Trump paid less in taxes than a household that makes 20k per year

[LAUGHatLEFTISTS]

/——-/ How much taxes did you pay in2021? Elon Musk paid $21 billion, putting your bullshit argument to the grave.
BTW, no one said the wealthy pay all of the taxes. That’s just another distortion. They do pay the bulk of taxes while the bottom half pay ZERO INCOME TAXES.

Leftists know as much about taxes as they do economics. Sad really.

 

[DudleySmith]

Leftists know as much about taxes as they do economics. Sad really.

And we have a whole mob of rightwingers who have never even filled out their own tax returns and don't know squat either, but they think sucking up to billionaires will get them Big Important Jobs N Stuff. Why they have this delusion nobody knows, but they seem terrified that the govt. is going to seize granma's beer can collection and snuff cans when she dies.

 

[Cellblock2429]

And almost none of them pay over 17% of the income they actually report, and they also have the largest tax dodges, making the percentages of their total income far lower than 17%.

/-----/ You have no idea what you are talking about. Where do you get your information about them only paying 17%? Sounds like something you just made up.

Summary of the Latest Federal Income Tax Data, 2020 Update

The top 1 percent of taxpayers pay a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

taxfoundation.org

The data demonstrates that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners.[2]

• In 2017, 143.3 million taxpayers reported earning $10.9 trillion in adjusted gross income and paid $1.6 trillion in individual income taxes.
• The share of reported income earned by the top 1 percent of taxpayers rose to 21 percent, from 19.7 percent in 2016. Their share of federal individual income taxes rose to 38.5 percent, from to 37.3 percent in 2016.
• In 2017, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.
• The top 1 percent paid a greater share of individual income taxes (38.5 percent) than the bottom 90 percent combined (29.9 percent).
• The top 1 percent of taxpayers paid a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

 

[Cellblock2429]

And we have a whole mob of rightwingers who have never even filled out their own tax returns and don't know squat either, but they think sucking up to billionaires will get them Big Important Jobs N Stuff. Why they have this delusion nobody knows, but they seem terrified that the govt. is going to seize granma's beer can collection and snuff cans when she dies.

/-----/ What bizarre statements. You're just making crap up and lashing out. I doubt any of us has ever met a billionaire much less sucked up to one for a job. And you can tell your grandma her beer and snuff can collection is safe.
GEEEZE - talk about class envy.

 

[DudleySmith]

/-----/ You have no idea what you are talking about. Where do you get your information about them only paying 17%? Sounds like something you just made up.

Summary of the Latest Federal Income Tax Data, 2020 Update

The top 1 percent of taxpayers pay a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

taxfoundation.org

The data demonstrates that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners.[2]

• In 2017, 143.3 million taxpayers reported earning $10.9 trillion in adjusted gross income and paid $1.6 trillion in individual income taxes.
• The share of reported income earned by the top 1 percent of taxpayers rose to 21 percent, from 19.7 percent in 2016. Their share of federal individual income taxes rose to 38.5 percent, from to 37.3 percent in 2016.
• In 2017, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.
• The top 1 percent paid a greater share of individual income taxes (38.5 percent) than the bottom 90 percent combined (29.9 percent).
• The top 1 percent of taxpayers paid a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

Your little fake chart on payroll taxes is just goofy. No wonder you keep citing it. You keep avoiding the fact the top 1% make over 90% of all income, and of course you can't cite real facts since it destroys your silly narrative. The bottom 50% pay all taxes for 'everybody else', that's where the top 1% ,make their large incomes and capital gains, off other peoples' work. The bottom 50% also pay payroll taxes as well, another fact you don't like to admit. They also pay the bulk of state and local sales taxes as a percentages of their incomes.

 

[DudleySmith]

/-----/ What bizarre statements. You're just making crap up and lashing out. I doubt any of us has ever met a billionaire much less sucked up to one for a job. And you can tell your grandma her beer and snuff can collection is safe.
GEEEZE - talk about class envy.

Yet you keep shilling for them as if they deserve even more tax breaks, even though almost none of them have real jobs. You rightwingers are the mob that has the class warfare obsession, which is why you can't get elected dogcatcher in half the country.

 

[justoffal]

Let this be a lesson in tax politics. The wealthy and corporations are not “taxed enough already” because they do not pay the OFFICIAL tax rate. They pay an EFFECTIVE tax rate.

Trump paid $716 in federal taxes in 2016 and 2017. The average 20k household plays more than $800. Those making between 50k and 75k pay an average of 5k in taxes.

“Real estate offers some unique tax advantages, mainly the ability to write off depreciation against income. It’s common for a real estate investor to show a loss on their income tax return while receiving positive cash flow for the year.

