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

[Markle]

Must TrumpBots leave that year out.

Why? Because of what Communist China unleashed on the world?

 

[Harpy Eagle]

I would vote for someone that wanted to cut spending, but they also must have a realistic chance of winning. It would be reasonable to say that with regards to economics, I vote for the lesser of two evils. The Democrat's economic policy is fiscally irresponsible and destructive. The Republican's economic policy is fiscally irresponsible.

A few points...anyone that enough of us vote for has a chance of winning.

The lesser of two evils is still evil.

Both parties have been equally irresponsible and destructive, we do not get into this situation without it being so.

 

[Harpy Eagle]

Why? Because of what Communist China unleashed on the world?

The true worth of a leader/person is how they handle the hard times, not just the good times.

 

[DBA]

Thank you for proving my point.

There is no point. COVID was a black swan event by all accounts. You are kidding yourself if Biden would have faired any better with regards to the economy, in fact, you should think Trump for having such a robust economy pre-COVID so we didn't completely tank. I can promise you that 3 years from now, with Biden's disastrous policies, we will be in no shape to withstand such an event. Maybe that is all part of the plan?

 

[Harpy Eagle]

There is no point. COVID was a black swan event by all accounts

Yes it was. But as I said above, the true worth of a leader is not in how they handle the good times, but the bad. Trump cruised through his first 3 years with nary a major event. The economy was on cruise control, all he had to to was not fuck things up.

You are kidding yourself if Biden would have faired any better with regards to the economy,

Never even suggested such a thing. We pretty much agree on Biden, it is Trump we disagree on.

 

[colfax_m]

Sure, ok. The bottom line, which you cannot refute, is that the Democrats want to see an increase in government spending, funded by tax hikes, to increase the GDP, while Republicans want to see an increase in revenue in the private sector, spurred by tax cuts, to increase the GDP.

It isn't fear-mongering, it is the reality of the situation. It is quite simple really. Either you are ok with the bigger government approach or you just don't know that this is what you are voting for. I will say this, the MSM does its best to hide this reality from its viewers.

Fear mongering is saying things like government spending is going to become the dominant economic force. It’s silly. It makes you look foolish.

Republicans want to cut taxes, leave government spending alone (or increase defense spending) and spur GDP growth.

That’s called deficit spending and is an economic stimulus. Problem is, they don’t just save this for bad economic times, as one should, but they’ll just do it anytime they’re in power. Hence, we got Trump cutting taxes and blowing up the deficit when unemployment was 4% and wages were increasing 5% annually. Why?

 

[DBA]

Yes it was. But as I said above, the true worth of a leader is not in how they handle the good times, but the bad. Trump cruised through his first 3 years with nary a major event. The economy was on cruise control, all he had to to was not fuck things up.

No, the economy got much stronger under Trump. If you are trying to bring in his handling of COVID, that is a different topic, though I likely disagree with you on that one as well.

Never even suggested such a thing. We pretty much agree on Biden, it is Trump we disagree on.

Trump's economy was absolutely heading in the right direction pre-COVID. Frankly, the only reason it is still hanging on is due to how robust it was pre-COVID. The economy is trying to recover DESPITE Biden. If you don't like Trump, the man, that is fine. He would not be my best bud. I am a Southerner and he is certainly more bombastic than what I could take on a daily basis, but I can see past his personality flaws. I see no valid argument for Trump's policies being detrimental to the US economy but I see plenty that point to Biden's being destructive.

 

[Harpy Eagle]

No, the economy got much stronger under Trump.

Not really. And even then it was still being bolstered by massive Govt spending.

If you are trying to bring in his handling of COVID, that is a different topic, though I likely disagree with you on that one as well.

His handling of COVID is part of his legacy, you cannot pretend it did not happen

Trump's economy was absolutely heading in the right direction pre-COVID

This is not an endorsement of Obama so please do not take it that way, but not a single economic measure changed direction after Trump took office. We were in the midst of the longest period of economic expansion for our country for the last 100 years when Trump took office. He kept that going, which is a good thing but not really earth shattering.

