We all know by now how much the left and Biden likes to tell us how the “Trump Tax Cuts” only benefited the wealthy.

If that was the case and if they expire why would 60% of Americans see an increase?

How the TCJA’s Expiration Will Affect You

quote:
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.

quote:
In 2017, the year before the new tax changes took effect, the bottom half of taxpayers paid an average tax rate of 4.0 percent. After the TCJA took effect in 2018, the average tax rate for the bottom half dropped to 3.4 percent. Likewise, the average tax rate paid by the top 1 percent of taxpayers decreased from 26.8 percent in 2017 to 25.4 percent in 2018. Average rates declined across all income groups and have remained below their 2017 levels since.

quote:
Further, we estimate making the individual provisions of the TCJA permanent would reduce taxes for about 62 percent of filers, leave taxes unchanged for about 29 percent, and increase taxes for just under 9 percent of filers in 2026.

Seems like the tax cuts benefited everyone.

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Posted by roadGator

Member since Feb 2009

154573 posts

Posted on 6/11/24 at 5:57 pm to Veritas

Democrats lie. It’s expected. The media won’t hold them to account so people like the lefty yankee OSU fan think Dems are awesome.

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Posted by minister of truth

Somewhere new for 6-12 months

Member since May 2022

1873 posts

Posted on 6/11/24 at 5:57 pm to Veritas

& death——>

3 things that are certain

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Posted by nfcpa

Baton Rouge

Member since Sep 2009

18 posts

Posted on 6/11/24 at 7:08 pm to Veritas

I do about 400 individual returns and when the Trump tax changes were passed I ran everyone’s taxes before and after the law changes. I wrote on each clients transmittal form exactly how much the Trump tax changes benefitted them. That way they could ignore TV and know for sure. 98% of my clients saved money and for most of them the savings were significant. I represent everyone across the economic spectrum. There is no question that his changes greatly benefited everyone and were a direct catalyst to the economic surge. The so called rich saved money but in turn gave their employees good raises to pass on some of the money they saved.

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