I pay more taxes than Amazon

Jimdamick said:

I paid $798 extra in taxes last year due too the elimination of tax credits for teacher's out of pocket expenses, which my wife counted on.

Under the Tax Cuts and Jobs Act, 91 profitable Fortune 500 companies paid $0 in taxes on U.S. income in 2018, according to a new report from the Institute on Taxation and Economic Policy (ITEP). Across all 379 profitable companies in the Fortune 500 the effective tax rate was just 11.3%, just over half the 21% tax rate under the law.

“In 2018, the 379 companies earned $765 billion in pretax profits in the United States,” the report noted. “Had all of those profits been reported to the IRS and taxed at the statutory 21% corporate tax rate, the 379 companies would have paid almost $161 billion in income taxes in 2018.”

Instead, the companies only paid $86.8 billion, roughly 54% of what they owed.

Thanks Trump, shift the burden of the revenue needed to finance the USA onto the backs of the supposed Middle Class,.

Fuck the deficit, right?

Fuck the average American family which is struggling to simply survive.

This should work out well for the economic future of this country, right?

Fucking idiots

Click to expand...

Jimdamick said:

I paid $798 extra in taxes last year due too the elimination of tax credits for teacher's out of pocket expenses, which my wife counted on.

Under the Tax Cuts and Jobs Act, 91 profitable Fortune 500 companies paid $0 in taxes on U.S. income in 2018, according to a new report from the Institute on Taxation and Economic Policy (ITEP). Across all 379 profitable companies in the Fortune 500 the effective tax rate was just 11.3%, just over half the 21% tax rate under the law.

“In 2018, the 379 companies earned $765 billion in pretax profits in the United States,” the report noted. “Had all of those profits been reported to the IRS and taxed at the statutory 21% corporate tax rate, the 379 companies would have paid almost $161 billion in income taxes in 2018.”

Instead, the companies only paid $86.8 billion, roughly 54% of what they owed.

Thanks Trump, shift the burden of the revenue needed to finance the USA onto the backs of the supposed Middle Class,.

Fuck the deficit, right?

Fuck the average American family which is struggling to simply survive.

This should work out well for the economic future of this country, right?

Fucking idiots

Click to expand...

Lord Kanti said:

It doesn't matter who is president or what the policy is: understand your tax bracket and exploit it to your advantage. Work harder to earn less? I don't think so.

Click to expand...

Lord Kanti said:

It doesn't matter who is president or what the policy is: understand your tax bracket and exploit it to your advantage. Work harder to earn less? I don't think so.

Click to expand...

sandman83 said:

this, it sucks and I agree. Get a better paying job in a higher tax bracket and end up making less money. It is a shitty system and I wish they had a better solution.

That being said we take every advantage we can on the table to reduce "taxable income" and that isn't an option for every family.

Click to expand...

sandman83 said:

this, it sucks and I agree. Get a better paying job in a higher tax bracket and end up making less money. It is a shitty system and I wish they had a better solution.

That being said we take every advantage we can on the table to reduce "taxable income" and that isn't an option for every family.

Click to expand...

sandman83 said:

this, it sucks and I agree. Get a better paying job in a higher tax bracket and end up making less money. It is a shitty system and I wish they had a better solution.

That being said we take every advantage we can on the table to reduce "taxable income" and that isn't an option for every family.

Click to expand...