When the spread 'deep fake' about Trump's tax cut...
Y'all know that Trump's tax cut (TCJA) went into affect in 2017 and is scheduled to expired at end of 2025. Trump wants to extend this and maybe make it permanent... The Left/Dem and their legacy media isn't having it at all and attack it as '
bad tax policy that only benefit the rich and wealthy'
However, if you look at the data from First Trust Advisors (Oct. 2024)
https://fa.wellsfargoadvisors.com/brusca-george-private-wealth-consulting-group/mediahandler/media/672067/10-14-2024%20Monday%20Morning%20Outlook%20-%20Are%20the%20Wealthy%20Paying%20their%20Fair%20Share.pdfThree Maint Point:
1 - The latest IRS data from 2021 highlights the strongly progressive nature
of the federal income tax system. Taxpayers in the top 1% (with an
adjusted gross income of $682,577 or more) paid an average tax rate of
25.9%. In contrast, those in the bottom 50% (earning $46,637 or less)
had an average tax rate of just 3.3%. This significant difference shows
that the top 1% pay an average federal income tax rate that’s over eight
times higher than the bottom half of all taxpayers
2 - The 2017 Tax Cuts and Jobs Act (TCJA), often called “the Trump tax
cuts,” reduced tax rates, widened tax brackets, increased the standard
deduction, and expanded the child tax credit. But did these changes
primarily benefit the wealthy? Not exactly. In fact, the TCJA lowered
tax burdens on average across all income levels. By 2021, average
federal tax rates were lower for every income group compared to 2017.
However, the top 1% saw their share of total federal income taxes paid
rise significantly, from 38.5% in 2017 to 45.8% in 2021. Conversely, the
bottom 50% saw their share of federal income taxes fall, dropping from
3.1% in 2017 to 2.3% in 2021.
3 - The top 1%, representing 1.54 million federal income tax returns in
2021, earned 26.3% of total adjusted gross income but shouldered a
striking 45.8% of the overall federal income tax burden. In contrast,
the bottom 50%, with nearly 77 million tax returns, earned 10.4% of
total adjusted gross income and carried only 2.3% of the federal tax
burden. Remarkably, the bottom 98% of taxpayers—approximately
150.5 million returns—earned 68.1% of adjusted gross income in
2021 yet contributed just 46.2% of total federal income taxes, a share
only slightly higher than that of the top 1%.
What the TCJA did:
1 - Lowered individual income tax rate
2 - Nearly doubled the standard deduction (ind $6.5K to $12.4K, family $12.7K to $24.8K)
3 - Increased the child tax credit from $1,000 to $2,000 per child & increased refundable portion of the credits to $1,400/child.
4 - Capped the SALT (State and Local Tax) deduction at $10,000
5 - Nearly doubled the estate and gift tax exemption
6 - This QBI deduction allowed owners of pass-through businesses (like sole proprietorship
s, partnerships, and S corporations) to deduct up to 20% of their qualified business income
7 - Repealed the individual mandate penalty under the Affordable Care Act (ACA)
Topic: Don't listen to the Lefties/Demmies and their legacy media... (Read 286 times)