Trump’s tax cuts hurt blue state residents

I live in Maryland. I was not able to deduct all of my state and local taxes this year. Trump is rewarding his voters just like he did with the $12 billion for farmers. He is penalizing blue state residents – this is similar to his attacks on California. He is so vindictive. Sad.

Trump’s tax cuts are punishing states that voted for Clinton, data suggests https://t.co/926xkpygc9
— MarketWatch (@MarketWatch) March 7, 2019

Republicans lied about economic growth

The tax cuts will only give a temporary boost to the economy

Trump/GOP promised lasting 3+% growth from self-financing tax-cuts

mainstream economists predicted brief deficit-fueled growth burst

the record so far:

2018 Q2 4.2%
2018 Q3 3.4%
2018 Q4 2.6%
deficit way up

Fed forecasts:

2019 2.3%
2020 2.0%
2021 1.8%https://t.co/eY2is6nE8q
— John Harwood (@JohnJHarwood) March 2, 2019

Federal Reserve officials expressed greater concern about risks to U.S. economic growth at their meeting last month, prompting them to signal a halt to interest-rate increases https://t.co/7sgcR1SQ54
— The Wall Street Journal (@WSJ) February 20, 2019

More on tax refunds 2/23/19 – updated 2/28/19

Average IRS refunds are now UP slightly compared to a year ago: https://t.co/hVtxFn6qps
— Jim Tankersley (@jimtankersley) February 28, 2019

People really like tax refunds, even when if it isn't strictly rational. Trumponomics vs. Behavioral economics.https://t.co/gNSpCfa7uD
— Neil Irwin (@Neil_Irwin) February 27, 2019

IRS statistics showing that Americans' tax refunds are down by an average of 17 percent so far this year have forced a reckoning that conservatives didn’t expect https://t.co/pXdX5wDpjk
— POLITICO (@politico) February 24, 2019

GOP’s Grassley blows up over complaints about reduced tax refunds: ‘Isn’t it kind of stupid to look at a refund?’https://t.co/yEQe5wffnZ
— Raw Story (@RawStory) February 23, 2019

Under fire for dwindling tax refunds, Treasury didn’t put out data this week: “As we have noted, data this early in the filing season has many aberrations and isn’t useful in drawing broad conclusions on refunds overall.”
— Alan Rappeport (@arappeport) February 23, 2019

Why hasn’t Trump criticized Amazon for paying $0 in federal taxes?

Why hasn’t Trump criticized Amazon for paying $0 in federal taxes? My theory is that he may pay $0 too.

We know he hates Amazon and Bezos so why is he silent? We need to see Trump’s tax returns.

Billionaires made huge contributions to Republicans before tax cuts passed

Billionaires flooded Republican coffers just before the tax cuts passed. From the time the tax bill was introduced until the end of the year, dozens of billionaires and millionaires dramatically boosted contributions, giving $31.1 million in 2 months. https://t.co/fRuySLAdIH
— Kyle Griffin (@kylegriffin1) February 10, 2019

So far, tax refunds are lower because of the Trump tax scam

There are a lot of unhappy people who have done their taxes and realized that the Trump tax cut was a scam.

I knew it was when I saw the new federal tax withholding rate for my federal pension. It was 17% lower than it was for 2017. I knew this was phony and changed it back.

Search I just did my taxes on Twitter for stories from taxpayers.

The politics of the tax cut will only go downhill from here. It arguably gave growth a moderate bump for two quarters; 4th q looks meh, and 1st q of 2019 meher. $2 trillion for nothing https://t.co/7FQKieO4jV
— Paul Krugman (@paulkrugman) February 18, 2019

About 1 in 10 Maryland taxpayers, or 280,000 people, will see their total tax bill rise this year. https://t.co/UmcRvc4NPW
— The Baltimore Sun (@baltimoresun) February 18, 2019

Factcheck: This is not a good tweet. Yes, the average refund is down but that tells us nothing about people’s total tax bill.