 

[Dragonlady]

The major difference is when trump did things for himself, it benefitted Americans, in particular the working class

when xiden does things it’s to line he and his family pockets with foreign money

and when obama did things it was to benefit the dnc

What Trump did put 8 million working class people into poverty while enriching his rich buddies

https://www.washingtonpost.com/business/2020/12/16/poverty-rising/

"You all just got a lot richer," Trump tells friends, referencing tax overhaul

Trump kicked off his holiday weekend at Mar-a-Lago Friday night at a dinner

www.cbsnews.com

Glad you finally agree. By lowering taxes, money came home from overseas and revenues were INCREASED.

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.

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
FY 2015	$3.25 trillion
FY 2014	$3.02 trillion
FY 2013	$2.77 trillion
FY 2012	$2.45 trillion
FY 2011	$2.30 trillion
FY 2010	$2.16 trillion
FY 2009	$2.10 trillion

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

Trump increased revenues by increasing spending. The tax cuts didn't increased the revenues, the increased spending did it.

You keep going on about revenues under Donald Trump, while ignoring the impact on those revenues due to deficits Trump ran while President. When a government spends money, the recipients pay taxes on the revenues they receive from government purchases. Each of the Republican tax cuts has been concurrent with an increase in government spending which covered up the negative impact on revenues.

Once again, the Republican liars are trying to convince you that Trump's tax cuts were good for the economy, and they were not. Every Republican tax cut has lead to a Republican crash of the economy. How many times are you going to believe that the Republicans are on fiscally sound ground in cutting taxes?

Tax cuts do not increase revenues. Increased spending the comes with the tax cuts increases revenue, as did the repatriation tax on off-shore profits. But these are "stupid budget tricks" which hide the damage being done to the economy in general.

Study: Tax cuts for the rich increase inequality and don’t boost growth | World Economic Forum

Do tax cuts pay for themselves?

Economic activity generally responds to tax changes. If you increase the tax on cigarettes, people will smoke less and some will shift...

www.taxpolicycenter.org

U.S. Corporations' Repatriation of Offshore Profits: Evidence from 2018

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

 

[Nostra]

Fear mongering is saying things like government spending is going to become the dominant economic force. It’s silly. It makes you look foolish.

Republicans want to cut taxes, leave government spending alone (or increase defense spending) and spur GDP growth.

That’s called deficit spending and is an economic stimulus. Problem is, they don’t just save this for bad economic times, as one should, but they’ll just do it anytime they’re in power. Hence, we got Trump cutting taxes and blowing up the deficit when unemployment was 4% and wages were increasing 5% annually. Why?

Revenues went up after the Trump tax cuts. That makes you full of shit.

 

[Dragonlady]

No, the economy got much stronger under Trump. If you are trying to bring in his handling of COVID, that is a different topic, though I likely disagree with you on that one as well.



Trump's economy was absolutely heading in the right direction pre-COVID. Frankly, the only reason it is still hanging on is due to how robust it was pre-COVID. The economy is trying to recover DESPITE Biden. If you don't like Trump, the man, that is fine. He would not be my best bud. I am a Southerner and he is certainly more bombastic than what I could take on a daily basis, but I can see past his personality flaws. I see no valid argument for Trump's policies being detrimental to the US economy but I see plenty that point to Biden's being destructive.

The economy weakened under Trump. Job creation dropped. GDP growth slowed, and offshoring of manufacturing jobs increased under Trump. The trade deficit increased. The budget deficit increased. The stock market was stalled because of the trade wars. Saying that the economy got stronger is a fallacy.

The manufacturing sector was already in a recession BEFORE the pandemic. Trump TOLD you it was the best economy ever but it wasn't. Not even close.

Obama's recovery was the "worst ever" but by every economic measure, Trump's economic numbers were all LOWER than Obama's. Obama doubled the DOW Jones average in his first term. It barely went up by 50% under Obama. Yes the numbers were the highest in history, but the growth was the slowest since W.

https://www.washingtonpost.com/business/2020/09/05/trump-obama-economy/

What Republicans refuse to admit or acknowledge because Obama is black, is that Obama had the most economically successful Administration in US History. The down play his numbers and refuse to give the man any credit at all for what he did for the nation, but Obama's economic record is astounding in the face of the economic reality when he took office.

