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Trumps tax cuts benefited 90% of americans.
Who did they hurt? High income earners for the two big powerhouse liberal states - New York and California. This is where the big money comes from in the Democrat party. The two states also have the most Billionares in the country. The SALT deduction cap ended up given people making in the 500k+ range a substantial tax increase.
The tax bill also removed exemption from some private university. Harvard being a prime example. These universities have endowments the size of a large hedge fund that were growing at ridiculous rates and not really being used for the benefit of students or researchers. Harvards first taxable bill last year was an estimated 50 million.
Repeal the Tax cuts and these two groups are by far the biggest winners while 90% of americans are the losers.
Trumps tax cuts benefited 90% of americans.
Who did they hurt? High income earners for the two big powerhouse liberal states - New York and California. This is where the big money comes from in the Democrat party. The two states also have the most Billionares in the country. The SALT deduction cap ended up given people making in the 500k+ range a substantial tax increase.
The tax bill also removed exemption from some private university. Harvard being a prime example. These universities have endowments the size of a large hedge fund that were growing at ridiculous rates and not really being used for the benefit of students or researchers. Harvards first taxable bill last year was an estimated 50 million.
Repeal the Tax cuts and these two groups are by far the biggest winners while 90% of americans are the losers.
Biden has dementia he is doing what he is told. He will destroy our country
Biden has dementia he is doing what he is told. He will destroy our country
All the democrat front runners had this position. Allows them to raise taxes on most americans and overall, give a tax cut to their key donors all under the guise of getting rid of evil orange mans policies.
Trump tax cuts put our deficit over 1 trillion. Trump took an economy which went from 11%UE to 4 down to 3.5. That was a lot of money to the 1% with no increase in wages worth mentioning.
That Trillion has created a huge stock market bubble.
It has created a credit crunch forcing the Fed to start QE back in Nov. of 2019.
Now with his really biggest failure, ignoring the pandemic, we will be hitting 5 trillion.
You can then look at what he has done which hurt.
Trade wars and tariffs.
Benefitted 90% of people, or actually more depending on how you figure it.
While I am certainly not in the 1% by a LONG shot (actually straight middle class now that I’m retired and was perhaps in the top 10% at my peak), I actually saw my taxes go UP - but still came out ahead. That’s because his tax cuts included bringing corporations down to a globally competitive level, and my retirement account skyrocketed as a result.
Thus, should Biden reverse the tax cuts and bring corporations up to 28%, as he has threatened to do, I will pay $2000 more in taxes but lose 25x that in investment value. (And again, I’m far from rich.....just a person who earned a decent, although not an extraordinary, income and saved for her retirement for 40 years).
If Biden wins and reverses the tax cuts, 90% of people will see their taxes increase and more than half of Americans (the tax-paying half) will see their retirement accounts plummet.
You benefitted from a bubble created because there is no place for your retirement funds to go to.
It will show up that Corp. earnings do not match up with the PE ratio.
Your growth is for the most part unrealized.
We have seen this bubble go down once.
I suggest you take some profit.
You also tell the truth that you did not see a tax cut. Those who will see the tax increase will be the 1%.
The line from Trump and the GOP was that we would see pay rates increase, that only happened for those whose earning's were based on stock prices.
When Biden win's the issue with the Fed and the current stimulus will still be there. As long as the Govt. continues to suck up all the credit we will have growth problems.
Trumps tax cuts benefited 90% of americans. Who did they hurt? High income earners for the two big powerhouse liberal states - New York and California. This is where the big money comes from in the Democrat party. The two states also have the most Billionares in the country. The SALT deduction cap ended up given people making in the 500k+ range a substantial tax increase.
The tax bill also removed exemption from some private university. Harvard being a prime example. These universities have endowments the size of a large hedge fund that were growing at ridiculous rates and not really being used for the benefit of students or researchers. Harvard's first taxable bill last year was an estimated 50 million.
Repeal the Tax cuts and these two groups are by far the biggest winners while 90% of americans are the losers.
All true! Especially the part I bolded. I have to wonder why so many dumbf**ks kept whining "They're tax cuts for the rich! Tax cuts for the rich!" when the exact opposite was actually true.
I gave this example a few months ago to try to make people understand what really happened, but most are too stupid to get it:
Here's what happened with Trump's 2017 tax cut:
Quote:
"A $1 million-plus wage earner came to her tax preparer last weekend to see what the Trump tax cuts, which went into effect for the 2018 tax year, would mean for her tax return due April 15. And boy, was she disappointed. Last year, she deducted $245,500 in real estate taxes, state income taxes and personal property taxes. This year her deduction for these state and local taxes was limited to just $10,000, because of the new SALT cap.
“It’s a real hit,” says her tax pro, Claudia Hill, an enrolled agent in Cupertino, California. “This is why people who have this kind of situation are screaming.”
...To fully benefit from the reduction in the top income tax rate, you’d have to live in a state with no state income tax, says tax lawyer Kaye Thomas, who figures that California’s highest earners are facing a federal effective rate that’s 2.7 percentage points higher in 2018 than 2017 because of the interaction between state and federal taxes."
The SALT tax deduction she took on her US 1040 for...
2017: $245,500
2018: just $10,000
The $235,500 over $10,000 she could no longer deduct in 2018 and going forward was taxed at her marginal rate, likely at 37% which would be an extra $87,135 in federal income tax. That's NOT a tax cut; it's a tax INCREASE on the rich.
To further illustrate the point, examples:
$150,000 household pays $15,000 in SALT.
Deduct $10,000. Taxed on that extra $5,000 at 22% marginal tax rate = $1,100
$1.5 million household pays $150,000 in SALT.
Deduct $10,000. Taxed on that extra $140,000 at 37% marginal tax rate = $51,800
There's a 10 times difference in household income and SALT between the two households, but the top 1%-er is paying about 50 timesmore in extra tax than the middle class household due to the new SALT deduction limit.
Understand? But Biden wants to repeal the $10,000 SALT deduction cap and reinstate the formerly unlimited deduction.
He’ll take more money from your paycheck and support defunding your police department.
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