60 of the Fortune 500 companies paid no taxes in 2018
And a mere 7% of all corporate profits were paid in taxes for 2018.
I thought it was suppossed to be 20%.
(Actually it was already 20% before the simpler, fairer tax code was passed.) But I guess the new rate is not a big deal so long as its paying for itself.
Originally posted by: PJ Stroh
60 of the Fortune 500 companies paid no taxes in 2018
And a mere 7% of all corporate profits were paid in taxes for 2018.
I thought it was suppossed to be 20%.
(Actually it was already 20% before the simpler, fairer tax code was passed.) But I guess the new rate is not a big deal so long as its paying for itself.
I should be zero.
Most people are dumb.....only 17% of folks think they paid less under the new tax law while 80% acually paid less!
https://www.usatoday.com/story/news/politics/2019/04/08/trump-tax-cut-only-17-americans-think-theyll-pay-less-now/3401955002/
As a seasonal tax preparer who completed nearly 200 tax returns this year, most folks who paid more this year "fudged" their deductions in prior years. How many people REALLY pay thousands of dollar in "employee business expenses" each year? How many who claim a home office REALLY have a space dedicated in their home for "business use only"? Even the vast majority of those who were capped by State and Local Tax (SALT) limitations, STILL PAID LESS IN FEDERAL TAXES.
The TCJA gave people less opportunity to "fudge" and those who "fudged" really complained.
At the end of the day, I'm happy when the government confiscates less of my money. For others, they will lie and say they paid more......just to blame our Presdent. How sad!
I thought that I'd check to confirm the validity of PJ's referenced article. Since Amazon is mentioned in the headline, I decided to pull up Amazon's income statement data. I learned that Amazon paid $1.2 billion in income taxes income taxes in 2018, while PJ's referenced article states that the company paid zero in income taxes. In addition, Libs are also telling America that we individuals aren't receiving any of Trumps tax breaks, but instead that the breaks are only going to the wealthy. The truth is that about 80% of workers got a tax break. How difficult is it to compare two years of income tax returns, for God's sake? Are you people really this inept?
Anyone with an interest to learn the truth knows that Liberals are continuing with the lies. They rely on their uninformed base not bothering to learn the truth.
https://www.nasdaq.com/symbol/amzn/financials?query=income-statement
Nice try...and bullpucky - thats not Federal income tax. And thats sorta what Congress is in charge of, right?
No doubt people got a tax cut. Mine was about $40/check with a 6 digit salary. And thats fine. People at the lower end got much less. And maybe thats fine too.
The criticism is not that "nobody got a tax cut" its "some people got a bigger one than others". And those "some people" are the same ones that got it under Bush. And its not lost upon anyone who isn't in that group. And maybe if you're a cashier at Walmart you conclude getting an extra $7 on your check isn't worth adding a trillion dollars to the deficit so Amazon can pay no Federal income taxes at all.
Thats certainly my conclusion.
This administration has spent more than "Socialist Obama" that the tea party lost their minds over...and done it in the context of stripping revenues to pay for it. Thats the same economic model of Greece.
I believe Boilerman likes to call things that are not paid for "free shit".....except when enacted by the people he votes for.
Originally posted by: PJ Stroh
Nice try...and bullpucky - thats not Federal income tax. And thats sorta what Congress is in charge of, right?
No doubt people got a tax cut. Mine was about $40/check with a 6 digit salary. And thats fine. People at the lower end got much less. And maybe thats fine too.
The criticism is not that "nobody got a tax cut" its "some people got a bigger one than others". And those "some people" are the same ones that got it under Bush. And its not lost upon anyone who isn't in that group. And maybe if you're a cashier at Walmart you conclude getting an extra $7 on your check isn't worth adding a trillion dollars to the deficit so Amazon can pay no Federal income taxes at all.
Thats certainly my conclusion.
This administration has spent more than "Socialist Obama" that the tea party lost their minds over...and done it in the context of stripping revenues to pay for it. Thats the same economic model of Greece.
I believe Boilerman likes to call things that are not paid for "free shit".....except when enacted by the people he votes for.
HeyPJ, was that $40/check an actual tax cut or just less withholding? I have heard people talk about receiving more per check but still owed the same amount at years end because it was just lower withholding.
If the DemocRats were calling the shots, taxes would have risen. Truth.
More data coming in. A congressional report from 2018 shows the impact of the simpler/fairer tax law.
Some tax rates are more fair than others
On behalf of the proletariat I'd like to thank President Trump, Paul Ryan, and Mitch McConnel for the .4% tax cut. We're still waiting for the corporations to pass down their savings to the workers - but I'm sure its coming any day now.
Otherwise, GDP growth was level with pre-tax cut projections. Wage growth was marginal and slower than GDP. And while companies did use their windfall from the tax cut, as Vox’s Emily Stewart has been covering, “relatively little was directed to paying worker bonuses,” according to CRS.
Income rate decreases, yet increased total federal tax revenues. Liberals said that was impossible. In 2019 we will see a dramatic revenue increase.
https://blog.independent.org/2019/04/19/why-2018-federal-tax-collections-rose-even-though-corporate-tax-revenue-fell/
Trump apparantly is a magician.
From your article...
The corporate tax rate (which is most of the tax cut) decreased revenues massively - hence the deficit explosion. The individual income tax drop of .4% moderately increased revenues on the same trajectory its been for 10 years (2nd graph). Its called population growth, and salary increases, and inflation.
