Don't forget deport immigrants (arguably increasing food costs). BIL sent me an article about 400+ illegals getting deported Tuesday night or something. Weird, I thought there were hundreds of thousands of them. They could only get that many? "The majority were criminals" Aight, cool. Keep those resources going and start processing the years and years of rape kits left waiting for testing. Start getting those citizens too, champ. Or are we only after the brown criminals? Hmm....
Well, dear leader said gas is gunna be cheap so you can drive to the grocery store and look longingly at the food you can no longer afford to buy and see the empty shelves of cheap eggs. Good thing, since you will need the extra money you will save by not buying food to pay more taxes so the rich won't have to.
Ironically, eggs are the most expensive they've ever been, because of an ongoing bird flu epidemic. Good thing we are deregulating the industry, so we can have a bird flu epidemic, expensive eggs, and a potential foodborne pathogen issue.
damn I was unaware. guess I haven't done any gun shopping in a hot second (although that may change soon considering the way everything seems to be going in America lol)
Nobody in the US knows how marginal rates and progressive tax brackets work, you can sell the fools on anything and just blame the IRS because it’s the most convenient incarnation of what people hate.
Because the way marginal taxation works if you make 300k you paid all those extra brackets tax hikes before you got to 300k and started seeing the lower marginal rate.
So to see your impact you add every changed number from the left up to your income, that’s your impact.
Yes it takes a positive turn at 300k, but you’re already deep in the whole and don’t turn to actually positive until around the final bracket.
I know how marginal taxes work and you didn't address my question. If the tax on above $300k is less than it was before you are paying less. What is this about something changing at $1 million?
I think what they're saying (I didn't look at the data yet) is that while the rate at 300k is lower, that lower rate doesn't make up for the higher rates that individual will have paid until that point. So for the individual in question, the net positive doesn't happen until 1m.
Ah yeah. Might just be a bad graph since it says "by income group" and then breaks down by the actual bracket. Not sure exactly which it means still but I think they're right
Why should it be better over $300k though? Thats a tiny tiny percentage of the population who very likely already has more money than they would need for the rest of their lives if they wuit working today, reguardless of age.
People should not be allowed to hoard wealth like that.
This graph should be savings early on, which still benefit those people, because, as you mentioned, it adds them up, but at some point, it gets worse.
Incentivise "spread the wealth". Lift everyone up, because by 300k, you are good, let others get more.
It's by design.. the same group of people think that tarriffs are paid by foreign companies. Keeping voters ignorant is a key part of their strategy. Remember that trump once said "I love the poorly educated"
You do not get to even 1 billion without causing massive indirect harm to a shitload of people. No one, no one, every, has put in enough to "earn" 1 billion. The vast majority of people will work their entire lives and be lucky to have a gross total income of a few million. Thats Gross, not worth or wealth, thats, "I took money in and spent it to live."
I would argue anyone worth much over 10 million is in the same harm causing boat as billionaires.
The problem with taxing the super rich is that their weath isn't in the form of taxable income, it's mostly in the form of stock, and doesn't become cash until it is sold. Selling stock, especially if the CEO is the selling lots of stock, causes the value of the stock to decrease, so they don't like to sell it at all. What billionaires do to pay for their day to day expenses is to take out loans, using their stock as collateral on that loan. No bank is going to deny a loan backed by Tesla stock, or space-x stock.. that's guaranteed interest for them with basically no risk. The value of the stock them increases over time, more than the interest payments do, and then they pay it back, coming out financially better than they were when they took out the loan. The only way that billionaires could really be taxed is if the government was to tax them on the value of all stock that is held at the start of the tax year, and not just when it is sold. Some countries do this, I don't think (?) the USA does.
If you look at "breakdown of tax propoals by category" note that it doesn't account for inflation, for example giving a reduction to everyone for tax cuts. But in the real world, that's not how it works. Tax cuts that are paid for with deficit spending like these are essentially zero-sum because the price of everything will have to increase to account for spending power. So in other words, it's even worse for everyone but the 1% than indicated.
