tax breaks for the rich vs cuts for the people

[sealybobo]

You don't create class warfare, it creates itself as people talk about what is, has and will happen the way things are. It's called talking about what is, IS.

And exactly who starts the conversation?

Politicians.

"vote for me and 95% of you will see more money in your paycheck"

"what is wrong with a little spreading the wealth?"

"people have been victimized by greedy wall streeters"

Five Good Reasons It Doesn't Feel Like The Trump Tax Cut Benefited You

First, many people will technically have lower taxes, but the cuts are so tiny as to be hardly noticeable.

Third, most Americans perceive the Trump tax cuts didn't benefit them because the highest income groups benefited the most . This is not only because of the rate changes, but because the drop in corporate taxes and rise in corporate profits ended up as higher incomes for the wealthiest households. The biggest winners in the Trump tax cuts were corporations and the households that get income from corporate profits—that is, the very wealthiest Americans. The top corporate income tax rate dropped by almost 40%, from 35% to 21%. And that cut is permanent, while the household rate cuts expire after 2025. The imbalance between household and corporate benefits is unpopular, with 62% of Americans saying it bothers them “a lot” that “some corporations don’t pay their fair share.” Even 42% of Republicans are bothered “a lot” about this.

Fourth, most Americans might doubt they benefited from the Trump tax reform because they believe the tax cuts are causing big deficits they will have to pay for sooner or later.

Pew Research found that the two parties increasingly disagree about whether taxes are fair—64% of Republicans think so, but only 32% of Democrats agree.

Bottom line: People aren’t feeling a benefit from the tax bill. And feelings matter in politics. Bill Clinton won the presidency with a theme of “It’s the economy, stupid,” while incumbent George H.W. Bush correctly noted (in vain) that the economic recession technically ended over a year before the 1992 election. But voters didn’t feel a recovery and voted to make a change. If the economy slows or stumbles, President Donald Trump may be vulnerable to similar voter feelings, even if most people technically got a small benefit from the tax bill.

U.S. economy slows in second quarter; weak business investment a red flag - Reuters

U.S. economy slows in second quarter; weak business investment a red flag

 

[WillowTree]

fREE aDVICE.. LIBTARDS..





CLASS WARFARE WON'T WORK OUT FOR YA.. IT JUST WON'T

But it did work out from 1950 to 2000. The rich fought back. We got lazy. That doesn't mean we shouldn't fight back does it?

What makes makes you entitled to someone else’s money?

 

[Oddball]

What's this?!?!?!?

Filthy rich liberoidals use every available tax break to avoid "paying their fair share"?!?!???

Well, I'll be dipped!

We should raise their taxes! So you finally agree with us?

no

Google "sarcasm".

 

[PoliticalChic]

Infographic: Tax Breaks vs. Budget Cuts






ThinkProgress » Show Me The Money: As Colorado Slashes Funds For Education, Tom Cruise Pays $400 In Property Taxes


Colorado, Gov. John Hickenlooper (D) is proposing a massive $375 million cut to education funding and proposing to close four state parks. Meanwhile, Tom Cruise, whose net worth exceeds $250 million, pays Colorado just $400 a year in property taxes for a 248 -acre property outside of Telluride that he purchased for $18 million.

How does he do it? By manipulating a tax break designed to help struggling farmers. The Denver Post reports

With reference to the title of the OP:

The bottom 40 percent of income earners actually paid a negative share of federal income taxes in 2006. In other words, these taxpayers are actually paid money through the tax code. This happens through refundable credits like the Child Tax Credit and the Earned Income Tax Credit, which result in "refunds" when they are greater than the taxpayer's total income tax liability.

For instance, if a family with one child has an income tax liability of $300, it can claim the Child Tax Credit, which wipes out their tax liability, and still receive $700 from the IRS for the remainder of the $1,000 credit. On April 15, not only do the bottom 40 percent of all taxpayers pay no taxes, but they actually receive additional income from the IRS.