We know that 80% of Americans got a tax cut (and only 5% got an increase).

Sen. Harris can criticize TCJA but it’s faulty to use the $170 refund metric https://t.co/myLaXZtzbu
— Heather Long (@byHeatherLong) February 12, 2019

There are 2 issues here.
1. Based on early data, the avg. tax refund amount is down 8%. Treasury is right that data is v. early on & could change.

2. That said, the IRS' OWN ESTIMATES say the # of people getting refunds will decline this year [See p. 13 https://t.co/lBgD8wfRAV ] https://t.co/DKQ70u1h0G
— Heather Long (@byHeatherLong) February 11, 2019

Do you have a lower 2018 tax refund?

3 key points:
1. Vast majority of Americans did get a tax cut in 2018.
2. Withholding for some went down, so you paid gov less during the year (and now get lower refund)
3. ~5% of people are paying more in taxes nowhttps://t.co/gRlCuLeYeS
— Heather Long (@byHeatherLong) February 10, 2019

Good thread here on taxes, tax refunds and tax withholding 👇 https://t.co/Fi7x1kfmnb
— Heather Long (@byHeatherLong) February 12, 2019

Early filers have been taking to social media to express their ire at finding that their refunds were a fraction of what they anticipated or — worse yet — that they would owe an unexpected bill to the IRS. https://t.co/AHKF2yY9qq
— MSNBC (@MSNBC) February 9, 2019

Want actual evidence that the #GOP tax scam raised taxes on millions of middle class Americans? Read below.

Or look at your tax refund (if you even get one). Many of you will see that @realDonaldTrump & Republicans lied to you.#SaturdayMorning Thoughts https://t.co/jKFP5Rjv4N
— Ted Lieu (@tedlieu) February 9, 2019

People complaining about #GOPTaxScam are simply doing their taxes wrong by not taking advantage of the new private jet deduction. #taxes2019 #taxrefund https://t.co/fZvVVZ1QtL
— Mecrob Gilman (@MecrobSux) February 6, 2019

Trump and the GOP Tax Plan Screwed Middle Class Parents Out of a Refund https://t.co/KzcMvOL1R1
— I'M A MOM (@PeggyJeanB) February 9, 2019

Ah, long awaited refund many Americans depend on, reveals it was all bullshit!
Trump scam only #maga for the 1% – 🤣🤣#GOPTaxScam

Hoo-boy! Lots of people are really unhappy with their tax refunds this year https://t.co/Y7tNsVSxfR
— Trish K. (@tkaz99) February 5, 2019

Perfect timing to see this RT from one year ago today, especially given all of the people complaining online about the huge tax increases they are seeing as they fill out their tax forms this year, owing taxes instead of getting a refund. https://t.co/lW5UakE3R8
— Jennifer Hayden (@Scout_Finch) February 5, 2019

It wasn't the racism,
It wasn't the sexism,
It wasn't the collusion,
It wasn't the betrayal,
It wasn't bowing to Putin,
It wasn't lying about the wall,

…it's because they won't get a big enough tax refund. THAT'S the final straw for these people. pic.twitter.com/LOE6H01GkR
— Rocked (@RockedNet) February 5, 2019

This is a great point – many of them were willing to put up with Trump’s other terrible actions.

With filing season officially under way, a growing number of taxpayers are realizing that the Tax Cuts and Jobs Act might be a double-edged sword: https://t.co/G51QSCm9Er @tomcostellonbc has the details now.
— NBC Nightly News with Lester Holt (@NBCNightlyNews) February 9, 2019

Fewer Americans have received their tax refunds in the first week of this year’s tax filing season compared to the same period last year.https://t.co/4hR3ePhQ7K
— Axios (@axios) February 9, 2019

More bad news about Trump’s tax cut

Even steeper: Personal and corporate tax receipts are down 9%, when comparing Jan '18 to Jan '19. $225m vs. $204m.

