JFlorio Loc: Seminole Florida

The Trump tax cuts sunset in 2025. Democrats whine his cuts were for the rich, so why do they care if they sunset? After all, they're always crying; the rich don’t pay their fair share.
Because the few with an accounting degree know that the majority of the cuts and deductions went to the working class.

Kevyn

The corporate taxes don’t sunset only the ones effecting individuals.

JFlorio Loc: Seminole Florida

Bingo. So you’re admitting the middle class received a tax cut.

PeterS

The majority of the cuts went to the working class. So list all the cuts and show us how they went to the working class. Aren't you a brainiac with a finance degree? It should be a piece of cake for you.

JFlorio Loc: Seminole Florida

Explains it pretty good.

https://thehill.com/opinion/finance/584190-irs-data-prove-trump-tax-cuts-benefited-middle-working-class-americans-most/

PeterS

So how much did the working man get? You're the one running around saying that Trump targeted the good ole boy working man.

How about a CEO who made 22 million a year versus a single-parent household, with one child over 18 making 54 K as a teacher in Avery Texas...BTW the teacher in Avery Texas is a real person, my wife's cousin, got Covid--twice--and still refused to get the "JAB"!~

Oh, and the single-parent rents and has no itemized deductions. The CEO has a slew of deductions but let's just list the 870K that can be legally itemized that he pays in combined interest on his two houses (they are both new mortgages) Most of his cars and his two jets are paid for by his Company...

Show us how the Trump tax cut targets the teacher and not the CEO. I'm assuming you think the benefit is as a percentage of income and not actual money in his pocket. So let's see how it's the single-parent household who should be dancing the jig and not the CEO...

JFlorio Loc: Seminole Florida

Straw man arguments. I gave you the facts. You just don’t like them. How does raising taxes on anyone help the single working parent?

Lily

It took about 20 seconds to find the answer. Obviously, you did it want the answer or you’d have found it. Twitbrain!

IRS Data: Middle Class Americans Saw Significant Tax Reduction from Trump Tax Cuts

As the data notes, Americans with incomes between $50,000 and $100,000 saw a substantial decline in their tax liability:
* Americans with adjusted gross income (AGI) between $50,000 and $74,999 saw a 15.2 percent reduction in average tax liabilities between 2017 and 2019.  
* Americans with AGI of between $75,000 and $99,999 saw a 15.6 percent reduction in average federal tax liability between 2017 and 2019. 
Middle-class Americans in key states were delivered significant tax cuts:
* Floridians with AGI between $50,000 and $74,999 saw a 19.6% reduction. Floridians with AGI between $75,000 and $99,999 saw a 17.2% reduction. 
* New Yorkers with AGI between $50,000 and $74,999 saw a 18.9% reduction. New Yorkers with AGI between $75,000 and $99,999 saw a 12.4% reduction. 
* Californians with AGI between $50,000 and $74,999 saw a 18.4% reduction. Californians with AGI between $75,000 and $99,999 saw a 14% reduction. 
*
The TCJA also caused millions of Americans to see an increased child tax credit, and millions more qualified for this tax cut for the first time. The TCJA expanded the child tax credit from $1,000 to $2,000 and raised the income thresholds so millions of families could take the credit.

JFlorio Loc: Seminole Florida

Won’t make a dent. Pete doesn’t want the truth and if he can’t debunk it he will just deflect.

PeterS

So my wife's knuckle-dragging cousin saw her take-home pay go up by $14,040 per year and someone making 100K saw their take-home pay go up by $17,000 a year? You said you read it and agreed with what it said. This is absolute bullshit. This is built on averages that aren't average.

And what does this mean: Under the Trump tax plan, the Child Tax Credit (CTC) increased to $2,000 per child under 17. The credit used to be $1,000. For tax year 2024, the first $1,700 of the credit is refundable. For tax year 2023, the first $1,600 is refundable.

If it increased to 2000 why is only worth $1,700 or $1,600? So why are you cons saying it's worth $2,000?

JFlorio Loc: Seminole Florida

It’s right there in front of you. The IRS put it out. You clowns love the IRS. I was actually against the tax cuts because they didn’t include reductions in spending. I imagine the guy making a $100,000/yr is worth more to the employer than the knuckle dragger. I think taxes are still to high. I’m self-employed and they’re one of my biggest expenses. I’m not a CPA. I’m a Fiduciary. I know my clients (most working middle class) do better when taxes are lowered and their 401k’s do better when the company they work for does better. Better match, better benefits, etc.
What is someone’s fair share? All you clowns do is whine but never give a solution.
I will get with my funds manager tomorrow and get your answer if you really want it.

Lily

Again, per the IRS
The TCJA also caused millions of Americans to see an increased child tax credit, and millions more qualified for this tax cut for the first time. The TCJA expanded the child tax credit from $1,000 to $2,000 and raised the income thresholds so millions of families could take the credit.

RIF= Reading is Fundamental. Try it sometime idiot! You’re moving into the Kevy dumber than rocks category.

JFlorio Loc: Seminole Florida

I believe the decrease from $2000 to $1600 was a budgetary regulation. Will find out for sure.

PeterS

I knew I saw this someplace before. And yes, the article is somewhat true but a % of AGI isn't a tax refund. Now this article says that someone earning 50K would have a 15 to 26% reduction. In AGI yes but AGI isn't a tax cut. By using AGI this article is saying that someone earning 50K will lower their AGI by 7,500 to 13,000 not see a refund of 7,500 to 13,000. Also, there were provisions to lower AGI before the Trump tax cut so only part of that number would be due to the Trump tax cut and your article didn't separate out the two....

PeterS

Oh, Lilly, you are one of the last people to be saying that...you don't even know the difference between a tax cut and lowering your AGI