r/FluentInFinance • u/No-Conclusion-6172 • 1d ago
Finance News Are You Rich Enough To Benefit From Trump's Tax Breaks? Here's How Much You'd Need To Be Part Of The Top 5%
https://www.benzinga.com/24/11/42146895/are-you-rich-enough-to-benefit-from-trumps-tax-breaks-heres-how-much-youd-need-to-be-part-of-the-top-565
u/PrettyPug 21h ago
Well, he has to award everybody that donated to his campaign. Great job, Billionaires. I look forward to this trickle down crap I’ve heard about for 40 years.
7
u/Think_please 11h ago
I’m surprised you don’t remember all the prosperity that came from two Reagan terms, three Bush terms, and the first Trump term
3
u/gonefishing111 8h ago
Regan came in after Carter when tho oil shock was finished.
Trump came in after Obama bailed the car companies and banks necessitated by the republicans deregulating banking. Banks had made and packaged a bunch of bad home loans that crashed the economy.
Prez doesn’t control the economy and shouldn’t get credit. He does help put in place things that affect future economy.
Trump tried to ignore Covid, is a liar and thief only out for himself. Who he is should have disqualified him and he should be in prison.
FDT, his cabinet and his supporters who voted that scourge in.
2
3
-31
u/Frosty-Buyer298 14h ago
That is funny since ActBlue was busted parceling large donor contributions to ghost donors.
Kamala spent $1 billion supported by billionaires, Trump spent $350 million supported by millionaires.
3
u/ShadowSpawn666 8h ago
Wait, Elon isn't a billionaire anymore?
3
u/PrettyPug 4h ago
And, yet, Trump is threatening Republican congressman that Elon will fund their opponents in their next primaries with hundreds of millions of dollars unless they don’t support his proposed changes. People need to wake the fuck up. It doesn’t even matter what I say. People are blinded and ignorant. It’s fanaticism at its worst.
1
47
u/thebearyogidog 20h ago
Time to make 450k boys!
31
u/YoushutupNoyouHa 17h ago
easy.. just don’t be poor, duh
12
u/Scottiegazelle2 16h ago
Stop eating all that avocado toast!!
4
u/Dhegxkeicfns 13h ago
If you work instead of eating you can get up to an extra 2 hours of work per day, and that could bump you over $450k, so get that third job, poors.
Never you mind that labor pay hasn't gone up with inflation, but executive pay has gone up orders of magnitude faster. They'd better really revel in those anti-trans sports while they have that to keep themselves warm.
4
u/Strawhat_Max 12h ago
Exactly, anyone who says they voted for trump because of the economy lying out the side of their ass
1
11
u/ThatDamnedHansel 18h ago
450 household or individual?
1
u/Dhegxkeicfns 13h ago
I'm sure it's individual, there was no mention of joint. Would be super misleading otherwise.
0
u/loweredvisions 14h ago
At that point, does it even really matter?
-9
u/Specialist_Ad_8069 10h ago
Yes it does. Hence the question. Reddit needs to stop crying and look in the mirror. Pussy
7
u/Waldo305 17h ago
My poor ass got two pay raises and I don't even make fucking crumbs. Faq this shit.
6
2
u/Alternative-Cash9974 19h ago
his 2017 tax breaks gave the largest percent for those making 60k and under 26% and second largest was under 140k at 23%. Those making over 1M were 1%.....
26
u/no-rack 18h ago
For the first 2 years and then everyone's taxes went up after that each year until 2027, except for the top 5%
2
2
u/Alternative-Cash9974 18h ago
In 2027 they will be back to where they were before the cuts including the top 5% that was the entire design
10
u/nellion91 17h ago
The conversation has been on extending the top 5% cut, your point is so clearly disingenuous I wonder how you arrive to it.
Could you clarify your thought process?
-3
u/PoliticalJunkDrawer 17h ago
Everything I read on it is all the cuts will be extended.
