Federal Income Tax Reform Proposal - Effect on Californians (Bell: day care, statistics)

[Ultrarunner]

It does boggle the mind when all the taxes are factored... especially here in my Bay Area city...

Use Taxes, Income Taxes, Sales Taxes, Utility Tax, Excise Tax and now a new tax for not using Real Estate...

My friend is a corp CPA for a firm in Europe... she can't believe Americans put up but then again in Europe it is basically seamless... the money people receive in pay is theirs... no tax returns for the working rank and file.

Ironically... property tax is quite reasonable because it has to be paid each year and the services clearly explained... like road maintencen, snow removal and local law enforcement.

The income and sales tax are another matter and high... but personally property owners are sitting ducks lambs to fleece...

[CA4Now]

Originally Posted by 2sleepy

Obama increased the debt because we were in a major recession, Trump increased the debt in order to give a big wet kiss to his rich friends. See the difference?

That growing deficit will have to be paid for, who do you think will pay for it?

"The deficits produced by the tax cuts — formally, the Tax Cuts and Jobs Act of 2017 — are the largest since the stimulus-driven deficits of Barack Obama’s first term, which came down sharply starting in fiscal 2012.

Unlike the earlier phase of deficit spending, the Trump deficit has done virtually nothing for middle-class and low-income families, since the tax cuts have gone overwhelmingly to corporations and the wealthy. According to calculations by the Tax Policy Center of the Urban Institute and Brookings Institution, 36.5% of the total benefits of the tax cut went to the top 5% of households, with the top 1% collecting 24.1% of the benefits."

https://www.latimes.com/business/sto...ds-the-federal

[Bolanders]

The top 20% pay approximately 86% of all federal income taxes. So you mean tax cuts help people who actually paid the taxes. Shocking. I can’t believe these tax cuts did not help people that pay little to no taxes

[CA4Now]

Originally Posted by Bolanders

The top 20% pay approximately 86% of all federal income taxes. So you mean tax cuts help people who actually paid the taxes. Shocking.

Who said anything about "the top 20%"?

The article stated, "According to calculations by the Tax Policy Center of the Urban Institute and Brookings Institution, 36.5% of the total benefits of the tax cut went to the top 5% of households, with the top 1% collecting 24.1% of the benefits."

[Tulemutt]

Originally Posted by Bolanders

The top 20% pay approximately 86% of all federal income taxes. So you mean tax cuts help people who actually paid the taxes. Shocking. I can’t believe these tax cuts did not help people that pay little to no taxes

The top 20% don’t NEED any help. Not a dime’s worth. They already own 86% of the wealth.

And 20% of the population don’t / can’t consume 100% of capitalist product ... they can only consume approximately their own 20% share. Thus, if you are a dedicated capitalist, you should not choke the 80%. That greed is called: killing the golden goose (that supports our economy).

[Tulemutt]

Originally Posted by CA4Now

Who said anything about "the top 20%"?

The article stated, "According to calculations by the Tax Policy Center of the Urban Institute and Brookings Institution, 36.5% of the total benefits of the tax cut went to the top 5% of households, with the top 1% collecting 24.1% of the benefits."

Bolanders is quoting a conveniently available Wikipedia stat ... and what I rebutted with is all the more true of the 5% and 1%.

[Bolanders]

The top 1% pays 37% of all federal Income taxes. They make 20% of total income. Again you mean tax cuts benefit people that carry the largest portion of the burden? Shocking. In other news water is wet

The top 5 % paid 58% of all federal income taxes.

[Tulemutt]

Originally Posted by Bolanders

The top 1% pays 37% of all federal Income taxes. They make 20% of total income. Again you mean tax cuts benefit people that carry the largest portion of the burden? Shocking. In other news water is wet

Again: the top 1% are the last people on earth who need any additional benefits ... and they only consume slightly more product than 1% ... so them choking the rest of the filthy peasant masses isn’t going to sustain the capitalist system you love.

[CA4Now]

Originally Posted by Bolanders

The top 1% pays 37% of all federal Income taxes. They make 20% of total income. Again you mean tax cuts benefit people that carry the largest portion of the burden? Shocking. In other news water is wet

Stay on topic, Bolanders, and scroll back to the beginning pages of this thread...

"During last night's speech to Congress, President Trump said very little about his much-anticipated plan for tax reform. One thing he did say was this:

We will provide massive tax relief for the middle class."

Trump's 'Massive' Middle-Class Tax Cuts Are Tiny Compared To Those Promised To The Rich:
https://www.forbes.com/sites/anthony.../#5e9075c6b9e6

[Bolanders]

Originally Posted by Tulemutt

Again: the top 1% are the last people on earth who need any additional benefits ... and they only consume slightly more product than 1% ... so them choking the rest of the filthy peasant masses isn’t going to sustain the capitalist system you love.

You can certainly form any opinion you want. Having said that I sure am not shocked that when the top 5% carry the burden of almost 60% of all federal income taxes when cuts are made they are going to benefit form those cuts.


If I have 5 workers who work a total of 20 hours who get 1 break per every 5 hours and I decide to give 2 breaks every 5 hours instead of 1 and 1 of those workers covers 12 hours and the other 4 only cover 8 total my expectations are that the person working 12 will benefit more than the other 4 who only work 2 hours each.