Showing posts with label Robin Hood Theory in Reverse. Show all posts
Showing posts with label Robin Hood Theory in Reverse. Show all posts

Friday, October 26, 2018

The Facts on recent Tax Cuts: You got screwed while the the wealthy and corporations garner record profits

We now know the real winners of the Trump tax cuts

Snippet of Article: "...Trump tax cuts are unpopular because many people feel they benefit businesses and high earners more than middle-class workers. This year’s tax-receipt numbers back that up. Individual income-tax receipts rose from $1.587 trillion in fiscal 2017 to $1.684 trillion in 2018. That’s a 6.1% increase. Much of that is due to a growing economy and population growth. Cut in corporate tax rate Business-tax receipts, by contrast, plunged from $297 billion in 2017 to $206 billion in 2018, a 31% decline driven by the cut in the corporate tax rate from 35% to 21%. The portion of federal revenue that comes from business taxes has been dropping for years, and it fell from 7.5% in 2017 to 5% in 2018. Individual income-tax payments account for 41% of federal revenue...."

Source: yahoo.com

Who Pays America's Bills? The working class provides 41% of federal revenue vs business tax revenue at 5% (2018)