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Are the Trump tax only for the rich?

Tbird19482 said:
Chad you have covered about everything the Dems want and He is a right winger a Trumpett
and they would rather see large Corporations like GE make Billions in US Profits and NOT pay a cent in US Income taxes and have the Hard working Middle class pay their way.
I don't know just what he made a year but I have been retired for over 10 years and I am getting sick and tired of paying MORE in US Income taxes then GE has
They make hundreds of Millions of dollars IF Not BILLIONS of dollars in US Profits and I have paid MORE in US Income taxes in a lot of years then They did.
They didn't pay any NOT ONE CENT in US Income taxes and got tax Benefits in a lot of years and I have had to pay Income taxes on my SS and retirement
I have to ask these morons is that FAIR?
I worked for over 55 Years paid into my retirement and the SS system and I pay MORE in US Income taxes then ( in 2017 ) 42% of ALL US Corporations that are making OVER a million dollars a year if NOT several BILLION dollars a year in US Profits.
Instead of Trump giving them a tax cut where according to the GAO over 65% of all US Corporations making OVER a million dollars a year will now NOT pay even ONE cent in US Income taxes.
Maybe IF Trump and the Republicans had actually Given the Hard working middle class people a real tax cut and eliminated some of the deductions the large Corporations get and then cut their Taxes it would have been a fair tax cut
But they didn't
Have a nice night
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And the ironic thing is giving huge tax cuts to corporations and giving trivial tax cuts to workers actually hurts American corporations in the long run.

When you give workers and middle class Americans huge tax cuts they spend the money. They go out to eat more, shop more, remodel their homes, buy new cars, buy cable TV, and buy new computers. And this extra spending increases restaurant business, increases retail business, increases construction business, and increases the business of large corporations that sell things like cars and computers. And these increased sales raise the income of all business owners from small construction companies to the CEO's of corporations that sell cable TV services.


Trump gave out $2.2 trillion dollars in tax cuts.
Trump and GOP Tax Cut Could Cost Your Kids $2.2 Trillion | Time

Trumps tax cuts raised middle class Americans income by 1.5% and increased the richest 0.1% of Americans income by 14.2%. And the richest 1% of Americans got 47% of the Trump tax cuts.
https://www.forbes.com/sites/janetn...to-richest-1-new-analysis-finds/#42f57e265b9d

Then large corporations tax rates were reduced from 35% to 21%.
https://www.bbc.com/news/world-43790895


1/2 of Trumps tax cuts for the richest 1% of Americans does nothing for consumer spending or stimulating the economy. And billionaires like Bill Gates already had all the money they needed for investments. And large corporations already had access to funds to finance any new product or consumer demand (in reality its small businesses that need extra money to hire more workers and buy new equipment.)


Then Trumps tax cuts will add $2.2 trillion dollars to our national debt, and when that money needs to be repaid tax paying consumers will have even less money. And when consumer spending falls bellow a certain level the entire economy weakens or collapses. But unfortunately republicans are not concerned about consumer spending, rather republicans are concerned about supply side tax cuts for the richest 1% of Americans and large corporations.

When you give workers tax cuts it stimulates the economy, and then increases large corporations profits. But republicans like to skip the worker tax cuts and stimulated economy, and instead give huge tax cuts directly to the large corporations.
 
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Conservative said:
Interesting how you and the rest of the left want to divert from the Trump results to defend the Obama failures. Reality sucks in the liberal world so you trump it with personal feelings and emotions. Obama's economic results made Jimmy Carter look good as history will show

Do you understand that expenses for the Iraq War were included in the debt that Obama inherited, 10.6 trillion? being on or off budget doesn't matter when it comes to the debt. Cannot believe how poorly informed so many are

Fiscal year of the U.S. runs from October to September and there was no budget approved for Bush for fiscal year 2009 thus he had no spending authority to create the deficits you are blaming him for in 2009, ALL OBAMA's. Oh, by the way TARP was included in the 2009 deficits but TARP was a loan that was repaid after Bush left office. Find out what happened to those repayments?
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What bush had was a borrow and spend account with china, he didn't need congress but Obama had to pay back his debt. The R's complain how the dems tax and spend, it's much better than borrowing and spending like W.
 
code1211 said:
That's pretty much the way I look at it, too.

