Re: Trump's tax cuts for the rich...

And everyone fails to mention that the 39.6% to 37% cut for the top income bracket did not do them a favor because each paid $1000s more taxes each year from not being able to take the "fluff" deductions they were getting. Resulting in more tax income for Uncle Sam.

I know some of the lost deductions hit me and the middle class but I was never really worried about getting a home equity loan on my farm house and using the money to do repairs on my ski villa in Aspen. That deduction went away with Trump's Tax Cuts and the list is long of what was taken away from the top income bracket.

The initial hit for the tax cuts was over $1 Trillion but through 2022 the gain is almost $5 Trillion. School is still out on full ROI for corporate tax cuts but if you believe the current government data for worker income growth and the economy, things are coming together after the hit and recovery from COVID.

Despite CBO’s Predictions, Trump Tax Cuts Were a Boon for America’s Economy and Working Families | The U.S. House Committee on the Budget - House Budget Committee
https://budget.house.gov/press-release/despite-cbos-predictions-trump-tax-cuts-were-a-boon-for-americas-economy-and-working-families

saddis56®

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Jul 23, 2024, 3:28 PM

The one thing that confuses a liberal is a tax cut and the Trump tax cut hurt his deficit numbers. But, a businessman doesn't look short term they look long term. The short term cost Trump but helped the middle class and lower wage earners. And I'll just be dayem, Biden saw the benefits and couldn't talk about it because it was Trump's tax cuts that increased revenue during Biden's term. That's what a business man does. Go ahead and you tell the family of 4 making $100,000 per year that they will be paying $7500 more in taxes when the democrats let Trump's tax cuts expire in 2025 and the top tax bracket gets all their fluff deductions back and will pay less taxes.

(It's not rocket science - just stop the hate and sarcasm and read the budget report above)

less taxes paid = more income
more income = more spending
more spending = higher demand for goods
higher demand for goods = more production
more production = more workers
more workers = more taxes paid
more taxes paid = more government revenue

FYI, the deficit in the 4th year of Obama did jump back up but you were probably too giddy to notice. Instead of living in the past, tell me how great Biden has done with the deficit. He's trending toward another $1 Trillion to hit his total by years end. Going to be close. I'll check back after I finish working on the tractor to see what you say about how good Joe is doing with the deficit.

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Trump's tax cuts for the rich...