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Group That Tried To Take Donald Trump Out… Backs His Tax Cuts?
“You don’t need a weatherman to know which way the wind blows…”
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4 comments
Trump’s 2017 “greatest tax cuts ever” were a damn joke. I know only one person who claimed to realize any appreciable relief from them. Why do they need renewing? Was this some stunt that Trump and/or the RIN….er “Republicans” came up with to generate a perceived need for them?
In addition to removing taxes on tips, in 2024 Trump also made political hay at his rallies by talking about eliminating Federal taxes on Social Security and on overtime hours worked. Will he actually push any of these things? Well, if his “promises made, promises kept” bullshit from his first term as President is an example, then no.
Cutting taxes for Social Security, overtime, and tips, would help a lot of struggling people. Trump (and any of his friends who are important) are all billionaires, or at least filthy rich. Being that once the polls close, these are the only people who really matter to him, I do not expect him to push any of these cuts.
Many small business owners that are taxed on their individual returns for business income (Schedule C sole proprietors, S-corp shareholders, partners, etc) benefitted significantly from the Qualified Business Income deduction. Do you only know one of those, or are the others lying? This one change really helped level the playing field for those small businesses compared to larger C-corporations.
Social Security is only taxed when there is significant income from other sources. The percentage of Social Security that is subject to taxation goes up only as that other income increases. The retirees that depend solely on their Social Security to scrape by do not pay taxes on the Social Security. And SC does not tax Social Security, at all, at the state level.
Taxation of tips is kind of interesting. My gut tells me that the majority of tip income doesn’t even get reported, so removing its taxability really would just serve to bring it out of the shadows and legitimize what’s already being done. It would really be interesting to see how many people in service industries would try lowering their fees for services and add mandatory gratuities.
I have to agree with the Observer. The tax cuts were a joke for anyone except the wealthy. I am a small business owner and received a small benefit. But I have never understood why someone who owns a small local business should get a tax cut, but someone who works for that business, or in a local factory should not.
Being an employee is a business. You sell a product (your services) to someone. That is no different than a local accountant, attorney, stockbroker, insurance agency, restaurant owner, etc. etc. It seems to me it was just another way to target people with more wealth, who are likely to give money to Republicans.
It is not unusual to know few if any people who benefited significantly from those tax cuts. 95% of the value of Trump’s tax cuts went to the wealthiest 5% of Americans, and the vast majority of that to the top 1.00%. It would be far more beneficial to the maximum number of Americans to make sure we have the money to protect ourselves, protect social sec and Medicare, and pay down debt. But if we did that Trump would not be able to brag to billionaires how much money he gave them when he holds out his hand and asks them for money.
“Americans must unite and tell Washington now is not the time for higher taxes,”
Translation: Now is not the right time for higher taxes for the top 1% of the top 1% and corporations who have been greedily raising prices for the past 4 years.
Sayonara, suckers.