Doug Posted July 4, 2022 Share Posted July 4, 2022 18 minutes ago, BOHICA said: Then why did Trump lower taxes on businesses and individuals? Mostly rich benefitted from the Trump Tax cuts. Who makes up the lost revenue of all those? So what your saying is you have no clue how to answer my question. What a surprise. 1 Quote Link to comment Share on other sites More sharing options...
Snake Posted July 4, 2022 Share Posted July 4, 2022 27 minutes ago, BOHICA said: Then why did Trump lower taxes on businesses and individuals? Mostly rich benefitted from the Trump Tax cuts. Who makes up the lost revenue of all those? From The Hill, through Yahoo news... hardly a bastion of conservative outlets: Congressional 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.) https://news.yahoo.com/irs-data-prove-trump-tax-130007569.html Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 32 minutes ago, Doug said: So what your saying is you have no clue how to answer my question. What a surprise. Nobody pays more because of non refundable tax credits. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 24 minutes ago, Snake said: From The Hill, through Yahoo news... hardly a bastion of conservative outlets: Congressional 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.) https://news.yahoo.com/irs-data-prove-trump-tax-130007569.html Yep puts a lot into the $0 tax liability. 53% had no income tax liability do to tax cuts and refundable credits. Heck many got refunds with $0 in tax liability. Somebody has to pay for those that got more back then they put into the system. Quote Link to comment Share on other sites More sharing options...
Doug Posted July 4, 2022 Share Posted July 4, 2022 31 minutes ago, BOHICA said: Nobody pays more because of non refundable tax credits. LOL ok Joe Still no answer Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 1 hour ago, Doug said: So how is the reduction in tax revenue made up? More taxes 47 minutes ago, BOHICA said: Nobody pays more because of non refundable tax credits. 15 minutes ago, Doug said: LOL ok Joe Still no answer I did answer. Nobody pays more cause of non refundable tax credits. Snake posted a link/story on the effects on taxes on Trump Tax cuts. Likely everybody's taxes are likely less then what they would have been and that is despite EV tax credits and Solar tax credits Actually Donald Trump extend the Residential Solar Tax credits before he left office. They would be expired by now if he wouldn’t have extended them. Quote Link to comment Share on other sites More sharing options...
Doug Posted July 4, 2022 Share Posted July 4, 2022 52 minutes ago, BOHICA said: I did answer. Nobody pays more cause of non refundable tax credits. Snake posted a link/story on the effects on taxes on Trump Tax cuts. Likely everybody's taxes are likely less then what they would have been and that is despite EV tax credits and Solar tax credits Actually Donald Trump extend the Residential Solar Tax credits before he left office. They would be expired by now if he wouldn’t have extended them. It's a simple question but over your head. If a person gets a tax break of $7500 that means that person does not pay in $7500 in taxes. Thus the tax revenue base has a lose of $7500. Where is the lose of revenue made up. Sure is not a reduction in government subsidies. Your administration want to raise them even higher. More taxes. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 (edited) 1 hour ago, Doug said: It's a simple question but over your head. If a person gets a tax break of $7500 that means that person does not pay in $7500 in taxes. Thus the tax revenue base has a lose of $7500. Where is the lose of revenue made up. Sure is not a reduction in government subsidies. Your administration want to raise them even higher. More taxes. No not more taxes. Gov borrows what it doesn’t have funds for. They don’t increase taxes. Trump actually cut taxes lowering tax revenues they would have otherwise had. Edited July 4, 2022 by BOHICA Quote Link to comment Share on other sites More sharing options...
Doug Posted July 4, 2022 Share Posted July 4, 2022 31 minutes ago, BOHICA said: No not more taxes. Gov borrows what it doesn’t have funds for. They don’t increase taxes. Trump actually cut taxes lowering tax revenues they would have otherwise had. LOL Your not that sharp but you do realize Trump is no longer President? Quote Link to comment Share on other sites More sharing options...
snoughnut Posted July 4, 2022 Share Posted July 4, 2022 4 hours ago, BOHICA said: Then why did Trump lower taxes on businesses and individuals? Mostly rich benefitted from the Trump Tax cuts. Who makes up the lost revenue of all those? Wife and I both own small biz, those tax cuts were nice. I don’t look at it as lost revenue because govt. always finds a way to get their money, I look at it as being over taxed, which we most certainly are in a number of wasteful ways. Quote Link to comment Share on other sites More sharing options...
