DawgTalkers.net Forums DawgTalk Palus Politicus Trump Campaign Promises Part 5

Exactly!

Don't forget Stephen Miller. Man that guy is pure evil!

That is the largest of the many enormous lies the left has trumpeted for years regarding our tax system. I've been a tax preparer for almost 40 years, I think you'd be astonished at the tax paid - and the tax rate of - the so-called wealthy

What we're showing is that those of you who always say they care about the debt were lying all along.


Reagan said the same thing. Please tell us how you think this will work?


For people such as you. Not for those who count on food assistance and medicaid. But it wouldn't be the first time that people such as yourself have celebrated when the least of us have helped pay for your betterment. That's what some of us are worried about.

No - it's not a lie. It's fact. No matter what circumstancial evidence you think you see ... the uber wealthy absolutely have ways to legally reduce their tax burden in ways that others don't. Trump admitted to that when Buffet called him out on it when he ran term 1, claimed he was smart for taking all the legal tax breaks he could - I guess he meant in addition to him his illegal acivities.

Quotes from Trump on his tax minimization:

"That makes me smart."
“I have a write-off, a lot of it’s depreciation, which is a wonderful charge. I love depreciation.”
(Presidential debate, September 26, 2016)

"I fight very hard to pay as little tax as possible."
(Interview with George Stephanopoulos, ABC News, May 2016)

One more extreme example:

Very low "true tax rate":
Based on IRS data obtained by ProPublica, between 2014–2018, Bezos’s wealth rose by roughly $99 billion, while he reported just $4.22 billion in taxable income and paid about $973 million in federal income taxes—yielding a “true tax rate” of approximately 0.98 %

Zero-income years:
In 2007 and 2011, Bezos paid no federal income tax, despite dramatic increases in his net worth. In those years, deductions and reported losses effectively reduced his taxable income to zero—even allowing him to claim a child tax credit

Long-term average (2006–2018):
Over this 12-year span, his net worth grew by about $127 billion, he reported $6.5 billion in income, and paid around $1.4 billion in federal taxes—averaging a true tax rate of just 1.1 %


Some others here: https://americansfortaxfairness.org...Sheet-Updated.pdf?utm_source=chatgpt.com


So sure .... the uber wealthy pay thier fair share because $973 million is a LOT of money !!! Riiiiggghhhtttt ... between 1% and 3% .... seems fair right huh.

Taking a child tax credit tells me everything I need to know about these billionaires. Geez. Talk about ripping off US taxpayers that pay a much higher percentage on our expediency lower income. That’s robbery.

I don't think he quite understands what some of mean by the word "the wealthiest". "The wealthiest" don't take their taxes to be done by standard tax preparers. They have their own people for that. For some reason he said "the so called wealthy". I don' think he means the same thing you do.

Excellent group and a great web site.

This is just the first step. Let's see what happens over the next 3.5 years. This legislation helps to push everything else forward.

Yes, this is all in the first 6 months.

As for people losing food and medical assistance, let's just wait and see who actually loses what before we parrot the party line.

I think some people need to lose those benefits.

I applaud any effort to save a buck. I'm all for it in fact. But the way DOGE went about it is just about the dumbest thing I've ever seen.

First you look to see where there is verifiable waste. Then get the detail in place to prove you found waste. Then you find who may be responsible.

Take appropriate action.

But no, Musk and his team just bust down the doors of various agencies, fire people and I doubt they even asked any real "AUDITOR" Type questions. And NO ACCOUNTANTS in the bunch.

It wasn't real... It was for SHOW. Which is what Trump and his team of idiots are all about.

To prove it, look at how many had to be called back. Total MORONS

U

And when someone loses their house and become homeless, you Goper’s will say oh well, it’s not me. Asshat Gopers care about no one but themselves. A big middle finger to them all.

How your income taxes will change after Trump signs the ‘big, beautiful bill’ into law

Miriam Waldvogel
Thu, July 3, 2025 at 5:30 PM EDT 4 min read


10.3k

With the GOP’s “big, beautiful bill” headed to President Trump’s desk for signature Friday, wealthy Americans are poised to receive significant tax breaks partly offset by steep cuts to social welfare programs.

