The truth about the Trump tax cuts

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There are three things that are absolutely true about democrats

  1. They lie
  2. They lie
  3. They lie

As Kamala Harris hides from the media knowing that every time she opens her mouth stupid words come out, democrats are furiously trying to distract everyone by you guessed it, lying.

Over and over democrats keep asserting that Trump tax cuts benefited only the wealthy and corporations.

It’s a lie.

The Trump tax cuts were far better than they would have you believe.

First, the Trump tax cuts yielded increased tax revenues

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That’s up $14 billion from fiscal 2017, and an all-time high. And that’s despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump’s tax reform plan.

Other major sources of revenue climbed as well, as the overall economy revived. FICA tax collections rose by more than 3%. Excise taxes jumped 13%.

The wealthy paid more of the total tax collected while everyone else paid less.

And a big one- repatriation of dollars

Tax Cuts: They said it wouldn’t happen, but it did: The money companies stashed overseas to protect them from high U.S. corporate tax rates is flooding back in, boosting growth, jobs and confidence in the economy. Thank the Trump tax cuts.

All told, the Bureau of Economic Analysis (BEA) reported, some $305.6 billion returned to the U.S. from overseas accounts. That’s a $1.2 trillion annual rate, and far more than the $35 billion one year before.

The BEA’s analysts explain why this happened: “The large magnitudes (of inward capital flows) … reflect the repatriation of accumulated earnings by foreign affiliates of U.S. multinational enterprises and their parent companies in the United States in response to the 2017 Tax Cuts and Jobs Act.”

In short, the Trump tax cuts did it.

Those dollars fed new jobs and businesses. Over a trillion dollars or corporate profits came back to the US.

You can guess what will happen were Harris’s corporate tax increases become reality.

Trump tax cuts really benefited the middle class:

IRS data proves Trump tax cuts benefited middle, working-class Americans most

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.

democrats are liars. If only Republicans could learn to lie as effectively, they’d never lose an election.

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About that repatriation of dollars.
It’s true.
I used to know the CEO of Cascade Paper Company.
He told our group about how Cascade and a few other paper companies owned forested lands totaling more than the states of Oregon and Georgia in acres.
Obama OUTLAWED scientific lumber harvesting, paper manufacturing and pulp-powered paper mills. (Pulp power is among the GREENEST power in America, BTW.)
ALL the big paper companies moved their operations offshore.
Some went to Canada, many went to Siberia.
And, under Trump, all of them came back.
That little business niche was worth BILLIONS to America and Obama destroyed it all with “a stroke of his pen.”
He put THOUSANDS of workers out of work…..let them “learn to code.”

The Democrats don’t know what TRUTH is! Winning with what ever it takes. Power is all they want! They will destroy this country if they get into power! Look what Kamala has done to Commiefornia! California is a third world country now.

It wasn’t only Kommiela it was Gavin Newsom also and the Dims ruining the place.

Once again, we’ll all have to be explaining to illiterate leftists that corporations don’t pay taxes. They pass them on to US. So, raising corporate taxes merely raises taxes on the consumers.

And then there’s the “unrealized gains tax’. God help us.

Don’t forget that the tax is figured yearly, and the housing market is cyclical.
There’s a housing boom, and your house goes from a value of $200,000 to $250,000?
You owe taxes on the $50,000.
Then Then next year there’s a bust and it drops back to $200,000?
You get nothing.
Then a boom again the year after?
You owe taxes on the $50,000. Again.

Hillary wanted an “Imputed Income Tax”.
Your house payment is $1000 a month?
A house like it would rent for $1500 a month?
That $500 difference is income. Pay up.
Your car payment is $500? A taxi would cost you $1500 a month?
That’s $1000 in income. Pay up.

And so on and so on, until we’re all broke and dependent on the government for our food, clothing, etc. Because they have all of our income.

When property owners start having to pay this tax, what do you suppose will happen to rents?

Rents will go up, the homeowners’ tax will as a result go down, then things will stabilize again. Only rents will be higher than before. Again.