04-11-2025, 03:34 PM
(04-11-2025, 02:39 PM)leilanidude Wrote: They've got to find a way to pay for those unnecessary tax cuts heavily biased towards the wealthy.
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It doesn't seem to have been an issue in the past, to "pay" for a tax cut?
Top earners pay more to begin with so of course they get a larger amount of any cut.
The AI response:
In 2022, the bottom half of taxpayers earned 11.5 percent of total AGI and paid 3 percent of all federal individual income taxes. The top 1 percent earned 22.4 percent of total AGI and paid 40.4 percent of all federal income taxes.
Pay for a tax cut? It's called balancing the budget. You know, "fiscal responsibility". If taxes are cut without concurrent spending cuts , the budget is no longer balanced.
Of course it's not necessary for top earners to get a larger amount of any cut. They could conceivably receive no cut at all.
For example, Hawaii's top state income tax bracket earners pay 11% while the lowest pay 1.4%. Once conceivable tax cut scheme would be to change the lowest bracket to .5% and leave the top bracket unchanged.