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Well, first off, deductions, loopholes, and rate preferences benefit the richest Americans and corporations, enabling tax payers, for example, like Trump to pay nothing in federal income tax. - CO
Yet, despite all those deductions, leop oles, and rate preferences, the top 1% still paid 40.1 percent of all federal taxes paid.
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like Trump to pay nothing in federal income tax.
In 2020, 55 profitable companies in the Fortune 500 or S&P 500 paid no federal taxes while 26 paid nothing over the three-year period from 2018 to 2020. - more CO
SO? Using this tired and worn out way to promote wealth envy is just the lefts way to avoid addressing wasteful or excessive spending. Things would be fine if only Trump and the evil 55 would pay up. If you confiscated all the profits from all of them, 100% tax rate, it would have little effect on the deficit since politicians can't resist adding even more to spending.
BTW, Trump and these 55 followed the tax law. If you don't like the result, don't blame them, change the law. But wealth envy scores more points at the ballot box even though it does nothing to make our economy any better, right
