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Thread: Republicans pay the wealthy

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    Default Republicans pay the wealthy

    Thanks to those who vote republican because they rather their tax dollars go to the wealthy instead of minorities.


    400 Richest U.S. Families Paid Lower Tax Rate Than Working Class, Study Finds
    President Donald Trump’s tax cuts for corporations and the rich accelerated inequality, two Berkeley economists write in a forthcoming book
    .

    For the first time in a century, the nation’s richest billionaires are paying a lower tax rate than working-class Americans, according to an analysis in a forthcoming book.

    The wealthiest 400 families paid an average effective tax rate of 23% last year ― the second year of President Donald Trump’s new tax law ― while the bottom half of all American households paid an average rate of 24.2%, according to the study. The superwealthy paid a lower rate than any other income group, according to an analysis in the new book “The Triumph of Injustice,” by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley. Saez and Zucman both have collaborated with Democratic presidential candidates Sen. Bernie Sanders (I-Vt.) and Sen. Elizabeth Warren (D-Mass.) on their proposals for taxing wealth.

    The tax rate for America’s wealthiest in 1950 was 70%. In 1970, the “richest Americans paid, all taxes included, more than 50% of their income in taxes — twice as much as working-class individuals,” the authors wrote in the book. “In 2018, following the Trump tax reform, and for the first time in the last hundred years, billionaires have paid less than steel workers, schoolteachers and retirees.” Saez and Zucman examined all taxes — including state, local and corporate levies — and used income tax returns, tax audits and other data for their study.

    Though the authors see the GOP tax law, signed by Trump in December 2017, as a turning point in upending the progressive tax system, they noted that both Republicans and Democrats over the years have cut top tax rates as well as taxes on capital gains. Both parties also approved tax code loopholes that allowed corporations and wealthy individuals to shelter profits overseas. Trump claimed his tax cut, estimated to cost taxpayers up to $1.9 trillion over 10 years, would provide great benefits to workers. “This will be a revolutionary change and the biggest winners will be the everyday American workers,” Trump vowed. That hasn’t been the case.

    He also promised that the tax cuts would pay for themselves with a supercharged economy. They haven’t.

    During his campaign, Trump vowed to eliminate the federal deficit in eight years. Instead, it soared 68% to $984 billion by the end of fiscal 2019, propelled by the tax changes. The rich often pay lower tax rates than wage earners because much of their income comes from investments that are taxed at a lower rate than wages.
    The 2017 tax law increased that discrepancy, according to the economists’ study. The corporate tax rate was slashed to 21% from 37%, and business-owning taxpayers can now take advantage of a 20% deduction. Sixty top corporations — including Amazon, General Motors, Netflix and IBM — paid no federal taxes last year, according to an analysis by The Institute on Taxation and Economic Policy. As the “inequality spiral” continues, Saez and Zucman argued, the wealthiest have even more resources to further influence and skew the system to benefit them.


    “The Triumph of Injustice” hits bookstores on Tuesday.



    https://www.huffpost.com/entry/riche...b02c9da047ac23

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    Trump helped boost the wealth gap and it was more than giving the wealthy tax money. He is a big pusher of the Plutocracy. Once the super-rich get enough power, they will get rid of Daffy. He is not serious enough, not smart enough and cannot be trusted.

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    Quote Originally Posted by TTQ64 View Post
    Thanks to those who vote republican because they rather their tax dollars go to the wealthy instead of minorities.


    400 Richest U.S. Families Paid Lower Tax Rate Than Working Class, Study Finds
    President Donald Trump’s tax cuts for corporations and the rich accelerated inequality, two Berkeley economists write in a forthcoming book
    .

    For the first time in a century, the nation’s richest billionaires are paying a lower tax rate than working-class Americans, according to an analysis in a forthcoming book.

    The wealthiest 400 families paid an average effective tax rate of 23% last year ― the second year of President Donald Trump’s new tax law ― while the bottom half of all American households paid an average rate of 24.2%, according to the study. The superwealthy paid a lower rate than any other income group, according to an analysis in the new book “The Triumph of Injustice,” by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley. Saez and Zucman both have collaborated with Democratic presidential candidates Sen. Bernie Sanders (I-Vt.) and Sen. Elizabeth Warren (D-Mass.) on their proposals for taxing wealth.

