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Wealthy Americans tax cut 10 times bigger than a middle class family

Leo123

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Progressive taxation gives more money to the people least likely to spend it in a beneficial way and, those people are the U.S. Congress/Senate.
 
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Blues Man

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Our corrupt politicians know that the middle class is where the tax revenue really is.
 

22lcidw

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Here's the laughable part, there is no difference in a Republican or a Democrat in politics.
Here we go. The Prog comparison and Dem/Repub no difference crap again. You have stolen wealth from people trying to survive. All of the accusations of TDS against you on forums while you promoted yourselves as the real answers for your viciousness and destroyed endless amounts of people. And now you are in charge with living standards being reduced for a good amount of the citizens in our nation. And you still bloviate.
 

hjmick

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Rich Americans could come out much further ahead of middle-class families in President Joe Biden's $1.75 trillion social spending bill.
  • Democrats are about to include a massive tax cut for the wealthy in their social spending plan.
  • The plan could deliver much larger benefits to high-earners compared to middle-income families.
  • Democrats argue that passage of the SALT cap in the Trump tax law was punitive to blue-state voters.
Congressional Democrats are trying to raise the total amount of state and local taxes that people can deduct from their overall tax bills, known as the SALT cap. The House legislation lifts it to $80,000 from it's current $10,000 cap through 2026, undoing part of President Donald Trump's signature tax law.

That measure alone will provide a tax cut to wealthy households that's 10 times bigger than the largest tax benefit for middle-income families earning $50,000 – the child tax credit expansion – per a new analysis from the nonpartisan Committee for a Responsible Federal Budget.

Great job, ya fricken liberal loons.

Wealthy Americans may get a tax cut 10 times bigger than a middle class family in the Biden social spending bill


I'm sure that by now you have figured out that the politicians in Washington do not work for the average American. The work for the rich Americans, the 1%. The people who pay to get them elected. This is true for both sides of the aisle.
 

Rye Catcher

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Federal standard deduction limits affected the wealthy, xiden wants to remove the limit it would be a tax cut for the wealthy!
Huh? SEE: Closing CEO Pay Loophole Doesn’t Make Up for Corporate Tax Giveaway - Inequality.org

In the just-released Republican tax bill would take long overdue action to close a loophole that encourages excessive executive compensation. But while I’ve been calling for this loophole to be closed for 20 years, I’d much rather see it remain in place than have it eliminated as part of a GOP tax bill that would be devastating for our country.

In an op-ed for Politico, I explained the origin of this CEO pay loophole: a 1993 tax bill that amended Section 162 of the code to set a $1 million limit on the amount corporations can deduct from their federal income taxes per executive for the expense of executive compensation. Unfortunately, lawmakers undermined the intent of the law by including a huge loophole for so-called “performance” pay. Essentially, this means the more corporations give their executives in stock options and certain other bonuses, the less they pay in taxes.

For example, Trump economic advisor Gary Cohn, one of the architects of the GOP tax plan, received more than $72 million in fully deductible “performance” pay in 2016 as president of Goldman Sachs. That payout for just one man lowered Goldman Sachs’s IRS bill by an estimated $25 million.

According to an Institute for Policy Studies report, between 2010 and 2015 the top 20 U.S. banks paid out more than $2 billion in fully deductible performance bonuses to their top five executives. At a 35 percent corporate tax rate, this translates into a taxpayer subsidy worth more than $725 million, or $1.7 million per executive per year.
 

jc456

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Huh? SEE: Closing CEO Pay Loophole Doesn’t Make Up for Corporate Tax Giveaway - Inequality.org

In the just-released Republican tax bill would take long overdue action to close a loophole that encourages excessive executive compensation. But while I’ve been calling for this loophole to be closed for 20 years, I’d much rather see it remain in place than have it eliminated as part of a GOP tax bill that would be devastating for our country.

In an op-ed for Politico, I explained the origin of this CEO pay loophole: a 1993 tax bill that amended Section 162 of the code to set a $1 million limit on the amount corporations can deduct from their federal income taxes per executive for the expense of executive compensation. Unfortunately, lawmakers undermined the intent of the law by including a huge loophole for so-called “performance” pay. Essentially, this means the more corporations give their executives in stock options and certain other bonuses, the less they pay in taxes.

For example, Trump economic advisor Gary Cohn, one of the architects of the GOP tax plan, received more than $72 million in fully deductible “performance” pay in 2016 as president of Goldman Sachs. That payout for just one man lowered Goldman Sachs’s IRS bill by an estimated $25 million.

According to an Institute for Policy Studies report, between 2010 and 2015 the top 20 U.S. banks paid out more than $2 billion in fully deductible performance bonuses to their top five executives. At a 35 percent corporate tax rate, this translates into a taxpayer subsidy worth more than $725 million, or $1.7 million per executive per year.
what does that have to do with my comment?
 

Rye Catcher

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Osiris-ODS

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Why the fuck are you avoiding this topic?
If you can't keep on topic, go on to the next thread you're going to troll.

That guy is the biggest clown on this forum, and that's really saying something. He's not even entertaining like some of the other idiots.
 

jc456

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jc456

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Rye Catcher

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here,

Xiden wants to remove this for the rich. tax cut.
Unfortunately, the deduction for state and local taxes is no longer unlimited. It used to be that you could deduct as much as you paid in taxes, but TCJA limits the SALT deduction to $10,000, or just $5,000 if you're married but file a separate tax return. This cap applies to state income taxes, local income taxes, and property taxes combined.1


For example, you might pay $6,000 in state income taxes and another $6,000 in property taxes for the year. But you can't claim the entire $12,000. You can only claim the capped amount of $10,000.


Yep, and most homes in the SF Bay Area are capped at 10K; and that includes Seniors whose homes, purchased before 1970, now own homes that exceed $10k. My parents for example paid $40k in 1970 and it sold for $1.6 million in 2016 (now it is valued at $2,253,500).
 

jc456

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Unfortunately, the deduction for state and local taxes is no longer unlimited. It used to be that you could deduct as much as you paid in taxes, but TCJA limits the SALT deduction to $10,000, or just $5,000 if you're married but file a separate tax return. This cap applies to state income taxes, local income taxes, and property taxes combined.1


For example, you might pay $6,000 in state income taxes and another $6,000 in property taxes for the year. But you can't claim the entire $12,000. You can only claim the capped amount of $10,000.


Yep, and most homes in the SF Bay Area are capped at 10K; and that includes Seniors whose homes, purchased before 1970, now own homes that exceed $10k. My parents for example paid $40k in 1970 and it sold for $1.6 million in 2016 (now it is valued at $2,253,500).
yep, all rich, and to remove that is a tax cut. your guy.
 

Unkotare

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Rich Americans could come out much further ahead of middle-class families in President Joe Biden's $1.75 trillion social spending bill.
  • Democrats are about to include a massive tax cut for the wealthy in their social spending plan.
  • ...

Wealthy Americans may get a tax cut 10 times bigger than a middle class family in the Biden social spending bill
Not this "failure to comprehend percentages and a progressive tax rate" stupidity again. The democrats drag this bit of blockhead reasoning out every time they feel the need to try and fabricate some imaginary "class warfare" bullshit because they are about to take a shellacking at the polls.
 

DBA

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I will actually benefit from an increase in the SALT deduction. I guess I should vote for Democrats now? Nope.
 

Rye Catcher

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