Fractional real estate investors also receive similar benefits. The investment platform Arrived Homes, known for letting investors buy shares of rental properties with as little as $100, paid out $47,000 in dividends to investors in 2021, but only about $2,800 was considered taxable income. The rest was nontaxable return of principal.

That means Arrived Homes investors collectively only needed to report $2,800 in taxable income, despite receiving $47,000 in dividends. Arrived Homes has already paid out $303,000 in dividends so far in 2022 and investors will likely get another nice break come tax time next year.

Another likely reason for Trump’s low tax bills is the use of a tax loss carryforward. Companies such as The Trump Organization can carry losses over from one year to offset taxes in subsequent years. Trump used this strategy after realizing nearly $1 billion in losses in the early 1990s. He was able to carry those losses over each year until 2005.”

How Donald Trump Paid Less In Taxes Than A Household Earning Only $20,000 Per Year

Donald Trump has taken a lot of heat over the years about his income taxes or, more specifically, his ability to get out of paying what most would consider his fair share. Trump has kept a tight grip on his tax returns, becoming the first president in 40 years not to release them to the public...

finance.yahoo.com

All perfectly legal. But here's what you're missing and here's what you guys always miss. His Corporations employed thousands of people all of home paid taxes to the government.
This is the reason corporations should basically be tax free so they can hire more people who will pay more taxes.
In short you're an uneducated idiot.

Jo

 

[justoffal]

Your little fake chart on payroll taxes is just goofy. No wonder you keep citing it. You keep avoiding the fact the top 1% make over 90% of all income, and of course you can't cite real facts since it destroys your silly narrative. The bottom 50% pay all taxes for 'everybody else', that's where the top 1% ,make their large incomes and capital gains, off other peoples' work. The bottom 50% also pay payroll taxes as well, another fact you don't like to admit. They also pay the bulk of state and local sales taxes as a percentages of their incomes.

It doesn't matter if they make 90% of all income they still pay more taxes than the rest do collectively. What they earn is none of your business.

Now if you really want to get down to business do away with payroll taxation all together and go with straight consumption tax.

Jo

 

[DudleySmith]

All perfectly legal. But here's what you're missing and here's what you guys always miss. His Corporations employed thousands of people all of home paid taxes to the government.
This is the reason corporations should basically be tax free so they can hire more people who will pay more taxes.
In short you're an uneducated idiot.

Jo

Red Chinese prison factory workers and miners in Zambia don't provide employment and a tax base here, plus the corporations get tax breaks on their earnings overseas, meanwhile American producers are still paying high tariffs on their goods shipped overseas, which is another hidden tax on consumers that doesn't get counted. The idiotic claim that the 'bottom 50% pay no taxes' is pure unadulterated lying.

 

[DudleySmith]

It doesn't matter if they make 90% of all income they still pay more taxes than the rest do collectively. What they earn is none of your business.

Now if you really want to get down to business do away with payroll taxation all together and go with straight consumption tax.

Jo

I've already said wages shouldn't be taxed at all in other threads on this; it's the rightwingers who are sniveling about what the wage earners at the bottom pay, not me. All you'll get from rightwingers is some idiot 'Fair Tax' scam that pushes even more of the burden down to the lower income brackets.

 

[Cellblock2429]

Your little fake chart on payroll taxes is just goofy. No wonder you keep citing it. You keep avoiding the fact the top 1% make over 90% of all income, and of course you can't cite real facts since it destroys your silly narrative. The bottom 50% pay all taxes for 'everybody else', that's where the top 1% ,make their large incomes and capital gains, off other peoples' work. The bottom 50% also pay payroll taxes as well, another fact you don't like to admit. They also pay the bulk of state and local sales taxes as a percentages of their incomes.

/----/ Prove it's a fake chart. Go Google "who pays the most in taxes in the US" and pick any source you prefer. Get back to us when you have a source, not just your dopey opinion.
And now you talk about payroll tax. I never said anyone is exempt from all taxes (You conviently forgot sales taxes) But, here is an eye opener, people who do have to pay income tax get a refund anyway.

Millions of low-income Americans eligible for tax refund boost this year

Childless workers this year can claim an Earned Income Tax Credit worth up to $1,500 — triple the usual amount.

www.cbsnews.com

 

[Cellblock2429]

Red Chinese prison factory workers and miners in Zambia don't provide employment and a tax base here, plus the corporations get tax breaks on their earnings overseas, meanwhile American producers are still paying high tariffs on their goods shipped overseas, which is another hidden tax on consumers that doesn't get counted. The idiotic claim that the 'bottom 50% pay no taxes' is pure unadulterated lying.

