Realities of trump tax cuts

[bgreene]

FACTS MATTER

Trumps tax cuts mostly benefited:
1. Corporations - which now pay at the bottom 10% rate among the entire world.
2. The very rich

Our national debt increased from approx $20 trillion to $27 trillion under Trump.
Not all of it due to Trump .

Bottom line - Trump knows all he needs to do is keep blaming and most of his supporters never bother to fact check. They just believe him and like his tough guy image.
Trumps goal is to replace all with his loyalists so he can become authoritarian with unlimited power and use of our money.

[steplift20]

The reality of Trumps presidency is
A safer America
No wars
Lower gas
Energy independence
Closed borders and as far as you say lower rates for huge corporations? That’s good,who do we work for? They pay lower taxes and we can get higher wages cause they are making more money. Don’t you see that
Look at $20.00 minimum wages in California,they are losing jobs and going with AI.
Don’t you see the picture. FJB. Trump 2024
No wars,closed borders,lower energy,country’s respected the U.S,A again. With Biden they are laughting at us
Cut 5he taxes on the wealthy. They hire us period.

[Pipe_Dream]

Originally Posted by bgreene

FACTS MATTER

Trumps tax cuts mostly benefited:
1. Corporations - which now pay at the bottom 10% rate among the entire world.
2. The very rich

Oh, really?



As for your claim about the "very rich" benefiting the most, income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans' tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as Biden and so many misleading Democrats have argued.

A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year the Tax Cuts and Jobs Act went into effect.

Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.

By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent.

That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.

What's more, IRS data shows earners in higher income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year.

In fact, every income bracket with filers earning $200,000 or more increased its tax burden in 2018 compared to 2017, and every income bracket with a top limit lower than $200,000 paid a smaller proportion of the total personal tax revenue collected.

That means that Republicans' tax reform law resulted in the tax code becoming slightly more progressive - the exact opposite of what Biden and other misleading Democrats have claimed.

Indeed, facts matter.

[bgreene]

Depends on if you choose from Trump supporting web site !

Trumps a lying cheating con man traitor who wants to RIG America to be his own empire

https://www.cbpp.org/research/federa...led-to-deliver

[oteps]

2 sides to every story. Sometimes u have to figure it out yourself.

[Pipe_Dream]

Originally Posted by bgreene

Depends on if you choose from Trump supporting web site !

Trumps a lying cheating con man traitor who wants to RIG America to be his own empire

https://www.cbpp.org/research/federa...led-to-deliver

Actually they support free markets. They do not endorse Trump, and have posted articles critical of him in the past.

Your article was authored by Democrat loyalists on a liberal website.

[bgreene]

Radical right wing authoritarian hate groups love Trump.
What does that tell you ?

Our deficit surged during Trump years

[Pipe_Dream]

Nobody thinks that Dementia Joe should run for reelection, even Democrats. That speaks volumes as to how disastrous his maladministration has been for American and her citizens.