I pay more taxes than Amazon

[Jimdamick]

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

 

[schuylaar]

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

beauty.

 

[xmatox]

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

To be fair, Trump is only an extension of policy that the Republicans have pushed for decades. Trickle down doesn't work and has never worked. Fuck the Republican party.

 

[Lord Kanti]

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.

 

[UncleBuck]

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.

Yeah but it helps if the gop doesn’t make your tax cut temporary while making the tax cut for billionaires permanent

 

[sandman83]

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.

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.

 

[schuylaar]

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.

change your withholding status to M-9 and don't file your taxes- you have to have a strong constitution for this. it's not for everyone but works well for some. with this formula, i know someone who owed 40k and paid 1k by hiring a CPA that worked for the IRS. his bill was less than 1k for the negotiation and filing of back tax returns.

totally worth it for some and like you said 'not an option for every family'..but if you're single, you can get away with it.

 

[hanimmal]

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.

 

[xmatox]

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.

That's not how progressive tax rates work.