Hakeem jeffries complains about tax breaks for the rich, but never sez a word about the bidens not paying their's

[Marener]

Bullshit. Most people who itemize are in the top quintile.

This is the share of after-tax income that was represented by the SALT deduction. Before and after the TCJA.

View attachment 1057174

I guess you should define wealthy. It’s pretty subjective. I don’t think a family income of $140k which is the lower bound for the top quintile in 2019 is wealthy.

 

[initforme]

Heck raise taxes on the real americans(lower and middle class).

 

[Marener]

How

I don't care about your TDS, the fact that you hang on every word uttered by Trump is in itself a mental illness.

If I compare the number of lies told by Trump to the number of lies told about Trump, the latter wins hands-down.

The voters didn't believe your bullshit either.

How dare I think that Trump’s words actually matter! I must be delusional to think that he said something and actually believes it!

The nerve!

 

[struth]

It was half of filers in the fourth quintile, which is middle class. Most people who itemized were not wealthy.

Only if your itemize, which is basically impossible for the vast majority of Americans.

why do you lie? Like it's better to be quit, then lie.

Most Americans Don't Itemize on Their Tax Returns

Download Fiscal Fact No. 95 Fiscal Fact No. 95 Throughout the debate over the alternative minimum tax and taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and...

taxfoundation.org

Most Americans Don’t Itemize on Their Tax Returns​

July 23, 20075 min readBy: Gerald Prante

Fiscal Fact No. 95

Throughout the debate over the alternative minimum tax and tax reform in general, many politicians and spokespersons for special interest lobbies have misled the public about the number of Americans who benefit from preferences in the tax code. Fewer than two in five tax returns claim deductions such as those for mortgage interest and state and local taxes and, in fact, most Americans owe more tax as a result of these deductions being in the tax code. Not only do these preferences benefit fewer taxpayers then lawmakers would have us believe; they also drive up tax rates for everyone else.
The table below shows the frequency of itemization by state and income group for tax year 2005. Only one state, Maryland, has an itemization rate over 50 percent, albeit just barely above 50 percent. This may seem surprising given the rhetoric we hear so often on tax preferences such as the mortgage interest deduction, which is portrayed as a way to help families achieve their dreams of home-ownership. But the rhetoric on this tax preference doesn’t match the reality: in the long run, the home mortgage interest deduction tends to merely provide windfalls to real estate agents and homebuilders, and in the short run it benefits mostly high-income households—those who itemize, and those who need it least.

 

[para bellum]

I guess you should define wealthy. It’s pretty subjective. I don’t think a family income of $140k which is the lower bound for the top quintile in 2019 is wealthy.

140K was the very bottom limit of that group, and that was more than double the median income.

That is the very group all you lefties demand must "pay their fair share". AKA the "millionaires and billionaires".

The TCJA did that with the SALT and MID caps, and dems have been trying to repeal those tax increases on the wealthy ever since...

 

[Edgetho]

140K was the very bottom limit of that group, and that was more than double the median income.

That is the very group all you lefties demand must "pay their fair share". AKA the "millionaires and billionaires".

The TCJA did that with the SALT and MID caps, and dems have been trying to repeal those tax increases on the wealthy ever since...

I live in Florida, what is "SALT"? Also, anybody ever calculated how much you have to earn before you exceed the SALT threshold? It's a lot. And most of those are New Yawk and Kaliphony scumbags. The very scumbags calling for paying your 'Fair Share' bitch the loudest when they do. typical scumbags

I also wonder if our resident dimocrap scum cockroaches realize that over 40% of American Households don't pay taxes. Also, the top 1% of earners pay over 40% of ALL taxes.

dimocraps are scum

 

[Marener]

140K was the very bottom limit of that group, and that was more than double the median income.

That is the very group all you lefties demand must "pay their fair share". AKA the "millionaires and billionaires".

The TCJA did that with the SALT and MID caps, and dems have been trying to repeal those tax increases on the wealthy ever since...

Huh? Obama was 10 years before this and quoted people at $250k. Biden now is saying $400k. Both of these numbers are will into the top 5% or more.

