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

[Nostra]

It was terrific for some.

New Tax Law Delivers Large Tax Cuts to Most Well-Off | Center on Budget and Policy Priorities

www.cbpp.org

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colfax_m tell us again how your 2025 projections in your graph means Trump's tax cut "WAS terrific for some'.

 

[DBA]

This is all blind faith, not backed by data at all.

I mean, we’ve been going hard at tax cuts since Reagan and where has it gotten us? Deeper debt and waning GDP growth. Trump couldn’t even break 3%.

What are you talking about? More disposable income via tax cuts results in more demand and increased production. The higher the production(GDP), the more taxes collected. You are very, very confused.

 

[Lastamender]

8 trillion in new debt.

A new Congress does not have to fund those ridiculous policies. Republicans will control the purse strings.

 

[22lcidw]

The level of ignorance and stupidity in the conservatives on this board shows the depths to which your nation has sunk. What's most laughable is your lament that you think your tax cut no longer exists.

Nobody has taken your tax cut away, Clueless Claudette. It's still there.

And you call others "maroons".

The current tax cuts need to be permanent and new tax cuts are needed. None of the hidden crap tax increases either. And of course maybe we all need inflation checks sent to us. Average out the costs per capita of so much earnings a year and go from there.

 

[BrokeLoser]

8 trillion in new debt.

Revenues increased because we were printing billions of dollars.

The treasury took in record levels of tax revenue under the Trump tax cuts.
That pesky truth getting in the way again….WHOOOPSIE!

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts

Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal 2018.

www.investors.com

 

[DBA]

The treasury took in record levels of tax revenue under the Trump tax cuts.
That pesky truth getting in the way again….WHOOOPSIE!

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts

Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal 2018.

www.investors.com

They will never get this. These are the same folks that haven't figured out that this inflation isn't transitory in the sense that it will end in the near term. They read editorials from their sources and believe everything they are told. Facts don't matter to them.

 

[colfax_m]

What are you talking about? More disposable income via tax cuts results in more demand and increased production. The higher the production(GDP), the more taxes collected. You are very, very confused.

Not at all. It does stimulate the economy.

The question is how much.

The answer is, not as much as you think.

In order to “pay for themselves” they don’t just have to stimulate the economy, it has to do it enough to make up for the lower rates. It just doesn’t do that. History shows this.

 

[DBA]

Not at all. It does stimulate the economy.

The question is how much.

The answer is, not as much as you think.

In order to “pay for themselves” they don’t just have to stimulate the economy, it has to do it enough to make up for the lower rates. It just doesn’t do that. History shows this.

As I have always said, the answer is to cut both spending and taxes. Republicans have it 50% right. Democrats have it 0% right. Raising taxes to cover out-of-control spending is a quick path to economic destruction as demand and production decrease and thus revenue. It is a death spiral for the economy as taxes must continually be increased.

 

[colfax_m]

As I have always said, the answer is to cut both spending and taxes. Republicans have it 50% right. Democrats have it 0% right. Raising taxes to cover out-of-control spending is a quick path to economic destruction as demand and production decrease and thus revenue. It is a death spiral for the economy as taxes must continually be increased.

No, I think the Republicans know exactly what they’re doing. They’re getting elected.

Cut spending and you cut GDP. There goes the stimulatory effect from tax cuts.

At the end of the day, deficit spending stimulates the economy. Whether it’s deficits from high spending or deficits from low taxes. That’s what’s stimulatory. You can’t cut the deficit without “harming” the economy. There’s no free lunch.

 

[pknopp]

The treasury took in record levels of tax revenue under the Trump tax cuts.
That pesky truth getting in the way again….WHOOOPSIE!

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts

Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal 2018.

www.investors.com

That will happen when you are printing billions of dollars.

 

[DBA]

No, I think the Republicans know exactly what they’re doing. They’re getting elected.

Cut spending and you cut GDP. There goes the stimulatory effect from tax cuts.

