Showing posts with label Tax Cuts and Jobs Act of 2017. Show all posts
Showing posts with label Tax Cuts and Jobs Act of 2017. Show all posts

Saturday, October 08, 2022

Who is rich, and who pays the taxes in the USA?

In response to a Democrat on Facebook who slavishly follows his party line about taxes, border, religious freedom, education, political motives, abortion, etc. here's the truth about federal tax cuts in 2017 (aka, Trump presidency and his keeping his word to the voters)

"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." (From Yahoo news via The Hill, Dec. 24, 2021)
 
Although any tax cut benefits the rich since they pay over 70% of the federal income tax and the lowest income receive wealth transfers and 50% don't pay any federal taxes. With the Trump administration tax cut the top 1% who pay over 40% of the taxes saw their average rates fall to 25.4% from 26.8%. 

They make the most money--it's incredible how well millionaires can do in the USA, but they pay far more than their "fair share" and Democrats just want to drive them out of the country. Every president since I've been voting (JFK, 1960) has brought in more taxes to support some pretty odd and bizarre programs by reducing taxes, not punishing the successful. Biden wants to punish success, and although he puts "rich" at $400,000, we know he lies and doesn't keep his word.

"Rich" is a relative term. But if you're talking income from salary and not "wealth" you need to be earning $350,000 to be comfortably rich in an expensive or coastal city. (That's virtually all of Congress and "think tank" CEOs in DC.) And if you do and you are a family of 4, contribute to a 401k, pay federal and state and local taxes, plus FICA and take a child credit, you're paying $92,160 (32%) in taxes. And you can see the upward creep in taxes at https://www.financialsamurai.com/how-much-income-do-you.../ 

Democrats in Congress, the most overpaid and underworked Americans, lusting for more money to fund their socialist programs like climate change and woke capitalism, are mad that the rich actually made a lot more money with a tax cut that was smaller than the middle class. Duh! They didn't get rich by being stupid. Maybe they took that savings and invested it in stocks, or bought a new income property or paid off some high interest loans, or started a small company. The tax cuts made no difference to the low income or the no-income. You can't take away from zero. In the USA you can earn over $50,000 a year yet with Earned Income Tax Credits, the government will give you another $5,000 if you have 2 children and you pay NO taxes. No wonder people jump the border to get here.

Tuesday, January 21, 2020

The Impeachment smoke screen, Todd L. Thornton, guest blogger

The Democrat's Articles of Impeachment are a smoke screen of legal jargon covering up why they really want Trump impeached.

Why Trump is being Impeached:

1. Border crossings are down 73% and the Democratic Party is well aware of how preventing illegal aliens from socialist nations to enter the United States is affecting their “Illegal Voter Registration” policies, especially in sanctuary states, like California and New York where an impoverished and dependent class of citizen is crucial to their political power.

2. Despite outright corruption orchestrated by Organizing For America using the American media (NBC, CNN, ABC, The New York Times, The Washington Post, and others), fake race riots, phony Russian collaboration, and pretend stories about Ukrainian influence were peddled as fact and bolstered by a corrupt leadership team at the FBI and CIA. These efforts failed to topple the President as there was no basis of fact in the allegations and Millions of dollars were wasted. In the midst of an active impeachment trial, The President has begun investigating the Democrats and where their money comes from. Americans are just beginning to learn of global money laundering schemes, pay-to-play diplomacy, and complicity in the actual crimes the President stands accused of. Billions of dollars have been traded for Democrat's families to have jobs, pedophiles and communists to take safe haven, provide for anti-American terrorist regimes, and line the pockets of phony charities like the Clinton Foundation and the myriad of Soros funded groups actively working to destroy the American political system of democracy and freedom. The Democrats must stop Trump or they risk losing the mechanisms to fund their imperial power and socialist agenda.

3. President Trump is not a politician and campaigned as such, promising to accomplish in his first term what politicians holding office for upwards of thirty years have been unable to accomplish during their tenure. His success exacerbates their failure to act. His donated paycheck contrasts with their propensity to become millionaires on a Congressmen's salary.

Below is a list off the Trump Administration's Accomplishments. These accomplishments are pro-American, pro-democracy, and citizen focused. These successes are not derived via deception, corruption, or racism despite media claims to the contrary.