That's notable because Jan '18 was the first full month for the Trump tax cuts. So this looks like slowing growth + continued rev loss from the cuts. https://t.co/6xz1wHqSQ3
— Jim Tankersley (@jimtankersley) March 5, 2019

This is very good from the essential Brad Setser, our leading expert on international trade and money flows. Bottom line: the Trump tax cut is a giveaway to corporations that doesn't promote investment here 1/ https://t.co/ec2cEc0oVp
— Paul Krugman (@paulkrugman) February 6, 2019

We need a tax code that works for working and middle-class Americans not just Wall Street. #TaxTheRich #GOPTaxScam https://t.co/dsd0u7BFsS
— Tax March (@taxmarch) February 6, 2019

Republicans want to eliminate the estate tax

Wealthy people got enormous benefits from the Trump tax cut but that’s not enough for Republicans. Trump keeps lying and saying the estate tax was already completely eliminated. Sad!

Ending the estate tax would give a tax break of up to:
– $63.6B for the Walton family, the owners of Walmart
– $39.1B for the Koch brothers
– $27.8B for the Mars candy bar family
– $13.4B for the Cox cable family
– $0 for more than 99.8% of Americans https://t.co/QCtAlcjzZ3
— Warren Gunnels (@GunnelsWarren) January 28, 2019

Since Trump's tax cuts went into law:
1) Wages have remained flat, adjusted for inflation.
2) The deficit has exploded.
3) Businesses didn't reinvest their savings.

Mitch McConnell's solution: Eliminate the estate tax for America's super rich, sending us deeper into debt.
— Robert Reich (@RBReich) January 28, 2019

Almost every time Trump talks about the estate tax, he lies that he's already eliminated it. "We got rid of it, folks," he told the American Farm Bureau convention two weeks ago. https://t.co/DHEUaIKvPN
— Daniel Dale (@ddale8) January 29, 2019

Stunning. Estate tax is ZERO for about 99.9%. ZERO. Only hits 1700 couples yearly who leave estates OVER $22.4 million to heirs. Yet, Senate GOP calls for repeal – at cost of over $100 Billion for these wealthiest estates. Poor children can just eat cake. https://t.co/0YgdEzGviC
— Gene Sperling (@genebsperling) January 28, 2019

Why wasn't the estate tax fully eliminated in the Trump tax bill? Here's why –> two words in the GOP tax bill mean tens of billions for the superwealthy https://t.co/sHcm0R4omS
— Glenn Kessler (@GlennKesslerWP) January 29, 2019

How many columns were written asking how Senators Thune and Grassley plan to pay for their estate tax repeal and questioning whether the GOP has become unrealistic?
— Matthew Yglesias (@mattyglesias) January 31, 2019

The Trump tax cut did not boost hiring or investment plans

As we knew from the beginning, it was just a scam to help rich people.

No one could have foreseen this. Except all of us who foresaw exactly, precisely this.

$1.5 trillion U.S. tax cut has no major impact on business capex plans: survey | Article [AMP] | Reuters https://t.co/CDAtivjUX8

— Invictus (@TBPInvictus) January 28, 2019

The Trump admin's $1.5 trillion cut tax package appears to have had no major impact on businesses' hiring or investment plans. https://t.co/heT4oG6ljX

— Kyle Griffin (@kylegriffin1) January 28, 2019

The Trump administration's $1.5 trillion cut tax package appeared to have no major impact on businesses' capital investment or hiring plans, according to a new survey. https://t.co/L8dFw0bpKU

— NBC News (@NBCNews) January 28, 2019

Since Trump's tax cuts went into law:
1) Wages have remained flat, adjusted for inflation.
2) The deficit has exploded.
3) Businesses didn't reinvest their savings.

Mitch McConnell's solution: Eliminate the estate tax for America's super rich, sending us deeper into debt.

— Robert Reich (@RBReich) January 28, 2019

Alexandria Ocasio-Cortez’s tax proposal

The right wing makes personal attacks on her clothes and dance video. Meanwhile OAC is making serious proposals and started a valuable discussion on tax rates.