At the end of the day, deficit spending stimulates the economy. Whether it’s deficits from high spending or deficits from low taxes. That’s what’s stimulatory. You can’t cut the deficit without “harming” the economy. There’s no free lunch.

Increased government spending is a short-term fix. You are effectively robbing Peter to pay Paul. Let the economy work. Let the private sector work. Get out of the way(less taxes) and the economy will flourish. This is why the US is such an economic powerhouse while European countries with high taxes play second fiddle.

 

[Nostra]

Not at all. It does stimulate the economy.

The question is how much.

The answer is, not as much as you think.

In order to “pay for themselves” they don’t just have to stimulate the economy, it has to do it enough to make up for the lower rates. It just doesn’t do that. History shows this.

Once again, to claim a tax cut needs to "pay for itself" indicates you believe all money belongs to the government. It doesn't, Dumbass.

 

[DBA]

Once again, to claim a tax cut needs to "pay for itself" indicates you believe all money belongs to the government. It doesn't, Dumbass.

Their idea is exactly that. Money is not ours, it is the government's. The government is the Democrats deity as many don't believe in God. They follow the government, when it is run by their diety Party, without question.

 

[colfax_m]

Increased government spending is a short-term fix. You are effectively robbing Peter to pay Paul. Let the economy work. Let the private sector work. Get out of the way(less taxes) and the economy will flourish. This is why the US is such an economic powerhouse while European countries with high taxes play second fiddle.

Dunno man. Government spending isn’t robbing Peter to pay Paul in my mind. It’s “robbing” Peter to build a bridge so that they both can cross a river. It’s “robbing” Peter to build an army to defend US interests. It’s “robbing” Peter to fund healthcare for the elderly, indigent and children.

That money winds up in the pockets of construction workers, factory workers, and healthcare workers.

Cut taxes, sure. Great. I mean, I like having more cash. Problem is I might buy a new car from Germany. Or a new stereo from Japan. I might do nothing.

In terms of the economy, taxes are far from the biggest determinant of activity. Messing with tax rates a little just isn’t going to be that impactful.

 

[colfax_m]

Their idea is exactly that. Money is not ours, it is the government's. The government is the Democrats deity as many don't believe in God. They follow the government, when it is run by their diety Party, without question.

Don’t get bogged down in a stupid culture war. This isn’t about that. It’s about whether deficits go up or down with tax cuts.

 

[DBA]

Don’t get bogged down in a stupid culture war. This isn’t about that. It’s about whether deficits go up or down with tax cuts.

As I said before, raising taxes along with not cutting spending is a death spiral. Lowering taxes along with not cutting spending is not ideal either. Bottom line is that cutting government spending is the missing ingredient. Both parties are guilty of too much spending.

 

[colfax_m]

As I said before, raising taxes along with not cutting spending is a death spiral. Lowering taxes along with not cutting spending is not ideal either. Bottom line is that cutting government spending is the missing ingredient. Both parties are guilty of too much spending.

You won’t be able to eliminate the deficit without raising taxes and cutting spending.

Republicans have been only making the goal harder. So much so that it’s clear that it’s not really a goal.

 

[DBA]

You won’t be able to eliminate the deficit without raising taxes and cutting spending.

Republicans have been only making the goal harder. So much so that it’s clear that it’s not really a goal.

Of course, you can eliminate the deficit by cutting programs and waiting until the positive effects of tax cuts come to fruition in the economy to increase revenue. Raising taxes doesn't work. It is a bandaid for the real problem which is out of control spending.

 

[colfax_m]

Of course, you can eliminate the deficit by cutting programs and waiting until the positive effects of tax cuts come to fruition in the economy to increase revenue. Raising taxes doesn't work. It is a bandaid for the real problem which is out of control spending.

The last time we had anywhere near a balanced budget, we cut spending and increased taxes.

Raising taxes works fine.

“Waiting for the positive effects”. God. You know you sound like a sucker, right?

 

[Papageorgio]

the tax cuts were terrific. we need more

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

Republicans’ 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups.

thehill.com

Only if we severely cut spending.