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Enough Tax Cut Lies

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posted on Apr, 24 2018 @ 03:08 AM
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I see the lefty's here railing against the tax cuts in most threads that they can find or invent a way get a jab in at it. They typically lie about who is saving money (they claim it's only the rich, because that's the only thing they know how to do, blame the rich). So here I am to dispel all of the myths and explain exactly who is saving how much money.

Here are the new brackets vs the old ones:
2017 2018-2025 Single Married-Joint
10% 10% $0-$9,525 $0-$19,050
15% 12% $9,525-$38,700 $19,050-$77,400
25% 22% $38,700-$82,500 $77,400-$165,000
28% 24% $82,500-$157,500 $165,000-$315,000
33% 32% $157,500-$200,000 $315,000-$400,000
34% 35% $200,000-$500,000 $400,000-$600,000*
39.6% 37% $500,000+ $600,000+

(That probably won't format correctly when I post it but the info is all there.)

The working class goes from owing $5,328 on the first $38,700 to only owing $4,453, a savings of $875 per year
The middle class goes from owing $16,278 on the first $82,500 to only owing $14,089, a savings of $2,189 per year
The upper middle class goes from owing $37,278 on the first $157,500 to only owing $32,089, a savings of $5,189 per year
The rich go from owing $51,303 on the first 200k to only owing $45,689, a savings of %5,614 per year
The uber rich go from owing $153,300 on their first 500k to only owing $150,689, a savings of $2,614 per year
Let's say you make two million. You go from owing $747,303 to only owing 705,689, a savings of 41.6k/yr

As a percentage of income:
The working class saves 2.26%
The Middle class saves 2.65%
The upper middle class saves 3.2%
The rich saves 2.8%
The uber rich save 0.5%
The person making $2M saves 2.08%

The last thing the tax cut was, was a give away to the ultra wealthy. They see the least gain from the tax cut. The upper middle class sees the biggest gain. The working class even sees a bigger gain than the uber rich.

Then you get into the deductions changes. Doubling the standard deduction and getting rid of some of the write offs heavily favors the working and middle classes. The rich itemize. Over 80% of people making over $100k itemize their deductions. Compare that with the less than 20% who itemize while making under $50k. In this case, it may actually cost the ultra wealthy a lot more money than they would have paid under the previous system while saving a lot more money for the working and middle classes. Here is a nice little link that illustrates who itemizes

*this bracket changed and the taxes on incomes on this bracket were between 33% and 35%. I split the difference and said it was 34%, to make the math as simple but accurate as I could.
edit on 24-4-2018 by Dfairlite because: (no reason given)




posted on Apr, 24 2018 @ 03:52 AM
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Not only do they pooh pooh the tax cut, they want to raise them higher if they gain control. How the hell haven't they figured out why they keep losing?

www.forbes.com...


This week, Congressional Democrats released a detailed tax hike plan that they promised to implement if given majority control of the House and Senate after the 2018 midterm elections. So much for the crocodile tears about the deficit--Democrats want to raise taxes not to reduce the debt, but rather to spend that tax hike money on boondoggle projects.
As you might expect, hold onto your wallets. Here are the details: Increase the top marginal income tax rate from 37 percent to 39.6 percent. This nearly 3 percentage point increase in the top personal rate is not only a hike in the top bracket levy, but it's also a direct tax increase on small and mid-sized businesses. The 30 million companies which are organized as sole proprietorships, partnerships, Subchapter-S corporations, and LLCs pay their business taxes on their owners' 1040 personal tax returns. Hiking the top tax rate is a small business tax increase.



posted on Apr, 24 2018 @ 04:01 AM
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originally posted by: DAVID64


--. Hiking the top tax rate is a small business tax increase.


Wow. Those are SUCCESSFUL small businesses!



posted on Apr, 24 2018 @ 04:03 AM
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a reply to: DAVID64

Luckily they'll need a lot more than the house to achieve those backwards goals. If they think trump is going to sign something overturning the tax cuts, they're morons.

Also, they want to raise the corporate tax rate from 21% to 25%. Meanwhile the socialist havens they love (Denmark, Sweden, Norway) are all lower than that.
edit on 24-4-2018 by Dfairlite because: (no reason given)



posted on Apr, 24 2018 @ 04:09 AM
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a reply to: ManFromEurope



The 30 million companies which are organized as sole proprietorships, partnerships, Subchapter-S corporations, and LLCs pay their business taxes on their owners' 1040 personal tax returns.



posted on Apr, 24 2018 @ 04:13 AM
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a reply to: DAVID64

I think his point is, if they're making 500k/yr (which is where the top rate starts), they're not really small businesses. A few might be, but most of them are probably pretty big.



posted on Apr, 24 2018 @ 04:21 AM
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a reply to: DAVID64

The Democrat's health care bill alone, will raise taxes on the average family 15% above where they were before the 2018 tax-cuts kicked in.

