Biden Signals $2 Trillion Tax Increase If He Wins Re-Election

[psk836]

https://www.msn.com/en-us/money/markets ... r-AA1o0iUt

"President Biden signaled he would let tax cuts from the 2017 Tax Cuts and Jobs Act expire if re-elected, which would increase taxes on most Americans as inflation rises.

The TCJA reduced tax rates and widened brackets across all income levels."

“The TCJA reduced average tax rates for taxpayers at all income levels because it lowered marginal tax rates, widened tax brackets, doubled the child tax credit and zeroed out personal and dependent exemptions, nearly doubled the standard deduction, and limited several itemized deductions and the alternative minimum tax, among other changes,” the report noted. “Average rates declined across all income groups and have remained below their 2017 levels since.”

"A senior fellow criticized Biden for both endorsing a $2 trillion tax hike on most earners by letting it expire, while also claiming deficit savings from full expiration but pledging to extend cuts for those under $98th percentile, which would cost $2 trillion.
“Biden just endorsed a $2 trillion tax hike on earners under $400k (breaking his no-new-taxes pledge for such earners), and and endorsed cutting the child credit down to $1,000,” Manhattan Institute Senior Fellow Brian Riedl said. “The White House wants it every way on the TCJA: 1) They demand to end the ‘Trump tax cuts’ – and write a budget claiming all the deficit savings from full expiration, but then also: 2) Pledge to extend for the bottom 98%, which costs $2 trillion over the decade.”

In short, Biden indicated he would undo tax cuts despite high living costs facing many Americans."

[pete]

Cutting expenses never enters their minds. Ever

[Evil]

Why were our puny cuts temporary while the 80% that went to the wealthy were permanent?

[donttreadonme]

Cutting expenses never enters their minds. Ever

Knobjob sez this with a straight face after his king ran up the debt by 8 trillion in just 4 years.

[nolaxride]

Wow... the average person will pay an extra $2 a week.

How about everyone pays 10 percent of all money received from all sources with no deductions? Get welfare, pay 10 percent. Make a million, pay 10 percent. You can do your tax return on a post card.

[psk836]

Why were our puny cuts temporary while the 80% that went to the wealthy were permanent?

December 2021:
https://news.yahoo.com/irs-data-prove-t ... 07569.html

IRS data proves Trump tax cuts benefited middle, working-class Americans most


"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."

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.

[Evil]

Why were our puny cuts temporary while the 80% that went to the wealthy were permanent?

December 2021:
https://news.yahoo.com/irs-data-prove-t ... 07569.html

IRS data proves Trump tax cuts benefited middle, working-class Americans most


"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."

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.

MARCH 5, 2024
The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises

Was skewed to the rich. Households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent, according to the Tax Policy Center (TPC).[1] As a share of after-tax income, tax cuts at the top — for both households in the top 1 percent and the top 5 percent — are more than triple the total value of the tax cuts received for people with incomes in the bottom 60 percent.[2]

https://www.cbpp.org/research/federal-t ... to-deliver


You couldn't explain why our puny cuts are temporary and their massive cuts were permanent?

[Chester Cheesewright]

The TCJA reduced tax rates and widened brackets across all income levels

► That’s easy to say, even though it’s total BS

[psk836]

When the facts don’t match the progressive narrative, progressives ignore the facts.

[pete]

RabbitHole Boy steered clear of the percentages and went to dollar amounts