Posted on 12/09/2017 6:19:13 AM PST by davikkm
Due to an influx of fake news and anti Trump propaganda, as per a CBS News poll, a large number of Americans have been misinformed and are now believing that President Trump’s tax cuts are not really tax cuts, but yet another boon for the richest one percent, or something along these lines. If you come to think about it, this is basically Bernie Sanders’ “millionaires and billionaires” mantra, hence there’s nothing new under the Sun. Also, considering that the rich and the corporations pay most of the taxes in the United States, while almost half of America doesn’t pay any income tax, it’s pretty straight forward that if you’re not paying taxes, you’ll not benefit from tax cuts, but that’s economics 101, i.e. something you’ll never learn in the Marxist infested schools of today.
(Excerpt) Read more at investmentwatchblog.com ...
Well, for a lot of californians, it will, :-D
If you recently bought a house in california, between all that interest and state income tax that can no longer be deducted...OUCH!
Sorry, but saying that no ones taxes are rising, is fake news
It’s just not fair that millionaires will get substantial tax reductions and the people that don’t pay taxes will get nothing. /s
Well at some point the 80% who are getting a tax break will do their taxes and know the democrats lied....
Good bye talking point and credibility if they have any left...
If your corporation is paying taxes, you're doing it wrong. Corporations do not pay taxes. The clientele (consumer) pays it for them. As for the "rich", they may pay a higher percentage, but the total numbers pale in comparison to the middle class "contribution".
“As for the “rich”, they may pay a higher percentage, but the total numbers pale in comparison to the middle class “contribution”.”
Confused by your comment. The data are that 59% of all individual income tax revenue comes from those earning $500,000 or more annually. 81% of all individual income tax revenue comes from those earning $200,000 or more annually.
Well, if your income goes up, chances are your taxes will increase as well.
When hearing the politicians plan to lower taxes, it is always safe to assume they will go up or at least nowhere near as far down as advertised until the actual tax forms are in hand and completed. Never trust a politician or a wannabe politician to have your interests at heart ...
My numbers are wrong. I was adding the tax rate percentages, not the percent of total contributed revenue. The correct numbers (from the IRS) are that those making $1 million or more/year account for only 0.3% of total returns, but for 27% of total revenue. Those making $200,000 or more annually account for 56% of all income tax revenue collected - though they represent only 4.3% of all the income tax returns filed.
Sorry, but saying that no ones taxes are rising, is fake news
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Yes it is.
If a person tithes to their church, donates to charities, takes a mortgage interest deduction, and pays state taxes, their taxes may go up. I will be paying more.
Even people here are thinking that.
The Trump tax calculator — will you pay more or less?
http://www.freerepublic.com/focus/news/3610106/posts?page=55#55
They got real quite when I posted that calculator.
This estimator mentioned by John Stossel says my federal taxes are going to increase substantially. http://taxplancalculator.com/ We own our home (in Cali) so we have no interest to deduct. I’m a 40 year registered Republican living behind enemy lines. My wife and I make good money because we work for it. And we’re not in the 1% - though I will admit to being in the top 10%. It’s disappointing because according to the calculator my federal taxes are going to increase by 50%. Obviously we’ll check again when and if the legislation gets signed into law. Sigh.
Did that calculator get your “before” federal taxes right? Mine was way off.
Removal of medical deductions coupled with rising medical costs far offsets any increased individual deductions
Understood.
I used the tax calculator to review my 2016 taxes and I would have owed additional 2,190 under the new plan.And I live in Alabama, not NY or Cali.
http://www.wsj.com/graphics/republican-tax-plan-calculator/
:)
I love that barstool explanation that, sadly, Sarah tried to verbalize (it needs to be read).
It really is were we are on this.
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