New IRS data proves Trump tax cuts benefitted middle, working class Americans most

[GothTalk]

Thinking you’re right and being right are two different things.

Yup, and I'm both.

The only reason to ignore that Trump was economically better for the working/middle class than any POTUS in recent history is because TDS.... OMB rage.

That's why everyone on the left is all "NUH UHH!!! BUHHH...BUHHH THE 1%!!!!" .

They're mad Trump did something to help the people they DESPISE, the working and middle class.

 

[LukSkyFokker]

Let's ask Poor lil Dumb-Dumb explain how 45 helped the middle class in detail and watch the failure.

 

[GothTalk]

Let's ask Poor lil Dumb-Dumb explain how 45 helped the middle class in detail and watch the failure.

It was explained in OP.

Learn to read (D)ipshit.

 

[Lazaran]

Let's ask Poor lil Dumb-Dumb explain how 45 helped the middle class in detail and watch the failure.

I've got BoBoGoth on ignore, but I'm guessing his response will be to point at the puppet's butt while his mascara runs.

Awwww

Poor BoBoGoth.

*chuckles*

 

[dan_c00000]

The link is to MSN, which to my surprise still exists!, but the actually analysis comes from the Heartland Institute which gets most of its funding from energy corporations to deny climate change. So yeah a very trustworthy source.

If you look at the government's own analysis you can see that Trump's tax cuts not only hurt the middle class but increased income inequality.

The key point that the Heartland analysis is missing is that yes the middle income people paid less in taxes but the rich paid a lot less in taxes thanks to Trump. There was also the huge tax break for corporations and a tax holiday which allowed them to bring back overseas profits at a much lower rate allowing the wealthy stockholders and CEOs to benefit. Let's also not forget that giant companies and the super rich really wanted this to pass and it wasn't because it would help the average American.

Anyway, the point is, the Heartland did a shit job as always.

 

[ShyBiGuy954]

 

[contrifan32]

Krugman is a Nobel laureate. He and Reich between them pretty much fill up the entire field of "American economists who publish popular books and articles and have any slightest shred of credibility."

"Trying to clarify my own thoughts on inflation. I got inflation wrong; I didn't see the current surge coming. But why? I didn't think the fiscal stimulus early this year would boost demand as much as Summers et al predicted ... and, in fact, so far it hasn't."
— Paul Krugman (@paulkrugman) November 14, 2021

 

[BabyBoomer50s]

"Trying to clarify my own thoughts on inflation. I got inflation wrong; I didn't see the current surge coming. But why? I didn't think the fiscal stimulus early this year would boost demand as much as Summers et al predicted ... and, in fact, so far it hasn't."
— Paul Krugman (@paulkrugman) November 14, 2021

“So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened."
Paul Krugman, November, 2016

 

[LukSkyFokker]

I've got BoBoGoth on ignore, but I'm guessing his response will be to point at the puppet's butt while his mascara runs.

Awwww

Poor BoBoGoth.

*chuckles*

He was painting his toenails and lashing out at authority.

 

[GothTalk]

He was painting his toenails and lashing out at authority.

After getting absolutely beat the fuck down by OP this is the best you came up with???

LOL....

Poor Luk bites the curb again.

 

[LukSkyFokker]

And post #2 ruins the OP. Your lack of knowledge of the economy is why you were punted from my beautiful state.

 

[jomar]

Yup, and I'm both.

The only reason to ignore that Trump was economically better for the working/middle class than any POTUS in recent history is because TDS.... OMB rage.

That's why everyone on the left is all "NUH UHH!!! BUHHH...BUHHH THE 1%!!!!" .

They're mad Trump did something to help the people they DESPISE, the working and middle class.

Eh. Assuming the OP cite is accurate, the little guy got a bit of a bump for a few years. Yay. Then say bye except for companies, who are people too. Meanwhile, the 1% got the most benefit money-wise because of scale. Good for them.

 

[Sean Renaud]

Wow, you're not racist but your favorite gif is American History X?

You really make this easy.

 

[GothTalk]

Eh. Assuming the OP cite is accurate, the little guy got a bit of a bump for a few years. Yay.

It's the IRS, straight from "the man" is about as accurate as it gets no??

And yea....the little guy did, and the (D)'eez rage about it and can't WAIT to take it away.

Then say bye except for companies, who are people too. Meanwhile, the 1% got the most benefit money-wise because of scale. Good for them.

Well, yea, that's how progressive taxation and as you said scale works.

So what??

What does how much the 1% have upset you so much??

 

[GothTalk]

Wow, you're not racist but your favorite gif is American History X?

You really make this easy.

It's the most brutal curb stomp gif there is....that's a fact.

How does using it make me racist???

Hint: it doesn't

Look it's Sean Renaud!!! Lookin SJW thiccC!!!!

 

[LukSkyFokker]

He's really his own worst enemy but too dumb to realize it.

 

[ishtat]

The op is completely wrong. Prior to Trumps tax "cuts" I paid about 230K in US taxes. Since - nothing. The Tax rates do not matter if you have sufficient money; many people like me re-arranged their affairs around the new regulations, to (legally) avoid paying taxes at all.

Our small firm for example employs 81 people in the USA and I would be reasonably confident that 95%+ of them pay more tax than me. The op merely confirmed that he is a mug taken in by a conman. He can console himself that he is not alone, particularly when the debt collector comes calling for those trillions of extra debt.

 

[jomar]

It's the IRS, straight from "the man" is about as accurate as it gets no??

And yea....the little guy did, and the (D)'eez rage about it and can't WAIT to take it away.

Your drama queen act aside , it was going away in a minute already.

