Yeah that tracks. 🤡 @ryanlcooper.com itep.org/analysis-of-... - ThreadSky

carlquintanilla.bsky.social • 1 day ago

Yeah that tracks. 🤡

@ryanlcooper.com
https://itep.org/analysis-of-tax-provisions-in-house-reconciliation-bill/

Comments

burl77.bsky.social•1 day ago

So the working class loses medical benefits and then gets hosed on tax cuts? WTH?

pvanrhee.bsky.social•1 day ago

It's not quite telling the whole story. The bottom half currently pays less than 3.1% of all taxes. The top 1% pays most of all taxes. So obviously it will be a little more of a cut. Also lumping in the three percentiles on the right gives it an impression that isn't there

onceuponamountain.bsky.social•1 day ago

I’m in the top 5%, I don’t need a tax cut. I do however need a functioning government and economy and if we keep piling up the national debt eventually both of those are going to be compromised. This is short term gain for long term disaster.

pvanrhee.bsky.social•1 day ago

I see long term gain and short term pain

pvanrhee.bsky.social•1 day ago

We also need to bring back industry that is needed for our safety. Why are we importing drugs and masks? Steel? Computer chips? Phones? Even the materials/minerals to make those things?

That leaves us vulnerable to places like China and Russia

onceuponamountain.bsky.social•1 day ago

What does that have to do with the tax bill? There are things we should have manufacturing capacity onshore for long term security purposes, no argument there.

pvanrhee.bsky.social•1 day ago

The tax bill is part of the incentivizing to bring that back here.

pvanrhee.bsky.social•1 day ago

Economy we need. Non-service jobs in America we need. Functional government, but not bloated, way too big government. But it's hard to cut government. Obama tried and failed. DOGE is getting major push back (because it's Trump doing it) Allow the process and it will happen.

allanshoe.bsky.social•1 day ago

That might be their listed rates but typically they are able to get by with much lower actual rates.

https://www.oxfamamerica.org/explore/stories/do-the-rich-pay-their-fair-share/

Unfortunately the link to the white house information was deleted with the new administration, but this tracks across a lot of countries.

pvanrhee.bsky.social•1 day ago

https://usafacts.org/articles/who-pays-the-most-income-tax/

pvanrhee.bsky.social•1 day ago

The top 50% of earners contributed 97.7% of federal income tax revenue. That's the amount collected. The top 1% of earners paid 45.8% of all tax revenue. That's after deductions etc.

allanshoe.bsky.social•1 day ago

Sure, though that wasn't what your chart referenced initially (just tax rates).

But this is still misleading.

In a world where everyone pays an equal tax rate, of course the uber wealthy will pay more absolute taxes.

pvanrhee.bsky.social•1 day ago

But the top 1% do not pay an equal percentage they pay much more. I believe that everyone should pay, even the bottom 1%. If you aren't paying then you have no skin in the game. You don't feel part of the process. Everyone should pay.

allanshoe.bsky.social•1 day ago

How much do the top 1% make as a percentage of income relative to the 45.8% of the tax that they pay?

allanshoe.bsky.social•1 day ago

Like just for easy consumption, imagine a place with 10 people.

9 of them make $1000. 1 of them makes $1 million. 10% tax.

Total tax revenue is $100900. If we let the $1 million guy only pay 5% tax, the tax revenue is still $50900 (98% of all tax is paid by that one guy)

groove-merchant.bsky.social•1 day ago

The chart refers to tax rates, not portion of taxes paid.

pvanrhee.bsky.social•1 day ago

Yes, but both are relevant

crispymainer.bsky.social•1 day ago

i'd also venture to say many like me in the 76-99% bracket aren't asking for any additional benefits.

now, the top 1%? that's what they bought with their PAC contributions, they are absolutely demanding ROI.

howardbeale.bsky.social•1 day ago

ahh. I see, 56% are resident consumers and this chart bears that out 😎

testicles deviant to fudd's first law. if it goes in here, it must come out there.

retiredatlatc.bsky.social•1 day ago

I'm shocked. Who saw that coming

treadingwater1.bsky.social•1 day ago

I am sure Larry Kudlow will find these great.

leastsound.bsky.social•1 day ago

Who cares about the deficit?