This is just peak brainworm. What does someone making nearly a million dollars a year even do with an extra 7k?? Make their scroodge McDuck vault a little deeper? Doesn't matter how deep it is, you still can't dive into it like a pool. Idiots.
To be honest, if you're able to make a million a year (even hundreds of thousands a year), you can afford an accountant who will tell you not to take compensation as employment income.
If you're a business owner you'll be taking a significant share as dividends, or if you're an executive you'll be taking stock options or other share based compensation. If done correctly, you can not only take advantage of lower tax rates but also defer taxes to future years.
They are alluding to capital gains. If you don’t need money now, you take 50 million dollars in stock, hold it for at least a year, and now you’re paying 15% or less instead of whatever the top tax bracket would be (like 37% or something) if you were to take it as employment income.
One of the greatest unfairnesses in the tax systems in many countries (certainly at least the US and UK) is that income from "investment" (which generally is money made from having money or owning thing, though there are often ways for freelancers and small business owners to use it to have their income from work look like the income of business ownership) is taxed less than income from work.
It's "interesting" how the countries with the loudest "strives vs skivers" and "meritocracy" bullshit from politicians, generally penalised people more for working than for sitting on their hands whilst their fortune naturally grows through rent-seeking.
but at least now baby jesus will stop shedding tears because transgenders and intersex people can now be labeled with their correct biblical gender
that will make the poor religious folks happy at least, right? they don't need grocerries, baby jesus is happy the transgenders are suffering! delicious!
I don't think I can afford to prop up the wealthy any more than I already am doing now. Guess I'll need to get a fourth job to help pay off Musk and company tax relief.
Is there a source on this? Not that I don't believe it, I'm sure this is exactly what's going to happen, but if I bring it up in conversation saying "I saw it in a meme" will deflate the argument.
Ugh, I hate it when people provide evidence for their claims! When someone tells me that Haitians are eating dogs, I just believe them if the conversation is casual enough
Woah, what a casual conversation! I will passively absorb this info and not question it at all, as that would make me dumb (DAE dumb is when skepticism?). Good thing I am immune to propoganda! /clueless
You're getting down voted cuz you're rude but honestly yeah. If someone asks you in person for a source you just say, yes I have a source it's the Trump tax plan that he announced. It's not a secret
I don't think we know anything yet for real. I believe they included the costs of the tarrifs into everyday Americans taxes, because they are taxes after all... But Madam President changes the percent on tarrifs and to whom every time they talk, so unless someone actually writes something down, we'll never know anything concete. It is concrete that they are no longer a man though.
The last two times I’ve been to Costco they’ve been out of eggs. One of these days I’m expecting the Cash & Carry to be out of eggs too. Then the Rosaures, the Safeway, and the mini mart too. Just think of the savings in not buying any eggs at all!
“You get bird flu! You get bird flu! Bird flu for everyone!”
Who would have thought he would do the same thing he did in his first term again?
Less than half of the voters, apparently.
Something tells me most of his voters have no idea what he did last time
They were all trying to figure out why Obama wasn't in the oval office for 9/11
Trump: "Hannibal Lecter is a fine man." jerks off two dicks
Trump supporters: "😍😍 He's gonna fix the economy and make America great again!"
Also no idea what he’s doing now
"A small price to pay to own the libs!" the drones say as they make boiled leather soup.
Don't forget deport immigrants (arguably increasing food costs). BIL sent me an article about 400+ illegals getting deported Tuesday night or something. Weird, I thought there were hundreds of thousands of them. They could only get that many? "The majority were criminals" Aight, cool. Keep those resources going and start processing the years and years of rape kits left waiting for testing. Start getting those citizens too, champ. Or are we only after the brown criminals? Hmm....
