Just out from IRS - Trump Tax Cuts Benefited lower and middle income earners the most

[rmg_35]

Originally Posted by berryberry

Think about this - then think about what leftists say

" In 2021, the top 1% of taxpayers (1.53M) paid a record-high 45.8% of all federal income taxes "

We have 1% of the population paying nearly HALF of all federal income taxes. HALF

More maga misleading nonsense: the top 1% should be paying more because of the income equity in this country.

The top 1% of Americans own 40% of the country’s wealth.
Although not a tax-specific fact, it is related to the issues with how little some wealthy people pay in taxes. All the money that the top 1% is saving is adding up really quickly. According to Legal Jobs, the top 1% owns 40% of all the wealth in the United States. That leaves the remaining 60% to be split between 99% of people. Another piece of evidence about income inequality.

The wealthiest 400 families in the country pay just 8.2% of their income.
Talk about income disparity. According to CBS News, the Biden administration is trying to pass legislation that will increase the amount of taxes the richest 400 families pay. Between 2010 and 2018, these families, on average, only paid 8.2% of their income in taxes, and these are families that earned at least $2.1 billion in income. The reason they get away with paying so little has to do with the way the tax code deals with the kinds of income that are earned on existing wealth, including stocks, which earns money over time, as opposed to wages.

Billionaires are paying a smaller percentage in taxes than the average American.
According to Legal Jobs, as of 2018, billionaires were paying about 23% of their income, or less than a quarter, while the rest of Americans paid 28%. While it adds up to billionaires paying more dollars, in terms of the ratio of taxes to income, billionaires are paying a significantly smaller percentage of their income than you and me.

The insurrectionist treasonist traitor and sexual abuser tRump's tax cut was just another bullshit assine way for the rich to get richer at the expense of the national debt. It give massive cuts for the 1% and corporations and a little to the middle class which keeps increasing between the haves and the have nots.

The funny thing is that MAGA thinks that if they keep kissing the insurrectionist treasonist traitor and sexual abuser tRump's fat orange ass, that they will eventually get their share. The insurrectionist treasonist traitor and sexual abuser tRump and his sick 1% greedy jackasses will continue to give themselves tax cuts and the rest of the 99% will get less than nothing. Steal from the poor and give to the rich. It's the republican motto, especially the maga Republicans and their followers are to fucking stupid and ill-informed to see it.

[Jacuzzme]

You can always write the irs a big fat check if people keeping more of their own money bothers you so much. Practice what you preach bro.

[bambino]

My tax exposure was cut significantly. I run an LLC. It’s been all good.

[winn dixie]

Trumpfs tax cuts were eye candy. Sure at an elementary level they're shiny and positive in the very short term.
But we're not in Grammer school. The long term effects are bad. Consequences are being seen.

[The_Waco_Kid]

Originally Posted by rmg_35

Once again, maga gets things totally wrong because they are stuck listening to the bullshit of faux and the other radical far-right wing extremist conspiracy theory media. Article after article on Google search "trump's tax cuts effect on national debt" show massive deficits from the insurrectionist treasonist traitor and sexual abuser tRump's tax cuts.

Just more lies and bullshit as always.

IRS data isn't bullshit. it's the official record

Originally Posted by The_Waco_Kid

if you say so

IRS data proves Trump tax cuts benefited middle, working-class Americans most

https://thehill.com/opinion/finance/...mericans-most/


President Biden and congressional Democrats’ Build Back Better (BBB) Act is now in the hands of the Senate. That legislative body’s 50-50 partisan split will undoubtedly make the bill’s passage difficult.


In order for BBB to become law, Democratic Senate leadership will need to convince moderates such as Sens. Kyrsten Sinema (D-Ariz.) and Joe Manchin (D-W.Va.) that the legislation’s $2.4 trillion price tag can be offset by expanding the IRS and its enforcement efforts while imposing substantial tax reform measures.


Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the 2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology.


Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.


A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.


Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.


By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. (For more detailed data, see my table published here.)


That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.


What’s more, IRS data shows earners in higher income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year.


In fact, every income bracket with filers earning $200,000 or more increased its tax burden in 2018 compared to 2017, and every income bracket with a top limit lower than $200,000 paid a smaller proportion of the total personal tax revenue collected.


That means that Republicans’ tax reform law resulted in the tax code becoming slightly more progressive — the exact opposite of what Democrats have claimed over the past four years.


The IRS data further shows that the tax reform law — which included a variety of business tax cuts, including a large reduction in the corporate income tax rate — spurred economic mobility.


Every income bracket with a top level lower than $25,000 experienced a reduction in its number of filers, and every income bracket above $25,000 increased in size, with the biggest gains occurring in the brackets with a floor of at least $100,000.


The fact is, Republicans’ 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups, provided the greatest benefits for middle-income households, and spurred economic growth that helped reduce poverty and improve prosperity.


It would be a grave mistake for Democrats to eliminate key parts of this important legislation.


Justin Haskins (Jhaskins@heartland.org) is director of the Socialism Research Center at The Heartland Institute and the co-author, with Glenn Beck, of the forthcoming book “The Great Reset: Joe Biden and the Rise of 21st Century Fascism.”