Well, yea, that's how progressive taxation and as you said scale works.

So what??

What does how much the 1% have upset you so much??

What makes you think I’m upset? Just pointing out a fact.

 

[BabyBoomer50s]

The op is completely wrong. Prior to Trumps tax "cuts" I paid about 230K in US taxes. Since - nothing. The Tax rates do not matter if you have sufficient money; many people like me re-arranged their affairs around the new regulations, to (legally) avoid paying taxes at all.

Our small firm for example employs 81 people in the USA and I would be reasonably confident that 95%+ of them pay more tax than me. The op merely confirmed that he is a mug taken in by a conman. He can console himself that he is not alone, particularly when the debt collector comes calling for those trillions of extra debt.

The source data comes from the IRS. Some of the liberals here are having a difficult time understanding the difference between dollars and percentages. Taxpayers making $50K to $100K saw a 17% tax cut. Those with AGIs between $100K and $500K saw a 13% cut. People earning more than $1 million only saw a 6% cut.

In other words, wealthier tax payers saw a lower percentage cut than middle class taxpayers. Overall, 94% of us got a tax cut. I’ve been monitoring the comments. Lots of deflection and misdirection, but no one has refuted these numbers.

 

[GothTalk]

Your drama queen act aside , it was going away in a minute already.

Whatever you need to tell yourself to feel better about shitting on the working/middle class and supporting the elitist (D)ouch bags.

What makes you think I’m upset? Just pointing out a fact.

The fact that you ALWAYS point to that fact that the 1% has more, especially when (R)'s actually do things to help the working/middle class, unlike the (D)'eez who exist to fuck them.

 

[dan_c00000]

In other words, wealthier tax payers saw a lower percentage cut than middle class taxpayers. Overall, 94% of us got a tax cut. I’ve been monitoring the comments. Lots of deflection and misdirection, but no one has refuted these numbers.

Actually, if you bothered to read my post, you'll see that it isn't about the data but the analysis. The Heartland did the same thing you're doing saying "Oh the rich got a lower percent cut so it's fair." Well, it's not. Why? Because rich people have more money. Let's take a simple example.

Person 1 earns $1 million and pays a 6% tax ($60k) so that leaves $940,000
Person 2 earns $100k and pays 13% tax ($13k) so that leaves $$87,000

Person 1 kept 94% of their income while Person 2 only kept 87%. So even though person 1 paid more money than Person 2 they still kept more of their money.

All of my sources explain this I highly suggest you go back and read them.

Edit: If anything I'm being generous having the rich pay 6%, the super rich basically don't pay anything.

 

[BabyBoomer50s]

Actually, if you bothered to read my post, you'll see that it isn't about the data but the analysis. The Heartland did the same thing you're doing saying "Oh the rich got a lower percent cut so it's fair." Well, it's not. Why? Because rich people have more money. Let's take a simple example.

Person 1 earns $1 million and pays a 6% tax ($60k) so that leaves $940,000
Person 2 earns $100k and pays 13% tax ($13k) so that leaves $$87,000

Person 1 kept 94% of their income while Person 2 only kept 87%. So even though person 1 paid more money than Person 2 they still kept more of their money.

All of my sources explain this I highly suggest you go back and read them.

Edit: If anything I'm being generous having the rich pay 6%, the super rich basically don't pay anything.

Thanks for confirming the facts I shared. Now study the tax tables. Marginal rates get higher with income brackets. After you’ve learned how that works, you can then look at where the revenue comes from. You’ll discover that highest earners contribute most of the revenue collected by the US Treasury.

 

[GothTalk]

Person 1 kept 94% of their income while Person 2 only kept 87%. So even though person 1 paid more money than Person 2 they still kept more of their money.

So the fuck what??

Person 1 made more, paid more and gets to keep more.

What is wrong with that??

 

[pecksniff]

The source data comes from the IRS. Some of the liberals here are having a difficult time understanding the difference between dollars and percentages. Taxpayers making $50K to $100K saw a 17% tax cut. Those with AGIs between $100K and $500K saw a 13% cut. People earning more than $1 million only saw a 6% cut.

In other words, wealthier tax payers saw a lower percentage cut than middle class taxpayers. Overall, 94% of us got a tax cut. I’ve been monitoring the comments. Lots of deflection and misdirection, but no one has refuted these numbers.

See post #55.

 

[dan_c00000]

You’ll discover that highest earners contribute most of the revenue collected by the US Treasury.

They actually don't. Again their effective tax rate is much much less. Somewhere between 0% and 8% (I was being generous and using your 6% number).

Also, since the US tax system is geared towards redistributing money upwards the very wealthy wind up paying almost nothing on huge incomes. For example, "the rich pay a far lower payroll tax rate than regular people. A nurse making a salary of $50,000 per year pays (counting both the employee and employer side) 12.4 percent in OASDI taxes (for Social Security and disability insurance). But a sitcom star making a thousand times that, or $50 million a year, will pay the 12.4 percent only on the initial $130,000 of their salary, working out to a total OASDI tax rate of just 0.03 percent on their $50 million. And because OASDI taxes are only levied on earned income — meaning, money you make from a job — a billionaire investor with a $50 million annual income from dividends and capital gains will pay exactly zero percent in OASDI taxes."

In other words the rich are paying way below whatever the income tables state because once their incomes get above a certain level they're basically paying no taxes.

Again, the stuff you're saying is exactly what Heartland said "Look at the tax rates in the tables the rich are paying 40%!" Well, no, they're not. Once you factor in their actual incomes their effective tax rate drops to anywhere between 0 and 8%. This is how you wind up with Warren Buffet's secretary paying a higher tax rate than he does.