Obama’s 2009 Recovery Act Kicked Off Over 10 Years Of Economic Growth

President Obama signed the Recovery Act eleven years ago today that helped to kick-start an economic recovery that has lasted for over a decade and create the longest period of job growth in U.S. history.

www.forbes.com

 

[struth]

What Trump did put 8 million working class people into poverty while enriching his rich buddies

https://www.washingtonpost.com/business/2020/12/16/poverty-rising/

"You all just got a lot richer," Trump tells friends, referencing tax overhaul

Trump kicked off his holiday weekend at Mar-a-Lago Friday night at a dinner

www.cbsnews.com

Trump increased revenues by increasing spending. The tax cuts didn't increased the revenues, the increased spending did it.

You keep going on about revenues under Donald Trump, while ignoring the impact on those revenues due to deficits Trump ran while President. When a government spends money, the recipients pay taxes on the revenues they receive from government purchases. Each of the Republican tax cuts has been concurrent with an increase in government spending which covered up the negative impact on revenues.

Once again, the Republican liars are trying to convince you that Trump's tax cuts were good for the economy, and they were not. Every Republican tax cut has lead to a Republican crash of the economy. How many times are you going to believe that the Republicans are on fiscally sound ground in cutting taxes?

Tax cuts do not increase revenues. Increased spending the comes with the tax cuts increases revenue, as did the repatriation tax on off-shore profits. But these are "stupid budget tricks" which hide the damage being done to the economy in general.

Study: Tax cuts for the rich increase inequality and don’t boost growth | World Economic Forum

Do tax cuts pay for themselves?

Economic activity generally responds to tax changes. If you increase the tax on cigarettes, people will smoke less and some will shift...

www.taxpolicycenter.org

U.S. Corporations' Repatriation of Offshore Profits: Evidence from 2018

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

hahaha sorry that’s untrue…wages went up under trump…everyone made more money…even the wealthy…that’s what happens in a strong economy

 

[colfax_m]

hahaha sorry that’s untrue…wages went up under trump…everyone made more money…even the wealthy…that’s what happens in a strong economy

They went up under Obama too. No one talks about it.

Wages started jumping in 2015 as unemployment went way down.

 

[Dragonlady]

Revenues went up after the Trump tax cuts. That makes you full of shit.

Revenues going up after Trump's tax cuts is meaningless without looking at where the revenue came from. Revenues went up because of the one-time repatriation tax. It's like saying your income went up after you got fired, because you got severance pay. No stupid. You're not going to get a one-time payment every year to cover the deficits.

Additionally, concurrent with the massive tax cuts, Trump signed an even bigger spending bill, increasing the budget deficit. This is like your neighbour who just got fired, going out and buying a new car, new furniture and a fur coat for his wife, on the credit card. He looks like he's doing well, but one day the bill will come due and he has nothing to cover it.

Under Donald Trump, the wage and wealth gap increased. He was supposed to close both those gaps. He was supposed to end the trade deficit, but he increased it. BIGLY. All while telling everyone how great things were.

President Trump Has Failed the American Economy

President Trump’s unwillingness to contain the COVID-19 pandemic constitutes one of the most catastrophic failures of leadership in our nation’s history.

budget.house.gov

 

[Nostra]

Revenues going up after Trump's tax cuts is meaningless without looking at where the revenue came from. Revenues went up because of the one-time repatriation tax. It's like saying your income went up after you got fired, because you got severance pay. No stupid. You're not going to get a one-time payment every year to cover the deficits.

Additionally, concurrent with the massive tax cuts, Trump signed an even bigger spending bill, increasing the budget deficit. This is like your neighbour who just got fired, going out and buying a new car, new furniture and a fur coat for his wife, on the credit card. He looks like he's doing well, but one day the bill will come due and he has nothing to cover it.

Under Donald Trump, the wage and wealth gap increased. He was supposed to close both those gaps. He was supposed to end the trade deficit, but he increased it. BIGLY. All while telling everyone how great things were.

President Trump Has Failed the American Economy

President Trump’s unwillingness to contain the COVID-19 pandemic constitutes one of the most catastrophic failures of leadership in our nation’s history.

budget.house.gov

Your one time repatriation tax bullshit has already been debunked, Simpleton.

