Are the Trump tax only for the rich?

Tbird19482 · Mar 5, 2019

Conservative said:
It continues to amaze me how poorly education you are in just about every issue

Standard Tax Deduction: How Much It Is and When to Take It - NerdWallet

Hello stupid
what does raising the Standard deduction have to do with taking away the Personal exemption?
YES they did raise the standard deduction just like I said many times.
but they took away the personal exemption of 4050 dollars per person
So they raised the standard deduction 11300 dollars
That is great for a married couple with no dependents
If they have one dependent and took the standard deduction last year and had 3 personal exemptions that means they " gave them " 11300 dollars in the standard deduction and took away 12150
so ( and IF you can't subtract these large numbers go get a third grader to help you )
11300 from 12150 is 850 dollars
that means that their taxable income ( the amount of income you pay taxes on ) went UP 850 dollars
and IF they are in the lowest tax bracket their income taxes will go UP by 85 dollars and for every dependent they have over 1 it goes UP 4050 dollars
a family of 4 taking the standard deduction last year got 12700 dollars standard deduction AND 16200 personal deductions for a total of 28900 dollars and IF they take the standard deduction in 2018 they get to take 24000 dollars
isn't that an increase in their taxable income of 4900 dollars?
and again IF they are in the 10% tax bracket their taxes will be going up 490 dollars
and didn't Trump and the Republicans say this was a GREAT tax " Cut " for a family of five?
well IF they took the standard deduction and 5 personal exemptions last year they could deduct 12700 dollars standard deduction AND 20250 personal exemptions for a total of 32950 and seeing they took away the personal exemptions and they raised the standard deduction they get to deduct 24000 dollars increasing their Taxable income by 8950 and in the 10% tax bracket their taxes will go UP 895 dollars
WOW if that is what you Republicans and Trump call a GREAT tax cut for a family of five
I don't want to find out what they call a tax increase
have a nice night

Tbird19482 · Mar 5, 2019

Conservative said:
How do you give a tax cut to people who don't pay Federal Income Taxes? Scraps" How arrogant, the raising of the child tax credit and personal exemptions benefited everyone who pays withholding and taxes but that isn't enough for you. Giving people that don't pay taxes anything is welfare, not a tax cut. All taxpayers who pay withholding got more spendable income in their paycheck throughout 2018 and I am thankful that we have someone who realizes that people spending more of their own money is what drives our economy

So you begrudge the lower wage earners but don't say a word about Trump and the Republicans giving a tax cut to large Corporations that make Millions if not Billions in US profits a big tax cut
According to the GAO 42% of all large Corporations making OVER a million dollars in US Profits ( many of them making over a BILLION dollars in US Profits did NOT pay ONE CENT in US income taxes and they say it will be going up to 65% )
You aren't saying a word about them why NOT?
Yes YOU would rather tax the hard working people more , some of them working two jobs or both parents work just to survive., then tax large Corporations making millions if not Billions
What a great guy you are
Have a nice night

Tbird19482 · Mar 6, 2019

Conservative said:
Is there ever going to be a time when you promote the state and local governments take back their social responsibilities thus creating less need for the bureaucrats to have more tax revenue each year? Why is revenue growth such an important issue to you and never spending cuts? Are there any budget line items you would support cutting that would really make a difference with the deficit?

Yes the states should take back these programs But there are two things that will have to happen first
One is the Federal government has to stop making them mandatory and federal programs and you can bet that a lot of red states that depend on the Federal government to pay for them will either stop the programs or fund them themselves and that isn't going to happen.
They would have to raise their state taxes.
and they wouldn't be getting back more from the federal government then they pay in
You want to talk about crying you haven't heard anything yet
have a nice night

BahamaBob · Mar 8, 2019

Tbird19482 said:
So you begrudge the lower wage earners but don't say a word about Trump and the Republicans giving a tax cut to large Corporations that make Millions if not Billions in US profits a big tax cut
According to the GAO 42% of all large Corporations making OVER a million dollars in US Profits ( many of them making over a BILLION dollars in US Profits did NOT pay ONE CENT in US income taxes and they say it will be going up to 65% )
You aren't saying a word about them why NOT?
Yes YOU would rather tax the hard working people more , some of them working two jobs or both parents work just to survive., then tax large Corporations making millions if not Billions
What a great guy you are
Have a nice night

First of all, Trump also gave tax cuts to every tax payer. The average American received a $1,400 tax cut and the average family of four will get a $2,900 tax deduction. Which by the way the tax and spend Democrats refused to make permanent. In addition, those corporate tax cuts allowed American Corporations to compete on the world stage on a level playing field. Due to that, more people than ever are working, unemployment is near an all time low, wages are rising, large corporations are bring large numbers of good paying jobs back to the US and trillions of corporate dollars are coming back to the US to be taxed.

