What's next after this 2 trillion dollar pork bill, how about 3 trillion more?

Correct. Never said that they did not get a paycheck, and I was responding to a blogger on that subject. They do not necessarily increase their pay whenever. My discussion was geared toward that tax reduction for the super-wealthy, who spent that money on the stock market. When they lose that huge windfall, they won't necessarily take a larger paycheck, and businesses do not always recoup their losses.

Businesses and business owners were in the stock market long before the tax cut and after the tax cut. It's not like they never had this money before and ran to their brokers for the first time.

When business grows, so do jobs in many instances. You are correct, they may not take a bigger paycheck, but they're not going to allow the company to make less profit either. They will cut hours or overtime, increase employee contributions to their healthcare plan, increase prices on their products or services, but nobody is digging deeper into their pockets without reclaiming that money somehow or some way.

Bottom line is no matter what, it's the little guy who actually has to pay those higher taxes one way or another.
Wrong. Very often the company can't control the reduction in income.
The tax reduction was no help except to those who got the deal and did not create more jobs. The jobs market was increasing before the tax windfall.
The bipartisan CBO, and the data, highlight you are incorrect: Trump's Tax Cut 'Scam' Created 1.3 Million New Jobs, New CBO Data Show


Democrats claim that the solid growth in 2018 was baked in the cake while Barack Obama was president. But that's simply not the case.

In January 2017 — before Trump entered the White House — the CBO projected that the economy would expand by only 2% in 2018, followed by 1.7% in 2019 and 1.5% next year.

That's what was baked in the cake. Continued tepid economic growth. Keep in mind that, when the CBO made those economic forecasts at the start of the Trump administration, they were right in line with other mainstream economic forecasts.

What actually happened was a very different story.

The actual growth for 2018 will likely have been 2.9% or 3%. And the CBO now expects GDP to climb 2.7% this year, and 1.9% next year.

The jobs picture improved dramatically as well.

In January 2017, CBO forecast an average unemployment rate of 4.4% for 2018. The actual number: 3.9%


In January 2017, CBO said that the economy would create an average of just 94,000 jobs a month in 2018. The actual results for 2018: 203,000 news jobs a month.

In other words, the nation's economy in 2018 was almost $400 billion bigger and there were about 1.3 million more jobs created than the CBO had expected
Try to understand that this recession was one fart from collapsing into a depression. Deepest recession in history. A slow recovery was just fine and would have increased in speed as jobs increased and money flowed into the economy.
There are unintended consequences when one can't see the big picture and just wants his pocket and ego stroked.
Yes, it got much deeper and last much longer due to the fact Obama, had a Dem Congress, that had been in office for two years prior to him taking office, and he and that Dem Congress created legislation that drove up UE to double digits. He didn't benefit from having a GOP Congress when he took office. I admit that.

Yes, and in fact it did increase in speed, because jobs increased and money flowed into the economy....due to the tax cuts when Trump took office. Glad we are finally in total agreement here
Jobs were already increasing and money was flowing into the economy before Trump gave the super-wealthy that huge tax reduction. Yes, it did increase in speed and so what? This was the deepest recession in history and slow but steady recovery was doing the job. The tax cuts for the wealthy increased the national debt by 2 trillion dollars and the wealthy used their windfall to invest in the stock market, and not in the economy. Tax cuts, low-interest rates, and regulation slashing should be done to goose a sagging economy and not be wasted because we won't have them when the economy recesses.
But as you said, slowly....very slowly...with that said, what huge tax reductions are you talking about? I don't recall of any huge tax reductions for the super wealthy...can you please provide the code section?

The only major tax cuts I recall during the Trump admin, was the Tax Cuts and Jobs Act of 17, where the upper brackets, got a 1.5 percent cut, and the middle classes, got anywhere between a 2 percent, to a 4 percent cut

Under previous law Under TCJA
Rate Income bracket Rate Income bracket
10% $0–$9,525 10% $0–$9,525
15% $9,525–$38,700 12% $9,525–$38,700
25% $38,700–$93,700 22% $38,700–$82,500
28% $93,700–$195,450 24% $82,500–$157,500
33% $195,450–$424,950 32% $157,500–$200,000
35% $424,950–$426,700 35% $200,000–$500,000
39.5% $426,700 and up 37% $500,000 and up
Where were you people when all tax stuff was going down? Didn't Fox News report it? Nah.
6 Ways the Trump Administration Is Rigging an Already Unfair ...
www.americanprogress.org › issues › news › 2020/10/28

Oct 28, 2020 — Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little ...
I am not sure...what code section are you referring to? I highlighted the one I was aware of, and the new tax rates for individual incomes.

I started to read your "American Progress" op-ed.....and the first paragraph discusses how the President might have been able to take advantage of a law signed into place by Obama, that extend the amount of time one could defer their loses.

I started to read number 1, but it started by saying tax cuts were cut "drastically" for the rich....but as I highlighted it was 1.5 percent....not drastic at all....unless there is another law, that I'm unaware of, that you have yet to provide the code for me to review.

The second point, discuss corp taxes, which everyone can, and many middle class folks own and run...but somehow suggest that only the wealthy own businesses....odd.

The third point, talk against about corp tax rates, which doesn't just impact the wealthy, but every American

The 4th, talks about the stupid death tax, that makes zero sense what so ever....why are we taxing dead people's money, yet again?

the 5th point didn't happen, and frankly was untrue speculation.

Cap Gains is something everyone can pay if they have it, and it's the same rates for everyone...not just the wealthy
 
Correct. Never said that they did not get a paycheck, and I was responding to a blogger on that subject. They do not necessarily increase their pay whenever. My discussion was geared toward that tax reduction for the super-wealthy, who spent that money on the stock market. When they lose that huge windfall, they won't necessarily take a larger paycheck, and businesses do not always recoup their losses.

Businesses and business owners were in the stock market long before the tax cut and after the tax cut. It's not like they never had this money before and ran to their brokers for the first time.

When business grows, so do jobs in many instances. You are correct, they may not take a bigger paycheck, but they're not going to allow the company to make less profit either. They will cut hours or overtime, increase employee contributions to their healthcare plan, increase prices on their products or services, but nobody is digging deeper into their pockets without reclaiming that money somehow or some way.

Bottom line is no matter what, it's the little guy who actually has to pay those higher taxes one way or another.
Wrong. Very often the company can't control the reduction in income.
The tax reduction was no help except to those who got the deal and did not create more jobs. The jobs market was increasing before the tax windfall.
The bipartisan CBO, and the data, highlight you are incorrect: Trump's Tax Cut 'Scam' Created 1.3 Million New Jobs, New CBO Data Show


Democrats claim that the solid growth in 2018 was baked in the cake while Barack Obama was president. But that's simply not the case.

In January 2017 — before Trump entered the White House — the CBO projected that the economy would expand by only 2% in 2018, followed by 1.7% in 2019 and 1.5% next year.

That's what was baked in the cake. Continued tepid economic growth. Keep in mind that, when the CBO made those economic forecasts at the start of the Trump administration, they were right in line with other mainstream economic forecasts.

What actually happened was a very different story.

The actual growth for 2018 will likely have been 2.9% or 3%. And the CBO now expects GDP to climb 2.7% this year, and 1.9% next year.

The jobs picture improved dramatically as well.

In January 2017, CBO forecast an average unemployment rate of 4.4% for 2018. The actual number: 3.9%


In January 2017, CBO said that the economy would create an average of just 94,000 jobs a month in 2018. The actual results for 2018: 203,000 news jobs a month.

In other words, the nation's economy in 2018 was almost $400 billion bigger and there were about 1.3 million more jobs created than the CBO had expected
Try to understand that this recession was one fart from collapsing into a depression. Deepest recession in history. A slow recovery was just fine and would have increased in speed as jobs increased and money flowed into the economy.
There are unintended consequences when one can't see the big picture and just wants his pocket and ego stroked.
Yes, it got much deeper and last much longer due to the fact Obama, had a Dem Congress, that had been in office for two years prior to him taking office, and he and that Dem Congress created legislation that drove up UE to double digits. He didn't benefit from having a GOP Congress when he took office. I admit that.