Originally Posted by rmg_35

You use an opinion article to try to prove this bullshit. It's actual MAGA radical far-right wing extremist conspiracy theory bullshit from the ill-informed maga supporters of the insurrectionist treasonist traitor and sexual abuser tRump. This assine tax cut greatly increased the national debt and makes the richest of the rich even richer.

Do the google search, "trump's tax cut effect on national debt". All you have to do is click on and read Article after article to refute the insurrectionist treasonist traitor and sexual abuser tRump's tax cut.

okay. i get this



Trump tax cuts added less than $2 trillion to debt, nowhere near 25% | Fact check

https://www.usatoday.com/story/news/...t/70270322007/


what did you get?



bahahhaaa

Originally Posted by rmg_35

More maga misleading nonsense: the top 1% should be paying more because of the income equity in this country.

The top 1% of Americans own 40% of the country’s wealth.
Although not a tax-specific fact, it is related to the issues with how little some wealthy people pay in taxes. All the money that the top 1% is saving is adding up really quickly. According to Legal Jobs, the top 1% owns 40% of all the wealth in the United States. That leaves the remaining 60% to be split between 99% of people. Another piece of evidence about income inequality.

The wealthiest 400 families in the country pay just 8.2% of their income.
Talk about income disparity. According to CBS News, the Biden administration is trying to pass legislation that will increase the amount of taxes the richest 400 families pay. Between 2010 and 2018, these families, on average, only paid 8.2% of their income in taxes, and these are families that earned at least $2.1 billion in income. The reason they get away with paying so little has to do with the way the tax code deals with the kinds of income that are earned on existing wealth, including stocks, which earns money over time, as opposed to wages.

Billionaires are paying a smaller percentage in taxes than the average American.
According to Legal Jobs, as of 2018, billionaires were paying about 23% of their income, or less than a quarter, while the rest of Americans paid 28%. While it adds up to billionaires paying more dollars, in terms of the ratio of taxes to income, billionaires are paying a significantly smaller percentage of their income than you and me.

The insurrectionist treasonist traitor and sexual abuser tRump's tax cut was just another bullshit assine way for the rich to get richer at the expense of the national debt. It give massive cuts for the 1% and corporations and a little to the middle class which keeps increasing between the haves and the have nots.

The funny thing is that MAGA thinks that if they keep kissing the insurrectionist treasonist traitor and sexual abuser tRump's fat orange ass, that they will eventually get their share. The insurrectionist treasonist traitor and sexual abuser tRump and his sick 1% greedy jackasses will continue to give themselves tax cuts and the rest of the 99% will get less than nothing. Steal from the poor and give to the rich. It's the republican motto, especially the maga Republicans and their followers are to fucking stupid and ill-informed to see it.

speaking of tax cuts both corp and personal ...

Originally Posted by Tiny

Goodness. The world must be so simple for Blackman and TS Mokies. All they have to remember is "Democrat Good, Republican Bad." And then everything falls into place.

I've been following this thread but didn't have time to post. I figured I was going to have to come over here and kick some ass. But Lusty Lad's already done that for me. And DucButter applied the final shot to the head.

A couple of additional comments, federal receipts as a % of GDP in fiscal 2022, 19.2%, were the fourth highest in the history of the United States of America:

https://fred.stlouisfed.org/series/FYFRGDA188S

And despite a cut in the federal corporate rate from 35% to 21%, federal tax receipts on corporate income in fiscal 2022 were the highest since 2014:

https://fred.stlouisfed.org/series/FCTAX

You can't attribute this to tax increases during the Biden administration. In fact, despite controlling the presidency, Senate and House, I don't believe the Democrats rescinded any of the provisions of the Republicans' 2017 Tax Cuts and Jobs Act (TCJA). They actually extended some that were due to expire! And their only significant tax increase, the minimum tax on corporate income, didn't start until January 1, 2023.

So close-to-record high revenues were achieved with a tax regime last altered by the Republicans' TCJA. However, contrary to what Blackman says, I don’t believe tax revenues normally go up when tax rates are lowered. Although it wouldn't surprise me if the longer term revenue-maximizing rate from the federal corporate tax is lower than the 35% that was in effect before the TCJA. And the revenue maximizing rate for capital gains is almost certainly lower than the 43.4% that Biden was pushing.

this covers it don't ya think?

[berryberry]

Here are the ACTUAL facts

"In 2021, the top 1% of taxpayers (1.53M) paid a record-high 45.8% of all federal income taxes. These same taxpayers earned 26.3% of all the income

So we have 1% of the population paying nearly HALF of all federal income taxes. HALF!!!. When they earn a QUARTER of total income

[berryberry]

Senile Biden keeps telling the lie that Trump tax rate cuts just benefited the rich.

In fact, as the NYTimes reported in 2019, 64.8% of taxpayers got a tax cut under Trump.

And as shown earlier in this thread, the top 1% went from paying 40% of all income tax to 45.8% of all income tax.