Depreciation, expansion and capital loss are the reasons some corporations are able to avoid paying taxes at times. If you ever ran a business, you would understand that. Some years you make money others you lose. The tax system is set up to allow you to cover yourself during those years of expansion and loss. Without this, many corporations would not be able to expand or even stay in business. It has always been that way. It has nothing to do with the tax cuts.

As far as the rich being the biggest winners, that is false. Here is what the foundation for Economic Education states. "Is the Tax Cuts and Jobs Act just a tax cut for the rich?
No, the tax cuts are not just benefiting the wealthy. Average taxpayers in every congressional district get a tax cut, and lower-income communities get the largest percentage decreases in their tax bills."

13 Questions Answered about the Trump Tax Cuts - Foundation for Economic Education

Tbird19482 · Mar 8, 2019

BahamaBob said:
First of all, Trump also gave tax cuts to every tax payer. The average American received a $1,400 tax cut and the average family of four will get a $2,900 tax deduction. Which by the way the tax and spend Democrats refused to make permanent. In addition, those corporate tax cuts allowed American Corporations to compete on the world stage on a level playing field. Due to that, more people than ever are working, unemployment is near an all time low, wages are rising, large corporations are bring large numbers of good paying jobs back to the US and trillions of corporate dollars are coming back to the US to be taxed.

Depreciation, expansion and capital loss are the reasons some corporations are able to avoid paying taxes at times. If you ever ran a business, you would understand that. Some years you make money others you lose. The tax system is set up to allow you to cover yourself during those years of expansion and loss. Without this, many corporations would not be able to expand or even stay in business. It has always been that way. It has nothing to do with the tax cuts.

As far as the rich being the biggest winners, that is false. Here is what the foundation for Economic Education states. "Is the Tax Cuts and Jobs Act just a tax cut for the rich?
No, the tax cuts are not just benefiting the wealthy. Average taxpayers in every congressional district get a tax cut, and lower-income communities get the largest percentage decreases in their tax bills."

13 Questions Answered about the Trump Tax Cuts - Foundation for Economic Education

He did?
lets see IF a family of five took the standard deduction last year they could take 12700 dollars standard deduction and got 4050 per person in the family for a total of 20250 dollars for a total deduction of 32950 dollars and this year they raised the standard deduction up to 24000 and TOOK AWAY the personal exemptions
so in 2018 they get to take 24000 that is 8950 dollars LESS this year then last
that means that their taxable income will go UP 8950 dollars ( taxable income is what you pay taxes on ) so if they are in the 10% tax bracket they will pay 895 dollars more this year then last
so as I have said before IF this is what Trump and you Republicans call a tax cut I don't want to find out what you call a tax increase
have a nice day

Tbird19482 · Mar 8, 2019

BahamaBob said:
First of all, Trump also gave tax cuts to every tax payer. The average American received a $1,400 tax cut and the average family of four will get a $2,900 tax deduction. Which by the way the tax and spend Democrats refused to make permanent. In addition, those corporate tax cuts allowed American Corporations to compete on the world stage on a level playing field. Due to that, more people than ever are working, unemployment is near an all time low, wages are rising, large corporations are bring large numbers of good paying jobs back to the US and trillions of corporate dollars are coming back to the US to be taxed.

Depreciation, expansion and capital loss are the reasons some corporations are able to avoid paying taxes at times. If you ever ran a business, you would understand that. Some years you make money others you lose. The tax system is set up to allow you to cover yourself during those years of expansion and loss. Without this, many corporations would not be able to expand or even stay in business. It has always been that way. It has nothing to do with the tax cuts.

As far as the rich being the biggest winners, that is false. Here is what the foundation for Economic Education states. "Is the Tax Cuts and Jobs Act just a tax cut for the rich?
No, the tax cuts are not just benefiting the wealthy. Average taxpayers in every congressional district get a tax cut, and lower-income communities get the largest percentage decreases in their tax bills."