My refund, by the by, was down a tad, but the paycheck net was up every pay period.

More money for me! Terrific!
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Trumps tax cuts will add $2.2 trillion dollars to our national debt.


"Debt not only suppresses economic growth, it suppresses future wages."

"Americans must ask themselves, is a $500 or $1,000 tax cut worth it if your kids are not only going to have to pick up the tab but also earn thousands less a year in income because of it?"

Trump and GOP Tax Cut Could Cost Your Kids $2.2 Trillion | Time
 
bongsaway said:
What bush had was a borrow and spend account with china, he didn't need congress but Obama had to pay back his debt. The R's complain how the dems tax and spend, it's much better than borrowing and spending like W.
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Every President pays debt service on the debt including Trump which had a 20 trillion dollar debt inherited and 4 rate hikes that drove up that debt service causing most of the deficits for 2018. Another person totally clueless as to the line items in the budget and what constitutes the deficit
 
chad said:
Trumps tax cuts will add $2.2 trillion dollars to our national debt.


"Debt not only suppresses economic growth, it suppresses future wages."

"Americans must ask themselves, is a $500 or $1,000 tax cut worth it if your kids are not only going to have to pick up the tab but also earn thousands less a year in income because of it?"

Trump and GOP Tax Cut Could Cost Your Kids $2.2 Trillion | Time
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MORE PREDICTIONS? Where did you learn that people keeping more of what they earn is an expense to anyone? Oh, well, Democrats in the House are going to curb spending and generate all that revenue from those evil rich people by taking more of what they earn. So tell me when was the last time the Congress refused to fund social programs including cutting welfare checks?

Keep buying that tired old argument of our kids paying the tabs for people keeping more of what they earn. Typical liberal rhetoric designed to appeal to the ignorant minions that call themselves liberal
 
Conservative said:
Let me know when the so called Trump debt gets to the 9.3 trillion that Obama generated? As usual this is all about revenue going to the federal bureaucrats and not remaining in the pockets of the people who earned it in the first place for you. The radical left loves people like you
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First, are you really going to bang contradictory drums -- that the Trump economy is the best in galactic history, then bang the drum blaming Obama for the debt during the Great Recession and then dismiss Trump for raising deficits and debt during said good economic times?

Second, the GOP tax-cuts were specifically designed to enrich the already rich while ****ing the middle-class. It did this in several ways: While almost everyone got a tax-cut, the rich got fillet Mignon while everyone else got Spam. Corporations get a large, permanent tax cut, while American families receive only temporary tax relief that expires in 2023. The tax increase would mostly hit moderate and middle-income families because a credit designed to help them expires after five years. Moreover, property tax deductions are capped at $10,000, which hurts large parts of the country with high property taxes.

Third, this tax law was fashioned because Republican donors -- those rich people who contribute to the Republican Party, demanded it. This makes Con absolutely wrong. Money does not remaining in the pockets of the people who earned it (e.g. the middle class) it is bent towards money remaining in the hands of those who earn money while they sit around the pool sipping mimosas.
 
MTAtech said:
First, are you really going to bang contradictory drums -- that the Trump economy is the best in galactic history, then bang the drum blaming Obama for the debt during the Great Recession and then dismiss Trump for raising deficits and debt during said good economic times?

Second, the GOP tax-cuts were specifically designed to enrich the already rich while ****ing the middle-class. It did this in several ways: While almost everyone got a tax-cut, the rich got fillet Mignon while everyone else got Spam. Corporations get a large, permanent tax cut, while American families receive only temporary tax relief that expires in 2023. The tax increase would mostly hit moderate and middle-income families because a credit designed to help them expires after five years. Moreover, property tax deductions are capped at $10,000, which hurts large parts of the country with high property taxes.

Third, this tax law was fashioned because Republican donors -- those rich people who contribute to the Republican Party, demanded it. This makes Con absolutely wrong. Money does not remaining in the pockets of the people who earned it (e.g. the middle class) it is bent towards money remaining in the hands of those who earn money while they sit around the pool sipping mimosas.
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No, what we are going to do is continue to post how civics and accounting challenged you are and how Federal tax revenue grew in 2018 and it was debt service and entitlement spending that raised the deficits. further we are going to point out basic accounting issues that when company expenses are raised due to things like wage increases, bonuses, pension and health insurance increases that taxable income goes down and corporations will pay less federal income taxes.