The bill makes 2017 tax breaks from Trump’s first term permanent, while adding some new tax breaks, such as no taxes on tips up to $25,000 and a “senior deduction” that will allow more people over 65 to avoid Social Security taxes.

Some policy analyses show the tax cuts for lower earners may be offset by the new costs they incur from lost support for health care and food assistance.

Most households — about 85 percent — would get a tax cut in 2026, according to an analysis from the Tax Policy Center. But while many of the bill’s changes are permanent, other provisions, such as the new deduction for seniors, are set to expire within a couple of years. The center estimates that by 2030, only about 70 percent of households would continue to have a tax break.

The center also estimates that nearly 60 percent of the tax benefits would go to those in the top quintile of annual incomes, or about $217,000 or more. Those households would receive an average tax cut of $12,500.

While other estimates of the bill’s tax changes by income bracket vary, they largely agree the tax breaks generally increase moving up the income ladder.

Here’s how the bill would impact your taxes.

High-income earners (>$217,000)

For taxes filed in 2026, households making between $217,000 and $318,000 would see their aftertax income rise 2.6 percent, a tax break of about $5,400. For Americans making $318,000 to $460,000 — in the 90th to 95th percentile — that cut would be about $8,900, or a 3.1 percent increase to their aftertax income.

Those making between $460,000 and $1.1 million would receive the biggest break: a $21,000 change, increasing their aftertax income by 4.4 percent.

The top 1 percent and the top 0.1 percent — households making more than $1.1 million or $5 million — would see their aftertax incomes increase 3.5 percent and 3.2 percent, respectively.

Middle-income earners ($50,000-$200,000)

The tax breaks for the rest of Americans are far less substantial, according to the center’s estimates.

Households making between $100,000 and $200,000 a year would see their aftertax income increase by 2.5 percent, about a $3,000 tax break. For those making between $75,000 and $100,000, the tax cut as a percentage of income is similar — at about $1,700 or 2.3 percent.

Americans earning between $50,000 and $75,000 will have a $1,000 tax break.

Low-income earners (<$50,000)

For those making between $40,000 and $50,000, that cut will be about $630. Those are aftertax boosts of 1.9 percent and 1.5 percent, respectively.

Those in the bottom quintile of incomes, making below $34,600 a year, would see their taxes decrease by about $150, or a 0.8 percent increase in their aftertax income.

However, benefits low-income Americans might see in tax breaks could be offset by the bill’s sweeping cuts to Medicaid and nutrition assistance.

Federal Medicaid spending is estimated to decrease by about $1 trillion, resulting in about 12 million low-income Americans losing their health insurance by 2034, according to the nonpartisan Congressional Budget Office.

The bill also includes work requirements for Medicaid and for Supplemental Nutrition Assistance Program benefits, previously known as food stamps, which could disenroll millions from both programs.

Other new tax cuts

Many of the bill’s tax deductions will start in 2025, and some of them will be permanent. That includes a permanent increase in the child tax credit to $2,200 and an increase in the standard deduction by $750.

Other new tax cuts, especially those core to Trump’s campaign promises, are set to expire in a couple of years. A new $6,000 deduction for Americans over 65 will last only through 2028. A $25,000 deduction designed to eliminate taxes on tips will also only last for three years. The same goes for another $12,500 deduction meant to curb taxes on overtime.

The amount that households can deduct in state and local taxes on their federal returns, known as the SALT cap, will also increase to $40,000. Previously capped at $10,000, SALT deductions were a major sticking point among House Republicans during the first rounds of negotiations on the bill in May.

All these cuts are expensive, although estimates vary. The Congressional Budget Office says the bill would add $3.4 trillion to the debt over 10 years, while the Committee for a Responsible Federal Budget said it would add $4.1 trillion. The conservative Cato Institute put the figure as high as $6 trillion.

Republicans who claim to be fiscal hawks railed against the bill’s impact on the national debt, saying it would inflict pain on future generations, but many ultimately voted for it.


https://finance.yahoo.com/news/incombe-taxes-change-trump-signs-213058459.html

It's all thumbs up over here.




Seriously my friend, we all want equal opportunity and I think we largely have that. The problem you and many others seek is equal outcome. If it gets to that point, we will all be poor, waiting for the government cheese to arrive.