Of course, the notion that allowing Americans to keep more of their own money is tantamount to “giving” them something is just transparently specious. Does any liberal really maintain that government owns all your income, and anything you keep is a gift? Tax rates were not handed to us on Mount Sinai, they were cooked up by economists. In truth, you only “give” taxes, you never keep. And the government only spends.
In any event, the idea that the poor or middle class are being shaken down by the cuts was even more of a dishonest claim. As Chris Edwards has pointed out, the TCJA’s largest percentage tax cuts went to the middle class. Even the liberal Tax Policy Center estimated that 65 percent Americans paid less last year (6 percent paid more) due to tax reform. More than 44 percent of Americans pay no federal income tax. (Though corporate taxes are also a tax on consumers, so cuts benefitted nearly everyone.)
That hasn’t stopped former vice president Joe Biden. “There’s a $2 trillion tax cut last year. Did you feel it? Did you get anything from it? Of course not. Of course not. All of it went to folks at the top and corporations,” the presidential hopeful claimed the other day. It’s a fabrication.
Whenever you hear people bellowing about the wealthy benefitting most from across-the-board tax cuts, they always leave out the fact that wealthy pay the vast majority of income taxes: the top 20 percent of income earners paid over 95 percent of individual income taxes in 2017, the top 10 percent paid 81 percent and the top 0.1 percent paid nearly a quarter of all federal income taxes.
https://thefederalist.com/2019/05/03/as-usual-liberals-were-very-wrong-about-tax-cuts/
In any event, the idea that the poor or middle class are being shaken down by the cuts was even more of a dishonest claim. As Chris Edwards has pointed out, the TCJA’s largest percentage tax cuts went to the middle class. Even the liberal Tax Policy Center estimated that 65 percent Americans paid less last year (6 percent paid more) due to tax reform. More than 44 percent of Americans pay no federal income tax. (Though corporate taxes are also a tax on consumers, so cuts benefitted nearly everyone.)
That hasn’t stopped former vice president Joe Biden. “There’s a $2 trillion tax cut last year. Did you feel it? Did you get anything from it? Of course not. Of course not. All of it went to folks at the top and corporations,” the presidential hopeful claimed the other day. It’s a fabrication.
Whenever you hear people bellowing about the wealthy benefitting most from across-the-board tax cuts, they always leave out the fact that wealthy pay the vast majority of income taxes: the top 20 percent of income earners paid over 95 percent of individual income taxes in 2017, the top 10 percent paid 81 percent and the top 0.1 percent paid nearly a quarter of all federal income taxes.
https://thefederalist.com/2019/05/03/as-usual-liberals-were-very-wrong-about-tax-cuts/