    The tax rate for America’s wealthiest in 1950 was 70%. In 1970, the “richest Americans paid, all taxes included, more than 50% of their income in taxes — twice as much as working-class individuals,” the authors wrote in the book. “In 2018, following the Trump tax reform, and for the first time in the last hundred years, billionaires have paid less than steel workers, schoolteachers and retirees.” Saez and Zucman examined all taxes — including state, local and corporate levies — and used income tax returns, tax audits and other data for their study.

    Though the authors see the GOP tax law, signed by Trump in December 2017, as a turning point in upending the progressive tax system, they noted that both Republicans and Democrats over the years have cut top tax rates as well as taxes on capital gains. Both parties also approved tax code loopholes that allowed corporations and wealthy individuals to shelter profits overseas. Trump claimed his tax cut, estimated to cost taxpayers up to $1.9 trillion over 10 years, would provide great benefits to workers. “This will be a revolutionary change and the biggest winners will be the everyday American workers,” Trump vowed. That hasn’t been the case.

    He also promised that the tax cuts would pay for themselves with a supercharged economy. They haven’t.

    During his campaign, Trump vowed to eliminate the federal deficit in eight years. Instead, it soared 68% to $984 billion by the end of fiscal 2019, propelled by the tax changes. The rich often pay lower tax rates than wage earners because much of their income comes from investments that are taxed at a lower rate than wages.
    The 2017 tax law increased that discrepancy, according to the economists’ study. The corporate tax rate was slashed to 21% from 37%, and business-owning taxpayers can now take advantage of a 20% deduction. Sixty top corporations — including Amazon, General Motors, Netflix and IBM — paid no federal taxes last year, according to an analysis by The Institute on Taxation and Economic Policy. As the “inequality spiral” continues, Saez and Zucman argued, the wealthiest have even more resources to further influence and skew the system to benefit them.


    “The Triumph of Injustice” hits bookstores on Tuesday.



    https://www.huffpost.com/entry/riche...b02c9da047ac23
    Solution: Abolish the IRS.

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    GOP is the party for plutocracy.

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    Quote Originally Posted by anonymoose View Post
    Solution: Abolish the IRS.
    THE REAL Solution: Impeach the idiot!

    LOL!

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    Quote Originally Posted by Adolf_Twitler View Post
    THE REAL Solution: Impeach the idiot!

    LOL!
    They won’t.

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    Quote Originally Posted by Teflon Don View Post
    They won’t.
    I'd be very very surprised if they did.

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    Quote Originally Posted by Teflon Don View Post
    They won’t.
    I'll ask you again- DID THE REPUBLICANS IMPEACH BILL CLINTON?

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    Quote Originally Posted by Adolf_Twitler View Post
    THE REAL Solution: Impeach the idiot!

    LOL!
    Are you saying tax cuts are a crime?

    When you actually pay income taxes for once, let us know.

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    Quote Originally Posted by Adolf_Twitler View Post
    I'll ask you again- DID THE REPUBLICANS IMPEACH BILL CLINTON?
    Bill Clinton committed crimes. Democrats in the Senate refused to acknowledge it.

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    didn't we already decide this was fake news the first time someone started a thread on it?........
    while the bottom half of all American households paid an average rate of 24.2%, according to the study.
    the bottom half of American households do not pay ANY federal income taxes........
    Isaiah 6:5
    “Woe to me!” I cried. “I am ruined! For I am a man of unclean lips, and I live among a people of unclean lips, and my eyes have seen the King, the Lord Almighty.”

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    Quote Originally Posted by Adolf_Twitler View Post
    THE REAL Solution: Impeach the idiot!
    don't be silly.......they don't even have the votes to START an impeachment investigation........
    Isaiah 6:5
    “Woe to me!” I cried. “I am ruined! For I am a man of unclean lips, and I live among a people of unclean lips, and my eyes have seen the King, the Lord Almighty.”

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    Quote Originally Posted by PostmodernProphet View Post
    don't be silly.......they don't even have the votes to START an impeachment investigation........
    There is a formal impeachment investigation in progress right now. You are confusing a vote for impeachment which comes at the end, once evidence corroborates it.

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    Quote Originally Posted by Adolf_Twitler View Post
    I'll ask you again- DID THE REPUBLICANS IMPEACH BILL CLINTON?
    Not an argument. Not about Clinton

    If Nancy were going to have a vote, she would have done it

    I have heard hundreds of reasons from you leftists on why Trump should be impeached. And nothing

    Nancy has had two years. Nothing.
    You have your precious Mueller Report and NOTHING

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    Quote Originally Posted by CFM View Post
    Are you saying tax cuts are a crime?

    When you actually pay income taxes for once, let us know.
    Someone has got to pay for your welfare.

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