/----/ "The idiotic claim that the 'bottom 50% pay no taxes' is pure unadulterated lying."
True, and you're the only one saying that. That's why we say they pay no Federal Income Tax but still get tax refunds.

Earned Income Tax Credit (EITC) | Internal Revenue Service

If you’re a low- to moderate-income worker, find out if you qualify for the Earned Income Tax Credit (EITC) and how much your credit is worth.

www.irs.gov

 

[hadit]

And almost none of them pay over 17% of the income they actually report, and they also have the largest tax dodges, making the percentages of their total income far lower than 17%.

All the more reason to rewrite the tax code completely and get it down to 5 pages.

 

[SC Patriot]

Most rich people pay Zero taxes SO FXCKING WHAT !...THEY PROVIDE CORPORATE JOBS. If you taxed the Rich at 50%, the amt of money would not make a significant dent in Government Spending.

Actually, rich people pay taxes. Problem is, no one understands how it works.

S-Corp, llp llc......any net income goes to sharholders. Even if they leave it in the company, each shareholder pays personal income tax based on percentage of stock owned for the year earned
C-Corp......they have the right to keep it in the company for R and D or expansion, but the minute a shareholder takes it out for personal use, it is taxable income to that individual....1040 style

S-Corp, LLC, LLP, and c-corp......for every payroll run.....usually either 26 , 48 or 52 times a year, the corporation pays what is called "payroll tax". This is commonly known as an employer tax match and is put towards FICA.

Yes, I know....Sanders, Warren and Maddow know you dont really understand so they simply say that payroll tax is nothing more than the tax money coming out of the employees paycheck. That's becuase they think you are stupid.

It is not...It is an employer "tax match"

 

[LAUGHatLEFTISTS]

And we have a whole mob of rightwingers who have never even filled out their own tax returns and don't know squat either, but they think sucking up to billionaires will get them Big Important Jobs N Stuff. Why they have this delusion nobody knows, but they seem terrified that the govt. is going to seize granma's beer can collection and snuff cans when she dies.

That’s all you got? Weak.

 

[Cellblock2429]

All the more reason to rewrite the tax code completely and get it down to 5 pages.

/——/ That won’t happen while the Swamp is in charge.

 

[SC Patriot]

Your little fake chart on payroll taxes is just goofy. No wonder you keep citing it. You keep avoiding the fact the top 1% make over 90% of all income, and of course you can't cite real facts since it destroys your silly narrative. The bottom 50% pay all taxes for 'everybody else', that's where the top 1% ,make their large incomes and capital gains, off other peoples' work. The bottom 50% also pay payroll taxes as well, another fact you don't like to admit. They also pay the bulk of state and local sales taxes as a percentages of their incomes.

Wait....just to be clear.......you said the bottom 50% ALSO pay payroll taxes as well?

So in other words, you have no idea what payroll taxes are.

Lesson 1.......employees do not pay payroll taxes. Never. Ever. Employers do and it has no affect on the employees paycheck. It is a tax match to add to the employees FICA. Quick....google FICA so you know what I am talking about.
Lesson 2......when the top 1% make their large incomes and capital gains as you claim....they pay 1040 personal income taxes on that income. I know. It sounds complicated.....but you can not avid a 1098 submitted by your portfolio manager as a course of LAW.
Lesson 3.....all pay SALT based on their income. Rich, poor, priveleaged, of color......we all pay SALT.

 

[Blues Man]

Lol even if that were true, it obviously still doesn’t make sense to cut revenue if it blows up the deficit.

Well it is true as every single Congress since Coolidge has increased the debt

 

[bripat9643]

And almost none of them pay over 17% of the income they actually report, and they also have the largest tax dodges, making the percentages of their total income far lower than 17%.

No, that's wrong.

 

[bripat9643]

Wait....just to be clear.......you said the bottom 50% ALSO pay payroll taxes as well?

So in other words, you have no idea what payroll taxes are.

Lesson 1.......employees do not pay payroll taxes. Never. Ever. Employers do and it has no affect on the employees paycheck. It is a tax match to add to the employees FICA. Quick....google FICA so you know what I am talking about.
Lesson 2......when the top 1% make their large incomes and capital gains as you claim....they pay 1040 personal income taxes on that income. I know. It sounds complicated.....but you can not avid a 1098 submitted by your portfolio manager as a course of LAW.
Lesson 3.....all pay SALT based on their income. Rich, poor, priveleaged, of color......we all pay SALT.

The claim that employers pay payroll taxes is a leftwing hoax. That money all comes out of employee compensation.