America 1 Loc: South Miami

IRS data proves Trump tax cuts benefited middle, working-class Americans most
President Biden and congressional Democrats’ Build Back Better (BBB) Act is now in the hands of the Senate. That legislative body’s 50-50 partisan split will undoubtedly make the bill’s passage difficult.
In order for BBB to become law, Democratic Senate leadership will need to convince moderates such as Sens. Kyrsten Sinema (D-Ariz.) and Joe Manchin (D-W.Va.) that the legislation’s $2.4 trillion price tag can be offset by expanding the IRS and its enforcement efforts while imposing substantial tax reform measures.

Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the 2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology.

Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.

A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.

Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.

By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. (For more detailed data, see my table published here.)

That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.

What’s more, IRS data shows earners in higher income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year.

In fact, every income bracket with filers earning $200,000 or more increased its tax burden in 2018 compared to 2017, and every income bracket with a top limit lower than $200,000 paid a smaller proportion of the total personal tax revenue collected.

That means that Republicans’ tax reform law resulted in the tax code becoming slightly more progressive — the exact opposite of what Democrats have claimed over the past four years.

The IRS data further shows that the tax reform law — which included a variety of business tax cuts, including a large reduction in the corporate income tax rate — spurred economic mobility.

Every income bracket with a top level lower than $25,000 experienced a reduction in its number of filers, and every income bracket above $25,000 increased in size, with the biggest gains occurring in the brackets with a floor of at least $100,000.

The fact is, Republicans’ 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups, provided the greatest benefits for middle-income households, and spurred economic growth that helped reduce poverty and improve prosperity.

It would be a grave mistake for Democrats to eliminate key parts of this important legislation.
https://thehill.com/opinion/finance/584190-irs-data-prove-trump-tax-cuts-benefited-middle-working-class-americans-most/

The Trump Tax Cuts Were Not ‘Tax Cuts for the Rich’
The most significant benefits accrued to working- and middle-class filers.
https://www.wsj.com/articles/trump-tax-cuts-working-middle-class-rich-wealthy-11663018174

Knightlady

Nick Nicholson Loc: Florida, USA

I seriously doubt that. But CNN and MSNBC are no better than Fox. They just represent the far left.

BIRDMAN

CNN never lies

Nick Nicholson Loc: Florida, USA

They lie all the time. Just like Fox and MSNBC. So, why do you follow the right wing government propaganda that makes a slave of you?

CounterRevolutionary

Let's rewrite your statement, Nick:

"They lie all the time. Just like Fox and MSNBC. So, why do you follow the Leftwing government propaganda that makes a slave of you?"

Socialism is slavery, it is a voluntary symbiotic alliance between the arrogant and the apathetic:

"Just give me your paycheck, your property, your guns, and your body, shut up and get with the program, and I promise to take care of you because I love you."

At what point do you become suspicious, Nick?

Nick Nicholson Loc: Florida, USA

When the right wing takes so much from the working class that the working class revolts, kills the rich, and sets up communism. Just like what happened in Russia, China, Cuba, Cambodia, North Vietnam, North Korea, and a few others through history. Just like what the right wing has pushed America toward for over 55 years. And Democratic Socialism is not what you described. You described communism, we which is what the right wing is working toward, based on history. And those who fail to understand history are doomed to repeat it.

CounterRevolutionary

Nick, I honestly think you are confused. First of all, the rightwing and the leftwing are on the same chicken. Neither trust the common man capable for self-governance.
The Nazis said they hated us and killed us.
The commies said they loved us and then they killed us.

There are so many hard working Americans spinning their wheels who mistakenly think the reason they cannot get ahead is because of "prejudice." But they don't see the vampire in the room that is systematically draining all of us - the Federal Reserve Bank that is humming night and day printing money out of thin air, destroying the value of the dollar. The money we make today is worthless tomorrow. If we get a raise, the benevolent blood sucking vampire prints additional money devaluing the currency further.

I used to write Janet Yellen when she chaired the Federal Reserve Bank under Obama, warning there was a giant tyrannosaurus in her pantry eating all the cookies. It's really a vampire, and still there today. Read this little book:

"The Creature From Jekyll Island" by Griffith
https://www.amazon.com/s?k=The+Creature+From+Jekyl+Island&i=stripbooks&crid=8COU09I1KCM9&sprefix=the+creature+from+jekyl+island%2Cstripbooks%2C151&ref=nb_sb_noss_2

The Fed's counterfeiting racket is killing us. The billionaires are intrenched because they have all the customers, but the middleclass and poor are doomed, pitted against each-other crying PERSECUTION, which is ridiculous. Don't get trapped in this game.

Next, watch a more recent expose on the cost of the Fed's counterfeiting trillions of dollars:

JIM RICKARDS FULL INTERVIEW ABOUT THE FED CANT CONTROL INFLATION ?
https://www.youtube.com/watch?v=aVTWChLqSl4

You are probably still working, whereas I am retired, but - since the 1960s, the purchasing power of the dollar is now 25 Cents, the Fed's mere printing 3% extra coinage every year has done that. Use the simple Rule of 72 to calculate the math. It's like compound interest in reverse.

This is the theft of the century of our time and money.

It's like a plague of grasshoppers at the base of a silo munching away the grain in the middle of the night. Open your window these summer nights and you can hear them chirping.

Tell me what you think of Jim Richard's little video. Seriously.

Nick Nicholson Loc: Florida, USA

Kiss.my Grits, Alice.

Nick Nicholson Loc: Florida, USA

You are still overlooking the fact that for over 55 years, corporations have bribed congress (called campaign contributions) to pass laws holding down wages including Right to Work laws, free trade laws, no minimum wage increases, and the law that allows companies to hire up to 140,000 foreign workers a year to take American jobs, thus guaranteeing ample job candidates so wages do not need to rise. This has resulted in moving approximately 15 percent of all wealth in America from the working class to the wealthy. This is a major factor in the damage done to our economy and our greatness.

Nick Nicholson Loc: Florida, USA

Your first false statement is that I follow the leftwing or government propaganda. I do not. The rest of your nonsense follows that same erroneous theme. I simply try to get people to see the truth, based on real history that actually shows what works and what does not in regard to the economy, socialism, and uncontrolled capitalism. Note the word "uncontrolled." Uncontrolled capitalism has been directly responsible for the revolutions and communist governments as they continuously moved the wealth of a nation from the working class to the wealthy until the standard of living for the working class became so bad that revolution was the only solution for a better way of life for the working class. Happened in Russia, China, Cambodia, Cuba, N. Vietnam, N. Korea, and more. That is what I am trying to stop by getting the truth out to everyone who is capable of listening with their mind open.

I have my own guns and began hunting at the age of 2. The government use to get some of my paycheck, back when I worked, but now I am getting some of it back in social security checks, at the age of 79.

America 1 Loc: South Miami

Cut the crap and take a nap.
You have reached your BS limit.

youngwilliam Loc: Deep in the heart

Hunting at 2? We're you hunting wabbit, huhuhuhu?

Nick Nicholson Loc: Florida, USA

I can't do that. Spewing crap is your specialty.

archie bunker Loc: Texas

Can't never could.