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- #961
No. My eyes are wide open. That's why I know more than you do about this stuff. A LOT more than you do apparently.
Wiki is useful to get names of people and things, code words and concepts to help us do real research, but it is not a reliable source for accurate information. Most articles these days are for gullible leftists who want a particular point of view expressed and try to pretend they've found it.
I don't expect you to understand, but:
1% reduction of one million in taxes owed is $10,000 - the taxpayer will still pay $990,000 in taxes.
10% reduction of five thousand in taxes owed is $500. The taxpayer will still pay $4,500 in taxes.
So yes a tiny percentage reduction of the wealthy person's taxable income will save the rich person more than a ten times larger percentage reduction in the taxable income of the less wealthy person's taxable income only because the wealthy person pays so much more in taxes than does the lower income person. But you can't say the tax reforms only benefitted the rich.
That $500 is more valuable to the lower income person and will be more personally beneficial than will the $10,000 in savings of the rich.
Further that rich person may have provided that lower income person with a job, benefits, opportunity to become richer. He likely invests in businesses that help them grow and hire people giving them opportunity to become richer. He likely has cash in savings that provides opportunity for other people to borrow to start up or expand their businesses or otherwise become riche or to buy their cars or homes that also expands the economy and helps everybody. And he probably gives away money that helps us build new hospital wings, museum exhibits, do research or otherwise become better as a society.
The lower income person does little or none of that--he/she isn't in a position to offer anybody a job--but he does sell his valuable labor for income to support himself/herself and maybe a family and also contributes to the economy that benefits everybody. And in our country he has more opportunity to join the ranks of the rich than he would have in any other country.
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
President Trump and MAGA patriots want to keep it that way because that is what a normal America looks like. Yes there is income inequality. But our 'poor' live better than do than most of the rich in most of the rest of the world.
