well, it depends on whether you're looking at absolute dollars versus percentage benefit. Every major tax reform from Republicans during my lifetime (as far as I know) has cut taxes for lower incomes a bigger percentage than for higher incomes.
So if rich person got a 2% total income tax cut, a less-rich person probably got 3% or 4%.
I don't like that at all even though I'm far from the top 1% of earners.
Tax cuts should go to people who pay taxes in proportion that they pay taxes, and really the income tax should be at a flat rate, not "progressive."
People who use the term "trickle-down economics" these days tend to be people who don't understand economics but I'll just note that it's just a synonym for "people keeping more of what they earn" and "people getting less of what other people earned."
You can go check CBO scoring of the no tax on tips thing, but my primary objection isn't fiscal. It's political and moral.
Yeah, I didn’t go to Columbia so I am sure I don’t understand economics as well as you. If you want to help fix the national debt, which is something we agree on, extending tax cuts for anyone is probably not a great idea even though that will hurt me personally.
I don't claim that tax cuts pay for themselves completely they though do tend to partially when coming down from levels that reduce economic activity and growth. So I support tax cuts that are essentially equal on a percentage basis for everyone who actually pays taxes.
I'm sick of "tax cuts" for people who don't pay taxes, which just means they get more of other people's money.
At this point it's hard to see how we don't end up with a massive fiscal disaster. The last several presidencies have been just terrible, even if you take out additional COVID spending (which you really can't because it's in our debt now). And now this insane bill will keep the level of spending we had "temporarily" during COVID as a new baseline. Really, it's fiscal suicide.
We do NOT have a revenue problem. We have a spending problem.
As for this stuff about saying no tax on particular forms of ordinary income, I'm against all of that. It will tend to cause certain classes of people to pay less on the same earnings than other people pay on the same amount of ordinary income. And it creates more people who lay little or zero tax, and those people will tend to support bigger government because they know that other people will have to pay for it. This is part of the reason many low-income folks support Trump and part of the reason that, despite the great positive of the 2017 tax reforms, he is now showing himself as being as fiscally reckless as almost any Democrat.
Can we be clear on which way he redistributes wealth? You can’t be saying this bill is better for lower income people than the top 1%? Do you really think taxing tips is protecting the deficit? When tips were cash nobody paid them and now that most tips go through payroll it is an increased burden on often young citizens who have the deck stacked against them right now. Do you really still believe in trickle down economics?
well, it depends on whether you're looking at absolute dollars versus percentage benefit. Every major tax reform from Republicans during my lifetime (as far as I know) has cut taxes for lower incomes a bigger percentage than for higher incomes.
So if rich person got a 2% total income tax cut, a less-rich person probably got 3% or 4%.
I don't like that at all even though I'm far from the top 1% of earners.
Tax cuts should go to people who pay taxes in proportion that they pay taxes, and really the income tax should be at a flat rate, not "progressive."
People who use the term "trickle-down economics" these days tend to be people who don't understand economics but I'll just note that it's just a synonym for "people keeping more of what they earn" and "people getting less of what other people earned."
You can go check CBO scoring of the no tax on tips thing, but my primary objection isn't fiscal. It's political and moral.
Yeah, I didn’t go to Columbia so I am sure I don’t understand economics as well as you. If you want to help fix the national debt, which is something we agree on, extending tax cuts for anyone is probably not a great idea even though that will hurt me personally.
they're really two different arguments.
I don't claim that tax cuts pay for themselves completely they though do tend to partially when coming down from levels that reduce economic activity and growth. So I support tax cuts that are essentially equal on a percentage basis for everyone who actually pays taxes.
I'm sick of "tax cuts" for people who don't pay taxes, which just means they get more of other people's money.
At this point it's hard to see how we don't end up with a massive fiscal disaster. The last several presidencies have been just terrible, even if you take out additional COVID spending (which you really can't because it's in our debt now). And now this insane bill will keep the level of spending we had "temporarily" during COVID as a new baseline. Really, it's fiscal suicide.
We do NOT have a revenue problem. We have a spending problem.
As for this stuff about saying no tax on particular forms of ordinary income, I'm against all of that. It will tend to cause certain classes of people to pay less on the same earnings than other people pay on the same amount of ordinary income. And it creates more people who lay little or zero tax, and those people will tend to support bigger government because they know that other people will have to pay for it. This is part of the reason many low-income folks support Trump and part of the reason that, despite the great positive of the 2017 tax reforms, he is now showing himself as being as fiscally reckless as almost any Democrat.
Can we be clear on which way he redistributes wealth? You can’t be saying this bill is better for lower income people than the top 1%? Do you really think taxing tips is protecting the deficit? When tips were cash nobody paid them and now that most tips go through payroll it is an increased burden on often young citizens who have the deck stacked against them right now. Do you really still believe in trickle down economics?
Well Trump is a old school democrat, so this makes sense
Unanimous Senate Bill on "No tax on Tips" much ?