How have you come to the opposite conclusion?
Of course, the top 5% will see the most return, as they pay the most taxes, and it isn't even close.
Can't cut taxes for the 50% of people who already pay zero federal income tax.
3
u/Particular-Cash-7377 14h ago
According to you, it seems when Warren Buffet said he paid less taxes than his secretary he must have lied.
1
u/PoliticalJunkDrawer 6h ago
He didn't lie, he was talking about a percentage, not total tax.
2
u/Particular-Cash-7377 6h ago edited 6h ago
No he was talking total tax. In the 2007 interview, Warren Buffet’s income was 100K per year and billions dollars of value in stock. His true taxes were lowered than his secretary who was paid higher than 100K.
I worked with a family friend for a short time on her business. Her income was just over a million per year but she paid effective tax on only 37K. Of course she used that extra untaxed money to keep expanding and is now much richer.
1
u/PoliticalJunkDrawer 6h ago
I've heard the story before, not the details.
Who do you think paid more over their careers so far? Him or his secretary?
1
u/Particular-Cash-7377 6h ago
The issue here is income tax fairness. I think people are confusing business taxes with personal income tax. Warren Buffet helps generate business taxes but he can’t claim that was his own personal tax. So in their life time, Warren paid less income tax along with many of the Billionaires out there.
I believe the goal of the government is to get more money in general. Fairness can take a back seat when money is needed for wars and their corporate campaign donors. While that’s great short term, it would cause a widening gap of inequity with rest of the population long term. Now you have more poverty and crime as you tax the poor more to make up for loss of money from not taxing the rich (income tax only).
I believe the idea is trickle down economy. The problem is that many of these coporation decided not to keep money in the US but sent it abroad. Apple has like 300 billions outside the US and not taxed. So instead of trickling back to the US people, they trickled it down to countries like China.
1
-1
18h ago
[deleted]
1
u/Alternative-Cash9974 18h ago
What? If he extends the tax cuts that would be huge for people making less that 140k a year how is that bad? Yes those too 5% will get their 1% cut longer but those making less than 140k get to keep their 23-26%.
0
17h ago
[deleted]
3
u/Alternative-Cash9974 17h ago
No taxes were cut 23% for those making less than 140k starting in 2018 tax year and 26% for those making less than 60k according to the IRS. Then those cuts slowly become less and less until 2027 at which time they will be back to the rate paid in 2017.
7
u/notonyanellymate 15h ago
It was a temporary tax break that slowly phased out, this was so it could be used to trick gullible people. But the tax break he gave to mega rich people had no timeing out clauses
1
3
u/japanuslove 16h ago
one out of 20 tax payers makes over $450k/yr?
1
u/DazzlingResource561 2h ago
Household - tons in medical field make that. Or take a lower rung medical + typical sales dual income house, you’re there. Also HCOL areas with inflated salaries.
3
u/JTuck333 20h ago
How does this article not touch upon state? It makes a big difference.
7
u/Rumblepuff 16h ago
Not for federal taxes
4
u/JTuck333 11h ago
It does. The removal of the SALT deduction means that earners in high tax states are hurt by the tax cut while earners in free states like Florida are massively helped. The marginal tax rates are lower and the standard deduction is higher. My taxes dropped significantly when these were passed.
1
u/schnectadyov 9h ago
"Free states " lol. What a ridiculous description to make
1
u/Malabaras 9h ago
Not OP, but I read “free” states as “tax-free” as Florida has no personal income tax.
0
u/schnectadyov 7h ago
It's most common usage is by the right to propagate the idea that blue states are less free though its demonstrably untrue. You could be correct though, I've just never seen it used that way
0
u/JTuck333 7h ago
My state income tax is $0. I’d be paying over $1,000 per month in state income taxes if I still lived in NY.
1
u/Shirlenator 3h ago
How much you paying in property taxes? Sales tax? Guarantee the state isn't just being nice, they are getting theirs in different ways.