And do you really think using a hack Dimwinger Congresscritter as a source is fooling anyone?

 

[struth]

They went up under Obama too. No one talks about it.

Wages started jumping in 2015 as unemployment went way down.

Worker wage gains just broke 3% for the first time in more than 10 years

The Employment Cost Index, which the Bureau of Labor Statistics releases quarterly, showed a 3.1 percent gain in the wages and salaries component in the fourth quarter of 2018.

www.cnbc.com

Worker wage gains just broke 3% for the first time in more than 10 years​

Wages for low-income workers collapsed under Obama

Pay for a typical US worker has fallen by 4 percent since 2009, and the incomes of many lower-paid workers have fallen up to twice as fast.

www.wsws.org

"
But these attempts to palm off the Democrats as defenders of the working class, and in particular of low-income workers, stand in stark contrast to the actual record of the Obama administration, which has waged a systematic and determined campaign to slash the wages of workers in order to further enrich the banks, hedge funds and major corporations.

This reality was made clear in a report published Wednesday by the National Employment Law Project (NELP), which showed that, despite the reduction in the nominal unemployment rate and continued increases in productivity, workers’ wages fell sharply under the Obama presidency.
Overall, workers’ wages declined by four percent, after adjusting for inflation, between 2009 and 2014. But the lowest-paid workers saw the sharpest decline: those in the lowest-earning quintile had their wages fall by 5.7 percent, compared with a 2.6 percent decline for the top-earning quintile.

"

 

[colfax_m]

Worker wage gains just broke 3% for the first time in more than 10 years

The Employment Cost Index, which the Bureau of Labor Statistics releases quarterly, showed a 3.1 percent gain in the wages and salaries component in the fourth quarter of 2018.

www.cnbc.com

Worker wage gains just broke 3% for the first time in more than 10 years​

Wages for low-income workers collapsed under Obama

Pay for a typical US worker has fallen by 4 percent since 2009, and the incomes of many lower-paid workers have fallen up to twice as fast.

www.wsws.org

"
But these attempts to palm off the Democrats as defenders of the working class, and in particular of low-income workers, stand in stark contrast to the actual record of the Obama administration, which has waged a systematic and determined campaign to slash the wages of workers in order to further enrich the banks, hedge funds and major corporations.

This reality was made clear in a report published Wednesday by the National Employment Law Project (NELP), which showed that, despite the reduction in the nominal unemployment rate and continued increases in productivity, workers’ wages fell sharply under the Obama presidency.
Overall, workers’ wages declined by four percent, after adjusting for inflation, between 2009 and 2014. But the lowest-paid workers saw the sharpest decline: those in the lowest-earning quintile had their wages fall by 5.7 percent, compared with a 2.6 percent decline for the top-earning quintile.

"

Wage Growth Tracker

Measure of the wage growth of individuals. It is constructed using microdata from the Current Population Survey (CPS), and is the median percent change in the hourly wage of individuals observed 12 months apart.

www.atlantafed.org

 

[Papageorgio]

When the cuts originally came out, the left claimed it was a tax cut on the rich only.
The fact is the tax cuts reached way down on the economic scale and most Americans saw tax cuts. The left lied then and they still lie about those tax cuts.

This is as stupid as the extreme right claiming the 2020 election was stolen.

The partisan assholes are a real big problem in America.

 

[Nostra]

Wage Growth Tracker

Measure of the wage growth of individuals. It is constructed using microdata from the Current Population Survey (CPS), and is the median percent change in the hourly wage of individuals observed 12 months apart.

www.atlantafed.org

View attachment 572846

Real wages are down under Veggie Joe because of his out of control inflation.

 

[Papageorgio]

They went up under Obama too. No one talks about it.

Wages started jumping in 2015 as unemployment went way down.

The greatest increase in wages under Obama was his first month in office and the increase was 3.6% and it went down from there. His best after that was December 2008 at 2.5%. In 2015 the best month for wage increase was October at 2.4%. Wages In October of 2018 we cracked the 3% mark.

Nominal Wage Tracker

www.epi.org

<iframe width="100%" height="460" src="Nominal wage growth has been far below target in the recovery: Year-over-year change in private-sector nominal average hourly earnings, 2007–2021" frameborder="0"></iframe>