13 Questions Answered about the Trump Tax Cuts - Foundation for Economic Education

one more thing
the GAO has stated that in 2017 42% of all large Corporations that made over a million dollars in US profits did NOT pay one cent in US income taxes
and they expect that percentage to go up to 65%
so how does it feel to pay more in US income taxes then a large Corporations do some of them making Billions in US profits
These taxes are used to build and repair infrastructure they use to make those profits so why shouldn't they pay for them?
I believe in these cases there should be a Min. income tax paid by these corporations so the average hard working Taxpayer doesn't have to foot the bill
They use the infrastructure to make their profits so why shouldn't they help pay for it/
have a nice day

BahamaBob · Mar 8, 2019

Tbird19482 said:
He did?
lets see IF a family of five took the standard deduction last year they could take 12700 dollars standard deduction and got 4050 per person in the family for a total of 20250 dollars for a total deduction of 32950 dollars and this year they raised the standard deduction up to 24000 and TOOK AWAY the personal exemptions
so in 2018 they get to take 24000 that is 8950 dollars LESS this year then last
that means that their taxable income will go UP 8950 dollars ( taxable income is what you pay taxes on ) so if they are in the 10% tax bracket they will pay 895 dollars more this year then last
so as I have said before IF this is what Trump and you Republicans call a tax cut I don't want to find out what you call a tax increase
have a nice day

Your theory is faulty. The $4.050 deduction is for dependents. A family of 5 only has 3 dependents qualifying for a deduction not 5.

BahamaBob · Mar 8, 2019

Tbird19482 said:
one more thing
the GAO has stated that in 2017 42% of all large Corporations that made over a million dollars in US profits did NOT pay one cent in US income taxes
and they expect that percentage to go up to 65%
so how does it feel to pay more in US income taxes then a large Corporations do some of them making Billions in US profits
These taxes are used to build and repair infrastructure they use to make those profits so why shouldn't they pay for them?
I believe in these cases there should be a Min. income tax paid by these corporations so the average hard working Taxpayer doesn't have to foot the bill
They use the infrastructure to make their profits so why shouldn't they help pay for it/
have a nice day

You can cherry pick a few but your assumption is based on ignorance. Here is what Forbes states.

FORBES statistics editor Andrea Murphy took a look at the tax situations of America’s biggest corporations — those 30 outfits with annual revenues greater than $80 billion. All told, in the past 12 months those companies have recorded income tax expenses totaling $117 billion — representing an average effective tax rate of 26.7%.

Tbird19482 · Mar 9, 2019

BahamaBob said:
Your theory is faulty. The $4.050 deduction is for dependents. A family of 5 only has 3 dependents qualifying for a deduction not 5.

well I have a 1040 in hand and on this one line 6A you include yourself and on 6B you include your wife and on 6C you list your other dependents and on 6D you add them all up
so you and your wife are two and if you have 3 dependents that is a total of 5 on line 6D
and on line 40 you put in the Standard deduction
and on line 42 you put in the number from line 6D and x that by 4050

That is all right off a 1040
so I would say I am correct and you are the one that is mistaken
have a nice day

Tbird19482 · Mar 9, 2019

BahamaBob said:
You can cherry pick a few but your assumption is based on ignorance. Here is what Forbes states.

FORBES statistics editor Andrea Murphy took a look at the tax situations of America’s biggest corporations — those 30 outfits with annual revenues greater than $80 billion. All told, in the past 12 months those companies have recorded income tax expenses totaling $117 billion — representing an average effective tax rate of 26.7%.

well here is the GAO report
U.S. GAO - Corporate Income Tax: Most Large Profitable U.S. Corporations Paid Tax but Effective Tax Rates Differed Significantly from the Statutory Rate

Among large corporations (generally those with at least $10 million in assets) less than half—42.3 percent—paid no federal income tax

and seeing you like and Trust Forbes here is an article for you to read

ttps://www.forbes.com/sites/eriksherman/2017/04/24/trumps-corporate-tax-slash-ignores-how-litte-companies-already-pay/#124b

In any one of these years, at least two-thirds (between 67% and 72%) of all active corporations had zero tax liability after credits. The peak came at the end of the recession, but in 2012, it was still 70.1%. Moreover, the low of 67% happened in 2006, before the financial meltdown set in.
If a 35% top rate, modified by all the tax reduction methods available, results in a rate that already hovers around or even dips below 15%, what happens if the top rate is dropped to 15%? Probably a sharp drop in income and an increase in the deficit (barring additional taxes on individuals) that the Trump administration apparently finds acceptable.

