The Last 4 Years.

[sdskinsfan2001]

Originally Posted by Darrell Green Fan

We all felt the inflation. But that has ended, the rate adjustments did exactly as intended. Are you even aware that post COVID every country in the world had big inflation? If you look at the rankings the US is far far down the list.

Are you even aware of this?

https://tradingeconomics.com/country...inflation-rate

So blaming the Biden Administration for our inflation when it was a global problem is unfair and off the mark. What else you got? The much anticipated recession never happened. While I do not believe the President has a lot to do with the stock market Trump's claim that our 401's will be cut in half under Biden simply did not happen. Have you checked your balance lately?

Kamala's plan is to lower tax burdens on the middle class where Trump will try again to give tax breaks to the uber rich such as himself. Are you really OK that you pay more in taxes than Donald Trump does? Really? He agreed with Elon Musk about firing striking workers.

He will not help you and your family. That is a false narrative he has sold to you and others.

How is she going to accomplish this plan? And I use the words "her plan" fast and loose.

80% of Americans got a tax cut with the Trump tax cuts. If you don't agree with tax cuts at all, fine, but don't keep pumping the lie that only the rich benefited. A majority of American's got to keep more of their own money with his tax cuts.

https://www.washingtonpost.com/polit...umps-tax-cuts/

Because there are far more people in the middle class, there are fewer dollars to share per taxpayer when the savings from a tax cut are divvied up. The nonpartisan Joint Committee of Taxation estimates that 572,000 taxpayers will file returns with an income category of more than $1 million, compared with more than 27 million in the $50,000 to $75,000 category and almost 70 million in the under-$50,000 category.

If the wealthy end up with more money because they pay more in taxes, that’s not necessarily a fair way to look at tax legislation. The top 1 percent in 2014 earned 20 percent of adjusted gross income and paid nearly 40 percent of federal taxes, according to the Tax Foundation. The Tax Policy Center estimates that in 2018, the top 1 percent would get 20.5 percent of the tax cuts.

Moreover, when both the Joint Tax Committee and the Tax Policy Center looked at the impact of the tax bill, they concluded that in 2018, most people would see an overall reduction in taxes. The Tax Policy Center found that 80.4 percent of all taxpayers would have a tax cut, compared with about 5 percent experiencing a tax increase. In the middle quintile, 91 percent would get a tax cut, averaging about $1,090, with 7.3 percent facing a tax increase averaging about $910.

[Darrell Green Fan]

Originally Posted by sdskinsfan2001

How is she going to accomplish this plan? And I use the words "her plan" fast and loose.

80% of Americans got a tax cut with the Trump tax cuts. If you don't agree with tax cuts at all, fine, but don't keep pumping the lie that only the rich benefited. A majority of American's got to keep more of their own money with his tax cuts.

https://www.washingtonpost.com/polit...umps-tax-cuts/

Because there are far more people in the middle class, there are fewer dollars to share per taxpayer when the savings from a tax cut are divvied up. The nonpartisan Joint Committee of Taxation estimates that 572,000 taxpayers will file returns with an income category of more than $1 million, compared with more than 27 million in the $50,000 to $75,000 category and almost 70 million in the under-$50,000 category.

If the wealthy end up with more money because they pay more in taxes, that’s not necessarily a fair way to look at tax legislation. The top 1 percent in 2014 earned 20 percent of adjusted gross income and paid nearly 40 percent of federal taxes, according to the Tax Foundation. The Tax Policy Center estimates that in 2018, the top 1 percent would get 20.5 percent of the tax cuts.

Moreover, when both the Joint Tax Committee and the Tax Policy Center looked at the impact of the tax bill, they concluded that in 2018, most people would see an overall reduction in taxes. The Tax Policy Center found that 80.4 percent of all taxpayers would have a tax cut, compared with about 5 percent experiencing a tax increase. In the middle quintile, 91 percent would get a tax cut, averaging about $1,090, with 7.3 percent facing a tax increase averaging about $910.

As the top 1% clearly benefitted far more than a $1,000 tax cut I stand on the positon that the top 1% had a much bigger tax cut than the average worker. Kamala is looking to change that and have the top 1% pay more and the average American pay less.