Well, dear leader said gas is gunna be cheap so you can drive to the grocery store and look longingly at the food you can no longer afford to buy and see the empty shelves of cheap eggs. Good thing, since you will need the extra money you will save by not buying food to pay more taxes so the rich won't have to.
Ironically, eggs are the most expensive they've ever been, because of an ongoing bird flu epidemic. Good thing we are deregulating the industry, so we can have a bird flu epidemic, expensive eggs, and a potential foodborne pathogen issue.
Must be rich that they can afford leather and heat
They're using pillaged library books as a heat source.
Don’t you mean banned library books?
They're all banned except for one, obviously.
Is the one remaining The Art of the Deal?
This is nothing, wait until the Trump tariffs kick in and everything gets more expensive.
The price at which it becomes a felony won't charge. You'd have to do it in organized groups like the raids in LA a number of years ago.
...a number of years ago? 😅
April 26th, 1992, there was a riot on the streets, tell me, where were you?
I think his point was that the LA shoplifting raids are current. And apparently not working as well as they used to.
How much does it cost to steal?
Depends if you're rich and white, or not.
Can't wait for shitty plyboard furniture to be marked up 489% because we got to import them from China/Vietnam or other SE countries.
Like seriously, what even gets made in the US that is reasonably affordable and is of a decent quality.
guns
While true, US guns aren't even on top anymore. Canik has become an unbelievably popular brand in recent years, and they're headquartered in Turkey.
damn I was unaware. guess I haven't done any gun shopping in a hot second (although that may change soon considering the way everything seems to be going in America lol)
Nobody in the US knows how marginal rates and progressive tax brackets work, you can sell the fools on anything and just blame the IRS because it’s the most convenient incarnation of what people hate.
I mean even this post got it wrong, your taxes go up until about $1 mil, not $300k.
But the cuts could start benefiting you at the $300k bracket relative to before. What's the actual change?
Because the way marginal taxation works if you make 300k you paid all those extra brackets tax hikes before you got to 300k and started seeing the lower marginal rate.
So to see your impact you add every changed number from the left up to your income, that’s your impact.
Yes it takes a positive turn at 300k, but you’re already deep in the whole and don’t turn to actually positive until around the final bracket.
It says average cut, so I think it's for the average person of each bracket. So it's talking about folks making $600k maybe? Just guessing.
I know how marginal taxes work and you didn't address my question. If the tax on above $300k is less than it was before you are paying less. What is this about something changing at $1 million?
I think what they're saying (I didn't look at the data yet) is that while the rate at 300k is lower, that lower rate doesn't make up for the higher rates that individual will have paid until that point. So for the individual in question, the net positive doesn't happen until 1m.
Ah yeah. Might just be a bad graph since it says "by income group" and then breaks down by the actual bracket. Not sure exactly which it means still but I think they're right
Why should it be better over $300k though? Thats a tiny tiny percentage of the population who very likely already has more money than they would need for the rest of their lives if they wuit working today, reguardless of age.
People should not be allowed to hoard wealth like that.
This graph should be savings early on, which still benefit those people, because, as you mentioned, it adds them up, but at some point, it gets worse.
Incentivise "spread the wealth". Lift everyone up, because by 300k, you are good, let others get more.
Yeah I definitely wasn’t advocating for that, was just explaining how that worked with marginal tax rates.
It makes me angry when I see people talk about how getting a raise would be bad for them because it would put them in a new tax bracket.
Like dude, no, it won't be worse. Thats not how that works.
It's by design.. the same group of people think that tarriffs are paid by foreign companies. Keeping voters ignorant is a key part of their strategy. Remember that trump once said "I love the poorly educated"
No! Noooo! I didn't push your child and spit on you! The corrupt IRS fucked up on your taxes.
They raise taxes on the middle class to make people hate taxes so they vote for smaller government.
They’ve been doing it since the 80s. God how I wish our politics weren’t in a death spiral. It’s so boring.
Uh, yeah they are
wouldn't be billionaires if they were allies
Billionaires are always the enemy.
