McConnell Blames Entitlements, Not GOP, for Rising Deficits

Should be paying 70! And before you b****, I am one of them.

DD

 

Yes that was a significant issue, but personal income tax receipts were up 6% (about 96 billion) with the tax cut. I'm curious what was responsible for the massive drop in corporate taxes considering the effective rate didn't drop by anywhere near that much. They dropped by about 31% (93 billion). Maybe it had something to do with the changes to depreciation...anyone have any idea?

I did some searching and found this

https://www.marketplace.org/2018/01...corporations-pay-effective-rate-corporate-tax
http://budgetmodel.wharton.upenn.edu/issues/2017/12/15/effective-tax-rates-by-industry

"The ETR (Effective Tax Receipts), averaged across all industries (weighted by size of industry), declines from 21.2 percent to 9.2 percent in 2018. In 2023, after changes to various deductions under TCJA go into effect, the decline in rates is smaller, from 23.5 percent to 17.3 percent. By 2027, the drop is even smaller, from 22.9 percent to just 18.9 percent."

Maybe that explains it. So it really does drop the effective tax rate a very large amount for the first few years.

 

45% of people pay no federal income tax.

 

And do you take any deductions? Did you protest the tax cuts by paying the old rates under Obama?

 

The high point of the US economy for the average American was in the 1960's and early seventies when the tax rates were much higher and the effective minimum wage was much higher. I suppose the high point for a small group of the rich Americans is now.

It was an amazing con job to convince so many folks with the type of economic indoctrination (voodoo economics per the moderate Republican Bush I) that more and more tax breaks for the rich would not lead to greater deficits but result in an economic boom which would trickle down to the average person.

 

Thanks. When i worked in finance i never saw a coporation pay 36%.

 

My mother voted for Reagan in 80 on him cutting taxes. As a registered nurse she was paying well over 50%

There is nothing good about rates that high. Unfortunately Reagan cut alot of mentally ill health benefits as well as others but the welfare state in 70s had to be reduced

 

I'm not sure you get that "rich people and corporations" don't pay taxes at the same rate as anyone else.....I mean, they pay nearly all of the taxes. Also, when you say that they don't pay at the same rate as anyone else, you do realize that 2/3 of people in the bottom tax bracket pay no taxes at all right? Most of them are in fact nothing but a burden because they get back more than they pay.

It just seems weird whining about those who pay nearly all of the taxes in this country and suggesting that they should pay even more.

 

You mean Jared Kushner? Or maybe Donald Trump?

 

Will let you know when ****TARD Trump releases his taxes, or not at all.

DD

 

Lol what? I was asking you if you paid more taxes since you thought you should be paying more.

 

No, I imagine they pay some federal income tax, though assuredly not as much as you'd like, for the Dems its never enough.

 

Yea... it’s smart for Trump and Kushner to pay less through taking advantage of the system while the middle class and working class stand to loose entitlements.

Glad you are rooting for Trump the Blue Collar billionaire...

 

They pay nearly all the taxes because they are getting most of the income/revenue....

“Them” paying less means the middle class and working class will have to pay more or lose benefits. “Them” can afford to pay more.

 

Yep...they did the same with ACA... intentionally make it not work and then say, “see!”.

 

He just seemed like he felt like he should be paying more so I figured I’d ask.

Also, are you sure that figure is correct? I think it’s significantly higher.

https://taxfoundation.org/high-inco...e-16-times-higher-low-income-households-2010/

That’s an old link but the effective rate was close to 30% then for the top 1%.

 

The top 5% of households, three quarters of whom had two income earners, had incomes of $166,200

They Call it 'starving the beast'

Underfund it and then over regulate it until it fails
then point to a properly funded and non regulated alternative as an example of private being better

Rocket River

 

You say they are getting most of the income like they didn't earn.

We all wannabe rich. Dont hate the ones that get there.

We all have the right to vote, one man obe vote despite what we pay. Your vote counts as much as Trump.

Poor people could get more out of the wealthy if they simply voted