Even more of the burden will fall on individuals, and as Congress seems to ready tax cuts for the wealthiest, everyone else will be hit with supporting the system.

besides I was talking about the large Corporations that did NOT pay taxes not the ones that did
and If they had a min. income tax for all large corporations the ones that don't pay any now would be paying something and the ones that do pay income taxes now would be paying less
have a nice day

Tbird19482 · Mar 9, 2019

BahamaBob said:
You can cherry pick a few but your assumption is based on ignorance. Here is what Forbes states.

FORBES statistics editor Andrea Murphy took a look at the tax situations of America’s biggest corporations — those 30 outfits with annual revenues greater than $80 billion. All told, in the past 12 months those companies have recorded income tax expenses totaling $117 billion — representing an average effective tax rate of 26.7%.

PS
and as your article says you are talking about 30 outfits NOT all of them making over a million dollars in US profits
have a nice day

BahamaBob · Mar 9, 2019

Tbird19482 said:
PS
and as your article says you are talking about 30 outfits NOT all of them making over a million dollars in US profits
have a nice day

If Trump's tax plan is such a disaster, why is it that the tax revenue he is bringing in surpasses anything Obama was capable of achieving?

More Americans working than ever before.
More Blacks working than ever before.
More Hispanics working than ever before.
More women working than ever before.
Millions dropping off food stamp program.
More Federal Tax revenue than ever before.

Morons call this economic failure.

Tbird19482 · Mar 10, 2019

BahamaBob said:
If Trump's tax plan is such a disaster, why is it that the tax revenue he is bringing in surpasses anything Obama was capable of achieving?

More Americans working than ever before.
More Blacks working than ever before.
More Hispanics working than ever before.
More women working than ever before.
Millions dropping off food stamp program.
More Federal Tax revenue than ever before.

Morons call this economic failure.

that maybe true but you have to take into consideration the changes in population there are more people living in the US of working age then ever before too.
If you look at the BLS info you will see the Population keeps going up the number of people looking for jobs goes up
the number of people being employed keeps going up year over year
there may have been a drop in employment during the Recession but that is all coming back
Fact is the Unemployment rate peaked in Oct 2009 and under Obama has dropped over 5% from over 10% to 4.7% and has only dropped 9 tenths of ONE percent under trump
even with an adjustment in population that 5.3% drop under Obama should be getting more praise then a 9/10th of one percent under trump
Have a nice day

BahamaBob · Mar 10, 2019

Tbird19482 said:
that maybe true but you have to take into consideration the changes in population there are more people living in the US of working age then ever before too.
If you look at the BLS info you will see the Population keeps going up the number of people looking for jobs goes up
the number of people being employed keeps going up year over year
there may have been a drop in employment during the Recession but that is all coming back
Fact is the Unemployment rate peaked in Oct 2009 and under Obama has dropped over 5% from over 10% to 4.7% and has only dropped 9 tenths of ONE percent under trump
even with an adjustment in population that 5.3% drop under Obama should be getting more praise then a 9/10th of one percent under trump
Have a nice day

The big difference is the jobs being created. 85% of the jobs created under Obama were part time or minimum wage jobs. In addition, the only way he was able to hold his economy together was keeping the interest rate at zero.

Tbird19482 · Mar 11, 2019

BahamaBob said:
The big difference is the jobs being created. 85% of the jobs created under Obama were part time or minimum wage jobs. In addition, the only way he was able to hold his economy together was keeping the interest rate at zero.

well atleast he got us out of the worst recession ever
and even with out any help from the Republicans he got us back on track and it is fact the unemployment rate went down over 5% and the Republicans don't say a word about that but keep touting Trumps 9/10ths of one percent drop in the Unemployment rate
have a nice day

Conservative · Mar 11, 2019

Tbird19482 said:
well atleast he got us out of the worst recession ever
and even with out any help from the Republicans he got us back on track and it is fact the unemployment rate went down over 5% and the Republicans don't say a word about that but keep touting Trumps 9/10ths of one percent drop in the Unemployment rate
have a nice day

No, he didn't, your partisan bs and ignorance is getting old

What Ended the Great Recession?

MauiMan · Mar 14, 2019

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?

The republicans want to gut Medicare and Social Security. When the deficit continues to balloon—which it is doing right now—the republicans will once again become budget hawks and will decry the “entitlement” programs as bankrupting America, when in actuality it is military spending that is bankrupting America.