Yes, and in fact it did increase in speed, because jobs increased and money flowed into the economy....due to the tax cuts when Trump took office. Glad we are finally in total agreement here
Jobs were already increasing and money was flowing into the economy before Trump gave the super-wealthy that huge tax reduction. Yes, it did increase in speed and so what? This was the deepest recession in history and slow but steady recovery was doing the job. The tax cuts for the wealthy increased the national debt by 2 trillion dollars and the wealthy used their windfall to invest in the stock market, and not in the economy. Tax cuts, low-interest rates, and regulation slashing should be done to goose a sagging economy and not be wasted because we won't have them when the economy recesses.
But as you said, slowly....very slowly...with that said, what huge tax reductions are you talking about? I don't recall of any huge tax reductions for the super wealthy...can you please provide the code section?

The only major tax cuts I recall during the Trump admin, was the Tax Cuts and Jobs Act of 17, where the upper brackets, got a 1.5 percent cut, and the middle classes, got anywhere between a 2 percent, to a 4 percent cut

Under previous law Under TCJA
Rate Income bracket Rate Income bracket
10% $0–$9,525 10% $0–$9,525
15% $9,525–$38,700 12% $9,525–$38,700
25% $38,700–$93,700 22% $38,700–$82,500
28% $93,700–$195,450 24% $82,500–$157,500
33% $195,450–$424,950 32% $157,500–$200,000
35% $424,950–$426,700 35% $200,000–$500,000
39.5% $426,700 and up 37% $500,000 and up
Where were you people when all tax stuff was going down? Didn't Fox News report it? Nah.
6 Ways the Trump Administration Is Rigging an Already Unfair ...
www.americanprogress.org › issues › news › 2020/10/28

Oct 28, 2020 — Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little ...
I am not sure...what code section are you referring to? I highlighted the one I was aware of, and the new tax rates for individual incomes.

I started to read your "American Progress" op-ed.....and the first paragraph discusses how the President might have been able to take advantage of a law signed into place by Obama, that extend the amount of time one could defer their loses.

I started to read number 1, but it started by saying tax cuts were cut "drastically" for the rich....but as I highlighted it was 1.5 percent....not drastic at all....unless there is another law, that I'm unaware of, that you have yet to provide the code for me to review.

The second point, discuss corp taxes, which everyone can, and many middle class folks own and run...but somehow suggest that only the wealthy own businesses....odd.

The third point, talk against about corp tax rates, which doesn't just impact the wealthy, but every American

The 4th, talks about the stupid death tax, that makes zero sense what so ever....why are we taxing dead people's money, yet again?

the 5th point didn't happen, and frankly was untrue speculation.

Cap Gains is something everyone can pay if they have it, and it's the same rates for everyone...not just the wealthy
The tax cuts for the super-rich and corporations went from 39.5% to 21%. You need to read the whole enchilada.
6 Ways the Trump Administration Is Rigging an Already Unfair Tax Code
Getty/Johannes Eisele/AFPPeople walk past the New York Stock Exchange on Wall Street in New York City on March 16, 2020.
The New York Times recently reported that President Donald Trump paid no income taxes for most of the last two decades and only $750 in 2016 and 2017—spotlighting how a wealthy and unscrupulous business owner can take advantage of a broken tax code and weak tax enforcement.
Since taking office, President Trump’s administration has only made the tax code worse. Here are six ways the administration’s tax policies—particularly the Tax Cuts and Jobs Act of 2017 (TCJA)—further rig the tax code in favor of corporations and the wealthy and powerful.
1. The Trump administration’s main legislative accomplishment is a hugely regressive tax cut
The tax bill that President Trump signed into law in 2017 dramatically cut taxes for wealthy individuals and corporations. It slashed the top individual income tax rate, carved out a special new deduction mainly benefiting wealthy business owners, gutted the tax on large inheritances, and significantly reduced taxes on corporations. Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little benefit. In 2020, the average household in the 1 percent will receive a tax cut of $50,000—77 times larger than the average cut for the bottom 80 percent of Americans.
Figure 1
2. The TCJA opened up new loopholes for the wealthy
Although labeled “tax reform,” the 2017 tax law actually opened up major new loopholes for the wealthy to exploit. One of the biggest loopholes within the bill is the so-called pass-through loophole, which created a 20 percent deduction of business income for owners of businesses such as S corporations or LLCs—opening up a number of new gaming opportunities. The deduction effectively lowered the top tax rate on most business income of high-income individuals by 10 percent—from the pre-2017 rate of 39.6 percent down to 29.6 percent. The largest beneficiaries of this provision by far are the richest 1 percent of Americans, who will see nearly two-thirds of the windfall. Moreover, in the final hours before the bill was passed, lawmakers added a last-minute provision to expand the pass-through loophole, especially for real estate owners.
3. The TCJA slashed corporate taxes by one-third
At the heart of the 2017 tax law is a large cut for corporations. The law slashed the corporate tax rate from 35 percent to 21 percent. And unlike the tax cuts for individuals—most of which will expire in 2026 and 2027—most of the cuts for corporations are permanent. Immediately after the law went into effect, corporate tax revenue began falling off a cliff. Before the 2017 tax bill was enacted, the Congressional Budget Office projected that corporations would pay roughly $668 billion in taxes over 2018 and 2019. After the law was passed, however, corporations only ended up paying $435 billion over that period—a 35 percent drop. The primary argument from proponents of the bill was that corporations would take this $233 billion tax cut and reinvest it in new equipment, facilities, and their workforce. But instead, corporate investment declined, as companies took those gains and funneled them back toward their wealthy shareholders through stock buybacks and dividends.
Figure 2
4. Wealthy estates got large tax cuts in the TCJA
The 2017 tax law also gave large tax cuts to the wealthiest estates. Before the law, only 0.2 percent of decedents’ estates paid any estate tax because of the generous exemption. The 2017 law doubled the exemption so that more than $22 million of a couple’s wealth can be transferred to heirs tax-free—meaning that the wealthiest estates will pay more than $4 million less each than they would have under the pre-TCJA tax code. The estate tax cuts are estimated to cost $83 billion in revenue over 10 years, and the number of wealthy estates subject to the tax each year is estimated to fall by more than two-thirds—from 5,500 to just 1,900 extremely wealthy heirs.
5. If the Trump administration succeeds in repealing the ACA, the wealthy would get more tax cuts while more than 20 million people would lose health coverage
The Trump administration is actively backing a lawsuit pending before the U.S. Supreme Court that would repeal the Affordable Care Act (ACA) in its entirety. If the administration is successful, it would likely eliminate the taxes that funded the law’s expansion of health coverage, including a tax on high-income individuals’ investment income and earnings and a tax on pharmaceutical drug companies. The Tax Policy Center estimates that more than half of the tax cuts resulting from the ACA’s elimination would go to taxpayers in the top 1 percent, and more than 86 percent would go to the top quintile. The biggest beneficiaries from this change would be America’s billionaires, who have only gotten wealthier over the course of the year: The wealthiest 100 billionaires have seen their fortunes grow by more than $400 billion combined since the start of 2020. If the ACA’s tax on investment income is repealed, they would each receive a massive windfall on their gains accrued in 2020—reducing their collective tax bill by more than $16 billion. Working- and middle-class Americans, on the other hand, would see negligible tax cuts, while those who are currently receiving tax credits to help them afford health insurance would face much higher premiums, if insurance is available to them at all. (The loss of premium tax credits is not reflected in Figure 3.)
Figure 3
6. Trump’s new capital gains tax proposal would give 99 percent of its benefits to the top 1 percent
President Trump has recently floated a proposal to cut the top capital gains rate—a tax paid on the profit received from selling a capital asset such as stocks, bonds, or properties—from 20 percent to 15 percent. Capital gains taxes already receive preferential tax treatment compared with ordinary income from wages or salaries. According to IRS data from 2018, only the wealthiest 0.8 percent of Americans had any capital gains or dividends in the current 20 percent tax bracket. As such, cutting the top rate on these assets would almost exclusively benefit the wealthy. The Institute on Taxation and Economic Policy estimates that a full 99 percent of the tax cut would go to the richest 1 percent.
The uber-wealthy within the top 1 percent would see the largest benefits from each of these two policies. According to a Center for American Progress analysis based on 2017 tax data, if the top capital gains rate were reduced to 15 percent and the net investment income tax were repealed as part of the Trump administration’s efforts to repeal the ACA, the highest-income 0.001 percent of Americans—those with incomes exceeding $63.4 million per year—would receive a windfall of nearly $14 billion: an average tax cut of more than $9.6 million per person.
Conclusion
The Trump administration’s tax policies have substantially reduced revenues and funneled tax breaks to the wealthiest households. Instead of genuine tax reform that would end loopholes and gaming opportunities to ensure that large corporations and the wealthy pay their fair share, the Trump administration’s tax policies cut rates and carved out new loopholes for the wealthy to exploit. Reversing these harmful tax policies should be a top priority for Congress and the next administration.
Galen Hendricks is a research assistant for Economic Policy at the Center for American Progress.
The article talks about wealthy business owners, not business owners who are not wealthy. Your comment is irrelevant since the tax reduction was for wealthy people.
Try to read and then you will understand.
 
