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.

Hillary and Nancy’s talking points

Hillary Clinton (still making the rounds of the sympathetic talk shows), Nancy Pelosi and all the rest of the Democrats trying to save Obama's legacy continue to repeat erroneously that Trump is just continuing Obama's successes. That's wrong. The recession ended in June 2009 about 5 months after Obama took office. He had nothing to do with it. However, because of imposing more regulations, and taking our tax money to float his ARRA for his supporters, he did slow down the recovery, which toddled along for 7 years before gaining momentum. He did have us in war his whole 8 years, more than GW Bush.

People like me and Bill Gates--people who had investments--saw the recovery quickly because of the stock market. I'm not part of the 1%, but they did terrific under Obama. That didn't help the black teen or the former coal miner working at McDonald's or the retail clerk out of work because the consumer confidence didn't recover.

The Trump recovery is reaching down and pulling up the people who had given up, the people Obama gave up on and who were told things would never be any better than the slow gear on the old rattling truck; the people receiving the "dole" who thought they might never work again.

People are saving, investing and starting new businesses. They are hopeful under Trump--even those who don't like him. Obama never preached recovery, or pride, or happiness or joy.  Sharing public bathrooms with the opposite sex, allowing foreigners assistance for college that Americans can’t get, pushing abortions—how is that hope? Hope for Obama was a campaign slogan and nothing else.

And he was just smart enough to allow fracking because that saved his lunch, economically speaking. He never said America was the best, the greatest, because. . . he was honest and didn't believe it. I had to grit my teeth in November 2016 because Trump wasn't my choice, but I'm so glad he proved me wrong. And proved Obama wrong.

https://www.forbes.com/sites/christopherhelman/2013/02/12/president-obama-gets-it-fracking-is-awesome/#7325032d425d

Symphony season ends at Lakeside

It was the final performance of the symphony last night. Fabulous. It’s been so wonderful with all the guest conductors. But it made me think of Jordan Peterson's comments that the top 1% of the 1% doesn't just apply in the financial field (richest 85 people have as much as the bottom 3.5 billion). It's also at your work place, scientific papers,  it's in book publication, and popularity of composers. It's called Price's law, after Derek Price (sometimes known as the Matthew Principle, Matt 25:30) also called the Pareto principle.
"Just 4 classical composers (Bach, Beethoven, Mozart, and Tchaikovsky) wrote almost all the music played by modern orchestras. Bach, for his part, composed so prolifically that it would take decades of work merely to hand-copy his scores, yet only a small fraction of this prodigious output is commonly performed. The same thing applies to the output of the other 3 members of this group of hyper-dominant composers: only a small fraction of their work is still widely played. Thus, a small fraction of the music composed by a small fraction of all the classical composers who have ever composed makes up almost all the classical music that the world knows and loves." p. 8, 12 rules for life.
https://www.youtube.com/watch?v=i0iL0ixoZYo  YouTube of Peterson explaining the Pareto Principle.
https://www.youtube.com/watch?v=6QAY0qc0u-4

Tax reform

So no wonder Democrats claim ANY reform will benefit the rich. They pay the bulk of the taxes, money that could be invested in businesses, charities, or their children's education which employ millions of people, or on spending and purchasing from other businesses which support workers who do pay taxes.The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent).