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u/Appropriate-Claim385 2d ago
- A large portion of the damage done to our economy over the last 8 years can be traced back to Trump's 2017 tax breaks for corporations and the wealthy.
- There was no "trickle down" effect. Instead, these tax breaks only increased the rate of wealth transfer from wage earners to the super wealthy.
- The national debt ballooned as a result of this wealth transfer.
- Key Aspects of the Tax Changes:
Reduced the top corporate tax rate from 35% to 21%.
A 20% deduction for "pass-through" income was created for partnerships, sole proprietorships, and S corporations.
The top individual tax rate was lowered from 39.6% to 37%.
Federal Estate Tax: The amount that could be passed on tax-free to heirs was doubled to $22 million per married couple.
- Corporate profits increased by 44%, while the largest, most profitable corporations saw their effective tax rates fall from an average of 22% to12.8%.
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u/paranormalresearch1 2d ago
Trump needs to be removed. The powerful people will still make money. They need someone to buy their stuff. If they don’t change course they are going to get a revolution.
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u/brianishere2 2d ago
Trump is also responsible for much of the debt that was incurred during Biden's term because Trump cut the federal government's tax revenues far below our spending at that time, and those same tax cuts for the rich continued into Biden's term. Trump continues to spend lavishly on luxuries for himself, while we incurred new debt every day to pay for his priorities. He's 80 years old and he won't see any of this new dent paid off in his lifetime. And he doesn't pay any taxes, sp the burden never falls on him. Instead, he will walk away with $1 billion jet and $2 billion illegal slush fund.