Correct. Never said that they did not get a paycheck, and I was responding to a blogger on that subject. They do not necessarily increase their pay whenever. My discussion was geared toward that tax reduction for the super-wealthy, who spent that money on the stock market. When they lose that huge windfall, they won't necessarily take a larger paycheck, and businesses do not always recoup their losses.

Businesses and business owners were in the stock market long before the tax cut and after the tax cut. It's not like they never had this money before and ran to their brokers for the first time.

When business grows, so do jobs in many instances. You are correct, they may not take a bigger paycheck, but they're not going to allow the company to make less profit either. They will cut hours or overtime, increase employee contributions to their healthcare plan, increase prices on their products or services, but nobody is digging deeper into their pockets without reclaiming that money somehow or some way.

Bottom line is no matter what, it's the little guy who actually has to pay those higher taxes one way or another.
Wrong. Very often the company can't control the reduction in income.
The tax reduction was no help except to those who got the deal and did not create more jobs. The jobs market was increasing before the tax windfall.
The bipartisan CBO, and the data, highlight you are incorrect: Trump's Tax Cut 'Scam' Created 1.3 Million New Jobs, New CBO Data Show


Democrats claim that the solid growth in 2018 was baked in the cake while Barack Obama was president. But that's simply not the case.

In January 2017 — before Trump entered the White House — the CBO projected that the economy would expand by only 2% in 2018, followed by 1.7% in 2019 and 1.5% next year.

That's what was baked in the cake. Continued tepid economic growth. Keep in mind that, when the CBO made those economic forecasts at the start of the Trump administration, they were right in line with other mainstream economic forecasts.

What actually happened was a very different story.

The actual growth for 2018 will likely have been 2.9% or 3%. And the CBO now expects GDP to climb 2.7% this year, and 1.9% next year.

The jobs picture improved dramatically as well.

In January 2017, CBO forecast an average unemployment rate of 4.4% for 2018. The actual number: 3.9%


In January 2017, CBO said that the economy would create an average of just 94,000 jobs a month in 2018. The actual results for 2018: 203,000 news jobs a month.

In other words, the nation's economy in 2018 was almost $400 billion bigger and there were about 1.3 million more jobs created than the CBO had expected
Try to understand that this recession was one fart from collapsing into a depression. Deepest recession in history. A slow recovery was just fine and would have increased in speed as jobs increased and money flowed into the economy.
There are unintended consequences when one can't see the big picture and just wants his pocket and ego stroked.
Yes, it got much deeper and last much longer due to the fact Obama, had a Dem Congress, that had been in office for two years prior to him taking office, and he and that Dem Congress created legislation that drove up UE to double digits. He didn't benefit from having a GOP Congress when he took office. I admit that.

Yes, and in fact it did increase in speed, because jobs increased and money flowed into the economy....due to the tax cuts when Trump took office. Glad we are finally in total agreement here
Jobs were already increasing and money was flowing into the economy before Trump gave the super-wealthy that huge tax reduction. Yes, it did increase in speed and so what? This was the deepest recession in history and slow but steady recovery was doing the job. The tax cuts for the wealthy increased the national debt by 2 trillion dollars and the wealthy used their windfall to invest in the stock market, and not in the economy. Tax cuts, low-interest rates, and regulation slashing should be done to goose a sagging economy and not be wasted because we won't have them when the economy recesses.
But as you said, slowly....very slowly...with that said, what huge tax reductions are you talking about? I don't recall of any huge tax reductions for the super wealthy...can you please provide the code section?

The only major tax cuts I recall during the Trump admin, was the Tax Cuts and Jobs Act of 17, where the upper brackets, got a 1.5 percent cut, and the middle classes, got anywhere between a 2 percent, to a 4 percent cut

Under previous law Under TCJA
Rate Income bracket Rate Income bracket
10% $0–$9,525 10% $0–$9,525
15% $9,525–$38,700 12% $9,525–$38,700
25% $38,700–$93,700 22% $38,700–$82,500
28% $93,700–$195,450 24% $82,500–$157,500
33% $195,450–$424,950 32% $157,500–$200,000
35% $424,950–$426,700 35% $200,000–$500,000
39.5% $426,700 and up 37% $500,000 and up
Where were you people when all tax stuff was going down? Didn't Fox News report it? Nah.
6 Ways the Trump Administration Is Rigging an Already Unfair ...
www.americanprogress.org › issues › news › 2020/10/28

Oct 28, 2020 — Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little ...
I am not sure...what code section are you referring to? I highlighted the one I was aware of, and the new tax rates for individual incomes.

I started to read your "American Progress" op-ed.....and the first paragraph discusses how the President might have been able to take advantage of a law signed into place by Obama, that extend the amount of time one could defer their loses.

I started to read number 1, but it started by saying tax cuts were cut "drastically" for the rich....but as I highlighted it was 1.5 percent....not drastic at all....unless there is another law, that I'm unaware of, that you have yet to provide the code for me to review.

The second point, discuss corp taxes, which everyone can, and many middle class folks own and run...but somehow suggest that only the wealthy own businesses....odd.

The third point, talk against about corp tax rates, which doesn't just impact the wealthy, but every American

The 4th, talks about the stupid death tax, that makes zero sense what so ever....why are we taxing dead people's money, yet again?

the 5th point didn't happen, and frankly was untrue speculation.

