Because you have zero idea if that is true. More importantly, are you talking percentages or whole dollars? Of course, any tax reduction will benefit the rich more in whole dollars because they make so much more money. But the key is percentage reduction. Libs and the media routinely lie about tax cuts (e.g. benefitting the rich more than the middle class) by not telling the whole story. You seemed to fall into that same line of discourse.
Tax Plan Shifts Trillions From U.S. Coffers to Richest Families
- Thread starter moe
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Because you have zero idea if that is true. More importantly, are you talking percentages or whole dollars? Of course, any tax reduction will benefit the rich more in whole dollars because they make so much more money. But the key is percentage reduction. Libs and the media routinely lie about tax cuts (e.g. benefitting the rich more than the middle class) by not telling the whole story. You seemed to fall into that same line of discourse.
If you are against the death tax, why even debate it. Just get rid of it, right?
From Forbes (using IRS data)
Here’s a breakdown of who is paying the estate tax based on recent Internal Revenue Service statistical data for taxable estate tax returns filed in 2015:
Size of estate Number of estates Net estate tax
Under $5 million 665 $351,764,000
$5 m < $10 m 2,298 $1,928,999,000
$10 m < $20 m 1,150 $3,349,538,000
$20 m < $50 m 540 $4,062,621,000
$50 m and up 266 $7,392,722,000
https://www.forbes.com/sites/ashlea...victory-yield-estate-tax-repeal/#720f6da2528a
Here’s a breakdown of who is paying the estate tax based on recent Internal Revenue Service statistical data for taxable estate tax returns filed in 2015:
Size of estate Number of estates Net estate tax
Under $5 million 665 $351,764,000
$5 m < $10 m 2,298 $1,928,999,000
$10 m < $20 m 1,150 $3,349,538,000
$20 m < $50 m 540 $4,062,621,000
$50 m and up 266 $7,392,722,000
https://www.forbes.com/sites/ashlea...victory-yield-estate-tax-repeal/#720f6da2528a
I just countered his statement with the opposite. I didn't disagree with his.
And at the same time he wants to eliminate the federal deductions for state and local income taxes for folks who itemize. The rich don't care because this is negligible to them and the very poor don't care because they use the standard deduction, so this negatively impacts the middle class who itemize.
Carry on thinking trump is looking out for giving you and I in the middle class tax breaks.
I know ... I wasn't criticizing your statement ... just following along.
2009, 66% used standard while 33% used itemized deduction. Earnings > $100,000 the vast majority itemized. Earnings over $500,000, fewer than 6% used standard deduction.
Your argument is absolutely false on numbers who itemize. That is a rich man's program, and they hire lawyers and accountants to minimize the bite.
Your entire premise may be incorrect. The base reason for the tax break is to stimulate the economy. Not really sure he gives a damned about the tax brackets of individuals. Whereas, the hard headed liberals would prefer to maintain the current course if a change will benefit someone of wealth. To validate, would you rather see Trump not get a billion dollar boost if that was necessary to get GDP to 6%? Let the world suffer just to keep a rich person from deriving a benefit? That is what parents were talking about when they told us about cutting nose off to spite face.
People who earn over $100,000 are still middle class.
If you are earning over $500 K and using the standard deduction, you are a moron.
Itemizing is not a rich man's program,
![[laughing]](http://l.yimg.com/j/assets/img/emoticons/classic/laugh.r191677.gif "Laughing [laughing]")
, it's a smart man's program.
I am sure you understand that the report had an increment Of 100G to 500G- not further fragmented. No intent to deceive. As to your moron comment, I will leave that to you as the rest of us were privy to his finances, but I would suggest to you that someone over 500 grand in earnings is probably reasonably intelligent. Tax accountants are a commodity that can be purchased. On the other hand, maybe he was one of the liberals who felt he/she didn't pay fair share. Perhaps Coop could volunteer his services for a price.People who earn over $100,000 are still middle class.
If you are earning over $500 K and using the standard deduction, you are a moron.
Itemizing is not a rich man's program,
