Bush/Trump Tax Cuts

[Lakhota]

Both Republicans enriching the already rich. What do you think?

 

[Lakhota]

The richest 1% of Americans are estimated to account for as much as 30% of unpaid taxes.

 

[Lakhota]

 

[Toddsterpatriot]

The richest 1% of Americans are estimated to account for as much as 30% of unpaid taxes.

That's outrageous, considering they accounted for 42.3% of all federal income taxes paid in 2020.

 

[Toddsterpatriot]

View attachment 859305

Both Republicans enriching the already rich. What do you think?

That's weird. In 2001, the top 1% paid 33.2% of federal income taxes and in 2020,
they paid 42.3% of federal income taxes.

Looks like the bottom 99% got a bigger break.

 

[yidnar]

The richest 1% of Americans are estimated to account for as much as 30% of unpaid taxes.

the top 1% pay nearly half of the tax revenues collected ..

 

[theHawk]

View attachment 859305

Both Republicans enriching the already rich. What do you think?

You realize Obama extended the Bush Tax cuts, right?

Which then made them the Obama Tax Cuts.

Was about the only good thing he did in office.

 

[pknopp]

Obama Signs Bill To Extend Bush Tax Cuts

President Signs Into Law $858 Billion Compromise Bill That Also Extends Unemployment Insurance and Cuts Payroll Taxes

www.cbsnews.com

 

[mudwhistle]

View attachment 859305

Both Republicans enriching the already rich. What do you think?

Something I discovered after over 35 years of government service.....the more money you give the feds....the more they spend. Raising taxes only makes more money available for them to send overseas to their money-launderers.
The only reason we're in debt is because they can't control spending.....and don't want to.
Currently they're sending hundreds of billions to Ukraine and now Israel.

 

[wamose]

That's weird. In 2001, the top 1% paid 33.2% of federal income taxes and in 2020,
they paid 42.3% of federal income taxes.

Looks like the bottom 99% got a bigger break.

I'm middle class and I ended up paying more income tax after the Reagan tax cut but I made $4K extra after the Trump cut. Viva Trump. MAGA.

 

[leftwinger]

Ignorant brain-mushed Libstain puke make me hurl.

While an expiration date was set for the individual tax cuts, the cuts to business taxes made in the legislation were permanent: The TCJA reduced the corporate tax rates, which previously topped out at 35%, to a flat 21% tax rate. That will continue past 2025.

But back to individuals. The TCJA, then, temporarily reduced most of the seven marginal income tax rates for the American taxpayer and widened the brackets. For example, it cut:

The 33% rate to 32%

The 28% rate to 24%

The 25% rate to 22%

The 15% rate to 12%

The 35% rate remained the same, as did the lowest rate, 10%.


The Piglousy/Upchuck cuts below: Some Coastal elite made out.
Significantly, it also cut the highest tax rate from 39.6% to 37% and applied to it those earning over $500,000 a year, rather than around $427,000 (and $600,000 for couples, up from around $480,000).

While the seven federal tax rates in the U.S. typically don't change year to year, the income tax brackets applied to each are tied to inflation; the highest tax rate now applies to single taxpayers with incomes greater than $609,350, and $731,200 for married couples filing jointly.