Cap Gains is something everyone can pay if they have it, and it's the same rates for everyone...not just the wealthy
The tax cuts for the super-rich and corporations went from 39.5% to 21%. You need to read the whole enchilada.
6 Ways the Trump Administration Is Rigging an Already Unfair Tax Code
Getty/Johannes Eisele/AFPPeople walk past the New York Stock Exchange on Wall Street in New York City on March 16, 2020.
The New York Times recently reported that President Donald Trump paid no income taxes for most of the last two decades and only $750 in 2016 and 2017—spotlighting how a wealthy and unscrupulous business owner can take advantage of a broken tax code and weak tax enforcement.
Since taking office, President Trump’s administration has only made the tax code worse. Here are six ways the administration’s tax policies—particularly the Tax Cuts and Jobs Act of 2017 (TCJA)—further rig the tax code in favor of corporations and the wealthy and powerful.
1. The Trump administration’s main legislative accomplishment is a hugely regressive tax cut
The tax bill that President Trump signed into law in 2017 dramatically cut taxes for wealthy individuals and corporations. It slashed the top individual income tax rate, carved out a special new deduction mainly benefiting wealthy business owners, gutted the tax on large inheritances, and significantly reduced taxes on corporations. Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little benefit. In 2020, the average household in the 1 percent will receive a tax cut of $50,000—77 times larger than the average cut for the bottom 80 percent of Americans.
Figure 1
2. The TCJA opened up new loopholes for the wealthy
Although labeled “tax reform,” the 2017 tax law actually opened up major new loopholes for the wealthy to exploit. One of the biggest loopholes within the bill is the so-called pass-through loophole, which created a 20 percent deduction of business income for owners of businesses such as S corporations or LLCs—opening up a number of new gaming opportunities. The deduction effectively lowered the top tax rate on most business income of high-income individuals by 10 percent—from the pre-2017 rate of 39.6 percent down to 29.6 percent. The largest beneficiaries of this provision by far are the richest 1 percent of Americans, who will see nearly two-thirds of the windfall. Moreover, in the final hours before the bill was passed, lawmakers added a last-minute provision to expand the pass-through loophole, especially for real estate owners.
3. The TCJA slashed corporate taxes by one-third
At the heart of the 2017 tax law is a large cut for corporations. The law slashed the corporate tax rate from 35 percent to 21 percent. And unlike the tax cuts for individuals—most of which will expire in 2026 and 2027—most of the cuts for corporations are permanent. Immediately after the law went into effect, corporate tax revenue began falling off a cliff. Before the 2017 tax bill was enacted, the Congressional Budget Office projected that corporations would pay roughly $668 billion in taxes over 2018 and 2019. After the law was passed, however, corporations only ended up paying $435 billion over that period—a 35 percent drop. The primary argument from proponents of the bill was that corporations would take this $233 billion tax cut and reinvest it in new equipment, facilities, and their workforce. But instead, corporate investment declined, as companies took those gains and funneled them back toward their wealthy shareholders through stock buybacks and dividends.
Figure 2
4. Wealthy estates got large tax cuts in the TCJA
The 2017 tax law also gave large tax cuts to the wealthiest estates. Before the law, only 0.2 percent of decedents’ estates paid any estate tax because of the generous exemption. The 2017 law doubled the exemption so that more than $22 million of a couple’s wealth can be transferred to heirs tax-free—meaning that the wealthiest estates will pay more than $4 million less each than they would have under the pre-TCJA tax code. The estate tax cuts are estimated to cost $83 billion in revenue over 10 years, and the number of wealthy estates subject to the tax each year is estimated to fall by more than two-thirds—from 5,500 to just 1,900 extremely wealthy heirs.
5. If the Trump administration succeeds in repealing the ACA, the wealthy would get more tax cuts while more than 20 million people would lose health coverage
The Trump administration is actively backing a lawsuit pending before the U.S. Supreme Court that would repeal the Affordable Care Act (ACA) in its entirety. If the administration is successful, it would likely eliminate the taxes that funded the law’s expansion of health coverage, including a tax on high-income individuals’ investment income and earnings and a tax on pharmaceutical drug companies. The Tax Policy Center estimates that more than half of the tax cuts resulting from the ACA’s elimination would go to taxpayers in the top 1 percent, and more than 86 percent would go to the top quintile. The biggest beneficiaries from this change would be America’s billionaires, who have only gotten wealthier over the course of the year: The wealthiest 100 billionaires have seen their fortunes grow by more than $400 billion combined since the start of 2020. If the ACA’s tax on investment income is repealed, they would each receive a massive windfall on their gains accrued in 2020—reducing their collective tax bill by more than $16 billion. Working- and middle-class Americans, on the other hand, would see negligible tax cuts, while those who are currently receiving tax credits to help them afford health insurance would face much higher premiums, if insurance is available to them at all. (The loss of premium tax credits is not reflected in Figure 3.)
Figure 3
6. Trump’s new capital gains tax proposal would give 99 percent of its benefits to the top 1 percent
President Trump has recently floated a proposal to cut the top capital gains rate—a tax paid on the profit received from selling a capital asset such as stocks, bonds, or properties—from 20 percent to 15 percent. Capital gains taxes already receive preferential tax treatment compared with ordinary income from wages or salaries. According to IRS data from 2018, only the wealthiest 0.8 percent of Americans had any capital gains or dividends in the current 20 percent tax bracket. As such, cutting the top rate on these assets would almost exclusively benefit the wealthy. The Institute on Taxation and Economic Policy estimates that a full 99 percent of the tax cut would go to the richest 1 percent.
The uber-wealthy within the top 1 percent would see the largest benefits from each of these two policies. According to a Center for American Progress analysis based on 2017 tax data, if the top capital gains rate were reduced to 15 percent and the net investment income tax were repealed as part of the Trump administration’s efforts to repeal the ACA, the highest-income 0.001 percent of Americans—those with incomes exceeding $63.4 million per year—would receive a windfall of nearly $14 billion: an average tax cut of more than $9.6 million per person.
Conclusion
The Trump administration’s tax policies have substantially reduced revenues and funneled tax breaks to the wealthiest households. Instead of genuine tax reform that would end loopholes and gaming opportunities to ensure that large corporations and the wealthy pay their fair share, the Trump administration’s tax policies cut rates and carved out new loopholes for the wealthy to exploit. Reversing these harmful tax policies should be a top priority for Congress and the next administration.
Galen Hendricks is a research assistant for Economic Policy at the Center for American Progress.
The article talks about wealthy business owners, not business owners who are not wealthy. Your comment is irrelevant since the tax reduction was for wealthy people.
Try to read and then you will understand.
Sorry, as I highlighted that is not where the individual income tax bracket went for the super rich in the Tax and Jobs at of 2017. Corporate tax rates, yes....but that is for Corporations, not the super-rich.....and was to every Corporation no matter how much they made that year or where worth
The Death tax? Your op-ed is simply wrong, money that is inherited isn't passed tax-free....the party getting the money has to pay taxes on it, as ordinary income. The Death tax is just stupid, and frankly unjustice, cause all it does is tax a dead person's money, AGAIN....simply for dying! Why can't you all leave the dead alone? Have you no shame?

I also went through that Americanprogress op-ed piece by piece....and dismantled it. Things like number 6...Cap gains rates are the same for every American not matter their income....

and the Conclusion is just wrong, tax revenue increased after the cuts, and jobs skyrocketed well over projections by the CBO
 
Correct. Never said that they did not get a paycheck, and I was responding to a blogger on that subject. They do not necessarily increase their pay whenever. My discussion was geared toward that tax reduction for the super-wealthy, who spent that money on the stock market. When they lose that huge windfall, they won't necessarily take a larger paycheck, and businesses do not always recoup their losses.

Businesses and business owners were in the stock market long before the tax cut and after the tax cut. It's not like they never had this money before and ran to their brokers for the first time.

When business grows, so do jobs in many instances. You are correct, they may not take a bigger paycheck, but they're not going to allow the company to make less profit either. They will cut hours or overtime, increase employee contributions to their healthcare plan, increase prices on their products or services, but nobody is digging deeper into their pockets without reclaiming that money somehow or some way.

Bottom line is no matter what, it's the little guy who actually has to pay those higher taxes one way or another.
Wrong. Very often the company can't control the reduction in income.
The tax reduction was no help except to those who got the deal and did not create more jobs. The jobs market was increasing before the tax windfall.
The bipartisan CBO, and the data, highlight you are incorrect: Trump's Tax Cut 'Scam' Created 1.3 Million New Jobs, New CBO Data Show


Democrats claim that the solid growth in 2018 was baked in the cake while Barack Obama was president. But that's simply not the case.

In January 2017 — before Trump entered the White House — the CBO projected that the economy would expand by only 2% in 2018, followed by 1.7% in 2019 and 1.5% next year.

That's what was baked in the cake. Continued tepid economic growth. Keep in mind that, when the CBO made those economic forecasts at the start of the Trump administration, they were right in line with other mainstream economic forecasts.

What actually happened was a very different story.

The actual growth for 2018 will likely have been 2.9% or 3%. And the CBO now expects GDP to climb 2.7% this year, and 1.9% next year.

The jobs picture improved dramatically as well.

In January 2017, CBO forecast an average unemployment rate of 4.4% for 2018. The actual number: 3.9%


In January 2017, CBO said that the economy would create an average of just 94,000 jobs a month in 2018. The actual results for 2018: 203,000 news jobs a month.

In other words, the nation's economy in 2018 was almost $400 billion bigger and there were about 1.3 million more jobs created than the CBO had expected
Try to understand that this recession was one fart from collapsing into a depression. Deepest recession in history. A slow recovery was just fine and would have increased in speed as jobs increased and money flowed into the economy.
There are unintended consequences when one can't see the big picture and just wants his pocket and ego stroked.
Yes, it got much deeper and last much longer due to the fact Obama, had a Dem Congress, that had been in office for two years prior to him taking office, and he and that Dem Congress created legislation that drove up UE to double digits. He didn't benefit from having a GOP Congress when he took office. I admit that.

Yes, and in fact it did increase in speed, because jobs increased and money flowed into the economy....due to the tax cuts when Trump took office. Glad we are finally in total agreement here
Jobs were already increasing and money was flowing into the economy before Trump gave the super-wealthy that huge tax reduction. Yes, it did increase in speed and so what? This was the deepest recession in history and slow but steady recovery was doing the job. The tax cuts for the wealthy increased the national debt by 2 trillion dollars and the wealthy used their windfall to invest in the stock market, and not in the economy. Tax cuts, low-interest rates, and regulation slashing should be done to goose a sagging economy and not be wasted because we won't have them when the economy recesses.
But as you said, slowly....very slowly...with that said, what huge tax reductions are you talking about? I don't recall of any huge tax reductions for the super wealthy...can you please provide the code section?