Notably, the vast majority of actually rich people still itemize so the change didn’t affect the rich as much as it affected the upper middle class.

 

[initforme]

I live in Florida, what is "SALT"? Also, anybody ever calculated how much you have to earn before you exceed the SALT threshold? It's a lot. And most of those are New Yawk and Kaliphony scumbags. The very scumbags calling for paying your 'Fair Share' bitch the loudest when they do. typical scumbags

I also wonder if our resident dimocrap scum cockroaches realize that over 40% of American Households don't pay taxes. Also, the top 1% of earners pay over 40% of ALL taxes.

dimocraps are scum

I apologize you have to live there. The climate is meh but the people are nice.

 

[struth]

140K was the very bottom limit of that group, and that was more than double the median income.

That is the very group all you lefties demand must "pay their fair share". AKA the "millionaires and billionaires".

The TCJA did that with the SALT and MID caps, and dems have been trying to repeal those tax increases on the wealthy ever since...

And frankly that group wasn’t the ones benefiting the most of itemized deductions. It’s the even more wealthy

The reality is dem policies benefit the rich, and many dembot voters just follow along cause they are weak minded and not able to think for themselves

 

[John Edgar Slow Horses]

"Tax The Rich" and "Death To America" are dimocrap scum slogans repeated at every dimocrap scum get-together.

dimocraps are scum. EVERY.LAST.ONE.OF.THEM. especially the voters. At least the scumbag politicians make money on their bullshit, the voters just want to destroy the Country

Edgetho strikes out again.

 

[struth]

Huh? Obama was 10 years before this and quoted people at $250k. Biden now is saying $400k. Both of these numbers are will into the top 5% or more.

Notably, the vast majority of actually rich people still itemize so the change didn’t affect the rich as much as it affected the upper middle class.

The itemized deductions that benefitted the upper middle class are still available, irs just so many don’t need to take it now that trump increased the standardized deduction so much.

Itemized deductions have always benefited the rich the most, which is why the left was so outraged at trump and the gop tax bill…however they knew ending such a popular thing for voters would harm them at the ballot box once people got the benefits

 

[Edgetho]

I apologize you have to live there. The climate is meh but the people are nice.

I'm tired of it, myself. Mostly because, I shit you not, of all the scumbag Yankees coming in. It's wall-to-wall cellulite down here.

When the goobermints of all the dimocrap scum States shut them down during COVID... And they did, hoo-boy, did they. All the fat fucking dimocrap scum came down here and fat-i-fied our scenery. Can't go to the Beach anymore. If you can even dodge all the Caddies and make it there, you'll be blinded by all the fat cellulite bitches laying on the Beach like Manatees. It's disgusting. Not being smartass. It really is.

Up North, they put so much Spandex on you could launch a Rocker Ship but down here they think it's just okie-doke to take it all off and make everybody around them sick to their stomachs.

Traffic is nuts-butts.... EVERYWHERE. Rent has gone Ape Shit, no Motels for visitors from out of town

I am SERIOUSLY not being funny. They're disgusting. They're fat, Me-First, Run-You-Over fast, fucking New Yawk/NE Coast scumbags that eat, shit and pollute all over everything they can find. Locusts. Can't go shopping, can't take my beautiful wife out to eat, can't go for a ride, can't go to the Beach, can't get in to see the Doctor.......

Not only that, but with the Hurricanes, we got Jim-Bob and his cousins coming down here from the Hills of wherever to work in the reconstruction of the mess they left going through on the way to North Carolina.

I don't need it. I am very, very, VERY seriously considering moving -- After 48 years here, I've had it.

The Yankees came down and Burb-i-Fied everything and that sucks. Our infrastructure is stretched to the limit. Their kids are dumb as a box of fucking rocks. Just had a woman come down from The Peoples Republic talking shit about how her kids were Prize Pupils in Bawstawn and they flunked out of our Public Schools down here. She had to spend big bucks on tutors to catch them up.

Florida is so much ahead of the rest of the Country, it isn't even funny. People come down here and it doesn't take them long to realize........ They're actually stupid. Trust me... They are.

