2017 Trump Tax Cuts did not go to the wealthiest 1%

[colfax_m]

Incomplete data. If there is 12 trillion in wealth and 600 million is paid in taxes that would be higher than 16 trillion in wealth and 600 million in taxes.

We don't tax wealth in the US.

Property taxes.

 

[Rambunctious]

Trump's tax cut was across the board every income tax payer under $500,000 per year got one...and undoing it will raise everyone's taxes....

With being almost 30 trillion in debt would be the thing to do.

That's right...because when you lower taxes and cut regulation it spurs on growth...businesses earn more people earn more and the treasury receives more revenue...its simple really...I know they don't cover this in our broken school system so I'll give you a pass....

 

[Rambunctious]

Trump's tax cut was across the board every income tax payer under $500,000 per year got one...and undoing it will raise everyone's taxes....

This would almost imply that people over $500,000 didn’t get a tax cut. You don’t believe that, so you?

They didn't get a tax cut...the individual tax rate for high earners stayed the same...corporate taxes were cut and that is why so many returned to the states from abroad and that is why the unemployment rate dropped....you libs always confuse corporate taxes with individual tax rates they are two different things completely....

 

[colfax_m]

The whole “tax cuts spur growth” talk needs to answer why GDP growth in 2018 was 2.9%

 

[Rambunctious]

We now have over 600 billionaires, If its true that most of us struggled to remain in our attained level of living, then how during this on going mess did those at the top manage to increase their wealth by a trillion dollars?

A rising tide lifts all boats....

 

[kyzr]

Trump's tax cut was across the board every income tax payer under $500,000 per year got one...and undoing it will raise everyone's taxes....

With being almost 30 trillion in debt would be the thing to do.

That's right...because when you lower taxes and cut regulation it spurs on growth...businesses earn more people earn more and the treasury receives more revenue...its simple really...I know they don't cover this in our broken school system so I'll give you a pass....

I'll call that cutting taxes to spur growth "Bullshit 101"
Trump's tax cuts assumed a 5% GDP growth, and the GDP growth was always about 2%
What does grow when they cut taxes is the Debt. Either a war or a pandemic will happen that busts the bubble and grows the Debt.

We're getting close to the point when the Fed raises rates, the interest on the Debt will start hurting their spending plans.

 

[Rambunctious]

The whole “tax cuts spur growth” talk needs to answer why GDP growth in 2018 was 2.9%

Tax cuts combined with regulation cuts work every time its tried...I can show you the evidence but I know you won't accept it....

 

[colfax_m]

They didn't get a tax cut...the individual tax rate for high earners stayed the same

What are you talking about? The rates in all income tax brackets went down. The top tax rate went from 39.6% to 37%.

 

[colfax_m]

The whole “tax cuts spur growth” talk needs to answer why GDP growth in 2018 was 2.9%

Tax cuts combined with regulation cuts work every time its tried...I can show you the evidence but I know you won't accept it....

So why didn’t GDP growth take off in 2018?

 

[Rambunctious]

Trump's tax cut was across the board every income tax payer under $500,000 per year got one...and undoing it will raise everyone's taxes....

With being almost 30 trillion in debt would be the thing to do.

That's right...because when you lower taxes and cut regulation it spurs on growth...businesses earn more people earn more and the treasury receives more revenue...its simple really...I know they don't cover this in our broken school system so I'll give you a pass....

I'll call that cutting taxes to spur growth "Bullshit 101"
Trump's tax cuts assumed a 5% GDP growth, and the GDP growth was always about 1.8%
What does grow when they cut taxes is the Debt. Either a war or a pandemic will happen that busts the bubble and grows the Debt.

We're getting close to the point when the Fed raises rates, the interest on the Debt will start hurting their spending plans.

More money to the treasury is what will solve the debt crisis not clamping down on business and industry...that will never work and you get more money into the treasury by having more people contribute via income tax....its really simple stuff....

 

[Rambunctious]

They didn't get a tax cut...the individual tax rate for high earners stayed the same

What are you talking about? The rates in all income tax brackets went down. The top tax rate went from 39.6% to 37%.

No you are wrong look it up....once again you are confusing corporate tax rates with individual tax rates....