We will also continue to point out that the largest component of GDP is consumer spending/consumption meaning that the more money taken from the consumers the less consumer spending and less tax revenue going to the states in the form of sales and property taxes. People don't travel, spend, or buy homes without more spendable income

We are also going to point out that you are a big govt. liberal who believes the govt. should always get more money and the people who earned it less. The federal bureaucrats never need to go on a diet and the Democrats have never seen a dollar they won't spend to buy votes and create dependence.

How about refuting the post about 3 million Americans getting Corporate benefit increases from the tax cuts and telling us how much more federal revenue the gov't will get by increasing federal taxes on the rich and what if any consequences will occur by raising taxes?
 
code1211 said:
Well, I just completed my taxes for the 2018 tax year.

My income was pretty much the same year to year- only about a 2% increase year over year. Poor me!

My Federal Taxes owed reduced by 22%. Refund was down a bit. Taxes withheld for the year were down about 17%. I got a little more in every paycheck and still got a refund of about the same size: down 5% year over year.

Thank you, President Trump!

I've read posts from many of the Never Trumpers here that the tax cuts were only for "The Rich". I'm am decidedly NOT in that group of folks and yet I got a 22% cut in taxes.

As we all do our taxes here, how about we all post our personal experiences and outcomes?

Might be interesting to review the real world facts as opposed to the partisan hackery that has dominated the conversation through the year after the Trump Tax Cut was signed into law.

Estimates of Federal Tax income are that it will increase by 192 billion this year over last. The increase last year was 129 Billion and the year before that was 164 Billion.

The 192 Billion increase is the biggest one since the jump logged in 2009 based on the 2008 economy. In 2011, Federal Tax Revenue actually dropped.

I paid less and the Feds get more. Sounds pretty good! More work of the guy with the magic wand.

https://www.taxpolicycenter.org/statistics/federal-receipt-and-outlay-summary
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The resistance has their anti-Trump agenda and as long as Billy Bob got more than Billy Joe the left will be all up in arms and blame Trump. Funny how the left are so upset that the very rich in high taxed states like California and New York are going to have their local tax deductions capped, probably paying more than they did before. I guess they only want rich Republicans to be taxed more, not rich Democrats. I haven't done my taxes yet but I already know I will pay less less taxes under the new tax law.
 
Slavister said:
I don't think anyone said they were ONLY for the rich. The only thing that was said that vast majority of the benefit goes to the rich. You were given some cuts too for sure, to keep you voting right... but the main benefit of course goes to families like Trumps. They will get a windfall you can only dream of... See how it works out nicely - you are fooled and they get most of the benefit.
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Lower taxes are lower taxes. The rich pay the very huge majority of all income taxes collected so obviously tax cuts benefit them more. But, the rich still pay the huge majority of all income taxes collected, even more than before.
 
Media_Truth said:
And the kicker will come later - when all the accrued debt from the resulting deficits has to be repaid. Wonder who will have to pay that? Trumpists or the middle class?
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Oh please. When Democrats are in power all they can talk about is that the debt never has to be paid back!
 
chad said:
The Trump tax cuts do the following,

Raise low income workers after-tax income by 0.8%
Raise middle class Americans after-tax income by 1.5%
Raise the richest 1% of Americans after-tax income by 13.5%
Raise the richest 0.1% of Americans after-tax income by 14.2%

And in total the Trump tax cuts give 47% of their benefits to the richest 1% of Americans.

https://www.forbes.com/sites/janetn...to-richest-1-new-analysis-finds/#1ccb08765b9d


Trumps tax cuts also abolished the Estate Tax (a tax that only effects the richest 0.2% of Americans.) And for example, Trumps Estate Tax changes will give Donald Trumps own family an extra $2.8 billion dollars.
https://www.marketwatch.com/story/t...mps-proposed-tax-cuts-are-his-kids-2017-09-28


And Trumps tax cuts change in the year 2027. At that time 53% of lower income Americans Americans will be forced to pay higher taxes, and then richest 1% of Americans will receive 83% of the Trump tax cuts.
https://www.vox.com/policy-and-poli...ax-bill-congress-conference-tax-policy-center
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LOL. Spin, spin, spin, spin. Can we say cherry picked facts?
 
