IRS data proves Trump tax cuts benefited middle, working-class Americans most

[BS Filter]

What a BULLSHIT article. The whole premises is that taxes were reduced by a larger percentage of total income for lower and middle class workers - 16% decrease for low income workers, 9% for workers earning more than $500,000.

Tax rate for workers earning $40,000 are 12% or $4,800. If you reduce their taxes by 16%, that's $768 which works out to $68 per month. Tax rate for those making $500,000 is 35% or $175,00. That worker will get a 9% refund or $15,750, or $1312.50 per month.

This bullshit article claims that since lower wage workers received a tax cut which is a larger percentage of taxes they paid, the low wage workers got a bigger tax break than those making in excess of $500,000 and thus received more benefit from Trump's tax breaks. No matter how you slice it, $758 per year is a WHOLE lot less than the $15,750 that the high wage workers received.

This is why we say "Figures never lie, by liars often figure".

You don't get it. When you earn less, you pay less, which means you get back less. Stick to your Crayolas and coloring book.

 

[Dana7360]

Your $1400 stimulus check per person has helped cover it, as well.

Hurt from Inflation from backlogs of the pandemic would have occurred, no matter who sat in the whithouse.

It is happening world wide, everywhere. Biden didn't cause that silly one!

People have very short memories.

The inflation started with the virus.

A package of TP skyrocketed. That is IF you could find it.

The price of hand sanitizer was ridiculous. that is IF you could find it.

The price of meat went through the roof.

Just about everything started increasing in price when the pandemic hit bad.

The whole world has been hit hard by all of this .

Not just the United States.

 

[Foolardi]

LOL. You guys are too funny. The facts are right there for anyone to see. All you have to do is look up federal tax revenues by year and you will see that they went up. If you can't figure that much out by yourself then you really shouldn't be posting on sites. The others I have been debating with haven't denied that revenues went up. They were trying to make absurd claims that tax revenues including money we were borrowing. Tax revenues are tax revenues.

Starting with Warren Harding and the Depression of 1921 ,a result of
Woodrow Wilson policy and also returning Vets from WWI. Harding solved that
Depression in less than 2 years.By cutting taxes on every american and reducing the
size of Government almost in half.Harding had established a committee of big labor
and business leaders to overlook the situation.
When Ronald Reagan got into office we have Stagflation.From the Carter years.
Double digit Mortgages.Reagan fixed it by also cuting taxes.
He doubled tax receipts to the treasury from $ 500 Billion under Carter to
$ 1 Trillion under his presidency.
Bush 43 also used those Conservative tax policy's to dig out from under the
President Clinton Recession.Also generating larger tax receipts to the Treasury.
One reason John McCain started being called a RINO.McCain was dead-set against
Tax cuts.McCain caused more trouble than good for the Republican Party.
He was a troublemaker at Annapolis,graduating near last in his class.He liked to
play practical jokes.

 

[Foolardi]

People have very short memories.

The inflation started with the virus.

A package of TP skyrocketed. That is IF you could find it.

The price of hand sanitizer was ridiculous. that is IF you could find it.

The price of meat went through the roof.

Just about everything started increasing in price when the pandemic hit bad.

The whole world has been hit hard by all of this .

Not just the United States.

So what's yer excuse for this Mid-Term Virus. { Omicron} just in time to cause
changes in everything as did Covid.Covid was Not Ebola or Aids.
Same basic mortality as the yearly flu.
There is still no vaccine for Aids.These Covid shots are Not Vaccines.
A Vaccine is not a series of shots.Plus a vaccine on average takes years to
develop.These Covid Shots weren't even fully tested.It's all a fraud.
Like wearing masks.Or the silly 6 foot apart rule.

 

[Dana7360]

Barack Obama had the Largest { by leaps and bounds } Budget deficits in
American History.For Context ... Bush 43 had a 2007 Budget deficit of $ 162 Billion.
Barack Obama averaged Over $ 1.2 Trillion in budget deficits{annually} in his first term.
He somewhat got away with it due to slowly trimming those deficits down starting in the
the latter stages of his first term.

I couldn't get past the lie in the first sentence.

When I read a lie I stop reading. There is no reason to keep reading anymore. I no longer believe what that person typed.

Here are the facts:

Obama started in 2009 with the bush boy's deficit of 1.413 trillion dollars. A new record deficit.

Obama finished in 2016 with a deficit of 585 billion. He had it down as far as 438 billion in 2015. The deficit increased twice while he was president. Those years are 2011 and 2016.

trump took that deficit that Obama left him up to a new historic record high of 3.1 trillion dollars. trump never decreased the deficit while he was president.