The only major tax cuts I recall during the Trump admin, was the Tax Cuts and Jobs Act of 17, where the upper brackets, got a 1.5 percent cut, and the middle classes, got anywhere between a 2 percent, to a 4 percent cut

Under previous law Under TCJA
Rate Income bracket Rate Income bracket
10% $0–$9,525 10% $0–$9,525
15% $9,525–$38,700 12% $9,525–$38,700
25% $38,700–$93,700 22% $38,700–$82,500
28% $93,700–$195,450 24% $82,500–$157,500
33% $195,450–$424,950 32% $157,500–$200,000
35% $424,950–$426,700 35% $200,000–$500,000
39.5% $426,700 and up 37% $500,000 and up
Where were you people when all tax stuff was going down? Didn't Fox News report it? Nah.
6 Ways the Trump Administration Is Rigging an Already Unfair ...
www.americanprogress.org › issues › news › 2020/10/28

Oct 28, 2020 — Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little ...
I am not sure...what code section are you referring to? I highlighted the one I was aware of, and the new tax rates for individual incomes.

I started to read your "American Progress" op-ed.....and the first paragraph discusses how the President might have been able to take advantage of a law signed into place by Obama, that extend the amount of time one could defer their loses.

I started to read number 1, but it started by saying tax cuts were cut "drastically" for the rich....but as I highlighted it was 1.5 percent....not drastic at all....unless there is another law, that I'm unaware of, that you have yet to provide the code for me to review.

The second point, discuss corp taxes, which everyone can, and many middle class folks own and run...but somehow suggest that only the wealthy own businesses....odd.

The third point, talk against about corp tax rates, which doesn't just impact the wealthy, but every American

The 4th, talks about the stupid death tax, that makes zero sense what so ever....why are we taxing dead people's money, yet again?

the 5th point didn't happen, and frankly was untrue speculation.

Cap Gains is something everyone can pay if they have it, and it's the same rates for everyone...not just the wealthy
The tax cuts for the super-rich and corporations went from 39.5% to 21%. You need to read the whole enchilada.
6 Ways the Trump Administration Is Rigging an Already Unfair Tax Code
Getty/Johannes Eisele/AFPPeople walk past the New York Stock Exchange on Wall Street in New York City on March 16, 2020.
The New York Times recently reported that President Donald Trump paid no income taxes for most of the last two decades and only $750 in 2016 and 2017—spotlighting how a wealthy and unscrupulous business owner can take advantage of a broken tax code and weak tax enforcement.
Since taking office, President Trump’s administration has only made the tax code worse. Here are six ways the administration’s tax policies—particularly the Tax Cuts and Jobs Act of 2017 (TCJA)—further rig the tax code in favor of corporations and the wealthy and powerful.
1. The Trump administration’s main legislative accomplishment is a hugely regressive tax cut
The tax bill that President Trump signed into law in 2017 dramatically cut taxes for wealthy individuals and corporations. It slashed the top individual income tax rate, carved out a special new deduction mainly benefiting wealthy business owners, gutted the tax on large inheritances, and significantly reduced taxes on corporations. Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little benefit. In 2020, the average household in the 1 percent will receive a tax cut of $50,000—77 times larger than the average cut for the bottom 80 percent of Americans.
Figure 1
2. The TCJA opened up new loopholes for the wealthy
Although labeled “tax reform,” the 2017 tax law actually opened up major new loopholes for the wealthy to exploit. One of the biggest loopholes within the bill is the so-called pass-through loophole, which created a 20 percent deduction of business income for owners of businesses such as S corporations or LLCs—opening up a number of new gaming opportunities. The deduction effectively lowered the top tax rate on most business income of high-income individuals by 10 percent—from the pre-2017 rate of 39.6 percent down to 29.6 percent. The largest beneficiaries of this provision by far are the richest 1 percent of Americans, who will see nearly two-thirds of the windfall. Moreover, in the final hours before the bill was passed, lawmakers added a last-minute provision to expand the pass-through loophole, especially for real estate owners.
3. The TCJA slashed corporate taxes by one-third
At the heart of the 2017 tax law is a large cut for corporations. The law slashed the corporate tax rate from 35 percent to 21 percent. And unlike the tax cuts for individuals—most of which will expire in 2026 and 2027—most of the cuts for corporations are permanent. Immediately after the law went into effect, corporate tax revenue began falling off a cliff. Before the 2017 tax bill was enacted, the Congressional Budget Office projected that corporations would pay roughly $668 billion in taxes over 2018 and 2019. After the law was passed, however, corporations only ended up paying $435 billion over that period—a 35 percent drop. The primary argument from proponents of the bill was that corporations would take this $233 billion tax cut and reinvest it in new equipment, facilities, and their workforce. But instead, corporate investment declined, as companies took those gains and funneled them back toward their wealthy shareholders through stock buybacks and dividends.
Figure 2
4. Wealthy estates got large tax cuts in the TCJA
The 2017 tax law also gave large tax cuts to the wealthiest estates. Before the law, only 0.2 percent of decedents’ estates paid any estate tax because of the generous exemption. The 2017 law doubled the exemption so that more than $22 million of a couple’s wealth can be transferred to heirs tax-free—meaning that the wealthiest estates will pay more than $4 million less each than they would have under the pre-TCJA tax code. The estate tax cuts are estimated to cost $83 billion in revenue over 10 years, and the number of wealthy estates subject to the tax each year is estimated to fall by more than two-thirds—from 5,500 to just 1,900 extremely wealthy heirs.
5. If the Trump administration succeeds in repealing the ACA, the wealthy would get more tax cuts while more than 20 million people would lose health coverage
The Trump administration is actively backing a lawsuit pending before the U.S. Supreme Court that would repeal the Affordable Care Act (ACA) in its entirety. If the administration is successful, it would likely eliminate the taxes that funded the law’s expansion of health coverage, including a tax on high-income individuals’ investment income and earnings and a tax on pharmaceutical drug companies. The Tax Policy Center estimates that more than half of the tax cuts resulting from the ACA’s elimination would go to taxpayers in the top 1 percent, and more than 86 percent would go to the top quintile. The biggest beneficiaries from this change would be America’s billionaires, who have only gotten wealthier over the course of the year: The wealthiest 100 billionaires have seen their fortunes grow by more than $400 billion combined since the start of 2020. If the ACA’s tax on investment income is repealed, they would each receive a massive windfall on their gains accrued in 2020—reducing their collective tax bill by more than $16 billion. Working- and middle-class Americans, on the other hand, would see negligible tax cuts, while those who are currently receiving tax credits to help them afford health insurance would face much higher premiums, if insurance is available to them at all. (The loss of premium tax credits is not reflected in Figure 3.)
Figure 3
6. Trump’s new capital gains tax proposal would give 99 percent of its benefits to the top 1 percent
President Trump has recently floated a proposal to cut the top capital gains rate—a tax paid on the profit received from selling a capital asset such as stocks, bonds, or properties—from 20 percent to 15 percent. Capital gains taxes already receive preferential tax treatment compared with ordinary income from wages or salaries. According to IRS data from 2018, only the wealthiest 0.8 percent of Americans had any capital gains or dividends in the current 20 percent tax bracket. As such, cutting the top rate on these assets would almost exclusively benefit the wealthy. The Institute on Taxation and Economic Policy estimates that a full 99 percent of the tax cut would go to the richest 1 percent.
The uber-wealthy within the top 1 percent would see the largest benefits from each of these two policies. According to a Center for American Progress analysis based on 2017 tax data, if the top capital gains rate were reduced to 15 percent and the net investment income tax were repealed as part of the Trump administration’s efforts to repeal the ACA, the highest-income 0.001 percent of Americans—those with incomes exceeding $63.4 million per year—would receive a windfall of nearly $14 billion: an average tax cut of more than $9.6 million per person.
Conclusion
The Trump administration’s tax policies have substantially reduced revenues and funneled tax breaks to the wealthiest households. Instead of genuine tax reform that would end loopholes and gaming opportunities to ensure that large corporations and the wealthy pay their fair share, the Trump administration’s tax policies cut rates and carved out new loopholes for the wealthy to exploit. Reversing these harmful tax policies should be a top priority for Congress and the next administration.
Galen Hendricks is a research assistant for Economic Policy at the Center for American Progress.
The article talks about wealthy business owners, not business owners who are not wealthy. Your comment is irrelevant since the tax reduction was for wealthy people.
Try to read and then you will understand.
Sorry, as I highlighted that is not where the individual income tax bracket went for the super rich in the Tax and Jobs at of 2017. Corporate tax rates, yes....but that is for Corporations, not the super-rich.....and was to every Corporation no matter how much they made that year or where worth
The Death tax? Your op-ed is simply wrong, money that is inherited isn't passed tax-free....the party getting the money has to pay taxes on it, as ordinary income. The Death tax is just stupid, and frankly unjustice, cause all it does is tax a dead person's money, AGAIN....simply for dying! Why can't you all leave the dead alone? Have you no shame?