I'm over it. I want to move to the Hills

 

[initforme]

I'm tired of it, myself. Mostly because, I shit you not, of all the scumbag Yankees coming in. It's wall-to-wall cellulite down here.

When the goobermints of all the dimocrap scum States shut them down during COVID... And they did, hoo-boy, did they. All the fat fucking dimocrap scum came down here and fat-i-fied our scenery. Can't go to the Beach anymore. If you can even dodge all the Caddies and make it there, you'll be blinded by all the fat cellulite bitches laying on the Beach like Manatees. It's disgusting. Not being smartass. It really is.

Up North, they put so much Spandex on you could launch a Rocker Ship but down here they think it's just okie-doke to take it all off and make everybody around them sick to their stomachs.

Traffic is nuts-butts.... EVERYWHERE. Rent has gone Ape Shit, no Motels for visitors from out of town

I am SERIOUSLY not being funny. They're disgusting. They're fat, Me-First, Run-You-Over fast, fucking New Yawk/NE Coast scumbags that eat, shit and pollute all over everything they can find. Locusts. Can't go shopping, can't take my beautiful wife out to eat, can't go for a ride, can't go to the Beach, can't get in to see the Doctor.......

Not only that, but with the Hurricanes, we got Jim-Bob and his cousins coming down here from the Hills of wherever to work in the reconstruction of the mess they left going through on the way to North Carolina.

I don't need it. I am very, very, VERY seriously considering moving -- After 48 years here, I've had it.

The Yankees came down and Burb-i-Fied everything and that sucks. Our infrastructure is stretched to the limit. Their kids are dumb as a box of fucking rocks. Just had a woman come down from The Peoples Republic talking shit about how her kids were Prize Pupils in Bawstawn and they flunked out of our Public Schools down here. She had to spend big bucks on tutors to catch them up.

Florida is so much ahead of the rest of the Country, it isn't even funny. People come down here and it doesn't take them long to realize........ They're actually stupid. Trust me... They are.

I'm over it. I want to move to the Hills

I've visited Florida. I don't see it as ahead. Lots of low wage jobs there. Lots of people scraping it by.

 

[Edgetho]

I've visited Florida. I don't see it as ahead. Lots of low wage jobs there. Lots of people scraping it by.

Good. I recommend you stay away.

 

[para bellum]

Huh? Obama was 10 years before this and quoted people at $250k. Biden now is saying $400k. Both of these numbers are will into the top 5% or more.

The top 5% are part of the top quintile. You are treating the entry point as the limit, it's not. The mean income of that quintile was over 250K. That group represents the TOP 20% of all earners, and you want to give them a tax cut.

Notably, the vast majority of actually rich people still itemize so the change didn’t affect the rich as much as it affected the upper middle class.

And everyone can still itemize, it's just that the cap affects the higher income earners harder. The upper middle class can still take a $10K SALT deduction, and a MID up to 750K.

If you have a million-dollar mortgage, you are well above a middle-class threshold.

Maybe it touched a few at the very upper end of the scale, but it hit the very wealthy much harder, because the deduction was a much higher percentage of their after-tax income by comparison.

What actually happened is a lot fewer middle-income people had to itemize, because doubling the standard deduction made it no longer beneficial. That also saves them money on tax preparation.

If the law is allowed to expire, everyone at the bottom of the scale will get a big tax hike for 2025. The child tax credit will be halved, the standard deduction will be halved, small businesses will lose the QBI deduction and bonus depreciation.

Only the wealthy will benefit when the SALT and MID caps are lifted.

 

[struth]

The top 5% are part of the top quintile. You are treating the entry point as the limit, it's not. The mean income of that quintile was over 250K. That group represents the TOP 20% of all earners, and you want to give them a tax cut.

And everyone can still itemize, it's just that the cap affects the higher income earners harder. The upper middle class can still take a $10K SALT deduction, and a MID up to 750K.

If you have a million-dollar mortgage, you are well above a middle-class threshold.

Maybe it touched a few at the very upper end of the scale, but it hit the very wealthy much harder, because the deduction was a much higher percentage of their after-tax income by comparison.