You do not get to even 1 billion without causing massive indirect harm to a shitload of people. No one, no one, every, has put in enough to "earn" 1 billion. The vast majority of people will work their entire lives and be lucky to have a gross total income of a few million. Thats Gross, not worth or wealth, thats, "I took money in and spent it to live."
I would argue anyone worth much over 10 million is in the same harm causing boat as billionaires.
The problem with taxing the super rich is that their weath isn't in the form of taxable income, it's mostly in the form of stock, and doesn't become cash until it is sold. Selling stock, especially if the CEO is the selling lots of stock, causes the value of the stock to decrease, so they don't like to sell it at all. What billionaires do to pay for their day to day expenses is to take out loans, using their stock as collateral on that loan. No bank is going to deny a loan backed by Tesla stock, or space-x stock.. that's guaranteed interest for them with basically no risk. The value of the stock them increases over time, more than the interest payments do, and then they pay it back, coming out financially better than they were when they took out the loan. The only way that billionaires could really be taxed is if the government was to tax them on the value of all stock that is held at the start of the tax year, and not just when it is sold. Some countries do this, I don't think (?) the USA does.
Picture is incorrect. The bottom glass on the right should be cracking.
Bottom Glass on the Left. Cracking and potentially about to make it all topple over.
Yes.
Well, something is trickling down but for some reason it smells like piss.
I can't wait for the trickle down Bukkake. Any minute now!
You can 100% safely bet that every billionaire has heard that from a childs voice.
Graph is from October 2024 this isn’t some new version that was just released either
Correct. And it is still current.
https://itep.org/federal-tax-debate-2025-trump-tax-changes/#collapseOne
If you look at "breakdown of tax propoals by category" note that it doesn't account for inflation, for example giving a reduction to everyone for tax cuts. But in the real world, that's not how it works. Tax cuts that are paid for with deficit spending like these are essentially zero-sum because the price of everything will have to increase to account for spending power. So in other words, it's even worse for everyone but the 1% than indicated.
This is just peak brainworm. What does someone making nearly a million dollars a year even do with an extra 7k?? Make their scroodge McDuck vault a little deeper? Doesn't matter how deep it is, you still can't dive into it like a pool. Idiots.
No, you totally can dive into a pile of gold and swim in it and they should definitely all try it. It works better the higher the diving board is.
they use dollar bills instead of gold coins, you can get a cushy landing and swim through it pretty well.
To be honest, if you're able to make a million a year (even hundreds of thousands a year), you can afford an accountant who will tell you not to take compensation as employment income.
If you're a business owner you'll be taking a significant share as dividends, or if you're an executive you'll be taking stock options or other share based compensation. If done correctly, you can not only take advantage of lower tax rates but also defer taxes to future years.
If you say so....I'm more of a turbotax on April 14 kinda guy
They are alluding to capital gains. If you don’t need money now, you take 50 million dollars in stock, hold it for at least a year, and now you’re paying 15% or less instead of whatever the top tax bracket would be (like 37% or something) if you were to take it as employment income.
One of the greatest unfairnesses in the tax systems in many countries (certainly at least the US and UK) is that income from "investment" (which generally is money made from having money or owning thing, though there are often ways for freelancers and small business owners to use it to have their income from work look like the income of business ownership) is taxed less than income from work.
It's "interesting" how the countries with the loudest "strives vs skivers" and "meritocracy" bullshit from politicians, generally penalised people more for working than for sitting on their hands whilst their fortune naturally grows through rent-seeking.
Supposedly they invest it back into the economy, or, at least that’s what I’ve been told.
Yeah, of course, through stock buybacks and executive bonuses.
Just enjoy being the wind beneath the golden parachutes. 🪂
Plus, at the other end of the spectrum, I'm quite sure anyone making $28.6k a year would be very happy to pocket an extra $790.
