This is to bring into one place a few of my past posts regarding the tax reforms Trump passed via the TCJA (Tax Cuts and Jobs Act). They are not reforms in the way conservatives think of them. But neither did they overwhelmingly benefit “the rich” and large corporations and did little or nothing to help middle class families — as Democrats state it.
I will date my posts as I add them in a mixed order. But first… let us start this grand flashback with YAHOO NEWS (February 13, 2019):
- The TCJA reduced the average federal tax rate from 20.8 percent to 19.3 percent for all filers. The bottom 20 percent of earners saw their average federal tax rate fall from 1.2 percent to nearly 0 percent. (TAX FOUNDATION | August 5, 2021)
RPT: December 28, 2017
(As an aside, I sent the “calculator” linked below to my wife’s uncle as he expressed concern in a private discussion to him paying more.)
There are critics however, as noted by Robb Sinn at THE FEDERALIST (November 02, 2020):
Here are the links one should enjoy spending time in via my membership retirement org, AMAC:
- TCJA lowered the average federal tax rate for all filers: TCJA reduced the average federal tax rate from 20.8percent to 19.3 percent for all filers.
- The lowest income earners paid less in taxes: The bottom 20 percent of earners saw their average federal tax rate fall from 1.2 percent to 0 percent – a lower rate than the previous 40-year average.
- The highest earners paid the highest share of taxes: The top 1 percent of households saw their share of federal taxes paid increase from 25.5 percent in 2017 to 25.9 percent in 2018.
And please note this as well:
- …Wages for all workers and measures of real wages show similar upticks. Census Bureau data also show that real household income reached an all-time high in 2019, growing by $4,400 (a 6.8% one-year increase). … (HERITAGE FOUNDATION | March 24, 2021)
RPT: December 4, 2017
GAY PATRIOT [now, sadly, defunct] comments on the main idea that the Left are a bunch of babies with almost zero understanding of anything economic:
- It is comical to see Democrats feigning outrage over the claim (likely false) that the GOP tax reform plan will add to the national debt. Talk about a head-snapping about face! Where was the Dems’ concern about debt when the Obama administration ran up $10 trillion of it?
RPT: May 25, 2022
(OG Post was March of 2016)
The bottom small section was posted March of 2016… the updated information comes to us as a way of emboldening the comparisons between Hillary’s tax plan and Trump’s compared. With the predictions made about Trumps’ plan coming to fruition.
The WASHINGTON EXAMINER (Dec 2021) has a tracking of how these tax plans worked out (note the highlighted portion readers):
And in April of 2022 AMERICAN’S FOR TAX REFORM noted that this delve into the IRS data shows strongly that the “Trump Tax Breaks for the Rich” helped the middle class the most:
Yep, another Democrat myth about Trump bites the dust. Here is the small original post:
ORIGINAL 2016 POST
This is with thanks to the US Tax Center:
(to enlarge right click on image and “open in another tab”)