What actually happened is a lot fewer middle-income people had to itemize, because doubling the standard deduction made it no longer beneficial. That also saves them money on tax preparation.

If the law is allowed to expire, everyone at the bottom of the scale will get a big tax hike for 2025. The child tax credit will be halved, the standard deduction will be halved, small businesses will lose the QBI deduction and bonus depreciation.

Only the wealthy will benefit when the SALT and MID caps are lifted.

Of course he wants to give to give them a tax cut. Dems at the end of the day want to soak the rich off the backs of the middle class

 

[Marener]

The top 5% are part of the top quintile. You are treating the entry point as the limit, it's not. The mean income of that quintile was over 250K. That group represents the TOP 20% of all earners, and you want to give them a tax cut.

And everyone can still itemize, it's just that the cap affects the higher income earners harder. The upper middle class can still take a $10K SALT deduction, and a MID up to 750K.

If you have a million-dollar mortgage, you are well above a middle-class threshold.

Maybe it touched a few at the very upper end of the scale, but it hit the very wealthy much harder, because the deduction was a much higher percentage of their after-tax income by comparison.

What actually happened is a lot fewer middle-income people had to itemize, because doubling the standard deduction made it no longer beneficial. That also saves them money on tax preparation.

If the law is allowed to expire, everyone at the bottom of the scale will get a big tax hike for 2025. The child tax credit will be halved, the standard deduction will be halved, small businesses will lose the QBI deduction and bonus depreciation.

Only the wealthy will benefit when the SALT and MID caps are lifted.

You’re implying the top quintile are wealthy, but there’s a lot of what I think people would call middle class in their. Upper middle class, sure, but not wealthy. Obama and Biden somewhat arbitrarily set a level of about top 5% of people being wealthy.

The top 5% still itemize. Their taxes went way down. The tax reform didn’t really affect them.

It did affect upper middle class and middle class people in high tax states. As a side effect, since people can’t itemize and claim deductions, charitable giving isn’t tax free like I think it should be.

I do think that upper middle class people probably should get a tax break. They lose a ton of benefits and don’t have the complicated options that the actual wealthy have to eliminate tax burden. They’re really whacked.

 

[struth]

You’re implying the top quintile are wealthy, but there’s a lot of what I think people would call middle class in their. Upper middle class, sure, but not wealthy. Obama and Biden somewhat arbitrarily set a level of about top 5% of people being wealthy.

The top 5% still itemize. Their taxes went way down. The tax reform didn’t really affect them.

It did affect upper middle class and middle class people in high tax states. As a side effect, since people can’t itemize and claim deductions, charitable giving isn’t tax free like I think it should be.

I do think that upper middle class people probably should get a tax break. They lose a ton of benefits and don’t have the complicated options that the actual wealthy have to eliminate tax burden. They’re really whacked.

No it didn’t, the numbers have been shown from 2007 and even after the law was changed

The only people itemization benefited were the rich. It in fact was a tax burden on the middle class

 

[para bellum]

You’re implying the top quintile are wealthy, but there’s a lot of what I think people would call middle class in their. Upper middle class, sure, but not wealthy.

A narrow definition of the economic middle class would be everyone in the third quintile. A broad definition would be everyone in quintiles 2,3,and 4.

The top quintile is not the middle class in either definition, and I do not care where Obama or Biden draw the lines.

I have no interest in giving the top quintile a tax break at the expense of the lower 4. If we left everything else alone and bumped the top marginal rate back to 39.6%, you wouldn't hear a peep out of me.

 

[Marener]

A narrow definition of the economic middle class would be everyone in the third quintile. A broad definition would be everyone in quintiles 2,3,and 4.

The top quintile is not the middle class in either definition, and I do not care where Obama or Biden draw the lines.

I have no interest in giving the top quintile a tax break at the expense of the lower 4.

There is no definition of the middle class or wealthy.

But most people don’t think that $150k family income is wealthy. Very few.

Hell, during the Obama administration conservatives were saying that $250k was middle class and that was almost 20 years ago.