Below is our leader now:
Also,  , obviously , Trump should remain “proud” of the Tax Cuts and Jobs Act, which is set to expire at the end of 2025. Biden’s campaign promise to pass a$ 2 trillion tax increase, one of the biggest in American history, would be run in a perpetual ad loop if the GOP presidential candidate had any sense.
Of course the wealthy benefited. As did anyone elsewhere. Yet the , New York Times , and , Washington Post , were compelled to admit as much.
In natural terms, as with any across- the- table tax cut, Trump’s reform helped higher earners most, because great earners pay most of our national taxes. In 2023, the best 1 percent , paid , eight times the price paid by the lower half of citizens. The notion that the wealthy are n’t making their money is a dreadful zero-sum financial misconception that is perpetuated by racketeering racketeering class soldiers on both sides. If everyone really paid his” good discuss” in this country, we’d get decades deep into a violent revolution.
If anything, the issue with Trump’s revenue cuts was that the script became more liberal, although other downsides include the lack of any matching cuts or reforms of debts- driving entitlements. Quite the opposite.
As a percentage of income, although, the Trump tax cuts benefited the middle school most, as , Justin Haskins , explained:
According to a thorough analysis of IRS tax data, which includes the effects of tax credits and other tax code changes, filers with adjusted gross income ( AGI ) of$ 15, 000 to$ 50, 000 experienced an average tax cut of 16 percent to 26 percent in 2018, the first year the Tax Cuts and Jobs Act was passed, and the most recent year for which data is available.
Filers who earned$ 50, 000 to$ 100, 000 received a tax break of about 15 percent to 17 percent, and those earning$ 100, 000 to$ 500, 000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.
By comparison, no income group with an AGI of at least$ 500, 000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at$ 1 million was less than 6 percent. ( For more extensive information, see my stand published , here. )
That means that the majority of people earning$ 1 million or more received tax cuts that were at least twice as large as those received by households earning$ 1 million or more.
Let’s not forget, as well, when” that tax cut is going to expire” —and there are no assurances anything would pass to take its place—that would slash child tax credits from$ 2, 000 per child to$ 1, 000 and cut additional credits for older children and dependents in half. Additionally, it is important to remember that corporate taxes, which Trump reduced from 35 % to 21 % and Republicans raised once more, are also just a tax on consumers.
You might remember the Democrats ‘ fearmongering and theatrical breakdowns following the tax reform. Larry Summers, a comparatively modest tone on the left, warned Trump’s act was” a menace to democracy” and may lead to more than 10, 000 dying Americans , every year.
” Armageddon”, House Minority Leader Nancy Pelosi , warned, declaring Trump’s tax cut “one of the worst bills in the history of the United States Congress” — potentially, then, in a category with the Fugitive Slave Act and the Espionage Act. Unhinged progressive economist Bruce Bartlett said on MSNBC the tax cuts were “really akin to rape” of the poor, while the Washington Post ran an article from a “depression historian” who , contended,  ,” The GOP tax bill is straight out of 1929″.
What happened? The bill was passed by the end of 2017. In 2018, the real GDP , increased , 3.1 percent, compared with an increase of 2.5 percent the previous year. Compared to 1.9 percent in 2017, the price index for GDP purchases increased by 2.1 percent in 2018.
Many “new right” populists do n’t like defending tax cuts ( Ronald Reagan talked about them a lot, so yuck ). However, the typical American family, which is middle-class, lives in the suburbs, and casts large numbers, will undoubtedly be more worried about a rising tax bill than any other issue that might irritate the populist Internet influencer crowd.  ,  ,