I understand why Government workers and society's leeches would vote for a Democrat.

But it hard to believe that any marginally intelligent person who works for a private company, can vote for a Democrat.



posted on Apr, 24 2018 @ 04:32 AM
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a reply to: Dfairlite

Meanwhile infrastructure is doing great!

Just look at the well taken care of thriving bridges down in Mississippi, I mean Trump did promise to spend 1.2 Trillion in repairing infrastructure across the entire land of the US!

Still down for tax cuts while hemorrhaging federal money?



posted on Apr, 24 2018 @ 04:37 AM
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a reply to: Dfairlite

Nah. The way it looks you just got started.


More than eight million low-income and single-parent families will face sharp tax increases under Donald Trump exacerbating income inequality, experts warn

Trump's tax plan: massive cuts for the 1% will usher 'era of dynastic wealth'



posted on Apr, 24 2018 @ 05:01 AM
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originally posted by: PublicOpinion
a reply to: Dfairlite

Nah. The way it looks you just got started.


More than eight million low-income and single-parent families will face sharp tax increases under Donald Trump exacerbating income inequality, experts warn

Trump's tax plan: massive cuts for the 1% will usher 'era of dynastic wealth'


Except that paper wasn't written on the actual tax bill that went into effect.

That paper was written before the election even took place. So how about you try again, with facts next time.
edit on 24-4-2018 by watchitburn because: (no reason given)



posted on Apr, 24 2018 @ 05:03 AM
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originally posted by: Dfairlite
a reply to: DAVID64

I think his point is, if they're making 500k/yr (which is where the top rate starts), they're not really small businesses. A few might be, but most of them are probably pretty big.


Correct. And even if we start discussing "small business" (could be a single person, could be a small shop, what else could mean "small" in this context?), the point is that there can't be that many "small" businesses which make you qualify for the Top Tax Rate.



posted on Apr, 24 2018 @ 05:08 AM
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a reply to: watchitburn

It's perfect for a dead horse of a thread like this.

The biggest share goes to the Uber-wealthy, and there is that. At least try to debunk the historic part?
Facts. And now we have even more facts.



posted on Apr, 24 2018 @ 05:27 AM
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Snipped because I made a promise and I thought this was in another thread at first lol

Carry on!
edit on 2/19/2013 by Allaroundyou because: (no reason given)



posted on Apr, 24 2018 @ 05:41 AM
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I have friends who board horses and they gross over $25,000 a month.
Farm Payment $3000 a amonth
Taxes $2000 a month just Property
Water and sewer over $1000 per month
Insurance for farm $1700 per month
6 employees all part time about $15000 a month
He works full time with me to pay for the horse farm

Are they getting rich??

No




posted on Apr, 24 2018 @ 05:45 AM
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a reply to: PublicOpinion

LOL a fear mongering article from before the tax cuts were passed. I guess I shouldn't expect anything more. I provided the actual data and analysis. You can't rebut it.



posted on Apr, 24 2018 @ 05:46 AM
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a reply to: PublicOpinion

Wrong, read the OP.



posted on Apr, 24 2018 @ 05:56 AM
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a reply to: Dfairlite

The biggest share doesn't go to the rich, thus it isn't a cut "for them"?

Impressive reasoning going on there. Really great to have you guys on board! Someone has to crawl into The Leaders ass for pimping up the oligarchy, right?



posted on Apr, 24 2018 @ 06:05 AM
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So we bring home a few hundred extra bones a year, and pay more for everything because tariffs. Probably resulting in thousands over the course of a year. We lose.



posted on Apr, 24 2018 @ 06:06 AM
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originally posted by: watchitburn

originally posted by: PublicOpinion
a reply to: Dfairlite

Nah. The way it looks you just got started.


More than eight million low-income and single-parent families will face sharp tax increases under Donald Trump exacerbating income inequality, experts warn

Trump's tax plan: massive cuts for the 1% will usher 'era of dynastic wealth'


Except that paper wasn't written on the actual tax bill that went into effect.

That paper was written before the election even took place. So how about you try again, with facts next time.


WAIT! Wuh? Facts? This is the Left you’re debating after all...



posted on Apr, 24 2018 @ 06:10 AM
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originally posted by: ManFromEurope

originally posted by: Dfairlite
a reply to: DAVID64

I think his point is, if they're making 500k/yr (which is where the top rate starts), they're not really small businesses. A few might be, but most of them are probably pretty big.


Correct. And even if we start discussing "small business" (could be a single person, could be a small shop, what else could mean "small" in this context?), the point is that there can't be that many "small" businesses which make you qualify for the Top Tax Rate.


Might do some research on big business (IBM, Apple, Microsoft, Big Pharm, Oil, etc.) and small business (50 or less employees). 500k - 1M a year does not go as far as you think paying 10-50 employees. Small business does not mean one person using a laptop at home.




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