In describing the GOP tax cuts, House Minority Leader Nancy Pelosi said that they and bonuses American workers were getting were "crumbs." They were "tax cuts for the rich." Some argued that the tax cuts would reduce revenues. Pelosi predicted, "This thing will explode the deficit." How about some tax facts?..........According to the Congressional Budget Office, revenues from federal income taxes were $76 billion higher in the first half of this year than they were in the first half of 2017........federal revenues will continue to exceed last year's for the rest of 2018.........
Our massive deficit is a result not of tax cuts but of profligate congressional spending that outruns rising tax revenues..............45 percent of American households, nearly 78 million individuals, have no federal income tax obligation..........if one doesn't pay federal taxes, why should he be happy about a tax cut? What's in it for him?..........the top 1 percent of earners made about 21 percent of the nation's income, but their share of federal income taxes was 39 percent. They paid more in income taxes than the bottom 90 percent, who paid 29.4 percent of federal income taxes.......the top 50 percent of taxpayers paid 97.2 percent of all individual income taxes. Also, the top 1 percent had an income tax rate of 27 percent, while the bottom 50 percent had a tax rate of less than 4 percent. It turns out that 892,420 households” out of roughly 34 million total households” paid 39 percent of federal taxes that year. Most Americans have little or no federal income tax obligation, so how in the world is it possible to give a tax cut to them?..........corporations do not pay taxes. If a tax is levied on a corporation, it will have one or more of the following responses in order to remain in business. It will raise the price of its product, lower its dividends to shareholders and/or lay off workers.............. We can think of corporations as tax collectors...............To Read More...
Our massive deficit is a result not of tax cuts but of profligate congressional spending that outruns rising tax revenues..............45 percent of American households, nearly 78 million individuals, have no federal income tax obligation..........if one doesn't pay federal taxes, why should he be happy about a tax cut? What's in it for him?..........the top 1 percent of earners made about 21 percent of the nation's income, but their share of federal income taxes was 39 percent. They paid more in income taxes than the bottom 90 percent, who paid 29.4 percent of federal income taxes.......the top 50 percent of taxpayers paid 97.2 percent of all individual income taxes. Also, the top 1 percent had an income tax rate of 27 percent, while the bottom 50 percent had a tax rate of less than 4 percent. It turns out that 892,420 households” out of roughly 34 million total households” paid 39 percent of federal taxes that year. Most Americans have little or no federal income tax obligation, so how in the world is it possible to give a tax cut to them?..........corporations do not pay taxes. If a tax is levied on a corporation, it will have one or more of the following responses in order to remain in business. It will raise the price of its product, lower its dividends to shareholders and/or lay off workers.............. We can think of corporations as tax collectors...............To Read More...
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