I also went through that Americanprogress op-ed piece by piece....and dismantled it. Things like number 6...Cap gains rates are the same for every American not matter their income....

and the Conclusion is just wrong, tax revenue increased after the cuts, and jobs skyrocketed well over projections by the CBO
Pal, that tax reduction for the super-rich, whether a large corporation or small business owners who make the big bucks is my focus. They all got a windfall
and simply invested it in the stock market, rather than in the economy.
You dismantled nothing because you can't see the forest for the trees and have no knowledge. Capital gains? Of course, when you have big capital gains, you pay a tax. Your point?
Tax revenue did not increase and the national debt climbed by 2 trillion dollars due to that tax cut that was supposed to "trickle-down". Jobs were already increasing
and would have continued at a faster pace as the economy improved without the unnecessary goosing. Get real
 
Correct. Never said that they did not get a paycheck, and I was responding to a blogger on that subject. They do not necessarily increase their pay whenever. My discussion was geared toward that tax reduction for the super-wealthy, who spent that money on the stock market. When they lose that huge windfall, they won't necessarily take a larger paycheck, and businesses do not always recoup their losses.

Businesses and business owners were in the stock market long before the tax cut and after the tax cut. It's not like they never had this money before and ran to their brokers for the first time.

When business grows, so do jobs in many instances. You are correct, they may not take a bigger paycheck, but they're not going to allow the company to make less profit either. They will cut hours or overtime, increase employee contributions to their healthcare plan, increase prices on their products or services, but nobody is digging deeper into their pockets without reclaiming that money somehow or some way.

Bottom line is no matter what, it's the little guy who actually has to pay those higher taxes one way or another.
Wrong. Very often the company can't control the reduction in income.
The tax reduction was no help except to those who got the deal and did not create more jobs. The jobs market was increasing before the tax windfall.
The bipartisan CBO, and the data, highlight you are incorrect: Trump's Tax Cut 'Scam' Created 1.3 Million New Jobs, New CBO Data Show


Democrats claim that the solid growth in 2018 was baked in the cake while Barack Obama was president. But that's simply not the case.

In January 2017 — before Trump entered the White House — the CBO projected that the economy would expand by only 2% in 2018, followed by 1.7% in 2019 and 1.5% next year.

That's what was baked in the cake. Continued tepid economic growth. Keep in mind that, when the CBO made those economic forecasts at the start of the Trump administration, they were right in line with other mainstream economic forecasts.

What actually happened was a very different story.

The actual growth for 2018 will likely have been 2.9% or 3%. And the CBO now expects GDP to climb 2.7% this year, and 1.9% next year.

The jobs picture improved dramatically as well.

In January 2017, CBO forecast an average unemployment rate of 4.4% for 2018. The actual number: 3.9%


In January 2017, CBO said that the economy would create an average of just 94,000 jobs a month in 2018. The actual results for 2018: 203,000 news jobs a month.

In other words, the nation's economy in 2018 was almost $400 billion bigger and there were about 1.3 million more jobs created than the CBO had expected
Try to understand that this recession was one fart from collapsing into a depression. Deepest recession in history. A slow recovery was just fine and would have increased in speed as jobs increased and money flowed into the economy.
There are unintended consequences when one can't see the big picture and just wants his pocket and ego stroked.
Yes, it got much deeper and last much longer due to the fact Obama, had a Dem Congress, that had been in office for two years prior to him taking office, and he and that Dem Congress created legislation that drove up UE to double digits. He didn't benefit from having a GOP Congress when he took office. I admit that.

Yes, and in fact it did increase in speed, because jobs increased and money flowed into the economy....due to the tax cuts when Trump took office. Glad we are finally in total agreement here
Jobs were already increasing and money was flowing into the economy before Trump gave the super-wealthy that huge tax reduction. Yes, it did increase in speed and so what? This was the deepest recession in history and slow but steady recovery was doing the job. The tax cuts for the wealthy increased the national debt by 2 trillion dollars and the wealthy used their windfall to invest in the stock market, and not in the economy. Tax cuts, low-interest rates, and regulation slashing should be done to goose a sagging economy and not be wasted because we won't have them when the economy recesses.
But as you said, slowly....very slowly...with that said, what huge tax reductions are you talking about? I don't recall of any huge tax reductions for the super wealthy...can you please provide the code section?

The only major tax cuts I recall during the Trump admin, was the Tax Cuts and Jobs Act of 17, where the upper brackets, got a 1.5 percent cut, and the middle classes, got anywhere between a 2 percent, to a 4 percent cut

Under previous law Under TCJA
Rate Income bracket Rate Income bracket
10% $0–$9,525 10% $0–$9,525
15% $9,525–$38,700 12% $9,525–$38,700
25% $38,700–$93,700 22% $38,700–$82,500
28% $93,700–$195,450 24% $82,500–$157,500
33% $195,450–$424,950 32% $157,500–$200,000
35% $424,950–$426,700 35% $200,000–$500,000
39.5% $426,700 and up 37% $500,000 and up
Where were you people when all tax stuff was going down? Didn't Fox News report it? Nah.
6 Ways the Trump Administration Is Rigging an Already Unfair ...
www.americanprogress.org › issues › news › 2020/10/28

Oct 28, 2020 — Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little ...
I am not sure...what code section are you referring to? I highlighted the one I was aware of, and the new tax rates for individual incomes.

I started to read your "American Progress" op-ed.....and the first paragraph discusses how the President might have been able to take advantage of a law signed into place by Obama, that extend the amount of time one could defer their loses.

I started to read number 1, but it started by saying tax cuts were cut "drastically" for the rich....but as I highlighted it was 1.5 percent....not drastic at all....unless there is another law, that I'm unaware of, that you have yet to provide the code for me to review.

The second point, discuss corp taxes, which everyone can, and many middle class folks own and run...but somehow suggest that only the wealthy own businesses....odd.

The third point, talk against about corp tax rates, which doesn't just impact the wealthy, but every American

The 4th, talks about the stupid death tax, that makes zero sense what so ever....why are we taxing dead people's money, yet again?

the 5th point didn't happen, and frankly was untrue speculation.

