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In Reply to: Federal income tax was reduced for most taxpayers. posted by Uncle Mike on October 8, 2022 at 09:16:18:
" A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans' Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.
Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.
By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. (For more detailed data, see my table published here.)"
An indirect benefit was the greatly increased standard deduction which allowed many filers to avoid the cost of having to itemize .
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Follow Ups Full ThreadTopic - Taming Inflation by raising interest rates? - jedrider 11:41:23 10/7/22 (137)
- No Joy in DeJoy! - jedrider 20:33:17 10/12/22 (0)
- Uncle Mike, please see the attached article - Jay Buridan 10:56:44 10/9/22 (1)
- RE: Uncle Mike, please see the attached article - pictureguy 15:34:35 10/14/22 (0)
- Funny how folks get all bent out of shape about inflation. - Goober58 16:24:01 10/8/22 (12)
- Well, that's why I said "it's all rigged" - jedrider 18:09:13 10/8/22 (0)
- so are we to understand you yourself are not - Story 17:29:40 10/8/22 (2)
- 40+ years of ignoring reductions in the wealth and income of the bottom 99% why get in a tizzy over inflation - Goober58 20:09:50 10/8/22 (1)
- RE: 40+ years of ignoring reductions in the wealth and income of the bottom 99% why get in a tizzy over inflation - Story 02:35:04 10/9/22 (0)
- RE: Funny how folks get all bent out of shape about inflation. - pictureguy 17:02:21 10/8/22 (7)
- Maybe if we hadn't been economically stifled by income disparity we wouldn't be so reliant on government aid - Goober58 19:20:15 10/8/22 (5)
- RE: Maybe if we hadn't been economically stifled by income disparity we wouldn't be so reliant on government aid - pictureguy 13:24:11 10/10/22 (0)
- First thing I'd like to point out... - dark_dave56 03:32:24 10/9/22 (3)
- RE: First thing I'd like to point out... - pictureguy 13:34:51 10/10/22 (0)
- So very, very stale - Feanor 04:48:06 10/10/22 (1)
- RE: So very, very stale - pictureguy 16:33:11 10/10/22 (0)
- RE: Funny how folks get all bent out of shape about inflation. - tweaker456 18:31:12 10/8/22 (0)
- Be thankful for the pain. It will make us better people. * - Billy Wonka 14:29:48 10/8/22 (1)
- Yeah, I can't afford a used car and already I feel like a better person - Jay Buridan 14:48:51 10/9/22 (0)
- RE: Taming Inflation by raising interest rates? - pictureguy 12:50:10 10/8/22 (2)
- The Fed has already done that - Feanor 09:57:12 10/9/22 (1)
- RE: The Fed has already done that - Inmate51 10:13:47 10/9/22 (0)
- Supply problems, e.g. labor = Excess demand - Feanor 07:58:32 10/8/22 (56)
- raising taxes on the rich does little to temper demand... - Jim Pearce 10:40:43 10/8/22 (3)
- Fiscal policy OUGHT to used to fight inflation - Feanor 05:09:39 10/9/22 (2)
- Keynes had a clear notion of a fiscal cycle... - Jim Pearce 16:01:53 10/9/22 (1)
- RE: Keynes had a clear notion of a fiscal cycle... - pictureguy 13:54:52 10/12/22 (0)
- Taxes - Inmate51 09:12:54 10/8/22 (51)
- RE: Taxes - pictureguy 16:18:51 10/9/22 (9)
- The deeply flawed US Constitution - Feanor 04:59:56 10/10/22 (8)
- RE: The deeply flawed US Constitution - Inmate51 09:14:42 10/10/22 (7)
- One's fundamental civil rights should NOT depend on where in the US one lives. - MWE 09:49:35 10/10/22 (6)
- Haphazard? - Inmate51 10:22:30 10/10/22 (5)
- At this point in time, fundamental civil rights laws involving... - MWE 12:46:51 10/10/22 (4)
- "Fundamental Civil Rights" - Inmate51 14:25:08 10/10/22 (2)
- I'm thinkin' - E-Stat 16:06:53 10/10/22 (1)
- RE: I'm thinkin' - Inmate51 19:17:02 10/10/22 (0)
- Well said...nt - Uncle Mike 13:39:05 10/10/22 (0)