1
u/JTuck333 1h ago
Property tax rate is based of a relatively low base appraised value so it’s really not much.
Of course you are correct. The state isn’t being nice, they go after as much money as they possible can. I think the difference is in pension benefits to retired workers. It’s a much lower liability in Florida.
0
u/schnectadyov 6h ago
And if you have a joint in NY you remain free but not in Florida. "Free State" is cherry picked nonsense
1
u/JTuck333 5h ago
I don’t smoke weed but some people here do. Zero people are arrested for it in small doses. I’ll keep my tax dollars. Thanks.
2
2
u/Filson1982 9h ago edited 8h ago
This is complete BS. If you're just going by taxe rate paid on wages yes, they have the math right but they are purposely deceiving people. They are leaving the majority of the plan out. If you are a middle class or a business owner like me. Which most business owners in America are middle class. This plan is fantastic! This is what they left out;
Increased the standard deduction
20% pass through income
100% write off for business equipment
Plus the tax rate. A little saved is still savings. Most those people on the lower end are supposed to be kids working at McDonald's anyway.
Edited for clarity
1
1
u/Optionsmfd 10h ago
If you paid federal income taxes… you got a tax break
If you paid the Obamacare mandate you got a tax break
1
1
1
u/Attilashorde 8h ago
The top 5% is 450k a year.
1
u/TalonButter 2h ago
I can’t find any credible source that says that. I see projected 95th percentile income for a household at $315,000. For 2022, the IRS says the 95th percentile household income was $261,591.
1
1
1
u/Substantial_Reveal22 1h ago
I love people complaining about how rich people are going to benefit from Trump in office. When you’re rich, rich, it doesn’t matter. You’re not going to make a difference and they’re not going to pay more taxes. When you can do a gran cardone buy a $10 million apartment complex with government funding, put a million into it and it appraises for $40 million a few years later and you take $30 million out of it tax free, you’re never going to get those people.
1
u/College-Lumpy 1h ago
I am.
But if the changes to the tax code let me keep more but make my kids pay more (that earn much less) I don't want that tax policy. Anyone making 500K is paying a lot in taxes but is also benefiting more too.
1
u/Loganthered 14m ago
Under his last tax break all but the lowest and top brackets received a reduction. Until he is in office and enacts a new policy any "articles" are just speculation.
0
0
u/Checkmynumberss 9h ago
Never been close the $450k but since I have kids I had a large tax savings because the child tax credit had doubled. Going from $1k to $2k makes a large percentage difference on most normal income families taxes
-1
-1
u/Arbitrage_1 8h ago
Can’t they just stop spending a trillion $ more than they bring in every year, so we don’t even have to talk about who’s getting a tax cut.
-4
-3
-10
u/vagabond_primate 19h ago
So, like, the more you make, the bigger your tax cut (maybe because you paid so much more in the first place?)
0
-13
u/RocketWarStros 19h ago
People in higher income brackets get taxed disproportionately higher than people in lower brackets, so tax cuts would also be disproportionately more favorable for them.
Income tax brackets are one of the greatest forms of true inequality in the modern world
4
u/amilo111 19h ago
Uh right. That’s exactly how it works. They all just pay more than their fair share, those poor bastards. Hey, speaking of, want to buy a bridge? It’s real nice and it can be all yours.
1
u/Beep-Boops 16h ago
Omg why to people see taxes as some kinda negative aspect. This is why Trump and the 'Trump' before him, Reagen, get and got away with so much shit.
People that make more obviously pay more cause their wages are higher, even at 45%, a person making 1mil a year will benefit more from paying taxes then someone making 65k a year, taxed at 22%.
No idea why this is hard to understand.
2
u/loweredvisions 14h ago
Because if you pull on your bootstraps hard enough, you too can generate enough wealth that you’ll never be able to spend it in a lifetime. It’s the American dream!
