Joe Biden In His Own Words
"I was a Democratic caucus."Before the Trump tax cut a couple earning $78,000 was in a marginal tax bracket of 25%.
Now after the Trump tax cut they are in a marginal tax bracket of 12%... HALF of what it was before.
Why would ANYONE want to vote for Biden and the Democrats who have promised to undo the Trump tax cuts if they are elected?
Comments (4)
The tax rate for a couple making $78,000 under Obama was 25%.
Trump TEMPORARILY reduced that to 23%.
That was so he could sell giving the rich a PERMANENT tax cut.
This tax cut greatly increased the deficit. Some of his other cuts, like to the pandemic response team
and associated supplies resulted in thousands of deaths and much greater financial hardship
than has been seen since the great depression. The permanent tax cuts to the rich will drive the country to be bankrupt unless someone else is elected and changes them.
He never did understand budgets. That's why he went bankrupt so many times. Thus, we shouldn't be surprised, that he would do it again. Putin, your boss, is thrilled.
Trump TEMPORARILY reduced that to 23%.
More fake news there Jimmy? Nice try.
However, you are not being accurate either.
The part you are right about is the current rate, which is a flat rate on the total.
The part you are not being accurate about is the full situation before.
Indeed, there wasn't a flat rate before.
In your example people got a standard deduction off the income for starters.
Then, couples paid 10% on the first $18,550 (after the deduction)
and 15% on the rest of the net income up to $75,300
and finally 25% on the rest of the net income up to $151,900
So, depending upon which bracket you fell into (the brackets were changed also),
you might have paid more taxes under Obama, or more taxes under Trump.
Certainly at the lowest bracket with a deduction and only a 10% tax rate, you paid less under Obama.
In your example a couple wouldn't be paying 25% on any of the income since the deduction
would have taken them under $75,300 net income.
The bottom line is that depending upon where your net income (after taking the deduction)
fell, couples might pay more under Obama or under Trump (getting no deduction).
Certainly at the lowest bracket couples paid less
(10% on the net income after the deduction) than under Trump.
Just because the Democrats and their fake news media shills tell the same lies over and over again, that doesn't make it true.
President Trump's tax cut was the biggest middle class tax cut in history.
Why do the Democrats hate the middle class so much that they are promising to take it away?