Tbird19482 said:
Again YOU want to start Obama's debt total on the day he took office
and He like every other President does NOT take over the Debt and the Budget till Oct first of the year he takes office
Obama did NOT run the debt up 9.3 Trillion for the time he was responsible for the debt
on Oct 1 of 2009 the debt was
11,920,519,164,319.42
and I will give you a couple of days
on Oct 2 of 2017 it was 20,347,802,336,477.80
a difference of 8,427,283,172,158.38
and Trump ran it up ( and I am taking it from Oct 2 , 2017 to Sept 28th 2018 NOT Oct 1 2017 to Sept. 30th 2018) and it was 1,168,255,846,702.43 ( 4 days short of a full Fiscal year)
and as of Jan 29 Trump has run it up 1,625,528,664,944.90
That is in one year 4 Months and that is in a " good " economy
IF he keeps this up he will by pass Obama IF he stays in office for 8 years as it is he is well on the way to by passing Obama's first 4 years.
In Trumps first year and 4 months he has already almost equaled Obama's first fiscal year
and that was 1,651,794,027,380.22
Obama's second fiscal year it went UP 1,228,717,297,665.18 A lot less then Trump's first Fiscal year ( and if you take the 457,272,818,242.47 and X it by 3 you get 1,364,748,454,727.41) so add what Trumps first two fiscal years could be iF he keeps going the way he is and you get 2,533,004,301,429.84 and Obama's first two years were a total of 2,870,411,325,045.94 just a little over 347 Billion short of Obama's debt for two years.
We will have to see what he does but it looks like he will by pass Obama in no time

all info on here came from the US Treasury website
https://www.treasurydirect.gov/NP/d...tYear=2009&endMonth=10&endDay=02&endYear=2017
Have a nice day
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LOL. Spin, spin, spin. You've got to be getting dizzy.
 
chad said:
You are the one who is diverting.

You said "the debt for Obama was 9.3 TRILLION dollars."
Then I asked you, "what policies did Obama enact to cause our national debt to rise by $9.3 trillion dollars?"

But since you are unable to answer the above question you are diverting and changing the subject.


What policies did Obama enact to cause our national debt to rise by $9.3 trillion dollars?
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No, you are the one who is diverting.
 
Slavister said:
This may shock you but my tax rate is higher than Microsoft's.
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First of all, I doubt that that is actually true. But, even if it were, why don't you trade tax bills with Microsoft if you are so upset?
 
chad said:
Personally would you agree for America to do the following things,

To tax all American workers at a tax rate that allows them to afford life's necessities (and for full time workers to have the money for a few perks, like a modest yearly vacation or cable television.)

For no American wealthy or poor to be punished by a overly high tax rate, and where no American looses the honest benefits of their work from taxes.

For welfare to be reformed so all Americans who need it get it, along with using non-stressful methods to get welfare receipts working. And reform that stops all people from getting welfare if they don't need it.

For all government waste to be eliminated.

For all Americans to have access to (basic) medical care and cost effective prevention measures (with able bodied/mined non-workers not receiving the same coverage as someone who works.)

To limit Americas military spending to the amount the next 3 most powerful countries spend combined.

To not allow excessive hazardous pollution (being a little dirty while not giving people cancer or birth defects.)


Would you agree to 100% of the above things being done?
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I agree that all Americans over the poverty level should pay federal income taxes.
 
Moderate Right said:
I agree that all Americans over the poverty level should pay federal income taxes.
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IMO ALL American income earners should be paying something to fund the following federal gov't expenses.

National defense-FIT
International affairs-FIT
General science, space, and technology-FIT
Energy-FIT
Natural resources and environment-FIT
Agriculture-FIT
Commerce and housing credit-FIT
Community and regional development-FIT
Education, training, employment and social services-FIT
Health-FIT
Income security-FIT
Veterans benefits and services-FIT
Administration of justice-FIT
General Government-FIT
Net interest-FIT
 
chad said:
And the ironic thing is giving huge tax cuts to corporations and giving trivial tax cuts to workers actually hurts American corporations in the long run.