f7ben Posted July 4, 2022 Share Posted July 4, 2022 7 minutes ago, snoughnut said: Wife and I both own small biz, those tax cuts were nice. I don’t look at it as lost revenue because govt. always finds a way to get their money, I look at it as being over taxed, which we most certainly are in a number of wasteful ways. Unless those tax cuts come with reduced spending it’s just running up the credit card. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 22 minutes ago, Doug said: LOL Your not that sharp but you do realize Trump is no longer President? His tax cuts that took revenue away from the government tax revenue lives on though. George Bush started the EV tax credits. Those live on as well. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 (edited) 15 minutes ago, snoughnut said: Wife and I both own small biz, those tax cuts were nice. I don’t look at it as lost revenue because govt. always finds a way to get their money, I look at it as being over taxed, which we most certainly are in a number of wasteful ways. I don’t see the Trump tax cuts as lost revenue either. I don’t see non refundable tax credits as lost revenue. Only the AOC’s and the squad of the US see them as such. Edited July 4, 2022 by BOHICA Quote Link to comment Share on other sites More sharing options...
Doug Posted July 4, 2022 Share Posted July 4, 2022 1 minute ago, BOHICA said: His tax cuts that took revenue away from the government tax revenue lives on though. George Bush started the EV tax credits. Those live on as well. Deflection is your strong point when you can't answer a question. You also danced around where the lost gas tax revenue is coming from since EV pay no gas tax. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 (edited) 6 minutes ago, Doug said: Deflection is your strong point when you can't answer a question. You also danced around where the lost gas tax revenue is coming from since EV pay no gas tax. So you are against tax credits, deductions, and lower tax rates for all? I’ve answered your questions many times. Nobody pays additional moneys because of credits and deductions. Any shortfalls the government borrows for the shortfalls. Edited July 4, 2022 by BOHICA Quote Link to comment Share on other sites More sharing options...
Doug Posted July 4, 2022 Share Posted July 4, 2022 5 minutes ago, BOHICA said: So you are against tax credits, deductions, and lower tax rates for all? I’ve answered your questions many times. Nobody pays additional moneys because of credits and deductions. Any shortfalls the government borrows for the shortfalls. Does the government manufacture a product or offer a service that makes a profit to pay off what they borrow? Or do they pay with the taxes collected from the tax payer? How about the gas tax that is lost from EV's. You know they drive on the same roads that are maintained from a gas tax trust right? Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 Just now, Doug said: Does the government manufacture a product or offer a service that makes a profit to pay off what they borrow? Or do they pay with the taxes collected from the tax payer? How about the gas tax that is lost from EV's. You know they drive on the same roads that are maintained from a gas tax trust right? Are you against tax deductions, credits and the Trump tax cuts? Yes or no? Simple question. Quote Link to comment Share on other sites More sharing options...
Doug Posted July 4, 2022 Share Posted July 4, 2022 7 minutes ago, BOHICA said: Are you against tax deductions, credits and the Trump tax cuts? Yes or no? Simple question. Another deflection. That a boy Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 3 minutes ago, Doug said: Another deflection. That a boy None answer to my question. I know why cause you would label yourself as a liberal Quote Link to comment Share on other sites More sharing options...
snoughnut Posted July 4, 2022 Share Posted July 4, 2022 49 minutes ago, f7ben said: Unless those tax cuts come with reduced spending it’s just running up the credit card. This country has been on a CC since you were swimming around in your great grandfathers nut sack, maybe longer, what else is new. Quote Link to comment Share on other sites More sharing options...
f7ben Posted July 4, 2022 Share Posted July 4, 2022 2 minutes ago, snoughnut said: This country has been on a CC since you were swimming around in your great grandfathers nut sack, maybe longer, what else is new. Well ....not quite Quote Link to comment Share on other sites More sharing options...
Doug Posted July 4, 2022 Share Posted July 4, 2022 18 minutes ago, BOHICA said: None answer to my question. I know why cause you would label yourself as a liberal Deflection yet again and now labeling all because you have no clue. Copy and paste next? That a boy Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 4, 2022 Gold Member Share Posted July 4, 2022 Just now, Doug said: Deflection yet again and now labeling all because you have no clue. Copy and paste next? That a boy You must be scared to answer my question. I answered yours. Quote Link to comment Share on other sites More sharing options...
SkisNH Posted July 4, 2022 Share Posted July 4, 2022 40 minutes ago, BOHICA said: Are you against tax deductions, credits and the Trump tax cuts? Yes or no? Simple question. Ultimately, yes....everyone should pay somewhere around 12-15% no deductions. Special carve outs = special Interest groups. I will admit I benefited from trumps llc pass through credit. I pay more than most people make. Quote Link to comment Share on other sites More sharing options...
Doug Posted July 4, 2022 Share Posted July 4, 2022 2 minutes ago, BOHICA said: You must be scared to answer my question. I answered yours. Deflection as you do is not a answer. How does the government pay back those loans? By goods and services that they don't produce or tax payer dollars. Quote Link to comment Share on other sites More sharing options...
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