Cap Gains is something everyone can pay if they have it, and it's the same rates for everyone...not just the wealthy
The tax cuts for the super-rich and corporations went from 39.5% to 21%. You need to read the whole enchilada.
6 Ways the Trump Administration Is Rigging an Already Unfair Tax Code
Getty/Johannes Eisele/AFPPeople walk past the New York Stock Exchange on Wall Street in New York City on March 16, 2020.
The New York Times recently reported that President Donald Trump paid no income taxes for most of the last two decades and only $750 in 2016 and 2017—spotlighting how a wealthy and unscrupulous business owner can take advantage of a broken tax code and weak tax enforcement.
Since taking office, President Trump’s administration has only made the tax code worse. Here are six ways the administration’s tax policies—particularly the Tax Cuts and Jobs Act of 2017 (TCJA)—further rig the tax code in favor of corporations and the wealthy and powerful.
1. The Trump administration’s main legislative accomplishment is a hugely regressive tax cut
The tax bill that President Trump signed into law in 2017 dramatically cut taxes for wealthy individuals and corporations. It slashed the top individual income tax rate, carved out a special new deduction mainly benefiting wealthy business owners, gutted the tax on large inheritances, and significantly reduced taxes on corporations. Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little benefit. In 2020, the average household in the 1 percent will receive a tax cut of $50,000—77 times larger than the average cut for the bottom 80 percent of Americans.
Figure 1
2. The TCJA opened up new loopholes for the wealthy
Although labeled “tax reform,” the 2017 tax law actually opened up major new loopholes for the wealthy to exploit. One of the biggest loopholes within the bill is the so-called pass-through loophole, which created a 20 percent deduction of business income for owners of businesses such as S corporations or LLCs—opening up a number of new gaming opportunities. The deduction effectively lowered the top tax rate on most business income of high-income individuals by 10 percent—from the pre-2017 rate of 39.6 percent down to 29.6 percent. The largest beneficiaries of this provision by far are the richest 1 percent of Americans, who will see nearly two-thirds of the windfall. Moreover, in the final hours before the bill was passed, lawmakers added a last-minute provision to expand the pass-through loophole, especially for real estate owners.
3. The TCJA slashed corporate taxes by one-third
At the heart of the 2017 tax law is a large cut for corporations. The law slashed the corporate tax rate from 35 percent to 21 percent. And unlike the tax cuts for individuals—most of which will expire in 2026 and 2027—most of the cuts for corporations are permanent. Immediately after the law went into effect, corporate tax revenue began falling off a cliff. Before the 2017 tax bill was enacted, the Congressional Budget Office projected that corporations would pay roughly $668 billion in taxes over 2018 and 2019. After the law was passed, however, corporations only ended up paying $435 billion over that period—a 35 percent drop. The primary argument from proponents of the bill was that corporations would take this $233 billion tax cut and reinvest it in new equipment, facilities, and their workforce. But instead, corporate investment declined, as companies took those gains and funneled them back toward their wealthy shareholders through stock buybacks and dividends.
Figure 2
4. Wealthy estates got large tax cuts in the TCJA
The 2017 tax law also gave large tax cuts to the wealthiest estates. Before the law, only 0.2 percent of decedents’ estates paid any estate tax because of the generous exemption. The 2017 law doubled the exemption so that more than $22 million of a couple’s wealth can be transferred to heirs tax-free—meaning that the wealthiest estates will pay more than $4 million less each than they would have under the pre-TCJA tax code. The estate tax cuts are estimated to cost $83 billion in revenue over 10 years, and the number of wealthy estates subject to the tax each year is estimated to fall by more than two-thirds—from 5,500 to just 1,900 extremely wealthy heirs.
5. If the Trump administration succeeds in repealing the ACA, the wealthy would get more tax cuts while more than 20 million people would lose health coverage
The Trump administration is actively backing a lawsuit pending before the U.S. Supreme Court that would repeal the Affordable Care Act (ACA) in its entirety. If the administration is successful, it would likely eliminate the taxes that funded the law’s expansion of health coverage, including a tax on high-income individuals’ investment income and earnings and a tax on pharmaceutical drug companies. The Tax Policy Center estimates that more than half of the tax cuts resulting from the ACA’s elimination would go to taxpayers in the top 1 percent, and more than 86 percent would go to the top quintile. The biggest beneficiaries from this change would be America’s billionaires, who have only gotten wealthier over the course of the year: The wealthiest 100 billionaires have seen their fortunes grow by more than $400 billion combined since the start of 2020. If the ACA’s tax on investment income is repealed, they would each receive a massive windfall on their gains accrued in 2020—reducing their collective tax bill by more than $16 billion. Working- and middle-class Americans, on the other hand, would see negligible tax cuts, while those who are currently receiving tax credits to help them afford health insurance would face much higher premiums, if insurance is available to them at all. (The loss of premium tax credits is not reflected in Figure 3.)
Figure 3
6. Trump’s new capital gains tax proposal would give 99 percent of its benefits to the top 1 percent
President Trump has recently floated a proposal to cut the top capital gains rate—a tax paid on the profit received from selling a capital asset such as stocks, bonds, or properties—from 20 percent to 15 percent. Capital gains taxes already receive preferential tax treatment compared with ordinary income from wages or salaries. According to IRS data from 2018, only the wealthiest 0.8 percent of Americans had any capital gains or dividends in the current 20 percent tax bracket. As such, cutting the top rate on these assets would almost exclusively benefit the wealthy. The Institute on Taxation and Economic Policy estimates that a full 99 percent of the tax cut would go to the richest 1 percent.
The uber-wealthy within the top 1 percent would see the largest benefits from each of these two policies. According to a Center for American Progress analysis based on 2017 tax data, if the top capital gains rate were reduced to 15 percent and the net investment income tax were repealed as part of the Trump administration’s efforts to repeal the ACA, the highest-income 0.001 percent of Americans—those with incomes exceeding $63.4 million per year—would receive a windfall of nearly $14 billion: an average tax cut of more than $9.6 million per person.
Conclusion
The Trump administration’s tax policies have substantially reduced revenues and funneled tax breaks to the wealthiest households. Instead of genuine tax reform that would end loopholes and gaming opportunities to ensure that large corporations and the wealthy pay their fair share, the Trump administration’s tax policies cut rates and carved out new loopholes for the wealthy to exploit. Reversing these harmful tax policies should be a top priority for Congress and the next administration.
Galen Hendricks is a research assistant for Economic Policy at the Center for American Progress.
The article talks about wealthy business owners, not business owners who are not wealthy. Your comment is irrelevant since the tax reduction was for wealthy people.
Try to read and then you will understand.
Sorry, as I highlighted that is not where the individual income tax bracket went for the super rich in the Tax and Jobs at of 2017. Corporate tax rates, yes....but that is for Corporations, not the super-rich.....and was to every Corporation no matter how much they made that year or where worth
The Death tax? Your op-ed is simply wrong, money that is inherited isn't passed tax-free....the party getting the money has to pay taxes on it, as ordinary income. The Death tax is just stupid, and frankly unjustice, cause all it does is tax a dead person's money, AGAIN....simply for dying! Why can't you all leave the dead alone? Have you no shame?

I also went through that Americanprogress op-ed piece by piece....and dismantled it. Things like number 6...Cap gains rates are the same for every American not matter their income....

and the Conclusion is just wrong, tax revenue increased after the cuts, and jobs skyrocketed well over projections by the CBO
Pal, that tax reduction for the super-rich, whether a large corporation or small business owners who make the big bucks is my focus. They all got a windfall
and simply invested it in the stock market, rather than in the economy.
You dismantled nothing because you can't see the forest for the trees and have no knowledge. Capital gains? Of course, when you have big capital gains, you pay a tax. Your point?
Tax revenue did not increase and the national debt climbed by 2 trillion dollars due to that tax cut that was supposed to "trickle-down". Jobs were already increasing
and would have continued at a faster pace as the economy improved without the unnecessary goosing. Get real
1.5 percent is a winfall? The largest cuts, as highlighted, were to the middle class....by far, by double, if not more.

Corporations aren't individuals, they are made up of people, that work there though..cutting the tax rate for corps, we had one of the largest in the world, helps make make American businesses more competitive across the globe, and spurred employment...according the Small Business Admin, there were over 30 million small businesses in the US that benefited from that corp tax cut.....the folks that own those businesses aren't all "super-wealthy" -

The stock market is the economy, as I already highlighted, maybe of those businesses, likely invested back in themselves.

Well actually it doesn't matter the size of the cap gains, you pay the cap gains,....we all pay the same.....I wasn't hte one that brought it up, you did....I was just responding to you bringing it up.

Tax revenue certainly increased, the debt went up because we didn't cut spending.....


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
 
Jobs were already increasing and money was flowing into the economy before Trump gave the super-wealthy that huge tax reduction. Yes, it did increase in speed and so what? This was the deepest recession in history and slow but steady recovery was doing the job. The tax cuts for the wealthy increased the national debt by 2 trillion dollars and the wealthy used their windfall to invest in the stock market, and not in the economy. Tax cuts, low-interest rates, and regulation slashing should be done to goose a sagging economy and not be wasted because we won't have them when the economy recesses.

Do you make up stuff out of thin air? How do you know what corporations did with their tax decrease? You can't provide any reliable site for that.

