Spare me your head shake and dumb shit, you misinf
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Posted On: 11/21/2020 11:52:29 AM
Spare me your head shake and dumb shit, you misinformed nitwit.
Trump's tax cut for those making less than $400K didn't amount to jack shit.
https://www.investopedia.com/explaining-biden...an-5080766
The Biden plan would restore higher taxes on corporations and high income individuals, generally protect taxpayers with incomes of less than $400,000 from tax rate increases and provide an array of new and revised personal tax benefits targeted for low- and middle income families.[ 1] [2]
The Social Security tax would be extended to higher income levels, the estate tax exemption would be reduced by approximately 50%, and step-up in basis on death would be repealed. Here are the key elements of his platform on taxes, as currently available. Note that all these changes would need to be enacted by Congress in order to become law.
https://www.americanprogress.org/issues/econo...-tax-code/
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.
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.
Who benefited from Trump tax cuts?
On the whole, low-income families appear to have received the least savings, while high-income families saved the most. Middle-class families saw mixed results. The biggest winners from Trump's tax cuts were probably businesses. Between 2017 and 2018, corporations paid 22.4% less income tax.Mar 17, 2020
Trump's tax cut for those making less than $400K didn't amount to jack shit.
https://www.investopedia.com/explaining-biden...an-5080766
The Biden plan would restore higher taxes on corporations and high income individuals, generally protect taxpayers with incomes of less than $400,000 from tax rate increases and provide an array of new and revised personal tax benefits targeted for low- and middle income families.[ 1] [2]
The Social Security tax would be extended to higher income levels, the estate tax exemption would be reduced by approximately 50%, and step-up in basis on death would be repealed. Here are the key elements of his platform on taxes, as currently available. Note that all these changes would need to be enacted by Congress in order to become law.
https://www.americanprogress.org/issues/econo...-tax-code/
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.
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.
Who benefited from Trump tax cuts?
On the whole, low-income families appear to have received the least savings, while high-income families saved the most. Middle-class families saw mixed results. The biggest winners from Trump's tax cuts were probably businesses. Between 2017 and 2018, corporations paid 22.4% less income tax.Mar 17, 2020
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