- Poor people buy MORE stuff ... - Feanor 04:59:33 10/9/22 (0)
- RE: "Rich people buy stuff. Lots of stuff" - Waxxy 10:10:45 10/8/22 (27)
- RE: "Rich people buy stuff. Lots of stuff" - Inmate51 13:18:54 10/8/22 (26)
- the debt is over 30 trillion now - Story 13:34:02 10/8/22 (25)
- A little high, No? Taxing the Rich would help a lot - Feanor 05:14:45 10/9/22 (22)
- RE: A little high, No? Taxing the Rich would help a lot - Inmate51 08:03:54 10/9/22 (1)
- It's not about grabbing their money per se - Feanor 09:53:58 10/9/22 (0)
- RE: A little high, No? Taxing the Rich would help a lot - tweaker456 07:57:19 10/9/22 (19)
- Just look at these graphs ... - Feanor 08:15:13 10/9/22 (18)
- RE: Just look at these graphs ... - Inmate51 09:26:49 10/9/22 (17)
- I case you missed the point ... - Feanor 09:47:32 10/9/22 (16)
- I've asked this question many times - E-Stat 13:57:13 10/10/22 (15)
- Sounds like you're hauling out the old, tired, discredited trickle-down economic theory. - MWE 10:17:34 10/12/22 (3)
- No *theory* involved - E-Stat 10:38:29 10/12/22 (2)
- The fact is wealth trickles up, not down - Feanor 10:52:00 10/12/22 (1)
- The topic is: federal income tax - E-Stat 11:12:29 10/12/22 (0)
- Seems a little unfair to me ... - Feanor 10:13:16 10/12/22 (10)
- An actual answer! - E-Stat 10:40:25 10/12/22 (0)
- RE: Seems a little unfair to me ... - Inmate51 10:28:42 10/12/22 (8)
- Because... - E-Stat 10:41:31 10/12/22 (2)
- Then why rise to the bait? -nt - Feanor 10:49:42 10/12/22 (1)
- Once again... - E-Stat 10:58:41 10/12/22 (0)
- Because they can afford it AND because ... - Feanor 10:35:48 10/12/22 (4)
- RE: Because they can afford it AND because ... - Inmate51 11:10:01 10/12/22 (3)
- Isn't it amazing - E-Stat 11:13:58 10/12/22 (2)
- RE: Isn't it amazing - Inmate51 11:36:13 10/12/22 (1)
- RE: Isn't it amazing - E-Stat 11:41:43 10/12/22 (0)
- 31 trillion as of yesterday... but what's a trillion here and there?... - musetap 18:01:52 10/8/22 (1)
- Well--supposedly $31.4T is the current "statutory limit" for the national debt... - dark_dave56 03:56:06 10/9/22 (0)
- Federal income tax was reduced for most taxpayers. - Uncle Mike 09:16:18 10/8/22 (11)
- Here you go using IRS data - E-Stat 10/10/2213:35:04 10/10/22 (2)
- Fun with Statistics....* - Uncle Mike 16:24:18 10/10/22 (0)
- RE: Here you go using IRS data - Inmate51 13:57:05 10/10/22 (0)
- RE: Federal income tax was reduced for most taxpayers. - Inmate51 12:38:45 10/8/22 (7)
- No source...no credibity - Uncle Mike 13:39:16 10/8/22 (6)
- RE: No source...no credibity - Inmate51 08:58:31 10/10/22 (0)
- RE: No source...no credibity - Tre' 06:16:05 10/10/22 (4)
- RE: No source...no credibity - Uncle Mike 11:09:58 10/10/22 (3)
- RE: No source...no credibity - Tre' 18:26:05 10/10/22 (2)
- You need to dig further as it's more than just tax brackets - Uncle Mike 19:17:31 10/10/22 (1)
- RE: You need to dig further as it's more than just tax brackets - Tre' 22:02:25 10/10/22 (0)
- RE: Taming Inflation by raising interest rates? - B. Scarpia 19:17:10 10/7/22 (0)
- RE: Taming Inflation by raising interest rates? - tweaker456 15:37:35 10/7/22 (0)
- For Sure ! ............................. - Cut-Throat 14:52:46 10/7/22 (0)
- Supply had everything to do with inflation in the 1970s - Jay Buridan 14:23:30 10/7/22 (7)
- RE: Supply had everything to do with inflation in the 1970s - Uncle Mike 16:20:24 10/7/22 (6)
- Wrong... - Jay Buridan 12:00:43 10/8/22 (2)
- RE: Wrong... - Uncle Mike 12:17:55 10/8/22 (1)
- Wrong... Google cost-of-living raise - Jay Buridan 21:27:34 10/8/22 (0)
- Wages - Inmate51 07:50:11 10/8/22 (2)
- Certainly - Uncle Mike 08:50:13 10/8/22 (1)
- RE How Have Home Prices and Household Incomes Changed - tweaker456 09:06:45 10/8/22 (0)
