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Remember how the left went insane over the Trump "tax cuts"?
Well, he was President from 2016-2020...take a look at the chart in my link showing total revenues flowing into the Treasury during those years...and even the 2 years after Trump was gone....tax revenues INCREASED, so the tax cuts did not cut total revenues collected by the Treasury....Trump's "tax cuts" were a media-driven frenzy....fake news....tax revenues increased.
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Based on Trumps tax returns. The rich are getting away with tax fraud at record levels. Claiming fictious losses writing off personal expenses.
Get rid of all those tax loopholes the rich use. Would cut the deficit in no time.
Not a loophole. Just a line item in a duly passed law.
How do you think tax law happens? By magic? Accident? Divine intervention? Nope. Someone writes/submits a bill, it gets sponsors, it goes to committee, it gets debated there and if passed, goes to the floor of the House. It gets debated, amended, altered, rewritten, etc...and if it passes, then it goes to the Senate for more of the same. Etc etc until it makes to the President to sign off.
They all had a hand in the law as written. All Trump or any other citizen can do is follow the law as written or violate it. What you call a loophole is nothing more than following a provision within a written law. Don't hate on Trump and other rich people for being better at the game of thrones called "taxes."
Based on Trumps tax returns. The rich are getting away with tax fraud at record levels. Claiming fictious losses writing off personal expenses.
Get rid of all those tax loopholes the rich use. Would cut the deficit in no time.
It would not be a bad idea the EVERYONE pay 30% taxes flat out. No one gets a tax return and that goes for people with kids. All pay, no one gets returns.
Not a loophole. Just a line item in a duly passed law.
How do you think tax law happens? By magic? Accident? Divine intervention? Nope. Someone writes/submits a bill, it gets sponsors, it goes to committee, it gets debated there and if passed, goes to the floor of the House. It gets debated, amended, altered, rewritten, etc...and if it passes, then it goes to the Senate for more of the same. Etc etc until it makes to the President to sign off.
They all had a hand in the law as written. All Trump or any other citizen can do is follow the law as written or violate it. What you call a loophole is nothing more than following a provision within a written law. Don't hate on Trump and other rich people for being better at the game of thrones called "taxes."
So Trumps tax cuts were just another scam. The GOP at its best.
It might be nice if he had documentation to prove all those claims. His Accountant at Mazars said in court that they used the numbers that they were given. No proof just numbers which Trump signed off on.
So Trumps tax cuts were just another scam. The GOP at its best.
It might be nice if he had documentation to prove all those claims. His Accountant at Mazars said in court that they used the numbers that they were given. No proof just numbers which Trump signed off on.
I am not supporting Trump or any politician from any party at any time. I am simply giving you mathematical and historical facts about taxes and spending in the US since WW2. You can verify these numbers yourself at OMB Historical Tables.
Regardless of tax rates, we can expect the federal revenue to be somewhere near 17% of the GDP, and regardless of party in either chamber of the Congress or the White House, we can expect federal spending to be around 19% of the GDP, thus creating an annual 2% of GDP addition to the national debt.
All a tax cut means is less behavior change to avoid taxes. All a tax increase means is more behavior change to avoid taxes. One way or the other, Americans are only willing to pony up about 17% of the GDP in federal taxes.
You can accept that or not, but the mountain of historical evidence out there won't go away no matter how tight you shut your eyes.
It would not be a bad idea the EVERYONE pay 30% taxes flat out. No one gets a tax return and that goes for people with kids. All pay, no one gets returns.
If we immediately enacted laws to implement your suggetion above ^^^, & it increased tax revenues flowing into the Treasury, what do you think would happen to federal spending?
Do you think any of the windfall would be used to pay down the natuonal debt?
How long before they'd be spending all of the additional tax revenues, & then some?
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