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Fair enough, I mispoke. I meant lower-middle class, middle class, and upper-middle class. But even if you simplify it.... the middle class is largely impacted. It's not just the rich.
Patently false. The article even says only 6% of taxpayers had an increase in their effective federal income tax rate. I'm in that 6% due to the SALT deduction limit. Though I now live in a relatively low-tax red state, what I pay in state and local taxes exceeds $10,000 by quite a bit. It's significantly less than what I would have paid in my former home state of IL, all things being equal.
"the majority of Americans receiving a tax cut" - Yes, the majority of Americans were able to pay less income taxes thanks to the tax cut.
"more individual returns" - More people had jobs.
The employment situation has improved 0.1% since the tax law went into effect, so it does not come even close to explaining the numbers. The tax rates dipped a fraction, but other changes caused millions of Americans to pay much more in taxes.
The employment situation has improved 0.1% since the tax law went into effect, so it does not come even close to explaining the numbers. The tax rates dipped a fraction, but other changes caused millions of Americans to pay much more in taxes.
Only 6% of taxpayers had an increase in their effective federal income tax rate due to the new tax law.
Only 6% of taxpayers had an increase in their effective federal income tax rate due to the new tax law.
Read what I said and let it sink in.
"The tax rates dipped a fraction, but other changes caused millions of Americans to pay much more in taxes."
You might save $500 with the rate reduction and lose $8000 with the elimination of the dependent exemption. In many cases, the change in standard deduction did not come close to covering many of the tax hikes in the new tax law.
"The tax rates dipped a fraction, but other changes caused millions of Americans to pay much more in taxes."
Quantify that. How many millions do you think paid a higher effective tax rate with the new tax law in effect? It's 6% of those who actually pay any federal income tax, at all. So how many is that?
Quantify that. How many millions do you think paid a higher effective tax rate with the new tax law in effect? It's 6% of those who actually pay any federal income tax, at all. So how many is that?
I asked you to let it sink in, but apparently that was too much to ask for, since you are still taking about the rate.
Example:
A person paid $20 000 in taxes in 2017 while the rate was 20%, and paid $25 000 in in 2018 with rate was 19%.
So he paid $5 000 more. Was it a tax cut, or a tax hike?
You call it a cut, but it was not a cut, it was a hike.
I asked you to let it sink in, but apparently that was too much to ask for, since you are still taking about the rate.
Example:
A person paid $20 000 in taxes in 2017 while the rate was 20%, and paid $25 000 in in 2018 with rate was 19%.
So he paid $5 000 more. Was it a tax cut, or a tax hike?
You call it a cut, but it was not a cut, it was a hike.
You've been duped.
Nope. You've given an extremely bad explanation that exposes your ignorance of both math and taxes. Anyone who paid $20,000 in federal income tax with an effective federal income tax rate of 20% theoretically has a taxable income of $100,000 (which is unlikely - a $100,000 taxable income earner has an average effective federal income tax rate of only 10.71% according to the IRS's latest published data). And that theoretical $100,000 is not low-income, anyway.
I'll ask again... Quantify how many millions you think paid a higher effective tax rate with the new tax law in effect? It's 6% of those who actually pay any federal income tax, at all. So how many is that?
Thats just silly. Its called a business cycle and the president has very little to do with that no matter how many of you think that some authoritarian figure in the White House can work miracles.
Tax revenue always increases unless there is a big recession. Its called GDP growth. The result of the tax cuts are massive deficits and ballooning debt as tax revenue has slowed down dramatically relative to the trend line.
You are STILL clinging to the irrelevant tax rate.
You have bought a lie, which mandates that any reduction in rate is always a cut, even when you end up paying more to the IRS.
It is not me who is ignorant, it is you. You are easily manipulated.
I do not care what my rate is, I only care about how much I owe the IRS.
If you pay more its because you are not paying your fair share. Ironic cause you are a Democrat...
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