 

[Rambunctious]

The whole “tax cuts spur growth” talk needs to answer why GDP growth in 2018 was 2.9%

Tax cuts combined with regulation cuts work every time its tried...I can show you the evidence but I know you won't accept it....

So why didn’t GDP growth take off in 2018?

Because we were manufacturing here again and new business start ups were everywhere...you are making my point for me....

 

[irosie91]

Incomplete data. If there is 12 trillion in wealth and 600 million is paid in taxes that would be higher than 16 trillion in wealth and 600 million in taxes.

you cant be that stupid,,

that wealth is tied up in companies and assets,, to get to it you would have to close them down and sell of the assets,,

pknownuthin'
did not mean it

 

[watchingfromafar]

In a speech last week introducing his proposed $6 trillion 2022 budget, President Biden claimed that the benefits of the Republican Party’s Tax Cuts and Jobs Act “went to the wealthiest 1% of America.” It’s not the first time he’s made this claim, but it is a LIE.

No, it was not a lie!!
The Tax Cuts and Jobs Act of 2017 (TCJA), passed by President Trump and congressional Republicans, was the biggest reform of the U.S. tax code since 1986. The TCJA lowered income tax rates, especially for higher-income Americans, and it lowered the corporate tax rate from 35% to 21%. Some tax credits and deductions also changed.

IRS data on the 2018 tax season released in May 2019 shows that savings for taxpayers were uneven. For example, the average refund was $90 higher, nationally, in 2018 than 2017. But the taxpayers who saw the largest refund increases had an adjusted gross income (AGI) of at least $200,000.

On the whole, low-income families appear to have received the least savings, while high-income families saved the most.

The biggest winners from Trump’s tax cuts were probably businesses. Between 2017 and 2018, corporations paid 22.4% less income tax. The total value of refunds issued by the IRS to businesses also increased by 33.8% nationally.

Businesses appear to have saved the most from the Trump tax cuts; corporate income tax collected by the IRS decreased by 22.4% from 2017 to 2018

Who Benefited Most From the Trump Tax Cuts? | Policygenius

 

[edthecynic]

In a speech last week introducing his proposed $6 trillion 2022 budget, President Biden claimed that the benefits of the Republican Party’s Tax Cuts and Jobs Act “went to the wealthiest 1% of America.” It’s not the first time he’s made this claim, but it is a LIE.

Let’s start with that supposedly “huge windfall” that went to the “wealthiest 1%” of America. While the TCJA reduced effective income tax rates for all income groups in 2018, the top 1% experienced no windfall. Rather, according to the most recent IRS income tax data, the top 1% of taxpayers paid $616 billion in 2018, roughly the same amount they paid in 2017. But the bottom 99% paid $65 billion less. Some “windfall.” If the TCJA was a tax cut for the rich, it was the weirdest one in the history of tax cuts for the rich.

SOI Tax Stats - Individual Income Tax Rates and Tax Shares | Internal Revenue Service

Access data, articles and tables on individual income tax rates and tax shares.

www.irs.gov

But did those evil 1-percenters pay their fair share? Turns out they did – and certainly a larger share than when tax rates were last at Biden’s proposed 39.6%.

In 2018, while the top 1%’s share of adjusted gross income declined slightly to 20.9% (from 21.0% in 2017), its share of the income tax burden increased to 40.1% from 38.5%. “Fair” is in the eye of the beholder, but consider: The top 1%’s share of taxes paid nearly doubles its share of income. For more “fair share” perspective, consider that in 2018, the top 1% paid more in income taxes than the bottom 90% of taxpayers – combined.

Biden also might be surprised to learn that the top 1% actually paid a higher percentage of income taxes in 2018 under the TCJA than in any year since at least 2001 – when it paid 33.2%. That includes each of the five years from 2013 to 2017 following the Obama tax hikes, when the top rate last stood at 39.6% – the rate Biden is currently proposing.

