Roger
on October 18, 2024
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PLEASE KNOW THIS BEFORE YOU VOTE (take 2 min please?)
The IRS recently published a trove of taxpayer data for calendar year 2021. The chart below shows taxpayers broken down by income segment from highest to lowest: Top 1%, 1% to 5%, 5% to 10%, and so on.
We see a comparison of the tax burden for each segment in 2017 vs 2021. In 2017, a law was passed called the TCJA, which stands for “Tax Cuts and Jobs Act”. Some very dishonest politicians like to characterize this as benefitting only the wealthy. Some politicians call these the "Trump Tax Cuts". (Hint: it's a whole party whose name begins with "D").
In fact, the TCJA achieved reduced tax rates for ALL segments (the light blue bars compared to the beige bars). NOTE: in 2017 (prior to the TCJA), the top 1% shouldered 38.47% of all income taxes, whereas in 2021, the top 1% paid 45.78% of all fed inc taxes. So, THE TOP 1%'s SHARE OF THE TAX BURDEN INCREASED substantially after the TCJA (the bright orange bar compared to the dark blue bar).
THE TCJA IS SCHEDULED TO SUNSET IN 2025.
If (D) controls the white house and congress, these tax cuts will probably expire. If (R) has control, they'll almost certainly be extended.
NOW GO VOTE!
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KimberlyC
Whenever govt raises or lowers income tax they do a bait and switch. It doesn't matter which party is in the majority either.
October 18, 2024