So far, Biden has decreased trump's deficit by 100 billion dollars. In less than a year.

We will have to wait until Biden isn't president anymore to see how he does with that deficit.

US Budget Deficit by Year Compared to GDP, Debt, and Events

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

 

[Foolardi]

I couldn't get past the lie in the first sentence.

When I read a lie I stop reading. There is no reason to keep reading anymore. I no longer believe what that person typed.

Here are the facts:

Obama started in 2009 with the bush boy's deficit of 1.413 trillion dollars. A new record deficit.

Obama finished in 2016 with a deficit of 585 billion. He had it down as far as 438 billion in 2015. The deficit increased twice while he was president. Those years are 2011 and 2016.

trump took that deficit that Obama left him up to a new historic record high of 3.1 trillion dollars. trump never decreased the deficit while he was president.

So far, Biden has decreased trump's deficit by 100 billion dollars. In less than a year.

We will have to wait until Biden isn't president anymore to see how he does with that deficit.

US Budget Deficit by Year Compared to GDP, Debt, and Events

The federal budget deficit rises when government spending is high, such as during wars or recessions. Budget deficits cause the national debt to grow.

www.thebalance.com

The 2009 Deficit was a combining of Fiscal deficits.The first year of any new
President credits both Administrations with the Fiscal responsibility to share.
Obama Averaged OVER $ 1.2 Trillion each year in his first term.
Again ... Bush 43 in 2007 had a Budget deficit of $ 162 Billion.Under Budget
Director Rob Portman.No more honest a Senator than Portman.
Obama Very First EO { Executive Order 13489 } within 24 hrs of being sworn-in
on January 20th,2009 was an attempt to make sure No One could research any of his
personals.Not even his Kindergarten application.The National Archivist was the only
person who could allow an viewing of Obama's personals.
Obama Very first Bill within weeks of Taking office was his :
American Recovery and Reinvestment Act in Mid Feburary of 2009.
Started out as $ 787 Billon but quickly grew to $ 862 Billion.
Fed Chair Alan Greenspan questioned if it could do as advertised.Obama
repeatedly used the word " Urgent " to get it thru Pelosi'House in the early hours
of a weekend.It was intended for shovel ready jobs like building roads and fixing bridges.
Yet by the fall or 2009 only around 10 % of the act was utilized.Much of it
went to shore up Blue States that were under water in debt and terminating
state employees and many public school teachers.
Wisconsin Governor Scott Walker had to deal with it and he did.
He was fought tooth & nail every inch of the way,by spoliled Democrats.
But in the end he managed to balance Wisconsin's Budget.

 

[AntonToo]

Barack Obama had the Largest { by leaps and bounds } Budget deficits in
American History.

WTF? There was 6 Trillion dollar deficit combined for FY2020 and 2021. You clearly have no idea what you are saying.

 

[Papageorgio]

People have very short memories.

The inflation started with the virus.

A package of TP skyrocketed. That is IF you could find it.

The price of hand sanitizer was ridiculous. that is IF you could find it.

The price of meat went through the roof.

Just about everything started increasing in price when the pandemic hit bad.

The whole world has been hit hard by all of this .

Not just the United States.

And yet the left has blamed Trump for the bad economy in 2020, the high unemployment when states shutdown. the adding to the debt with the Cares Act to help those during the pandemic. He was blamed for the DOW dropping.

So spare me your partisan BS. Trump should never have cut taxes, that was a bad move but as you said this issue is worldwide, yet you only blame Trump. That seems to be a little dishonest.

 

[AntonToo]

The 2009 Deficit was a combining of Fiscal deficits.The first year of any new
President credits both Administrations with the Fiscal responsibility to share.
Obama Averaged OVER $ 1.2 Trillion each year in his first term.

Fool, by this math Trump's average is over 1.6 trillion dollars (FY2017-FY2021)

 

[Foolardi]

WTF? There was 6 Trillion dollar deficit combined for FY2020 and 2021. You clearly have no idea what you are saying.

I was not including recent deficits since Obama left Office.
The last few years deficits have been all over the place.I stopped keeping
tab when Trump didn't seem bothered.Deficits were not Trumps
strong suit.

 

[AntonToo]

I was not including recent deficits since Obama left Office.
The last few years deficits have been all over the place.I stopped keeping
tab when Trump didn't seem bothered.Deficits were not Trumps
strong suit.

Well now you know, biggest deficits thus far are under Trump (though it will be Biden soon enough) not Obama.

