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CousinIT

(9,151 posts)
Tue Dec 17, 2019, 09:59 AM Dec 2019

US lost more tax revenue than any other developed country in 2018 due to Trump tax cuts

https://www.cnbc.com/2019/12/05/us-tax-revenue-dropped-sharply-due-to-trump-tax-cuts-report.html


U.S. tax revenue as a proportion of GDP dropped the most out of any country in the Organisation for Economic Co-operation and Development in 2018, according to a report released Thursday.

That’s largely due to the $1.5 trillion GOP tax cut President Donald Trump signed into law in 2017.

The tax cuts dramatically altered the U.S. tax landscape for the first time in decades by permanently slashing the corporate tax rate from 35% to 21%, temporarily cutting individual tax rates and limiting state and local tax deductions, among other changes.

From 2017 to 2018, the U.S. tax-to-GDP ratio fell from 26.8% to 24.3%, the OECD found, while corporate tax revenues fell by .7% and personal income tax revenues dropped by .5%.

The OECD’s overall tax-to-GDP ratio, meanwhile, remained relatively unchanged between 2017 and 2018, from 34.2% to 34.3%.


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US lost more tax revenue than any other developed country in 2018 due to Trump tax cuts (Original Post) CousinIT Dec 2019 OP
class warfare long been won by the upper 1%, started big time under Reagan beachbumbob Dec 2019 #1
The rich keep getting richer while the middle class at140 Dec 2019 #2
The tax scam must be repealed. dalton99a Dec 2019 #3
Replace it. roamer65 Dec 2019 #5
I can just hear the noise now, Bayard Dec 2019 #4

at140

(6,110 posts)
2. The rich keep getting richer while the middle class
Tue Dec 17, 2019, 10:14 AM
Dec 2019

is marching in place. I forget what numbers Sanders always quotes, but it goes something like the top couple of % control majority of wealth in the country. Billionaires can buy the presidency and execute their agenda at will. Not good.

roamer65

(36,739 posts)
5. Replace it.
Tue Dec 17, 2019, 01:14 PM
Dec 2019

Put corporate taxes back. Raise income taxes on the 1 pct to at least 50 percent.
Give the middle class a permanent tax cut, not a temporary one.

Bayard

(21,802 posts)
4. I can just hear the noise now,
Tue Dec 17, 2019, 11:45 AM
Dec 2019

Dems will raise your taxes!! If we just put everything back where it was before the Orange Imbecile.

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