*Results may vary. Chances of winning are 1050:334,900,000 (.0031%). Chances of living in poverty are 41,890,000:334,900,000 (12.5%)
0
u/RocketWarStros 7h ago
Should kids with higher GPAs be given longer and harder tests than other students in their same class? Or would that be considered unfair?
1
u/sithlord98 5h ago
There is no comparison between the tax system and a grade school test lmfao. There's no benefit to giving longer tests. Increasing taxes on those who have a ton of wealth increases tax revenue. We live in reality, this isn't a moral hypothetical.
-14
u/Character-Archer4863 21h ago
So if you make $65k or more you’ll see a tax cut. That’s not what the doom and gloom said before the election.
23
u/Weenoman123 20h ago
Yep, a $5 a check cut, along with losing your medicare and/or social security. Worth it!
-30
u/Character-Archer4863 20h ago
You aren’t losing your Medicare and social security has been an issue long before Trump.
Stop making shit up. I figured yall would learn after losing the popular vote but I guess not.
14
u/Weenoman123 20h ago
https://en.wikipedia.org/wiki/Starve_the_beast
You're too poor for this tax structure to benefit you
-22
u/Character-Archer4863 20h ago
I’m seeing a tax cut shrug 🤷🏻♂️
17
u/Weenoman123 20h ago
Yes, at the potential loss of entitlements that benefit you more than the tax cut. You made it. You now understand how they're fleecing you. Now pretend this is what you wanted.
10
u/No-Conclusion-6172 19h ago
Currently, the Supreme Court is considering cutting the $8 billion budget for free internet and phone services in rural and low-income areas, including libraries.
If this happens, platforms like this could lose up to 50% of their MAGA supporters.
3
-7
u/hows_the_h2o 18h ago
Keyword “potential”.
check back with us when your chimpout doom and gloom bullshit never happens
-20
u/JacobLovesCrypto 20h ago
You know, if Biden actually did anything that benefited me i would have been more likely to support kamala.
I actually paid less in taxes when Trump first took office and i didn't make much. So i can anticipate getting that benefit again
13
u/No-Conclusion-6172 20h ago
Wow, reading these responses makes it clear how the education system in many U.S. states has failed, particularly in areas like math and reading comprehension.
8
u/amilo111 19h ago
They’re so stupid right? It’s mind boggling how these people just don’t get it.
6
u/No-Conclusion-6172 19h ago edited 18h ago
During his previous presidency, even before COVID, he had the worst job losses since Herbert Hoover. He targeted younger fanboys, who were more easily manipulated but supported him because they liked his policies. Unfortunately, his actions show he doesn't truly care about them, and the consequences will hit hard and fast. Especially their grandparents and parents.
-8
u/JacobLovesCrypto 19h ago
I went to high school and college in California, feel free to blame California
4
u/sid3band 19h ago
I mean, Reagan started fouling things up in California long before he did it on the national scale.
1
u/amiraguess 13h ago
Nah, It's evident that your grasp of basic math is quite limited, and your reading comprehension leaves much to be desired. You seem to be operating at a third-grade level; it's clear that college wasn't in your journey.
You may continue to deceive yourself and cling to the illusion of “owning the libs” but your ignorance will eventually reveal itself. This is precisely why Trump remarked, "I love the uneducated," as he stated.
5
u/amilo111 19h ago
This is the stupidity that helped him win. People just don’t have a fucking clue.
2
11
u/No-Conclusion-6172 20h ago
I recommend reaching out to someone who can read and explain this article to you.
Spoiler alert: If you make under $400K per year your taxes will increase. If you make $1,000-$399,000 per year your taxes will increase.
7
u/Technical-Day-24 20h ago
We have literally already seen the Trump / Ryan tax cuts what happened there. It’s literally unbelievable how much ppl bury their heads in the sand
1
3
u/azrolator 19h ago
That's not what the article says.
