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Biscuit (Noun) : A person who is willfully ignorant and almost certainly incompetent

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The Data Doesn’t Lie

Were Trump’s tax cuts a giveaway to the rich?

You heard it over and over again, didn’t you? The Trump Tax Cuts and Jobs Act of 2018 was a giveaway to the rich! There was nothing in it to help out the lower and middle classes! CNN and MSNBC ranted on and on about it. The usual suspects – Schumer, Pelosi, Sanders – all decried this legislation intended only to benefit the rich.

Well the IRS has finally published the exact data for 2018 – the first year the cuts were fully in place. If you want to see the true nitty gritty, you can find it here:

https://www.irs.gov/statistics/soi-tax-stats-individual-income-tax-rates-and-tax-shares

I’m guessing if you’re reading my blog you already know where this is going, right? Right.

The IRS data show that the top 1 percent of filers, those with adjusted gross income of $540,009 or higher, paid 40.1 percent of all income taxes. This amount is nearly twice as much as their income share.

Despite the rate reductions under the Trump tax plan, the tax share of the top 1 percent increased compared to 2017. In fact, the National Taxpayers Union Foundation has compiled historical IRS data tracking the distribution of the federal income tax burden back to 1980, and 2018 was the highest share recorded in the 38 year span.

The top 10 percent of filers, those with adjusted gross income of $151,935 or higher, paid over 71 percent of all income taxes.

Sounds to me like the “wealthy” are shouldering quite a bit of the load. Not that the truth matters in a Democratic narrative.

The lower half of earners, with adjusted gross incomes of less than $43,614, owed 2.9 percent of all taxes. This was a decrease from the 3.1 percent recorded in 2017. The lowest share was recorded in 2010, during the recession, at 2.4 percent.

The percentage of filers who owed ZERO income tax liability rose to 34.7% – that’s right – over one third of Americans filing a tax return owed NO TAX.

So the next time you see the knuckleheads on the TV droning on and on about the rich “paying their fair share” and how tax legislation that was clearly stimulating the economy before the Chinese dropped a Wuhan bomb on the planet maybe you should stop and look for some actual facts.

The data doesn’t lie!

Credits: Some portions of this article originally appeared in National Review.

2 thoughts on “The Data Doesn’t Lie”

  1. Use actual facts AND DARE to cite a legitimate source??? You know you just popped up on a secret list sponsored by the Feds don’t you??

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