Posted on 08/22/2024 7:03:23 AM PDT by Starman417
There are three things that are absolutely true about democrats
Over and over democrats keep asserting that Trump tax cuts benefited only the wealthy and corporations.
It's a lie.
The Trump tax cuts were far better than they would have you believe.
First, the Trump tax cuts yielded increased tax revenues
Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.The wealthy paid more of the total tax collected while everyone else paid less.The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan.
...
Other major sources of revenue climbed as well, as the overall economy revived. FICA tax collections rose by more than 3%. Excise taxes jumped 13%.
And a big one- repatriation of dollars
Tax Cuts: They said it wouldn't happen, but it did: The money companies stashed overseas to protect them from high U.S. corporate tax rates is flooding back in, boosting growth, jobs and confidence in the economy. Thank the Trump tax cuts.Those dollars fed new jobs and businesses. Over a trillion dollars or corporate profits came back to the US.All told, the Bureau of Economic Analysis (BEA) reported, some $305.6 billion returned to the U.S. from overseas accounts. That's a $1.2 trillion annual rate, and far more than the $35 billion one year before.
The BEA's analysts explain why this happened: "The large magnitudes (of inward capital flows) ... reflect the repatriation of accumulated earnings by foreign affiliates of U.S. multinational enterprises and their parent companies in the United States in response to the 2017 Tax Cuts and Jobs Act."
In short, the Trump tax cuts did it.
You can guess what will happen were Harris's corporate tax increases become reality.
(Excerpt) Read more at floppingaces.net ...
heard a clip from DNC last night where tampon timmy says the harris/walz admin will support TAX CUTS!
He means Democrats, not democrats. I'm a democrat, but certainly not a Democrat.
BTTT
They have to. If the middle class tax cuts expire next year, it will be the largest tax hike in history. Even trump will need to keep those tax cuts going. The rich cuts are permanent of course. That was stupid to keep the rich permanent, but put an end date on the working class. No foresight at all.
History shows that unless there’s a crisis, an economy does better when the people decide where to spend their money, rather than giving it to government to make that decision.
Republicans made a big mistake by adjusting withholding so that people got more take-home pay instead of letting people get a huge refund at the end of the year. With direct deposit of their paycheck,people who spend everything they earn may not have even realized that they had an increase in take pay. At the end of the year when they did not get their usual refund, they were angry.
There should be no automatic withholding taken from paychecks.
Write a check for all payroll taxes at least quarterly, like self-employed business owners have to do.
Bi-weekly would be better at getting the message across.
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