American Scene

This will make it harder for conservatives to lie about how the stupid tax cuts were only for the wealthy.


And the idiot senator johnson needs to either primaried or voted out of office



https://thehill.com/business-a-lobbying/bus

Ginny_Dandy Loc: Pacific Northwest

Hmmm, must've been a lie.

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Liberty Tree

Try googling Sci-Fi articles

Wonttakeitanymore

Wonttakeitanymore

American Scene

Here is the article


Wealthy political donors successfully pushed for a tax break in Republicans’ 2017 tax bill that saved them tens of millions of dollars in taxes, ProPublica reported Wednesday.

Those individuals had an ally in Sen. Ron Johnson (R-Wis.), who pressured the Trump administration to increase a tax break for companies known as pass-throughs, which funnel profits to their owners.

Diane Hendricks of roofing firm ABC Supply Co. and Richard and Liz Uihlein of packaging firm Uline together saved $79 million in taxes in 2018 alone thanks to the increased deduction, ProPublica reported. They previously donated more than $20 million to groups supporting Johnson’s 2016 reelection campaign.


Johnson, who has not said whether he will run for reelection next year, said in a statement that his advocacy efforts “had nothing to do with any donor or discussions with them.”

“The measure I fought for and got included in the 2017 Tax Cuts and Jobs Act prevented an unfair differential from growing worse by providing ‘pass-through’ business income relief to partly match what was provided to C-corporations,” Johnson said.

Brendan Bechtel of engineering firm Bechtel, who saved nearly $24 million in 2018 via the pass-through deduction, hired multiple lobbying firms and personally met with Trump administration officials to push for the measure, ProPublica reported.

Former New York City mayor and presidential candidate Michael Bloomberg emerged as a top beneficiary of the pass-through deduction, saving nearly $68 million in taxes in 2018 alone.

Former President Trump’s tax legislation originally included a 17 percent tax break for pass-throughs, but the figure was increased to 20 percent in the final bill.


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An April 2021 study from the National Bureau of Economic Research found that the top 1 percent wealthiest Americans received nearly 60 percent of the tax savings created by the tax bill provision.

Democrats vying to unseat Johnson next year capitalized on the report Wednesday.

Wisconsin Lt. Gov. Mandela Barnes (D) tweeted that Johnson “used his office to enrich some of his wealthiest campaign donors while raising taxes on the middle class and widening the income inequality gap.”

American Scene

peg w

So why did you think a self absorbed billionaire was going to go to bat for you?

dtucker300 Loc: Vista, CA

Breaking: New Study Exposes Biden Tax Lies about Trump Tax Cuts
Posted Tuesday, August 10, 2021 |
By AMAC, Bob Carlstrom

Washington, DC — The nonpartisan Tax Foundation has found that Biden’s claims about the Trump tax cuts, specifically that the Trump tax cuts have only benefited the wealthy, are not based in fact. According the the analysis of Congressional Budget Office (CBO) data, the Republican passed Tax Cuts and Jobs Act cut taxes across the board while increasing the share of taxes paid by the top one percent.

The media and President Biden have consistently misrepresented President Trump’s signature tax reform legislation. During the 2020 campaign, candidate Biden promised to undo all of the Trump tax cuts on “day one”. Fortunately for the economy and country, Congress has not allowed the full Biden tax hike agenda to become law. The Biden tax plan if implemented would destroy millions of jobs while wiping out small businesses and family farms across the country.

According to a Republican press release on the study, other main points include:

TCJA lowered the average federal tax rate for all filers:
TCJA reduced the average federal tax rate from 20.8percent to 19.3 percent for all filers.

The lowest income earners paid less in taxes:
The bottom 20 percent of earners saw their average federal tax rate fall from 1.2 percent to 0 percent – a lower rate than the previous 40-year average.

The highest earners paid the highest share of taxes:
The top 1 percent of households saw their share of federal taxes paid increase from 25.5 percent in 2017 to 25.9 percent in 2018.

Don’t expect to hear any of this information in the main stream media

jimpack123 Loc: wisconsin

Thr only lie here is Trump and his cronnies lol

Kevyn

The cult believes that if the wealthy pay their fair share they simply will figure out new ways to screw the poor and middle class making a reasonable tax code of little use.

dtucker300 Loc: Vista, CA

Uh, yeah, that cult would be the Democratic Party.

Ginny_Dandy Loc: Pacific Northwest

ROFLMAO LOLhahahahaha

Ginny_Dandy Loc: Pacific Northwest

Boeing threatened Washington State bureaucrats that if they raised their taxes, they'd move. Guess the bureaucrats didn't believe it, because Boeing moved out and left thousands of employees unemployed.

Ginny_Dandy Loc: Pacific Northwest

AMEN to that!!!