Are Republicans thinking about killing tax breaks for 401k savings to pay for tax cuts?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

Middle class pays about 46-49% of their income in taxes(including federal, state, Medicare and Social Security). Those making $850k plus a year pay 10-12%.

This is BS and should be deleted as a lie. Just in income taxes alone the top 1% pays about 26%. That is ignoring every single other tax.

https://www.pewresearch.org/short-reads/2023/04/18/who-pays-and-doesnt-pay-federal-income-taxes-in-the-us/

[Anonymous]

Anonymous wrote:I haven't heard about any tax cuts other than no taxes on tips and no taxes on overtime. The other rates are staying the same unfortunately. So it looks like any tax hikes are to deal with the budget deficit.

Those are not real tax cuts when you have already lost your job due to economic collapse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

Middle class pays about 46-49% of their income in taxes(including federal, state, Medicare and Social Security). Those making $850k plus a year pay 10-12%.

This is BS and should be deleted as a lie. Just in income taxes alone the top 1% pays about 26%. That is ignoring every single other tax.

https://www.pewresearch.org/short-reads/2023/04/18/who-pays-and-doesnt-pay-federal-income-taxes-in-the-us/

That depends on the situation. A lot of the wealthiest dodge big swaths of income taxes because their income comes via capital gains and other means rather than normal income. Warren Buffett admitted he pays significantly less than his secretary. Many of the wealthiest 1% do in fact pay 10-12% (or less), but obviously some pay more.

Given that fact, it cannot be "deleted as a lie" or declared to be BS.

Dial it back. And, by the way, the 1% are doing just fine and do not need striving bootlickers like yourself to defend them on online forums.

[Anonymous]

Anonymous wrote:I haven't heard about any tax cuts other than no taxes on tips and no taxes on overtime. The other rates are staying the same unfortunately. So it looks like any tax hikes are to deal with the budget deficit.

https://news.bloomberglaw.com/daily-labor-report/federal-workers-face-slashed-benefits-to-pay-for-trump-tax-cuts

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

Middle class pays about 46-49% of their income in taxes(including federal, state, Medicare and Social Security). Those making $850k plus a year pay 10-12%.

This is BS and should be deleted as a lie. Just in income taxes alone the top 1% pays about 26%. That is ignoring every single other tax.

https://www.pewresearch.org/short-reads/2023/04/18/who-pays-and-doesnt-pay-federal-income-taxes-in-the-us/

That depends on the situation. A lot of the wealthiest dodge big swaths of income taxes because their income comes via capital gains and other means rather than normal income. Warren Buffett admitted he pays significantly less than his secretary. Many of the wealthiest 1% do in fact pay 10-12% (or less), but obviously some pay more.

Given that fact, it cannot be "deleted as a lie" or declared to be BS.

Dial it back. And, by the way, the 1% are doing just fine and do not need striving bootlickers like yourself to defend them on online forums.

You just said "many of the wealthiest 1% do in fact pay 10-12% (or less)" including state, federal, payroll, etc. Can you provide a source for that claim? Using an example that shows the middle class paying 49% for the same?

[Anonymous]

Anonymous wrote:I haven't heard about any tax cuts other than no taxes on tips and no taxes on overtime. The other rates are staying the same unfortunately. So it looks like any tax hikes are to deal with the budget deficit.

Then you are not paying attention. Last I heard we were up about 5 trillion over 10 years in tax cuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

Middle class pays about 46-49% of their income in taxes(including federal, state, Medicare and Social Security). Those making $850k plus a year pay 10-12%.

This is BS and should be deleted as a lie. Just in income taxes alone the top 1% pays about 26%. That is ignoring every single other tax.

https://www.pewresearch.org/short-reads/2023/04/18/who-pays-and-doesnt-pay-federal-income-taxes-in-the-us/

The AGI of the top 1% is just about that.

"In the U.S., the top 1% of earners typically hold a significant proportion of the total adjusted gross income (AGI), with data indicating that they earned approximately 22.4% of total AGI in 2022."

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/

[Anonymous]

Anonymous wrote:

Anonymous wrote:Most of the middle class pays very little if anything in taxes, so while this isnt actually being considered by the Trump administration, you raise an interesting idea, OP.

Middle class pays about 46-49% of their income in taxes(including federal, state, Medicare and Social Security). Those making $850k plus a year pay 10-12%.

I make $850K and I pay 37%. Am I missing something?