 

[Foolardi]

Well now you know, biggest deficits thus far are under Trump (though it will be Biden soon enough) not Obama.

All kinds of Historic trends have taken place since Obama got elected and then
departed.Trump made History by recording the Lowest ever Black and Hispanic
Unemployment rates..Trump also got the most number of Hispanic votes of any
Republican.Largest Deficits and most number of Impeachment trials.
Trump also garnered the most Negative Press [ Over 90 % } of any President.

 

[Aldo Raine]

If you believe it was all Bush's fault then you really have no clue on how the economy works. Thanks for pointing that out.

Who Was to Blame for the Subprime Crisis?

From lenders to buyers to hedge funds, when it comes to the subprime mortgage crisis, everyone had blood on their hands.

www.investopedia.com

Major Players in the 2008 Financial Crisis: Where Are They Now?

The impact of the 2008 financial crisis was felt around the world. Here is a look at how some of the primary players fared in the years after the failure.

www.investopedia.com

Who Is to Blame for the 2008 Financial Crisis? - ProMarket

The IGM Center at the University of Chicago has asked its American and European economist panel to rate the main causes of the financial crisis. For both American and European economists, the main culprit of the crisis was financial regulation and supervision. “Most economists agree that the...

promarket.org

25 People to Blame for the Financial Crisis - TIME

The good intentions, bad managers and greed behind the meltdown...

content.time.com

The 2008 Meltdown And Where The Blame Falls

(Image credit: Getty Images via @daylife) Note: This blog is based on my notes for a speech at the Harvard Class of 1957 55th reunion in Cambridge, Mass. on May 22nd. Armageddon was threatening the financial system on Wednesday, September 17, 2008. The largest bankruptcy in American history...

www.forbes.com

Causes of the 2008 Financial Crisis

There were three causes of the 2008 global financial crisis: deregulation, securitization, and the Fed's poor timing in lowering and raising interest rates.

www.thebalance.com

MAGA

But all the inflation right now is all ByeDon's fault. Isn't it?
MAGA MOTHER TRUCKER

 

[Papageorgio]

But all the inflation right now is all ByeDon's fault. Isn't it?
MAGA MOTHER TRUCKER

How is it Biden’s fault? Why have some real supply chain issues, so that contributes, $5 trillion in government handouts for Covid-19, that is also contributing.

Presidents do bear some responsibility but they are usually bigger reasons for the economy than any President. I always laugh when morons blame Presidents for gas hikes or the stock rising or falling, unemployment. Sure there is some culpability however many Other factors are in play that are simply out of their control.

 

[Aldo Raine]

How is it Biden’s fault? Why have some real supply chain issues, so that contributes, $5 trillion in government handouts for Covid-19, that is also contributing.

Presidents do bear some responsibility but they are usually bigger reasons for the economy than any President. I always laugh when morons blame Presidents for gas hikes or the stock rising or falling, unemployment. Sure there is some culpability however many Other factors are in play that are simply out of their control.

We are actually in agreement on both this n Dubya. Partisans from both sides only see the other side as the problem. Thank you for using reasoning.
MAGA

 

[Independentthinker]

How do you propose that happens? Under Trump we went 8 trillion more in debt? (and we only had economic growth because of the billions being printed)

One understands that the time to raise taxes to address debt is when the economy is good. Trump was telling us we had the best economy ever. Did he address the debt? No, he cut taxes and added 8 trillion more in debt. If you consider that a success well.............

I was 100% against pumping the billions from the beginning.

I guess you forgot we had a pandemic and both R

How do you propose that happens? Under Trump we went 8 trillion more in debt? (and we only had economic growth because of the billions being printed)

One understands that the time to raise taxes to address debt is when the economy is good. Trump was telling us we had the best economy ever. Did he address the debt? No, he cut taxes and added 8 trillion more in debt. If you consider that a success well.............

I was 100% against pumping the billions from the beginning.

I guess you totally forgot that under Trump, both Republicans AND Democrats passed massive bills in order to deal with the Covid pandemic. Nice that you just want to blame Trump through.

 

[Nostra]

You're FOS, as usual.

June 8 1995
President Clinton vetoed his first bill today, striking down a plan to cut $16.4 billion in spending this year and marking a new phase in his confrontation with the Republican-controlled Congress.

Republican leaders said they could not muster the two-thirds majority in each house to override the veto, and would reopen negotiations with the White House to seek a compromise.

In an effort to shape the legislation last month, Mr. Clinton indicated that he objected only to $1.4 billion of the spending cuts in programs for education, the environment, crime prevention, housing and other social programs. He proposed $1.5 billion in alternative cuts primarily in construction projects, foreign aid and Government overhead.