5narktwain.bsky.social•23 hours ago

And the ‘no tax on tips’ is a sound that will not benefit most tipped employees. Shame so many democrats fell for the trap and gave Trump another sound bite https://bsky.app/profile/5narktwain.bsky.social/post/3lppwe77no226

manishgnk.bsky.social•1 day ago

"She's for they-them, I'm for you". Actually "She was for you, I'm for screwing you", suckers.

darkpupsouls.bsky.social•1 day ago

If you add cuts to programs like Medicaid, would those tax cuts be negative?

ed080850.bsky.social•1 day ago

Now, tell us who pays the tariffs again?

chaucersdog.bsky.social•1 day ago

How much worse does this look if you deduct the benefits that are being cut from the quintiles that would be expected to receive them. i.e. net out the loss of food stamps and health care for the poor from the limited tax benefit the poorest receive.

annaliisavilppu.bsky.social•1 day ago

https://bsky.app/profile/annaliisavilppu.bsky.social/post/3lpp2kplrmk2g
Helpful reminder: Such deep cuts need to be made to afford this round of tax cuts because these are largely an extension of Trump 1.0 tax cuts made law by the same legislators demanding cuts because of the ballooning deficits they caused.

tpo-asd.bsky.social•1 day ago

📌

vestigiallars.bsky.social•1 day ago

How can you assign ranges of income to the entire country? I live in an expensive city and so get paid more which ranks me quite high in these ranges, but by the standard of the city I live in I am closer to the middle. Anyone got any answers or thoughts on this?

weallhumanbeans.bsky.social•1 day ago

You pay federal taxes at the same rate (minus any deductions, credits, etc.) as someone making that same amount in a state where that income level puts them closer to being a top earner. Thus you are still represented in this graph appropriately.

jasonmendoza.bsky.social•1 day ago

I hear ya, but it’s also important to look at what percentage each of those categories pay. Not much to cut in those lower brackets. Problem is if it’s being paid for with regressive consumption taxes like tariffs.

jammerdeez.bsky.social•1 day ago

Can we get an overlay with tariff taxes?

jedigarcia.bsky.social•1 day ago

PYRAMID SCHEME

teedublavee.bsky.social•1 day ago

charlene411.bsky.social•1 day ago

jacklarson.bsky.social•1 day ago

soso008.bsky.social•1 day ago

I’m sure there are actually five brackets with the 1% taking the most. You have to be super rich to get the real benefit while poor people get shafted, not just un-benefitted.

ellsworthv.bsky.social•1 day ago

Thanks to the bloated sack of ignorance running my country into the ground.

bluebunaoi.bsky.social•1 day ago

I remember when we used to like buy products and services and those things would be how the billionaires got money but now the government is just taxing us involuntarily and giving that money directly to the billionaires. Cut out the middleman! GOVERNMENT EFFICIENT at its PEAK

pwkpilot.bsky.social•1 day ago

@carlquintanilla.bsky.social well yes this is true, but it’s also inherent to any tax cut that the benefit of cutting taxes goes to those who pay the highest share of taxes. We can debate whether cutting taxes makes sense with a huge deficit, but if taxes get cut it’s always going to look like this.

jjklein5280.bsky.social•1 day ago

A good amount of people in those top brackets (getting the most cuts) aren’t paying income taxes like a majority of the rest of the people in the chart.

https://youtu.be/t6V9i8fFADI?si=YNyCM5AciDjJIJcM

pwkpilot.bsky.social•1 day ago

The top ten percent of earners pay more than seventy percent of the total income tax revenue. We can absolutely argue whether this is a good time for tax cuts, but the whole “rich people don’t pay taxes” thing is bad math. There are egregious anecdotes but the norm is that the rich pay a lot more.

jjklein5280.bsky.social•1 day ago

Paying yourself in stock is not the same as a wage and they aren’t taxed the same.
Saying I pay ‘x’ in taxes on face value is disingenuous when my accountant looks for every possible deduction/loophole during filing.

pwkpilot.bsky.social•1 day ago

My point is a simple one. The top 10% of earners are paying more than 70% of the tax revenue. The lions share of tax dollars come from the wealthy. You can argue if it should be more or if tax cuts are wise now, but that’s the math.

indaindica.bsky.social•1 day ago

Just a total reverse-Robinhood, there.

Transfer of wealth from the poor, to the rich.

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