Refundable credits redistribute income from the top 20 percent of earners to the remaining tax filers, with the bottom 20 percent the prime beneficiaries. The bottom quintile's share of income, measured after taxes, actually increased a whopping 17 percent compared to its pre-tax levels because of the income they got from refundable credits. Comparing shares of income before taxes are paid to after, only the top quintile saw their share of income decline.The Rich Pay More Taxes: Top 20 Percent Pay Record Share of Income Taxes | The Heritage Foundation

Who are the rich that are so envied, and reviled? Entrepreneurs, small businessmen, corporate executives, doctors, lawyers, just plain Americans…not royalty. The reason to deprive them of rewards with no tangible benefits to oneself: envy.From Bork's "Slouching Towards Gomorroh"

Pay the poor more and they'll pay more taxes.

Minimum Wage laws....walter e. williams

1. While legislative bodies have the power to order wage increases, they have not as of yet found a way to order commensurate increases in worker productivity that make the worker’s output worth the higher wage.
2. Further, while Congress can legislate the wage at which labor transactions occur, it cannot require that the transaction actually be made, and the worker hired.

 

[basquebromance]

"the question of the Green New Deal is not how will we pay for it, but what are we gonna do with all the shared prosperity" - AOC

 

[sealybobo]

Infographic: Tax Breaks vs. Budget Cuts






ThinkProgress » Show Me The Money: As Colorado Slashes Funds For Education, Tom Cruise Pays $400 In Property Taxes


Colorado, Gov. John Hickenlooper (D) is proposing a massive $375 million cut to education funding and proposing to close four state parks. Meanwhile, Tom Cruise, whose net worth exceeds $250 million, pays Colorado just $400 a year in property taxes for a 248 -acre property outside of Telluride that he purchased for $18 million.

How does he do it? By manipulating a tax break designed to help struggling farmers. The Denver Post reports

With reference to the title of the OP:

The bottom 40 percent of income earners actually paid a negative share of federal income taxes in 2006. In other words, these taxpayers are actually paid money through the tax code. This happens through refundable credits like the Child Tax Credit and the Earned Income Tax Credit, which result in "refunds" when they are greater than the taxpayer's total income tax liability.

For instance, if a family with one child has an income tax liability of $300, it can claim the Child Tax Credit, which wipes out their tax liability, and still receive $700 from the IRS for the remainder of the $1,000 credit. On April 15, not only do the bottom 40 percent of all taxpayers pay no taxes, but they actually receive additional income from the IRS.

Refundable credits redistribute income from the top 20 percent of earners to the remaining tax filers, with the bottom 20 percent the prime beneficiaries. The bottom quintile's share of income, measured after taxes, actually increased a whopping 17 percent compared to its pre-tax levels because of the income they got from refundable credits. Comparing shares of income before taxes are paid to after, only the top quintile saw their share of income decline.The Rich Pay More Taxes: Top 20 Percent Pay Record Share of Income Taxes | The Heritage Foundation

Who are the rich that are so envied, and reviled? Entrepreneurs, small businessmen, corporate executives, doctors, lawyers, just plain Americans…not royalty. The reason to deprive them of rewards with no tangible benefits to oneself: envy.From Bork's "Slouching Towards Gomorroh"

Pay the poor more and they'll pay more taxes.

Minimum Wage laws....walter e. williams

1. While legislative bodies have the power to order wage increases, they have not as of yet found a way to order commensurate increases in worker productivity that make the worker’s output worth the higher wage.
2. Further, while Congress can legislate the wage at which labor transactions occur, it cannot require that the transaction actually be made, and the worker hired.

Look, the Republicans are attacking labor once a again. Welcome back.

Americans are working harder these days. Their paychecks don’t show it.

The Productivity–Pay Gap

How do we know you aren't a russian or greedy millionaire? Either you are one of these or a really stupid middle class American.