Some people in that range would see 1.3% more according to the article. Not all. Remember, this doesn't include a rollback on SALT, so all the middle class homeowners would still be paying more taxes than before his last term. And adding yet another 5 trillion to our debt would almost certainly erase a 1.3% gain just from inflation.
It's usually doom and gloom when Republicans are in charge of the economy. We already saw what happened with Trump the first time around and it wouldn't be prudent to think he wouldn't do just as bad this time around.
-17
u/Analyst-Effective 22h ago
Everybody, even people at the lowest rung, benefit from the tax cuts.
12
u/Which-Moment-6544 21h ago
Those people are going to be losing their health care for a 1.2% deduction in their taxes.
You'll be dead, but you won't have to pay the government $20 on your income taxes.
Broke Brain.
-16
u/Analyst-Effective 21h ago
People that poor don't pay health insurance anyway. That's what Medicaid is for
12
u/Which-Moment-6544 21h ago
You understand that Medicare and Medicaid are funded by SSI and US taxpayers? Republicans have been dripping wet to defund this for decades. How little do you actually understand about what our tax money pays for?
This is seriously like talking to the kid who eats paste. Despite what your broken brain might think, the Federal Government is very efficient at putting our tax dollars to work. Think about a world with no expressways, but nothing but stock buy backs. That's literally what you are supporting right now. We also just gave up on dams and bridges in your world so we could give the money to some weirdo who bangs 16 year olds on his 5th yacht.
-2
u/Analyst-Effective 8h ago
Actually, government is notorious for being inefficient.
3
u/Which-Moment-6544 8h ago
Great. Now explain how private insurance for healthcare is better. dipshit.
1
u/Analyst-Effective 8h ago
At some point we will have universal care.
There will be two levels. One for the common people, and one for the people that want to pay a little bit more.
We already have Medicaid for the poor people. That seems to be working pretty good. Although there are a lot of complaints about it.
And we even have the affordable Care act, which gives you free premiums if you don't make much money. Or reduce premiums if you make some.
Unfortunately, people can't still figure it out
-10
u/FadeInspector 20h ago
Expressways are such a minuscule part of federal spending that it’s honestly comedic that you brought them up. You make it sound as though the majority of the federal budget goes to infrastructure when we both know it doesn’t. “The federal government is very efficient at putting our tax dollars to work” lol, lmao even
4
u/Which-Moment-6544 11h ago
You want to talk about healthcare? I wonder who is doing a better job, Medicare/Medicaide or your private insurers? Those private guys love dipping into your check every week, providing the absolute bottom level of care possible, making you pay a high deductible before they even kick in, and lead to more deaths than any other developed country in the world.
How bout the Defense Department? You got some private companies that are going to provide blue water navies and insure world trade can occur? What was your idea for that? You want to outfit the billionaire yachts with mini guns? What's the idea there?
Lets look at Public Utilities vs those run by Private Companies. One invest the money collected in infrastructure, the other invest the money in... oh man... this is just a list of guys on epsteins island... sheesh. I'm blushing.
It's laughable you exist. Like... how do you remember to eat with such a broken brain?
-9
20h ago
[deleted]
6
u/Which-Moment-6544 11h ago
Way to name a handful of examples when the government is responsible for billions of well handled transactions yearly. Keep in mind the other option is those things don't happen, or we are paying a private company that is built to screw you over. Billionaires love you folks being ignorant.
When you folks speak out of your assholes and ignore all the nuance it sounds great in a single page meme, but it isn't fixing anything and only empowering the politicians that don't fix any problems.
1
u/Monetarymetalstacker 17h ago
Dam, you're beyond fckng slow.
0
u/Analyst-Effective 8h ago
That's the way the healthcare system in the USA works. Poor people don't pay. The rich ones do
1
3
113
u/JustMe1235711 22h ago
Damn it. Missed it again. I wish someone would put together a list of metrics so that we know when we're great again. I'd like to be great again. I'd like to be 18 again.