I am like most of you on this board....

[Winston]

When Trump first 2 years the RATE was 35%!!!

Hey dummy! FACTS not guesses...!
America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018.

The 296 largest and consistently profitable U.S. corporations in this study paid $240 billion less in taxes from 2018 to 2021 than if they had continued to pay the effective rates they’d paid before the Trump tax law.
While profits for the largest, continuously profitable U.S. corporations rose by 44 percent after passage of the Trump tax law, their federal tax bills dropped by 16 percent.
The number of these corporations paying tax rates of less than 10 percent increased from 56 to 95 after the Trump tax law went into effect.

Corporate Taxes Before and After the Trump Tax Law

The Trump tax law slashed taxes for America’s largest, consistently profitable corporations. These companies saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018.

itep.org

You do realize there is a difference between the corporate tax rate and the effective tax rate, right?

Historical U.S. Federal Corporate Income Tax Rates & Brackets, 1909-2020

How do current federal corporate tax rates and brackets compare historically?

taxfoundation.org

 

[leftwinger]

Its a tough problem

Libs only want to take instead of give

The only way to go about deficit reduction is through the Penny Plan

End automatic spending increases

Freeze the next budget at current budget levels and then reduce that by 1% across the board

Next year reduce spending by an extra 1%

If big government libs insist we can raise taxes by the same 1%, also applied to everyone

Add in $1T DOGE cuts and reductions. Then go on austerity plan or the 1% plan as you say.

 

[DBA]

More than they are. How can a broke person pay more than they are?

You mean more than zero? Everyone should have some skin in the game, otherwise, those broke folks will just vote to take all your money.

 

[Mac-7]

I am not paying a dime more than my rich neighbor. I will pay what he pays.

Uh huh

 

[leftwinger]

We need to find a better way to finance our health costs. Corporations and other businesses bear too much of the cost of medical insurance.

No one wants to pay for trans sex changes and 600lb people stuck in a recliner ordering Grub Hub. Take care of your own costs.

 

[DBA]

I am not paying a dime more than my rich neighbor. I will pay what he pays.

Why not put you money where your mouth is? Just because you neighbor may be a rich, evil Republican doesn't mean you shouldn't be as righteous as your proclaim and give more to the poor, broke folks.

 

[leftwinger]

continuously profitable U.S. corporations rose by 44 percent

and? what is the bad part buried in your post? Are you saying GOVT revenue dropped?

 

[Mac-7]

Add in $1T DOGE cuts and reductions. The go on austerity plan or the 1% plan as you say.

Freezing the next budget at this years level and reducing it 1% represents very severe cuts

But not so much that we cant survive with minimum pain

Try to do more and you may get nothing

 

[Independent thinker]

Then this should surprise you.

MSN

I've heard that before so it isn't a surprise. The trouble with you lefties is you think Trump is a dicator and no matter what comes out of his mouth will be the law of the land. I've got news for you. Trump is not a dictator. I judge Trump by what actually happens, not the things that come out of his mouth. I could care less about anything he says.

 

[Toddsterpatriot]

ABSOLUTELY and when Trump lowered that and reduced the taxes on repatriation, i.e. for simpleminded people like you that was lowering the taxes on the money coming back into the USA from offshore ) There are two tax-preferred rates for the foreign earnings deemed repatriated: foreign earnings held in cash and cash equivalents were taxed at 15.5 percent and those not held in cash or cash equivalents at only 8 percent. The TCJA permits a US corporation to pay any tax on the deemed repatriations in installments over eight years. The tax revenue raised by this transition tax on earnings accumulated abroad was estimated at $340 billion over the 10 years from 2018 to 2027.

What is the TCJA repatriation tax and how does it work?

taxpolicycenter.org

AS a result this is as of today the total additional tax revenue paid by companies bringing back estimated at $340 billion on the more than $1 trillion of overseas profits to the U.S. since Congress overhauled the international tax system and prodded companies to repatriate offshore funds, a report showed Thursday,

U.S. Companies' Repatriated Cash Hits $1 Trillion Under Tax Law

Corporations have brought back more than $1 trillion of overseas profits to the U.S. since Congress overhauled the international tax system and prodded companies to repatriate offshore funds, a report showed Thursday.

www.bloomberg.com

So dummies like you seem to ignore that possibly 3 if not more actions occurred with that $ 1 Trillion brought back!
A) Obviously taxes being paid to the government
B) Dividends (again taxed by government ) to shareholders.
C) Some went to hiring of new employees
D) Building offices, factories, drilling, mining, etc.
E) Buying back stock thus increasing share holding value.