Conservative · Mar 14, 2019

MauiMan said:
The republicans want to gut Medicare and Social Security. When the deficit continues to balloon—which it is doing right now—the republicans will once again become budget hawks and will decry the “entitlement” programs as bankrupting America, when in actuality it is military spending that is bankrupting America.

Where are cuts to Medicare and SS in the Trump budget? More fear mongering and total lack of proof of a false claim. By the way, since SS and Medicare are trust fund items and a pay as you go system, why are they in danger of not making their payments? seems that far too many people have no clue as to what taxes they pay or their purpose

MauiMan · Mar 14, 2019

Conservative said:
Where are cuts to Medicare and SS in the Trump budget? More fear mongering and total lack of proof of a false claim. By the way, since SS and Medicare are trust fund items and a pay as you go system, why are they in danger of not making their payments? seems that far too many people have no clue as to what taxes they pay or their purpose

See page 117 and 188 of the budget for the Medicare cuts.

Conservative · Mar 14, 2019

MauiMan said:
See page 117 and 188 of the budget for the Medicare cuts.

Have seen no such cuts to Medicare and SS but have seen proposed cuts to Medicaid which should be a state issue anyway.

BahamaBob · Mar 14, 2019

MauiMan said:
The republicans want to gut Medicare and Social Security. When the deficit continues to balloon—which it is doing right now—the republicans will once again become budget hawks and will decry the “entitlement” programs as bankrupting America, when in actuality it is military spending that is bankrupting America.

You don't even know what an entitlement program is. Social Security and Medicare are not entitlements. Both are paid for by the recipients. Get a clue before you babble your total nonsense.

Beyond that, Trump has done nothing to hamper either of these programs. It was Obama who robbed $713 billion from Medicare to hide the true cost of Obama Care.

Kushinator · Mar 14, 2019

BahamaBob said:
You don't even know what an entitlement program is. Social Security and Medicare are not entitlements. Both are paid for by the recipients. Get a clue before you babble your total nonsense.

I'm baffled by how much people don't know, and then talk as though they are an authoritative voice.

SS and Medicare are entitlements by definition. So are food stamps, medicaid, unemployment, etc....

Some require contributions to be entitled where as others do not.

Beyond that, Trump has done nothing to hamper either of these programs. It was Obama who robbed $713 billion from Medicare to hide the true cost of Obama Care.

This level of ignorance isn't worth addressing other than to point out inadequacy.

BahamaBob · Mar 14, 2019

Kushinator said:
I'm baffled by how much people don't know, and then talk as though they are an authoritative voice.

SS and Medicare are entitlements by definition. So are food stamps, medicaid, unemployment, etc....

Some require contributions to be entitled where as others do not.

This level of ignorance isn't worth addressing other than to point out inadequacy.

Blattering more ignorance will not make you appear correct. It only highlights your lack of intelligence. If it were an entitlement program everyone could collect it. Because you have to "qualify" it is not an entitlement. To qualify for Social Security you have to have paid into it for 40 quarters. The amount you paid in also determines how much you can receive. No entitlement all earned.

MauiMan · Mar 14, 2019

Conservative said:
Have seen no such cuts to Medicare and SS but have seen proposed cuts to Medicaid which should be a state issue anyway.

The Medicare exclusions, eliminations, and reductions are on page 117. Page 118 has the totals.

I don’t think you read it! Here you are accusing me of fear mongering and lack of proof. Then, I point to an example in the actual budget document that supports my claim, and then you claim you don’t see it! Who’s the one that has “no clue”?

MauiMan · Mar 14, 2019

BahamaBob said:
You don't even know what an entitlement program is. Social Security and Medicare are not entitlements. Both are paid for by the recipients. Get a clue before you babble your total nonsense.

Beyond that, Trump has done nothing to hamper either of these programs. It was Obama who robbed $713 billion from Medicare to hide the true cost of Obama Care.

Wrong! Entitlement Programs of the federal government include Medicaid, Medicare, Social Security, Unemployment and Welfare Programs. Entitlement programs are rights granted to citizens and certain non-citizens by federal law. Entitlement programs can be broken into non-contributory and contributory programs. Non-contributory programs are free handouts - they equal "something for nothing". Contributory programs must be earned - they equal "something for something".

Also, defend your claim that Obama “robbed $713 billion from Medicare to hide the true cost of Obama Care”.

Are the Trump tax only for the rich?

I'm not-low all the time