Rich Americans Pay More Income Tax Under Trump’s Tax Cuts: Analysis

[Anonymous]

WASHINGTON—Democratic presidential nominee Joe Biden has pledged to raise taxes on people who earn more than $400,000 a year. He called the tax cuts of 2017 a "tax giveaway primarily for large corporations and the wealthy."



However, 2018 tax payment data by the Internal Revenue Service (IRS) show that, as a result of President Donald Trump's tax cuts, high earners paid more taxes to the federal government in dollar terms while the rest of the taxpayers paid less.



According to an analysis by political commentator Andy Puzder, tax payments by about 1.6 million individuals, or the top 1 percent of all taxpayers, increased by $16 billion in 2018 as a result of the Tax Cuts and Jobs Act (TCJA). He argued in a recent op-ed for Fox Business that the tax cuts didn't disproportionally benefit high earners, as Biden has repeatedly suggested.



"In 2018, 1.6 million taxpayers reported earning $500,000 or more. While the amount all taxpayers owed the IRS in 2018 declined by $64 billion, the amount these high earners owed increased by $16 billion," he said in the op-ed.



The data suggested that taxes paid by the bottom 99 percent fell by $80 billion, as a result of the TCJA.



One reason high earners paid more individual income taxes is that their income rose in 2018. However, the data also showed that their tax liability rose faster than their incomes.

https://img.theepochtimes.com/assets/uploads/2020/11/03/Tax-Cuts_Tax-Founcation-Chart-1-600x424.jpg">



The share of total income earned by the richest 1 percent increased to 22 percent from 21.5 percent, while the share of taxes paid by them rose to 40 percent from 37.7 percent, according to Puzder.



That is at or near an all-time high of the share of income taxes paid by the top 1 percent.



One of the reasons high earners' share of the tax burden surged is that the TCJA limited the itemized deductions they were able to claim.



The amount taxpayers claimed for itemized deductions dropped to about $650 billion in 2018 from $1.3 trillion in 2017.

https://www.theepochtimes.com/rich-americans-pay-more-income-tax-under-trumps-tax-cuts-analysis_3562455.html?utm_source=morningbriefnoe&utm_medium=email&utm_campaign=mb-2020-11-03">https://www.theepochtimes.com/rich-amer ... 2020-11-03">https://www.theepochtimes.com/rich-americans-pay-more-income-tax-under-trumps-tax-cuts-analysis_3562455.html?utm_source=morningbriefnoe&utm_medium=email&utm_campaign=mb-2020-11-03



Taxes were made flatter and simpler with fewer deductions. The result was the top one per cent paid a little more and everyone else paid less.

[Anonymous]

Any government who claims only the rich will pay more always takes more money away from my family.

[Anonymous]

I don't want to contribute to more of the American political divide. However, taxes are going up in Canada. Way up in fact. It doesn't matter which party is in office federally or provincially. Our spending is unsustainable to the next federal election let alone into the next decade.

[Anonymous]

WASHINGTON—Democratic presidential nominee Joe Biden has pledged to raise taxes on people who earn more than $400,000 a year. He called the tax cuts of 2017 a "tax giveaway primarily for large corporations and the wealthy."



However, 2018 tax payment data by the Internal Revenue Service (IRS) show that, as a result of President Donald Trump's tax cuts, high earners paid more taxes to the federal government in dollar terms while the rest of the taxpayers paid less.



According to an analysis by political commentator Andy Puzder, tax payments by about 1.6 million individuals, or the top 1 percent of all taxpayers, increased by $16 billion in 2018 as a result of the Tax Cuts and Jobs Act (TCJA). He argued in a recent op-ed for Fox Business that the tax cuts didn't disproportionally benefit high earners, as Biden has repeatedly suggested.



"In 2018, 1.6 million taxpayers reported earning $500,000 or more. While the amount all taxpayers owed the IRS in 2018 declined by $64 billion, the amount these high earners owed increased by $16 billion," he said in the op-ed.



The data suggested that taxes paid by the bottom 99 percent fell by $80 billion, as a result of the TCJA.



One reason high earners paid more individual income taxes is that their income rose in 2018. However, the data also showed that their tax liability rose faster than their incomes.

https://img.theepochtimes.com/assets/uploads/2020/11/03/Tax-Cuts_Tax-Founcation-Chart-1-600x424.jpg">



The share of total income earned by the richest 1 percent increased to 22 percent from 21.5 percent, while the share of taxes paid by them rose to 40 percent from 37.7 percent, according to Puzder.