• Almost 4 million jobs created since President Trump was elected.
• More Americans are now employed than ever recorded before in our history.
• The Trump Administration has created more than 400,000 manufacturing jobs since his election.
• Manufacturing jobs growing at the fastest rate in more than thirty years.
• Economic growth last quarter hit 4.2 percent.
• New unemployment claims recently hit a 49-year low.
• Median household income has reached the highest level ever recorded.
• African-American unemployment has recently achieved the lowest rate ever recorded.
• Hispanic-American unemployment is at the lowest rate ever recorded.
• Asian-American unemployment recently achieved the lowest rate ever recorded.
• Women’s unemployment recently reached the lowest rate in 65 years.
• More women are now employed than men.
• Youth unemployment has recently hit the lowest rate in nearly half a century.
• American now has the lowest unemployment rate ever recorded for Americans without a high school diploma.
• Under the Trump Administration, veterans’ unemployment recently reached its lowest rate in nearly twenty years.
• Almost 3.9 million Americans have been lifted off food stamps since the election.
• The Pledge to America’s Workers has resulted in employers committing to train more than 4 million Americans through vocational education.
• 95 percent of U.S. manufacturers are optimistic about the future—the highest ever.
• Retail sales surged last month, up another 6 percent over last year.
• President Trump signed the biggest package of tax cuts and reforms in American history. After tax cuts, over $300 billion was poured back in to the U.S. in the first quarter alone.
• As a result of Trump's tax policies, small businesses will have the lowest top marginal tax rate in more than 80 years.
• The Trump Administration helped win the U.S. bid for the 2028 Summer Olympics in Los Angeles.
• The Trump Administration helped win U.S.-Mexico-Canada’s united bid for 2026 World Cup.
• Trump's energy policies opened ANWR and approved the Keystone XL and Dakota Access Pipelines to secure American oil independence and make the United States a net exporter.
• Under President Trump the United States is a net natural gas exporter for the first time since 1957.
• The President's policies increased US coal exports by 60 percent while U.S. oil production recently reached an all-time high.
• President Trump cut wasteful government red-tape by eliminating a record number of regulations.
• The Trump Administration enacted regulatory relief for community banks and credit unions.
• The Obamacare individual mandate penalty was ended.
• The Trump Administration is providing more affordable healthcare options for Americans through association health plans and short-term duration plans.
• Last month, the FDA approved more affordable generic drugs than ever before in history. And thanks to the President's efforts, many drug companies are freezing or reversing planned price increases.
• The President reformed the Medicare program to stop hospitals from overcharging low-income seniors on their drugs—saving seniors hundreds of millions of dollars this year alone.
• Signed Right-To-Try experimental medical procedure legislation.
• Secured $6 billion in NEW funding to fight the opioid epidemic and reduced high-dose opioid prescriptions by 16 percent during his first year in office.
• Signed VA Choice Act and VA Accountability Act, expanded VA telehealth services, walk-in-clinics, and same-day urgent primary and mental health care for American Veterans.
• The President withdrew the United States from the job-killing Paris Climate Accord.
• The President cancelled the illegal, anti-coal, so-called Clean Power Plan.
• Secured record $700 billion in military funding; $716 billion next year.
• The President is working to ensure American taxpayers no longer pay for the defense of national that can afford to defend themselves. As a result, NATO allies are spending $530 billion more on defense since 2016.
• To counter the militarization of space by Russia and China, The President has begun to make the Space Force the 6th branch of the Armed Forces.
• Nominated and confirmed more conservative circuit court judges than any other new administration.
• Nominated and confirmed Supreme Court Justices Neil Gorsuch and Brett Kavanaugh.
• Withdrew from United States from the one-sided Iran Deal.
• Moved U.S. Embassy to Jerusalem.
• Protecting Americans from terrorists with the Travel Ban, upheld by Supreme Court.
• Issued an Executive Order to keep open Guantanamo Bay.
• Passed the United States-Mexico-Canada Agreement (USMCA) that will bring relief and business to the American farmer concluding a historic U.S.-Mexico-Canada Trade Deal to replace NAFTA.
• Reached a breakthrough agreement with the E.U. to increase U.S. exports.
• Imposed tariffs on foreign steel and aluminum to protect our national security.
• Imposed tariffs on China to level the playing field in response to China’s forced technology transfer, intellectual property theft, and their chronically abusive trade practices.
• Net exports are on track to increase by $59 billion this year.
• Improved vetting and screening for refugees, and switched focus to overseas resettlement.
• Requiring Hospitals to publicly disclose the costs charged and paid by ALL insurance companies to ensure transparency and fair competition.
• Making animal cruelty a Federal felony, praised by the American Humane Society.
• Expanding federal civil rights protections against anti-Semitism, which was duly praised by the President of the Anti-Defamation League.

Now ask yourself, "Who would be against such things, what would motivate them, and why would they want President Trump removed for office?"

Saturday, November 02, 2019

What’s wrong with Nancy Pelosi?

What is this woman smoking? "House Speaker Nancy Pelosi’s statement Friday on the surprisingly good monthly employment jobs report: “The October jobs report offers further evidence that the Republicans’ disastrous special interest agenda is hollowing out the middle class while enriching the wealthy and well-connected.”(WSJ)

CNBC reports the following key points that Fancy Nancy has called disastrous:

  • Nonfarm payrolls rose by 128,000 in October, exceeding the estimate of 75,000 from economists surveyed by Dow Jones.
  • There were big revisions of past numbers as well. August’s initial 168,000 payrolls addition was revised up to 219,000, while September’s jumped from 136,000 to 180,000.
  • The unemployment rate ticked slightly higher to 3.6% from 3.5%, still near the lowest in 50 years.
  • The pace of average hourly earnings picked up a bit, rising 0.1% to a year-over-year 3% gain.
  • The unemployment rate for African Americans nudged down to a record low 5.4%

Wednesday, February 13, 2019

Some people just don’t get it.

Because of lower taxes, refunds will be smaller. This seems to upset people who prefer to allow the government to use their money before filing taxes.

From the NYT article: "The result is that taxpayers may be paying less over all but still getting a bill after filing their return. That has caught many people off guard."

Proving that it is hard to underestimate the financial understanding of the average American. They paid less taxes, but are still upset

Thursday, February 01, 2018

Crumbs for Deplorables begins today

Wouldn't that make a nice bumper sticker for mid-term elections?

The Treasury Department estimates that 90% of individual taxpayers will see an increase in their take-home pay according to USAToday.

U.S. House Minority Leader Nancy Pelosi called the new tax law a “scam” that “does violence to the vision of our Founders.” Senate Minority Leader Chuck Schumer called the day the tax bill passed “one of the darkest black-letter days in the long history of [the] Senate,” and said the bill was designed to stuff “money into the pockets of the wealthy and the biggest corporations.”

Tax Cuts and Jobs Act of 2017 begins today decreasing taxes. One man on Facebook said his weekly paycheck was $185 more.  But that's just crumbs according to Fancy Nancy who is a millionaire.