When you give workers and middle class Americans huge tax cuts they spend the money. They go out to eat more, shop more, remodel their homes, buy new cars, buy cable TV, and buy new computers. And this extra spending increases restaurant business, increases retail business, increases construction business, and increases the business of large corporations that sell things like cars and computers. And these increased sales raise the income of all business owners from small construction companies to the CEO's of corporations that sell cable TV services.


Trump gave out $2.2 trillion dollars in tax cuts.
Trump and GOP Tax Cut Could Cost Your Kids $2.2 Trillion | Time

Trumps tax cuts raised middle class Americans income by 1.5% and increased the richest 0.1% of Americans income by 14.2%. And the richest 1% of Americans got 47% of the Trump tax cuts.
https://www.forbes.com/sites/janetn...to-richest-1-new-analysis-finds/#42f57e265b9d

Then large corporations tax rates were reduced from 35% to 21%.
https://www.bbc.com/news/world-43790895


1/2 of Trumps tax cuts for the richest 1% of Americans does nothing for consumer spending or stimulating the economy. And billionaires like Bill Gates already had all the money they needed for investments. And large corporations already had access to funds to finance any new product or consumer demand (in reality its small businesses that need extra money to hire more workers and buy new equipment.)


Then Trumps tax cuts will add $2.2 trillion dollars to our national debt, and when that money needs to be repaid tax paying consumers will have even less money. And when consumer spending falls bellow a certain level the entire economy weakens or collapses. But unfortunately republicans are not concerned about consumer spending, rather republicans are concerned about supply side tax cuts for the richest 1% of Americans and large corporations.

When you give workers tax cuts it stimulates the economy, and then increases large corporations profits. But republicans like to skip the worker tax cuts and stimulated economy, and instead give huge tax cuts directly to the large corporations.
Click to expand...

You are a fish that eats the food the left throw in the water for you to eat.
 
chad said:
Trumps tax cuts will add $2.2 trillion dollars to our national debt.


"Debt not only suppresses economic growth, it suppresses future wages."

"Americans must ask themselves, is a $500 or $1,000 tax cut worth it if your kids are not only going to have to pick up the tab but also earn thousands less a year in income because of it?"

Trump and GOP Tax Cut Could Cost Your Kids $2.2 Trillion | Time
Click to expand...

The Trump tax cuts increased tax revenue through economic growth.
 
Conservative said:
Every President pays debt service on the debt including Trump which had a 20 trillion dollar debt inherited and 4 rate hikes that drove up that debt service causing most of the deficits for 2018. Another person totally clueless as to the line items in the budget and what constitutes the deficit
Click to expand...


bongsaway has bonged a little too much.
 
Helix said:
the former Republican party had one gear when it came to the economy, and that was trickle down. the current Trumpist party is no different.

Trump?s Tax Cuts Did One Thing: Give Rich People More Money
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You can argue that trickle down doesn't work but you can also argue that trickle up doesn't work either. Having policies that keep people in cycles of poverty generation after generation clearly doesn't work. Democratic policies are always well intentioned but they just don't work. For every action there is an opposite reaction. Whenever you have a policy to stiff the rich the opposite reaction negates the intended results.
 
Conservative said:
Now allowing people to keep more of what they earn is the gov't giving something? Typical class envy rhetoric
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same old trickle down bull**** rhetoric.

lucy-football.jpg
 
Moderate Right said:
You can argue that trickle down doesn't work but you can also argue that trickle up doesn't work either.
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when the top tax rate is at ninety percent, that's an environment in which supply side policies might have some benefit. there is an environment in which demand side can be beneficial, as well.

Moderate Right said:
Having policies that keep people in cycles of poverty generation after generation clearly doesn't work. Democratic policies are always well intentioned but they just don't work. For every action there is an opposite reaction. Whenever you have a policy to stiff the rich the opposite reaction negates the intended results.
Click to expand...

and letting the rich raid the treasury as a solution to every economic issue doesn't work, either. however, i doubt that we'll have much common ground on this issue, so i suppose that we should figure out how long we want to waste time typing at each other.
 
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