[sdskinsfan2001]

Originally Posted by Darrell Green Fan

Let's review your math. From you article the top 1% had their tax rates reduced from nearly 40% to 20% while the average middle class earner had a tax break of a thousand bucks. Does it needed to be pointed out that a 20% decrease at the income levels of the top 1% is a much much larger number than $1,000? So obviously the top 1% benefitted far more than the average worker. Kamala is looking to change that and have the top 1% pay more and the average American pay less.

If you pay 20k per year in taxes and I pay 10k per year in taxes, then they cut your rate 5% and mine receives a higher cut of 7.5%, you would still "get" more money than me because you paid more. You would get to keep an extra 1k and I would get to keep an extra 750. Is this unfair? No, it makes sense, if you pay more you could keep more actual dollars even if my tax rate cut was higher.

Note - I was already responding to your original post, while it looks like you were editing.

[Darrell Green Fan]

Originally Posted by sdskinsfan2001

If you pay 20k per year in taxes and I pay 10k per year in taxes, then they cut your rate 5% and mine receives a higher cut of 7.5%, you would still "get" more money than me because you paid more. You would get to keep an extra 1k and I would get to keep an extra 750. Is this unfair? No, it makes sense, if you pay more you could keep more actual dollars even if my tax rate cut was higher.

Note - I was already responding to your original post, while it looks like you were editing.

I had edited my post because I misread yours. We both agree that a tax break will beneifit the 1% far more than the average worker. So therefore the tax breaks benefitted the ultra wealthy far more than Sam the butcher as I have always claimed. Kamala is simply trying to change that.

It's no secret that the ultra rich pay very little in taxes, as I have posted in the other thread Trump literally bragged about it. Well some of feel that is very very wrong.

[sdskinsfan2001]

Originally Posted by Darrell Green Fan

I had edited my post because I misread yours. But tell me how I am wrong when I say a big tax break to a 1% would not be substantially higher than the $1,000 average tax break the middle class realized. So therefore the tax breaks benefitted the ultra wealthy far more than Sam the butcher as I have always claimed.

Looking at total dollars is the wrong way to look at it, that's why you're wrong. The top 1% tax rate dropped from 39.6% to 37%. Middle class dropped from 25% to 22% and lower middle class dropped from 15% to 12%.

3% >>> 2.6%

So the middle class got to keep a higher % of their income and pay a drastically lower tax rate in general.

If Kamala wants to drop my tax rate even lower than 22%, I'll take it. Is that what she's proposing? I haven't seen that anywhere.

When looking at any stat, you can't just look at the total number. You have to look at %'s, ratio's, per capita, etc.

[Darrell Green Fan]

Originally Posted by sdskinsfan2001

Looking at total dollars is the wrong way to look at it, that's why you're wrong. The top 1% tax rate dropped from 39.6% to 37%. Middle class dropped from 25% to 22% and lower middle class dropped from 15% to 12%.

3% >>> 2.6%

So the middle class got to keep a higher % of their income and pay a drastically lower tax rate in general.

If Kamala wants to drop my tax rate even lower than 22%, I'll take it. Is that what she's proposing? I haven't seen that anywhere.

When looking at any stat, you can't just look at the total number. You have to look at %'s, ratio's, per capita, etc.

You make a fair point however as I said in my edited post (you are too quick for me) it's no secret that the ultra wealthy have ways to pay very little in taxes. Trump literally bragged about it and said it was smart and if you don't like it get the laws changed, which I totally agree with. However something is terribly wrong when a man like Donald Trump paid far less in taxes than you did. So I'm voting for the person who will fight to change that.

[nonniey]

Originally Posted by Darrell Green Fan

You make a fair point however as I said in my edited post (you are too quick for me) it's no secret that the ultra wealthy have ways to pay very little in taxes. Trump literally bragged about it and said it was smart and if you don't like it get the laws changed, which I totally agree with. However something is terribly wrong when a man like Donald Trump paid far less in taxes than you did. So I'm voting for the person who will fight to change that.

Which is why the Dems rate increases hurt the middle and lower classes more than they hurt the rich. The problem with the Dems taxing plans (and has always been that problem) are the deductions, exemptions, the shelters etc. that benefit the rich. Why do you think many maybe even most of the rich support the Dems more than the GOP? Dem plans always seem to include tax incentives for targeted areas most of which benefit the wealthy. Example Obamas tax plans incentive to buy electric cars which at the time only the very wealthy could afford to take advantage of.