IRS Data Shows 'Rich' Americans Pay More Income Tax Under Trump’s Tax Cuts

[easyt65]

"Democratic presidential nominee Joe Biden has pledged to raise taxes on people who earn more than $400,000 a year. He called the tax cuts of 2017 a “tax giveaway primarily for large corporations and the wealthy.”

However, 2018 tax payment data by the Internal Revenue Service (IRS) show that, as a result of President Donald Trump’s tax cuts, high earners paid more taxes to the federal government in dollar terms while the rest of the taxpayers paid less.

According to an analysis, tax payments by about 1.6 million individuals, or the top 1 percent of all taxpayers, increased by $16 billion in 2018 as a result of the Tax Cuts and Jobs Act (TCJA). The tax cuts didn’t disproportionally benefit high earners, as Biden has repeatedly suggested.

The data suggested that taxes paid by the bottom 99 percent fell by $80 billion, as a result of the TCJA.

One reason high earners paid more individual income taxes is that their income rose in 2018. However, the data also showed that their tax liability rose faster than their incomes."


Another Joe Biden / Democratic party LIE shot to hell.....

Rich Americans Pay More Income Tax Under Trump’s Tax Cuts: Analysis

www.theepochtimes.com

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[colfax_m]

This is just a reflection of the massive increase in wealth among the 1%.

 

[jwoodie]

This is just a reflection of the massive increase in wealth among the 1%.

This increase in wealth was due to improved economic conditions, not personal income tax rates. But Biden's plan to repeal SALT limitations will certainly benefit wealthy Blue State Democrats.

 

[my2¢]

This is just a reflection of the massive increase in wealth among the 1%.

Or like we used to say, The rich get richer and the poor get poorer