Biden and the 1 Percent | RealClearPolitics

In a speech last week introducing his proposed $6 trillion 2022 budget, President Biden claimed that the benefits of the Republican Partys Tax Cuts and Jobs...

www.realclearpolitics.com

So, how did that happen? Glad you asked:

.... the TCJA increased taxable income for wealthier Americans by reducing the itemized deductions they could claim. High earners generally benefit more from itemizing deductions. Lower earners generally benefit more from the standard deduction. The TCJA increased the standard deduction and limited itemized deductions.

According to IRS data, following the TCJA, the amount taxpayers claimed for itemized deductions dropped by 55%, from about $1.46 trillion in 2017 to about $650 billion in 2018. That’s over $800 billion that was taxed in 2018 but not in 2017, most of which came from the rich people. (see link above)

Hello SALT deduction, which was a big part of that. Funny how the Dems want to raise taxes on the rich but not THEIR rich, the ones that live in their blue states.

So, when somebody says the Trump tax cuts benefited the rich, you know they are either misinformed or outright lying. Probably they've been watching CNN or MSNBC a little too much.

FAKE NEWS!

 

[pknopp]

Trump's tax cut was across the board every income tax payer under $500,000 per year got one...and undoing it will raise everyone's taxes....

With being almost 30 trillion in debt would be the thing to do.

That's right...because when you lower taxes and cut regulation it spurs on growth...businesses earn more people earn more and the treasury receives more revenue...its simple really...I know they don't cover this in our broken school system so I'll give you a pass....

If that was the case we wouldn't be 30 trillion in debt.

 

[pknopp]

Trump's tax cut was across the board every income tax payer under $500,000 per year got one...and undoing it will raise everyone's taxes....

With being almost 30 trillion in debt would be the thing to do.

That's right...because when you lower taxes and cut regulation it spurs on growth...businesses earn more people earn more and the treasury receives more revenue...its simple really...I know they don't cover this in our broken school system so I'll give you a pass....

I'll call that cutting taxes to spur growth "Bullshit 101"
Trump's tax cuts assumed a 5% GDP growth, and the GDP growth was always about 1.8%
What does grow when they cut taxes is the Debt. Either a war or a pandemic will happen that busts the bubble and grows the Debt.

We're getting close to the point when the Fed raises rates, the interest on the Debt will start hurting their spending plans.

More money to the treasury is what will solve the debt crisis not clamping down on business and industry...that will never work and you get more money into the treasury by having more people contribute via income tax....its really simple stuff....

No one is "clamping down" on anything.

 

[progressive hunter]

Trump's tax cut was across the board every income tax payer under $500,000 per year got one...and undoing it will raise everyone's taxes....

With being almost 30 trillion in debt would be the thing to do.

That's right...because when you lower taxes and cut regulation it spurs on growth...businesses earn more people earn more and the treasury receives more revenue...its simple really...I know they don't cover this in our broken school system so I'll give you a pass....

If that was the case we wouldn't be 30 trillion in debt.

the problem is everytime they get more revenue they increase spending,,

 

[Nostra]

Incomplete data. If there is 12 trillion in wealth and 600 million is paid in taxes that would be higher than 16 trillion in wealth and 600 million in taxes.

Income rax. we don't have a wealth tax, yet.

 

[edthecynic]

We don't tax wealth in the US.

YET. If the democrats ever get to the point where they can abolish the filibuster while controlling the House, Senate, and WH, then they'll pass a wealth tax.

The Truth About Taxes
August 6, 2007
RUSH: But there's no tax on wealth. There is a tax on income, and the tax on income is designed to keep everybody who is not wealthy from getting there.

August 7, 2007
CALLER: And, you know, and the way our tax system works, we have an overly complex system, which in and of itself is a problem, but the way our tax system works and the way the tax laws are written, it's based on a few kind of like hinge numbers like adjusted gross income and taxable income, and while the soak the rich -- or however you choose to describe it -- really doesn't come down that way. It really comes down to much lower income levels.
RUSH: It does, exactly, and here's the dirty little secret if you ever to pull it off. It's hard. This is why most people don't understand the tax-the-rich business. You've got to structure your life so you have no "earned" income. I'm out of time. I'll explain that. There's a category called earned income versus other kinds of income. Earned income is what the income tax rate is on. That's how "the rich" do it. They don't have "earned" income.
END TRANSCRIPT