Posted on 05/12/2024 5:57:39 PM PDT by SeekAndFind
President Biden wants to let the tax rate cuts that President Trump and Republicans passed without Democrat support, in 2017.
Biden and others continue to intentionally lie that the tax cuts "cost" the government $2 trillion and increased the debt and deficit.
That essentially was the prediction of Congressional Budget Office.
The problem is predictions are not facts.
Here are the facts that show that the government has collected a huge amount of additional revenues after the tax cuts were passed, and additional revenues do not cause increased debt.
The problem is that the government is spending more.
Individual income tax revenue FY 2017 before the tax rate cuts $1.6 trillion.
FY 2021 - Individual income taxes, four years after the tax rate cuts, despite COVID: $2.0 trillion, $400 billion more per year.
FY 2023 - Individual Income Taxes, six years after the tax rate cuts: $2.2 trillion, $600 billion more per year.
Biden also continues to lie that only the rich benefitted from the tax cuts when everyone who pays taxes has benefitted. Then he lies that the rich pay less than people in the middle class, in order to gin up class warfare.
(Excerpt) Read more at americanthinker.com ...
The bottom half of taxpayers, or taxpayers making under $46,637, faced an average income tax rate of 3.3 percent. As household income increases, average income tax rates rise. For example, taxpayers with AGI between the 10th and 5th percentiles ($169,800 and $252,840) paid an average income tax rate of 14.3 percent—four times the rate paid by taxpayers in the bottom half.
The top 1 percent of taxpayers (AGI of $682,577 and above) paid the highest average income tax rate of 25.93 percent—nearly eight times the rate faced by the bottom half of taxpayers.
1) They don’t know.
2) Who’s gonna tell them?
Wonder if the state and local tax deduction (SALT) states will get that back once again...
It doesn’t cost the freaking gov-mint anything!! It is NOT THEIR MONEY!!! It is the taxpayer’s money. The gov-mint is NOT in BUSINESS!! They make nothing, well except a massive mess of the Republic; they provide little in goods, except free hand outs to the dead beats, refuse to work, illegals, criminals, dimocrats that is; they are suppose to PROTECT the Republic, but by all appearances, they ARE NOT doing that at all, allowing well over 10, 12, 15, 20+,000, who the hell knows illegal foreigners into this nation, including Red Chinese nationals of military age who traveled with NO families, wives, etc., middle eastern nationals of all kinds, nations, etc. NO VETTING of any of these people. The gov-mint is no longer for the people, of the people, by the people. It is run by career politicians of whom have NEVER had a real job except being a government employee, member of the senate or congress, etc. No, we are no longer in charge. The elites of government are in charge. They have made our money THEIR MONEY. May they all rot in hell for what they have done to this country.
The truth about tax rates is that we have the most progressive tax code in world history.
45% of returns owe $0.
That should be MILLION instead of 000. Fingers faster than brain. My bad.
Another truth is that they collect 15-20% of GDP in taxes every year since WWII regardless of tax scheme.
They have spent over 25% of GDP for years on end.
While Trump was president, we got a raise. Plus, we had three or four bonuses, and my 401K was doing superb.
RE: and my 401K was doing superb.
.... Until the pandemic struck. :(
Not only that but they need to know why they’re expiring. Here’s a hint it’s the Democrats fault
It wasn’t a pandemic. It was a plandemic. The virus was just the modern-day flu
I wonder too. I live in California and have relatives in New York.
Although we all voted for Trump, putting a cap on SALT deductions hurt us. I wouldn't mind getting those deductions back.
It is essential that we teach people the difference between a tax rate cut and a tax cut. Ignorant people think that the rich get more money from the government in their tax refund than they do.
Republicans are so stupid because they changed the withholding schedules when they passed the bill with the tax rate cuts. People who are not good at math and had automatic deposit from their jobs just spent everything they had without even realizing that there was more take-home pay. At the end of the year, they had a smaller refund and thought that they had paid more taxes and were angry at Republicans.
I am looking forward to the angst the po azzhats will suffer when all of a their paycheck is diminished somewhat.
If I were President, I'd hold a press conference and say:
By Executive Order, every agency and branch of the Federal gov't, except Social Security and Military spending, have 10% less funds in their budget as of tomorrow morning. Those directors who cannot provide the same or improved services with the new budget will be immediately replaced by someone who can. Have a nice day.
Yes, it expires.
The rich get their huge deductions back.
They will get it back after the end of 2025.
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