from the Delhi governmentRs 60 lakh from the railway ministryRs 25 lakh from Dubai-based Indian businessman Mukkattu SebastianRs 30 lakh from the Union sports ministryRs 20 lakh from the Indian Olympic AssociationRs 5 lakhs from the AIFFRs 1.01 lakh from Salman KhanIncome Tax on AwardsAS per Section 10 (17A) of the Income Tax Act, the following income is not included in the total income:any payment made, whether in cash or in kind,-(i) in pursuance of any award instituted in the public interest by the Central Government or any State Government or instituted by any other body and approved by the Central Government in this behalf; or(ii) as a reward by the Central Government or any State Government for such purposes as may be approved by the Central Government in this behalf in the public interest;The Central Board of Direct Taxes (CBDT) in a Circular dated 20.01.2014 clarified that in terms of provisions of clause (17A) of Section 10, Central Government approves awards instituted by Central Government, State Government or other bodies as also the purposes for rewards instituted by Central Government or State Government from time to time. Tax exemption can be sought by eligible persons in respect of awards or rewards covered by such approvals.Now, the Central Government has approved any payment made, whether in cash or in kind, as a reward by the Central Government or a State Government to the medal winners of the Olympic Games or Common Wealth Games or Asian games.Therefore, they need not pay any income tax on the awards given by governments.However, they may have to pay income tax on the awards given by private individuals and non government organizations.Sources: http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=27905http://www.taxindiaonline.com/RC2/NewsDesc.php?MpoQSrPnM=MTk2MjA=http://www.hindustantimes.com/olympics/how-rivalry-between-andhra-and-telangana-has-enriched-pv-sindhu-by-crores/story-TQhA4fA7Wj2XaUaeA1HPdJ.html