Opponents are (I think deliberately) saying her position is to tax all income of people making $10 million at 70%. She is only talking about $10 million and up.

This is very much worth watching.

But be *sure* to watch to the end, where Erik Brynjolfsson gives the precise, “well, actually …” answer to a “can you give me any real-world example??” question. https://t.co/RBg1JCZ9cm

— James Fallows (@JamesFallows) January 24, 2019

@AOC’s tax hike idea is not about soaking the rich. It’s about putting a cap on the plutocracy’s income. https://t.co/EsnugwMSXW

— Eduardo Porter (@portereduardo) January 22, 2019

About 6 in 10 Americans agree with @AOC and support a marginal tax of 70% on the wealthy. https://t.co/t3VXWMw13C

— Janie Velencia (@JanieVelencia) January 18, 2019

A new poll found @AOC's proposed tax plan to be "popular in all regions of the country" https://t.co/UGoEWUUuzg

— Intelligencer (@intelligencer) January 20, 2019

NEW POLL: Majority of Americans support raising the top tax rate to 70 percent https://t.co/k5quW8eXYI (via @HillTVLive) pic.twitter.com/kp4l6CnB2M

— The Hill (@thehill) January 15, 2019

a 70% top tax rate on $10-M earners doesn't mean taking 70% of their income

in 1981, Reagan's 1st year, top rate was 70%. richest 1% paid average 33.1% overall

in 1989, w/28% top rate, they paid avg 27.9%

in 2014, w/39.6% top rate, they paid avg 33.6%https://t.co/IvBIVnUEBF

— John Harwood (@JohnJHarwood) January 11, 2019

Presumably the Minority Whip knows what marginal tax rates are? It's not 70 percent of all income, but 70 percent of any income earned ABOVE $10 million. You may disagree with the policy but a politician has an obligation to describe it correctly. https://t.co/lPSeou1XJf

— Glenn Kessler (@GlennKesslerWP) January 5, 2019

Congressman @SteveScalise is either lying or doesn’t understand marginal tax rates. Or, both, I guess. https://t.co/7t4sJAvdHg

— Soledad O'Brien (@soledadobrien) January 5, 2019

As you know, from 1936 to 1980 the top marginal rate was 70% and above. E.g. between 1952 and 1963 (which included the Eisenhower presidency) the top marginal rate was above 90%. America had high economic growth and shared prosperity. We created national highways system etc. pic.twitter.com/PTLdue5IYI

— Jennifer Taub (@jentaub) January 6, 2019

70% income taxes on high-earners are both familiar (we had them not that long ago) and supported by the bulk of expert research. It is the DC establishment that's dumb on this, not AOC. https://t.co/epq7lYxCqA

— David Roberts (@drvox) January 4, 2019

Just for context: top marginal tax rate was *over* 70% through entirety of post-WW II US economic boom. (Lowered to 50% in 1981.)

Doesn't mean it’s right rate now, but this is not some unheard-of Stalinist gaffe. https://t.co/XmpyVU15FQ

— James Fallows (@JamesFallows) January 5, 2019

Look, it's unquestionably true that we used to tax the ultra rich at much, much, much higher rates than we do now. It's true the top marginal rate hit a lower percent of earned income, but we taxed the highest income a LOT more. People implying otherwise are being misleading. pic.twitter.com/ffgnAZHjRQ

— Bobby Kogan (@BBKogan) January 5, 2019

This is how @FoxAndFriends tricks viewers: @Kilmeade said @AOC "wants people taxed as high as 80, 90% if you make $10 million or more." Huh? She said "60 or 70%" on "your 10 millionth dollar."

— Brian Stelter (@brianstelter) January 7, 2019

Good piece from Bloomberg pointing out that Sweden actually has a top marginal rate of almost 70% — and grass is hardly growing in the streets 1/ https://t.co/BM8ERHZcDE

— Paul Krugman (@paulkrugman) January 9, 2019