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.

That's not a wealth tax, that's a property tax.

You don't know the difference?

Tell me. What’s the difference?

 

[task0778]

Just looked at my 2020 tax returns ... the first $441,450 in capital gains is tax free* ... $0

I kinda doubt that, musta been one helluva loophole.

 

[Toddsterpatriot]

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

The top rate was cut from 39.6% to 37%.

 

[Toddsterpatriot]

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.

That's not a wealth tax, that's a property tax.

You don't know the difference?

Tell me. What’s the difference?

If my net worth is $0 and I buy a $1,000,000 home with zero down and have a $50,000 property tax bill, what rate am I paying on my wealth?

If my net worth is $1,000,000 and I buy a $1,000,000 home for cash and have a $50,000 property tax bill, what rate am I paying on my wealth?

 

[Toddsterpatriot]

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

What was GDP growth in 2017? In 2016?

 

[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.

That's not a wealth tax, that's a property tax.

You don't know the difference?

Tell me. What’s the difference?

If my net worth is $0 and I buy a $1,000,000 home with zero down and have a $50,000 property tax bill, what rate am I paying on my wealth?

If my net worth is $1,000,000 and I buy a $1,000,000 home for cash and have a $50,000 property tax bill, what rate am I paying on my wealth?

Whether your property is leveraged or not, ownership of property does contribute to your wealth. It’s an asset. Wealth is defined as the value of your assets.

 

[colfax_m]

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

What was GDP growth in 2017? In 2016?

2017 was 2.37%. 2016 was 1.7%. 2015 was 3.1% FWIW.

 

[struth]

The tax cuts had to have a sunset cause due to congressional rules

Tax cuts for corporations didn’t sunset in the Trump tax cut. There’s no rule saying they have to sunset.

nope the confessional rules didn’t require it

but that’s not keeping them peremanent

as we see the dembots trying to raise taxes there to...as if inflation under their policies hasn’t been enough...yet another burden to the cost of products and services to the working class

 

[Toddsterpatriot]

Social security contributions stop at a certain level of income. Nobody ever explained why.

Benefits are also capped.

 

[colfax_m]

The tax cuts had to have a sunset cause due to congressional rules

Tax cuts for corporations didn’t sunset in the Trump tax cut. There’s no rule saying they have to sunset.

nope the confessional rules didn’t require it

but that’s not keeping them peremanent

as we see the dembots trying to raise taxes there to...as if inflation under their policies hasn’t been enough...yet another burden to the cost of products and services to the working class

The Republican Congress could have made tax cuts for the middle class permanent, but would have to add sunset provisions to the corporate tax cut. They had to chose who to prioritize and it wasn’t the average joe.

 

[candycorn]

Social security contributions stop at a certain level of income. Nobody ever explained why.

Benefits are also capped.

That makes up for it...riiight

 

[Toddsterpatriot]

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.

That's not a wealth tax, that's a property tax.

You don't know the difference?

Tell me. What’s the difference?

If my net worth is $0 and I buy a $1,000,000 home with zero down and have a $50,000 property tax bill, what rate am I paying on my wealth?

If my net worth is $1,000,000 and I buy a $1,000,000 home for cash and have a $50,000 property tax bill, what rate am I paying on my wealth?

Whether your property is leveraged or not, ownership of property does contribute to your wealth. It’s an asset. Wealth is defined as the value of your assets.

Wealth is defined as the value of your assets.

Net value. That's why a property tax is different from a wealth tax.

 

[Toddsterpatriot]

Social security contributions stop at a certain level of income. Nobody ever explained why.

Benefits are also capped.

That makes up for it...riiight

If you double the tax on a rich guy and double his benefit, you're in the same hole. DURR

 

[colfax_m]

Social security contributions stop at a certain level of income. Nobody ever explained why.

Benefits are also capped.

That makes up for it...riiight

It does. Any income above the income limit for social security taxes is totally ignored when it comes time to determine your benefit.

 

[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.

That's not a wealth tax, that's a property tax.

You don't know the difference?

Tell me. What’s the difference?

If my net worth is $0 and I buy a $1,000,000 home with zero down and have a $50,000 property tax bill, what rate am I paying on my wealth?

If my net worth is $1,000,000 and I buy a $1,000,000 home for cash and have a $50,000 property tax bill, what rate am I paying on my wealth?

Whether your property is leveraged or not, ownership of property does contribute to your wealth. It’s an asset. Wealth is defined as the value of your assets.

Wealth is defined as the value of your assets.

Net value. That's why a property tax is different from a wealth tax.

Hell of a lot closer to a wealth tax than an income tax. There’s income and there’s assets. Property tax is a tax on assets.

 

[LeftofLeft]

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....

Except the meager tax cut to the poor was temporary, declining every year to 0, the tax cuts to the wealthy and businesses were permanent!

What is considered “poor”? What earned income tax do the poor pay after credits and exemptions? The people that get hit hardest with taxes are The Middle Class. Democrats will never admit this nor will they admit that the wealthy minimize their earned income so they don’t get hit either.

Whatever tax cut to wage earners that they get, it is still TEMPORARY, unlike the wealthy whose tax cuts are permanent. I noticed you avoided that FACT

We are saying the same thing. I am advocating permanent tax cuts for the Middle Class. It is the Democrats who pitch their plan to make the wealthy pay more knowing that by a percentage, their earned income is minimal. Democrats need wealthy elite liberals to write them checks.

 

[candycorn]

Social security contributions stop at a certain level of income. Nobody ever explained why.

Benefits are also capped.

That makes up for it...riiight

If you double the tax on a rich guy and double his benefit, you're in the same hole. DURR

Its not doubling the tax.

If you make more than $140,000 or so, you stop paying SS taxes at a certain point.
If you make less than $140,000 or so, you continue paying SS taxes all year.

That's not doubling any tax....that is leveling the playing field. I pay it out of every paycheck. So should they.

The approach you're taking is not sound. If I were to die I the next minute, all that I paid in would be lost.... Nobody in my estate would get the hundreds of thousands I have contributed (if it is that much--I never calculated it).

 

[candycorn]

Social security contributions stop at a certain level of income. Nobody ever explained why.

Benefits are also capped.

That makes up for it...riiight

It does. Any income above the income limit for social security taxes is totally ignored when it comes time to determine your benefit.

Yeah...those making $18M a year are probably not worried about their SS benefits. wow.

 

[initforme]

The us is clearly divided by class.

 

[Toddsterpatriot]

Hell of a lot closer to a wealth tax than an income tax. There’s income and there’s assets. Property tax is a tax on assets.

Who said a property tax was close to an income tax?

I just showed you, two cases, same house, same tax, with wildly different wealth numbers.
That's because it's not a wealth tax.