When Clinton refused to cut the budget in the way Republicans wanted, Gingrich threatened to refuse to raise the debt limit, which would have caused the United States Treasury to suspend funding other portions of the government to avoid putting the country in default.

The first budget shutdown concluded with Congress enacting a temporary spending bill, but the underlying disagreement between Gingrich and Clinton was not resolved.
The government shut down again on December 16 after Clinton vetoed a Republican budget proposal that would have extended tax cuts to the wealthy, cut spending on social programs, and shifted control of Medicaid to the states.
After a 21-day government shutdown, Republicans accepted Clinton's budget, as polling showed that many members of the public blamed Republicans for the shutdown.

Republicans haven't changed, they've been POS, since Reagan.

There is a reason you didn't want to include a link, Hack.

 

[Independentthinker]

Thats true, they are there, and they say you don't know what you are talking about.

You can see we've posted pretty solid GDP growth for the two tax-cut years of 2018 and 2019, but there was relatively little revenue increase to show for it. 2013-2015 posted similar average growth, but much more revenue growth (and a lot smaller deficits).

Here are the actual dollar figures:

U.S. Federal Government Tax Revenue

The federal government generates tax revenue through a variety of sources, including income and corporate taxes. Learn how much tax revenue the U.S. generates.

www.thebalance.com

U.S. Tax Revenue by Year​

Here's a record of income for each fiscal year since 1789. Tax receipts fell off during the recession but started setting new records by FY 2013.6

Fiscal Year	Revenue
FY 2021	$3.86 (estimated)
FY 2020	$3.71 trillion (estimated)
FY 2019	$3.46 trillion (actual)
FY 2018	$3.33 trillion
FY 2017	$3.32 trillion
FY 2016	$3.27 trillion

 

[AntonToo]

Here are the actual dollar figures:

U.S. Federal Government Tax Revenue

The federal government generates tax revenue through a variety of sources, including income and corporate taxes. Learn how much tax revenue the U.S. generates.

www.thebalance.com

U.S. Tax Revenue by Year​

Here's a record of income for each fiscal year since 1789. Tax receipts fell off during the recession but started setting new records by FY 2013.6

Fiscal Year	Revenue
FY 2021	$3.86 (estimated)
FY 2020	$3.71 trillion (estimated)
FY 2019	$3.46 trillion (actual)
FY 2018	$3.33 trillion
FY 2017	$3.32 trillion
FY 2016	$3.27 trillion

What's your counter point to what you quoted?

Did you even read it?

And btw, forgot to mention that FY starts in June. So if you look at by-month detail in FY2018, pre-tax cut months in 2017 clearly posted more revenues than months in 2018. If the law was inacted on fiscal year instead of calendar year you would see a clear shortfall of revenue in FY2018.

2020-2021 years are distorted by Covid-19 and huge stimulus spending that is well over 10 times the volume of Trump tax-cut for those years.

 

[Aldo Raine]

You're FOS, as usual.

June 8 1995
President Clinton vetoed his first bill today, striking down a plan to cut $16.4 billion in spending this year and marking a new phase in his confrontation with the Republican-controlled Congress.

Republican leaders said they could not muster the two-thirds majority in each house to override the veto, and would reopen negotiations with the White House to seek a compromise.

In an effort to shape the legislation last month, Mr. Clinton indicated that he objected only to $1.4 billion of the spending cuts in programs for education, the environment, crime prevention, housing and other social programs. He proposed $1.5 billion in alternative cuts primarily in construction projects, foreign aid and Government overhead.

When Clinton refused to cut the budget in the way Republicans wanted, Gingrich threatened to refuse to raise the debt limit, which would have caused the United States Treasury to suspend funding other portions of the government to avoid putting the country in default.

The first budget shutdown concluded with Congress enacting a temporary spending bill, but the underlying disagreement between Gingrich and Clinton was not resolved.
The government shut down again on December 16 after Clinton vetoed a Republican budget proposal that would have extended tax cuts to the wealthy, cut spending on social programs, and shifted control of Medicaid to the states.
After a 21-day government shutdown, Republicans accepted Clinton's budget, as polling showed that many members of the public blamed Republicans for the shutdown.

Republicans haven't changed, they've been POS, since Reagan.

I guess you forgot we had a pandemic and both R

I guess you totally forgot that under Trump, both Republicans AND Democrats passed massive bills in order to deal with the Covid pandemic. Nice that you just want to blame Trump through.

Except he was running trillion dollar debts before the pandemic.
MAGA