Comments by "Kair Idon" (@kairidon3363) on "Amid soaring inflation, Biden is insulting the American people: David Webb" video.
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@samuelgirard1407 " In the first year after Trump signed the legislation, just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows. Republican and Democratic tycoons alike saw their tax bills chopped by tens of millions, among them: media magnate and former Democratic presidential candidate Michael Bloomberg; the Bechtel family, owners of the engineering firm that bears their name; and the heirs of the late Houston pipeline billionaire Dan Duncan."
"For the first time in American history, the 400 wealthiest people paid a lower tax rate than any other group, according to a new study by economists Emmanuel Saez and Gabriel Zucman"
"The tax bill that President Trump signed into law in 2017 dramatically cut taxes for wealthy individuals and corporations. It slashed the top individual income tax rate, carved out a special new deduction mainly benefiting wealthy business owners, gutted the tax on large inheritances, and significantly reduced taxes on corporations. Taken together, the changes this law made will dramatically reduce tax bills for the very wealthy, leaving the working and middle class with little benefit. In 2020, the average household in the 1 percent will receive a tax cut of $50,000—77 times larger than the average cut for the bottom 80 percent of Americans."
"CBO reported that the budget deficit was $779 billion in fiscal year 2018, up $113 billion or 17% from 2017. The budget deficit increased from 3.5% GDP in 2017 to 3.9% GDP in 2018. Revenues fell by 0.8% GDP due in part to the Tax Act, while spending rose by 0.4% GDP. Total tax revenues in dollar terms were similar to 2017, but fell from 17.2% GDP to 16.4% GDP (0.8% GDP), below the 50-year average of 17.4%. Individual income tax receipts rose by $96 billion as the economy grew, rising from 8.2% GDP in 2017 to 8.3% GDP in 2018. Corporate tax revenues fell by $92 billion (31%) due primarily to the Tax Act, from 1.5% GDP in 2017 to 1.0% GDP in 2018, half the 50-year average of 2.0% GDP. Fiscal year 2018 ran from October 1, 2017 to September 30, 2018, so the deficit figures did not reflect a full year of tax cut impact, as they took effect in January 2018."
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