dajo9 said:
The first thing Trump did as President was sign an executive order making it easier for mentally ill people to get guns. Then he coasted on Obama's economy which was doing great through Obama's 2nd term though corporate media never gave him credit for it. They changed their tune the moment Trump became President. The one thing Trump changed was he raised the deficit.
Then Trump cut taxes on the rich and tried but failed to take healthcare away from people. He also tried but failed to end the Afghanistan War. In the meantime he was cruelly separating families at the border and taking rights away from women.
Biden raised taxes on the rich
Trump cut taxes on the rich
Obama raised taxes on the rich
WBush cut taxes on the rich
Clinton raised taxes on the rich
Reagan cut taxes on the rich
There is no such thing as a leftist who favors Trump over Biden
The best lies from the left are only partially true. Yes, Trump's tax cuts did benefit the rich, most tax cuts do, but they helped the middle class even more.
IRS data proves Trump tax cuts benefited middle, working-class Americans mostCongressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the
2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology.
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.
In fact, every income bracket with filers earning $200,000 or more increased its tax burden in 2018 compared to 2017, and every income bracket with a top limit lower than $200,000 paid a smaller proportion of the total personal tax revenue collected.
That means that Republicans' tax reform law resulted in the tax code becoming slightly more progressive the exact opposite of what Democrats have claimed over the past four years.
The IRS data further shows that the tax reform law which included a variety of business tax cuts, including a large reduction in the corporate income tax rate spurred economic mobility.
Every income bracket with a top level lower than $25,000 experienced a reduction in its number of filers, and every income bracket above $25,000 increased in size, with the biggest gains occurring in the brackets with a floor of at least $100,000.
The fact is, Republicans' 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups, provided the greatest benefits for middle-income households, and spurred economic growth that helped reduce poverty and improve prosperity.