Again all of this over your head I'm sure but not to more knowledgeable people...
ALL DONE BY Trump in his first term!

ABSOLUTELY and when Trump lowered that and reduced the taxes on repatriation,

Repatriating cash is a good thing.

 

[Toddsterpatriot]

I don't think Social Security is upside down yet. Close for damn sure.

Payroll taxes collected do not cover benefits paid out.

 

[jwoodie]

EMPLOYERS pay MORE than half of Social Security taxes because their is NO CAP on their contributions. Why isn't this applied to individual contributions?

 

[Winston]

Then this should surprise you.

I've heard that before so it isn't a surprise. The trouble with you lefties is you think Trump is a dicator and no matter what comes out of his mouth will be the law of the land. I've got news for you. Trump is not a dictator. I judge Trump by what actually happens, not the things that come out of his mouth. I could care less about anything he says.

Look, I will stay on topic but first I want to point out that it is not just what Trump says. In fact, what he says is actually meaningless. House rule number three, "Actions speak louder than words". This week has been a total shit show, from Senate hearings, completely incompetent appointees, to the laughable British trade deals.

But I agree, it is a problem, that a huge percentage of Americans don't pay income taxes. And I agree, it is also a problem, that the wealthy pay a great majority of those income taxes. But the problem doesn't exist because of the tax side of the equation. It exist because of the income side of the equation.

The wealthy have continued to take a greater and greater share of total income and certainly have amassed a much larger holding of total assets. THAT is the problem. The wealthy, Trump probably first and foremost, are laughing at most of us. They might get on a stage, write an OP about how much of the total tax burden they are paying, but they are laughing their ass off behind the scenes.

The historical record clearly reflects, when income taxes are higher on the wealthy, the rest of us shoulder more of the total tax burden. So that is the answer. You think the rich are willing to take that step? Hell no, that is why they are laughing. The dynamics here are deep. We could talk about the Paradox of Thrift, rent-seeking, IRR's and required rates of return, and risk-taking. The Macroeconomic concepts are barely above entry level, maybe a 2000 level course

 

[Winston]

Payroll taxes collected do not cover benefits paid out.

But interest on the borrowed money, that was used for general spending, still cover that gap.

 

[Zafira Cherry]

Rich aren't paying their fair share...

Trump says the rich 'probably' shouldn't get a tax hike, but he'd be 'OK' with it

click here

 

[TimFitz]

View attachment 1109209

A. Yoyu paid those taxes. Didn't you ever look at your pay stub?????

Income tax is irrelevant to the folks at the very top because they don't earn much of thier money that way..

They make it in the form of various types of capital gains, which are taxed at a far lower rate than income from work is.

Warren Buffet was right.

 

[citygator]

You mean more than zero? Everyone should have some skin in the game, otherwise, those broke folks will just vote to take all your money.

They don’t have any money. No one is taking all my money. What are you talking about?

 

[citygator]

Why not put you money where your mouth is? Just because you neighbor may be a rich, evil Republican doesn't mean you shouldn't be as righteous as your proclaim and give more to the poor, broke folks.

That’s what you have? Some random guy doing well should randomly give an amount to the government. You guys constantly suggest taxing the broke while the wealth have all the money. My wife is on a 11 day trip to Europe on a girls trip giving a lot of money to the Europeans. That is what I am doing with all the money I have left over from all these Trump Tax cuts…. Keep them coming!! Happy wife, happy life.

 

[Mac1958]

Trump says the rich 'probably' shouldn't get a tax hike, but he'd be 'OK' with it

click here

As usual, he just bounces around, like on the tariffs. Nothing he says matters until the dust settles.

 

[Zafira Cherry]

As usual, he just bounces around, like on the tariffs. Nothing he says matters until the dust settles.

He is "serious". Always "serious" He throws it out there.
Like when he said he wants to be Pope.