That is at or near an all-time high of the share of income taxes paid by the top 1 percent.



One of the reasons high earners' share of the tax burden surged is that the TCJA limited the itemized deductions they were able to claim.



The amount taxpayers claimed for itemized deductions dropped to about $650 billion in 2018 from $1.3 trillion in 2017.

https://www.theepochtimes.com/rich-americans-pay-more-income-tax-under-trumps-tax-cuts-analysis_3562455.html?utm_source=morningbriefnoe&utm_medium=email&utm_campaign=mb-2020-11-03">https://www.theepochtimes.com/rich-amer ... 2020-11-03">https://www.theepochtimes.com/rich-americans-pay-more-income-tax-under-trumps-tax-cuts-analysis_3562455.html?utm_source=morningbriefnoe&utm_medium=email&utm_campaign=mb-2020-11-03



Taxes were made flatter and simpler with fewer deductions. The result was the top one per cent paid a little more and everyone else paid less.

Trump is the working man's candidate. Biden is for billionaires.

[Anonymous]

WASHINGTON—Democratic presidential nominee Joe Biden has pledged to raise taxes on people who earn more than $400,000 a year. He called the tax cuts of 2017 a "tax giveaway primarily for large corporations and the wealthy."



However, 2018 tax payment data by the Internal Revenue Service (IRS) show that, as a result of President Donald Trump's tax cuts, high earners paid more taxes to the federal government in dollar terms while the rest of the taxpayers paid less.



According to an analysis by political commentator Andy Puzder, tax payments by about 1.6 million individuals, or the top 1 percent of all taxpayers, increased by $16 billion in 2018 as a result of the Tax Cuts and Jobs Act (TCJA). He argued in a recent op-ed for Fox Business that the tax cuts didn't disproportionally benefit high earners, as Biden has repeatedly suggested.



"In 2018, 1.6 million taxpayers reported earning $500,000 or more. While the amount all taxpayers owed the IRS in 2018 declined by $64 billion, the amount these high earners owed increased by $16 billion," he said in the op-ed.



The data suggested that taxes paid by the bottom 99 percent fell by $80 billion, as a result of the TCJA.



One reason high earners paid more individual income taxes is that their income rose in 2018. However, the data also showed that their tax liability rose faster than their incomes.

https://img.theepochtimes.com/assets/uploads/2020/11/03/Tax-Cuts_Tax-Founcation-Chart-1-600x424.jpg">



The share of total income earned by the richest 1 percent increased to 22 percent from 21.5 percent, while the share of taxes paid by them rose to 40 percent from 37.7 percent, according to Puzder.



That is at or near an all-time high of the share of income taxes paid by the top 1 percent.



One of the reasons high earners' share of the tax burden surged is that the TCJA limited the itemized deductions they were able to claim.



The amount taxpayers claimed for itemized deductions dropped to about $650 billion in 2018 from $1.3 trillion in 2017.

https://www.theepochtimes.com/rich-americans-pay-more-income-tax-under-trumps-tax-cuts-analysis_3562455.html?utm_source=morningbriefnoe&utm_medium=email&utm_campaign=mb-2020-11-03">https://www.theepochtimes.com/rich-amer ... 2020-11-03">https://www.theepochtimes.com/rich-americans-pay-more-income-tax-under-trumps-tax-cuts-analysis_3562455.html?utm_source=morningbriefnoe&utm_medium=email&utm_campaign=mb-2020-11-03



Taxes were made flatter and simpler with fewer deductions. The result was the top one per cent paid a little more and everyone else paid less.

Trump is the working man's candidate. Biden is for billionaires.

That's irrelevant. Status quo forces don't like change.

[Anonymous]

I don't want to contribute to more of the American political divide. However, taxes are going up in Canada. Way up in fact. It doesn't matter which party is in office federally or provincially. Our spending is unsustainable to the next federal election let alone into the next decade.

Higher taxes are inevitable.

[Anonymous]

I don't want to contribute to more of the American political divide. However, taxes are going up in Canada. Way up in fact. It doesn't matter which party is in office federally or provincially. Our spending is unsustainable to the next federal election let alone into the next decade.

Higher taxes are inevitable.

And it will happen soon.

[Anonymous]

I don't want to contribute to more of the American political divide. However, taxes are going up in Canada. Way up in fact. It doesn't matter which party is in office federally or provincially. Our spending is unsustainable to the next federal election let alone into the next decade.

Higher taxes are inevitable.