Pretend that's the end of the bracket and it doesn't increase from there. Now the guy making 100,000,000 gets an extra $700,000
Um, have you tried just not being poor?
Just take more xhits on xhitter, that's seems to be how Edolf makes his fortune
but at least now baby jesus will stop shedding tears because transgenders and intersex people can now be labeled with their correct biblical gender
that will make the poor religious folks happy at least, right? they don't need grocerries, baby jesus is happy the transgenders are suffering! delicious!
It's the MAGA way.. they base their self worth on how much the people they hate are suffering.
That's on top of the increase starting now as well.
The tax plan of 2017 cut taxes for everyone, but starting last year they went up for anyone not making 300k or more.
Edit: why gifs no work on Eternity?
Wth. Whatever, I'm just cursed
This is what I did
Maybe this
I don't think I can afford to prop up the wealthy any more than I already am doing now. Guess I'll need to get a fourth job to help pay off Musk and company tax relief.
Work those bootstraps
Clown Country
Is there a source on this? Not that I don't believe it, I'm sure this is exactly what's going to happen, but if I bring it up in conversation saying "I saw it in a meme" will deflate the argument.
Institute on Taxation and Economic Policy (ITEP)
https://itep.org/federal-tax-debate-2025-trump-tax-changes/#collapseOne
just say I did my own research and anyone dumb enough to ask for a source in casual conversation will be satisfied.
Ugh, I hate it when people provide evidence for their claims! When someone tells me that Haitians are eating dogs, I just believe them if the conversation is casual enough
Woah, what a casual conversation! I will passively absorb this info and not question it at all, as that would make me dumb (DAE dumb is when skepticism?). Good thing I am immune to propoganda! /clueless
You're getting down voted cuz you're rude but honestly yeah. If someone asks you in person for a source you just say, yes I have a source it's the Trump tax plan that he announced. It's not a secret
LOL Bush Jr did the same thing as did the previous Republican president. This is par for the course.
Just work harder and become a billionaire smh
/s
Is this from the extention of last tax cuts that are still active but set to expire unless renewed? Or a new proposal on top of that policy?
I don't think we know anything yet for real. I believe they included the costs of the tarrifs into everyday Americans taxes, because they are taxes after all... But Madam President changes the percent on tarrifs and to whom every time they talk, so unless someone actually writes something down, we'll never know anything concete. It is concrete that they are no longer a man though.
The last two times I’ve been to Costco they’ve been out of eggs. One of these days I’m expecting the Cash & Carry to be out of eggs too. Then the Rosaures, the Safeway, and the mini mart too. Just think of the savings in not buying any eggs at all!
“You get bird flu! You get bird flu! Bird flu for everyone!”
-Trump FDA soon
He's going to force factory farms to stop culling sick chickens, isn't he? Somehow RFK will get involved with the chickens' rights
Even if we're just talking eggs, they're up about $1.50 per dozen in my area and Der Blöderfürher has only been in office three days.
Well at least that war over in Ukraine is over!
Day 1!
eggs are almost 6 dollars a dozen here, they were around $2 a few weeks ago. it's crazy
LOL Bush Jr did the same thing as did the previous Republican president. This is par for the course.
That'll help pay for those aircraft carriers ..... for about an hour
I think you severely underestimate how many people are involved in the income tax scam.
It looks like they aren't planning to institute the new changes until spring this year. Is that correct, or am I misreading the website?
Where can we read it? I am having trouble finding the text.
I hope they starve. If I was running a soup kitchen I'd refuse to serve anyone who voted for this.
In my area the soup kitchens are manned by, and frequented by almost exclusively Trump voters. It's deep red.
You'd think they would just give the hungry people the middle finger instead then like South Dakota
https://www.washingtonpost.com/business/2024/01/12/trump-tax-cuts-2024/
Isn't their source of data characterized as "left-leaning"? How valid is this information?
Yeah, google ITEP and see that they are classified as "left leaning". I feel like this lemmy instance is all hard-left at this point.