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Translation: Tax Cuts Increased Govt Revenue
This was inevitable, since this has happened every single time the tax rates have been reduced in the past.
finance.yahoo.com/news/american-…
This was inevitable, since this has happened every single time the tax rates have been reduced in the past.
finance.yahoo.com/news/american-…
Oh, But What About the Deficit?
Only the ignorant and people hellbent on deceiving themselves or others believe that tax cuts cause govt deficits. They don't. Out of control federal spending causes deficits. Here's a very detailed apolitical explanation:
Only the ignorant and people hellbent on deceiving themselves or others believe that tax cuts cause govt deficits. They don't. Out of control federal spending causes deficits. Here's a very detailed apolitical explanation:
1. Trump Tax Reform Is Unbelievably Good
The above statement is not partisan. It is as objective as can be. I had great reservations when the bill was being drafted. I was blown away at how good the end product was -- factually and objectively.
The above statement is not partisan. It is as objective as can be. I had great reservations when the bill was being drafted. I was blown away at how good the end product was -- factually and objectively.
2. I am willing to debate this point with anyone of any political persuasion, based solely on objective facts. Open invitation to any Nobel Laureate economist if they want to argue against me on this.
3. The Corporate Tax cut was way overdue to make American businesses competitive with other advanced nations. Despite their political rhetoric, even Democrats agree with that. So let us review the personal income tax changes.
4. The only people whose taxes went up were people who satisfied all three of the following conditions:
a) Live in high tax rate states like NY and CA, and
b) Income above ~$400,000, and
c) No LLC pass-through income
a) Live in high tax rate states like NY and CA, and
b) Income above ~$400,000, and
c) No LLC pass-through income
5. What's more, even in those cases, their taxes went up no more than 1.4%. As I have said many times, I am blown away at how well crafted the Trump Tax Reform was. I would never have expected it to be this good, considering the breadth of changes made.
6. Over 90% of the taxpayers either benefited or had no change, and only the rich (those earning more than $400,000 a year) paid a little more (about 1.4% more). Who could ever ask for more from a broad tax reform?
The End.
The End.
Addendum:
The tax changes were complex. Most people who think they paid more in taxes look at individual line items where their taxes might have seemingly gone up (e.g. deductions they couldn't take any more), but never compare the total tax paid the previous year versus in 2018.
The tax changes were complex. Most people who think they paid more in taxes look at individual line items where their taxes might have seemingly gone up (e.g. deductions they couldn't take any more), but never compare the total tax paid the previous year versus in 2018.
Also, it is a little hard to make an objective comparison, because to be absolutely correct, one really would have to compute the tax liability for 2018 income with and without the tax law changes.
I have taken the trouble of doing that for various income and deduction scenarios. I have documented my conclusions based on extensive research. Hence, I am willing to debate anyone who makes a claim to the contrary. I can prove they are factually incorrect.
Heck, even Andrew Cuomo, the governor of New York, paid less in federal taxes in 2018 versus 2017 on similar income.
Read the below thread for even more color.
Read the below thread for even more color.