The median household income hit a new high under Trump. That means the money was getting to the workers. You don't go into debt by taking less from people, you go into debt by spending. Furthermore companies invested in themselves by expansion, which means more job creation. Wages are supply and demand. When there is more supply than demand, prices decrease. When there is more demand than supply, prices increase. Employers had to make higher offers to attract workers, and that benefited the entire economy.

As for tax breaks for the rich, Trump took some of them away. In his plan, if you have a million dollar mortgage or more, you could no longer write off all the interest. You could only write off the interest up to a million dollars. Wealthy individuals who had a home mortgage over a million dollars (mostly affecting those in blue states) seen a tax increase.
 
Wrong again. The jobs market was increasing as the economy was improving when the blob took office and would only have continued to grow in an improving economy. Maybe you haven't seen so many job openings, but I have.

You have? In what year did we ever have a million more jobs than Americans who could do them?
 
Wrong again. The jobs market was increasing as the economy was improving when the blob took office and would only have continued to grow in an improving economy. Maybe you haven't seen so many job openings, but I have.

You have? In what year did we ever have a million more jobs than Americans who could do them?
Fact check: Chart shows historic unemployment under Trump
https://www.usatoday.com › factcheck › 2020/11/06 › f...

Claim: Trump is the worst jobs president in history.

Trump Has Created 1.5 Million Fewer Jobs Than Obama
https://www.forbes.com › chuckjones › 2019/09/20 › tr...

Sep 20, 2019 — In fact Obama added 1.49 million more jobs than Trump over a ... and on a yearly basis Trump has not generated more jobs than any of ... On August 21 it published a preliminary estimate of its upcoming annual ... 25,000 people for the upcoming census, making net jobs added ...
 
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Fact check: Chart shows historic unemployment under Trump
https://www.usatoday.com › factcheck › 2020/11/06 › f...

Claim: Trump is the worst jobs president in history.

Trump Has Created 1.5 Million Fewer Jobs Than Obama
https://www.forbes.com › chuckjones › 2019/09/20 › tr...

Sep 20, 2019 — In fact Obama added 1.49 million more jobs than Trump over a ... and on a yearly basis Trump has not generated more jobs than any of ... On August 21 it published a preliminary estimate of its upcoming annual ... 25,000 people for the upcoming census, making net jobs added ...

Do you really think I'm stupid or something? Your first link is about job losses due to Joe's buddies in China--not Trump. Your second link lists their source from Facebook called the Center for American Progress FUND. Job growth past perfect unemployment always slows down. Neither link disproves the fact there were still a million more jobs available than Americans who could actually work them.
 
It's hilarious when both corrupt parties call a thing that pays 7.25 per hour a job. Those "jobs" don't really need to be done in reality.
 
Fact check: Chart shows historic unemployment under Trump
https://www.usatoday.com › factcheck › 2020/11/06 › f...

Claim: Trump is the worst jobs president in history.

Trump Has Created 1.5 Million Fewer Jobs Than Obama
https://www.forbes.com › chuckjones › 2019/09/20 › tr...

Sep 20, 2019 — In fact Obama added 1.49 million more jobs than Trump over a ... and on a yearly basis Trump has not generated more jobs than any of ... On August 21 it published a preliminary estimate of its upcoming annual ... 25,000 people for the upcoming census, making net jobs added ...

Do you really think I'm stupid or something? Your first link is about job losses due to Joe's buddies in China--not Trump. Your second link lists their source from Facebook called the Center for American Progress FUND. Job growth past perfect unemployment always slows down. Neither link disproves the fact there were still a million more jobs available than Americans who could actually work them.
My understanding is that they began keeping tabs just 18 years ago and this job thing was short-lived. As far as "stupid" goes, I think that you have been conned by Trump for 4 years.
 
My understanding is that they began keeping tabs just 18 years ago and this job thing was short-lived. As far as "stupid" goes, I think that you have been conned by Trump for 4 years.

No, those records started in 1972. Without the virus, the economy would have likely been gang busters all the way to the election which Donald Trump would have easily won again. Now the commies are trying to fix elections so Republicans can never have leadership again. If this happens and we turn this once great country into a single-party government, socialism is right around the corner as well as Communism. The end of the Great Experiment has begun.
 
The country has never been stronger and never had we had such a hard working labor force who produced so much and is paid wages that are poverty level. (75 grand and under)
 
My understanding is that they began keeping tabs just 18 years ago and this job thing was short-lived. As far as "stupid" goes, I think that you have been conned by Trump for 4 years.

No, those records started in 1972. Without the virus, the economy would have likely been gang busters all the way to the election which Donald Trump would have easily won again. Now the commies are trying to fix elections so Republicans can never have leadership again. If this happens and we turn this once great country into a single-party government, socialism is right around the corner as well as Communism. The end of the Great Experiment has begun.
You think that the mail-in ballots were fraudulent? Mail-in ballots allowed those, who would normally stay home, to vote. You do want all eligible voters to vote, yes?Trump was behind in the polls anyway, and maybe he would not have won. His bad behavior since the election surely must expose him for what he is, a fraud.
And whatever your statistics show, it was short-lived.
 
You think that the mail-in ballots were fraudulent? Mail-in ballots allowed those, who would normally stay home, to vote. You do want all eligible voters to vote, yes?Trump was behind in the polls anyway, and maybe he would not have won. His bad behavior since the election surely must expose him for what he is, a fraud.
And whatever your statistics show, it was short-lived.

Wrong. Before the virus we were in the right direction and economists predicted a continuation in that direction.

No, I don't want lazy uninformed people voting in our elections. I only what people who understand the issues, policies, and people they vote on. The only way to try and get those people to vote and not the dopes is to have in person elections like we've had in this country since our founding. If you can't get your worthless lazy ass to the polls to vote, then it obviously means you don't care that much about it. If those people want to vote, fine. Go to your voting location and vote.

You posted a perfect example of what I'm talking about. Forget the great economy we had under Trump. Forget the border problem that he addressed and got under control. Forget the several stock market records and record median high household income we hit. Trump had bad behavior. You see, you just pointed out the problem in our country. You are voting on personality instead of accomplishments.

Well congrats to you and yours. You got what you wanted. Now thousands of people lost their job. Our gasoline went up 50 cents a gallon higher since the election. Our border that Trump had under control is now a crisis. Dementia is letting people in without so much as being tested for Covid while we are in the process of trying to get as many people vaccinated and save as many lives as we can. I hope you're happy.
 
You think that the mail-in ballots were fraudulent? Mail-in ballots allowed those, who would normally stay home, to vote. You do want all eligible voters to vote, yes?Trump was behind in the polls anyway, and maybe he would not have won. His bad behavior since the election surely must expose him for what he is, a fraud.
And whatever your statistics show, it was short-lived.

Wrong. Before the virus we were in the right direction and economists predicted a continuation in that direction.

No, I don't want lazy uninformed people voting in our elections. I only what people who understand the issues, policies, and people they vote on. The only way to try and get those people to vote and not the dopes is to have in person elections like we've had in this country since our founding. If you can't get your worthless lazy ass to the polls to vote, then it obviously means you don't care that much about it. If those people want to vote, fine. Go to your voting location and vote.

You posted a perfect example of what I'm talking about. Forget the great economy we had under Trump. Forget the border problem that he addressed and got under control. Forget the several stock market records and record median high household income we hit. Trump had bad behavior. You see, you just pointed out the problem in our country. You are voting on personality instead of accomplishments.

Well congrats to you and yours. You got what you wanted. Now thousands of people lost their job. Our gasoline went up 50 cents a gallon higher since the election. Our border that Trump had under control is now a crisis. Dementia is letting people in without so much as being tested for Covid while we are in the process of trying to get as many people vaccinated and save as many lives as we can. I hope you're happy.

ALL US citizens have the right to vote..
 
ALL US citizens have the right to vote..

What does that have to do with my comment? Why do you leftists feel that by having people go to the polls to vote instead of plopping a ballot on their kitchen table not giving them the right to vote?
 
ALL US citizens have the right to vote..

What does that have to do with my comment? Why do you leftists feel that by having people go to the polls to vote instead of plopping a ballot on their kitchen table not giving them the right to vote?
Because of right wingers making it more difficult to vote in person in some situations.
 
You say people care but yet the debt continues to grow no matter who is in charge.
When democrats double the debt in 4 years or less that is a game changer

and libs will be the first to cry when the US ends up like Greece
 

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