- Supply problems? - Dave_K 13:13:23 10/7/22 (2)
- +1 - Uncle Mike 14:38:36 10/7/22 (0)
- RE: Supply problems? - Sondek 14:34:10 10/7/22 (0)
- Interest rates are killing housing, but oil is much of the root cause.... - Rod M 13:11:29 10/7/22 (37)
- "The powers that be": you mean like Saudi Arabia? - Feanor 07:45:27 10/10/22 (0)
- Saudi's are cutting production to preserve profits, yet we're expecting US oil companies to do just opposite? - jdaniel@jps.net 19:48:41 10/7/22 (6)
- RE: Saudi's are cutting production to preserve profits, yet we're expecting US oil companies to do just opposite? - Rod M 19:57:37 10/7/22 (5)
- RE: Saudi's are cutting production to preserve profits, yet we're expecting US oil companies to do just opposite? - pictureguy 21:21:20 10/7/22 (4)
- WTF, I thought we invaded Iraq to steal its oil? - Jay Buridan 16:29:58 10/9/22 (1)
- ??? - E-Stat 18:33:33 10/10/22 (0)
- The last I read about the CA gas-rebate checks... - dark_dave56 02:22:20 10/8/22 (1)
- "and vote-buying" - Tre' 16:47:16 10/9/22 (0)
- RE: Energy costs are all anyone talks about - B. Scarpia 14:23:55 10/7/22 (5)
- Can you post a link - Uncle Mike 14:36:29 10/7/22 (4)
- RE: Can YOU post a link? From your 99% plastic computer? nt - B. Scarpia 14:42:23 10/7/22 (3)
- touchy...touchy - Uncle Mike 16:15:38 10/7/22 (2)
- RE: You just don't get it - B. Scarpia 16:26:00 10/7/22 (1)
- Poked the bear too - Uncle Mike 16:30:13 10/7/22 (0)
- RE: "the powers that be wish to have high oil prices to force folks to buy EV's" - Ivan303 14:13:57 10/7/22 (3)
- RE: "the powers that be wish to have high oil prices to force folks to buy EV's" - Inmate51 14:49:26 10/7/22 (1)
- Agree that a certain politcal party... - Ivan303 17:07:40 10/7/22 (0)
- ;) - Uncle Mike 14:23:15 10/7/22 (0)
- Can you post a link - Uncle Mike 13:34:29 10/7/22 (18)
- RE: Can you post a link - Rod M 14:10:46 10/7/22 (1)
- The link is re: natural gas prices - Uncle Mike 14:17:15 10/7/22 (0)
- RE: Can you post a link - Sondek 13:41:38 10/7/22 (15)
- RE: Can you post a link - tweaker456 14:18:33 10/7/22 (0)
- True, but if I had a link... - Ivan303 14:08:08 10/7/22 (13)
- So tell me... - Rod M 14:12:56 10/7/22 (12)
- Drought? - Ivan303 16:20:52 10/7/22 (10)
- Google is your firend... - Rod M 17:32:54 10/7/22 (9)
- food... - Ivan303 17:50:40 10/7/22 (8)
- Question? - Rod M 18:20:12 10/7/22 (4)
- RE: Question? - Uncle Mike 18:52:47 10/7/22 (3)
- RE: "purpose built refinery to process it." - Ivan303 19:04:34 10/7/22 (2)
- All of that is true... - musetap 08:36:53 10/8/22 (0)
- RE: "purpose built refinery to process it." - Sondek 08:05:42 10/8/22 (0)
- Costco $5.99...68% more than NM - Rod M 18:13:32 10/7/22 (2)
- OK, I do believe we passed North Dakota... - Ivan303 19:13:54 10/7/22 (1)
- RE: OK, I do believe we passed North Dakota... - Sondek 08:21:57 10/8/22 (0)
- You can start here with Dave's post. - Uncle Mike 14:22:20 10/7/22 (0)
- Taming Inflation by raising prices? - Inmate51 12:25:49 10/7/22 (0)
- RE: Taming Inflation by raising interest rates? - Sondek 11:57:13 10/7/22 (5)
- The Fed being "asleep at the wheel" for basically a decade... - dark_dave56 12:45:59 10/7/22 (4)
- RE: The Fed being "asleep at the wheel" for basically a decade... - Sondek 13:55:54 10/7/22 (2)
- RE: The Fed being "asleep at the wheel" for basically a decade... - Uncle Mike 13:58:27 10/7/22 (1)
- RE: The Fed being "asleep at the wheel" for basically a decade... - Sondek 13:59:54 10/7/22 (0)
- RE: The Fed being "asleep at the wheel" for basically a decade... - Inmate51 12:54:24 10/7/22 (0)
Follow Ups
- Here you go using IRS data - E-Stat 10/10/2213:35:04 10/10/22 (2)
- Fun with Statistics....* - Uncle Mike 16:24:18 10/10/22 (0)
- RE: Here you go using IRS data - Inmate51 13:57:05 10/10/22 (0)