WEST PALM BEACH, FL – As an accounting expert who runs one of the largest accounting firms in America and sits on the Forbes Finance Council, it’s all about the numbers for me. People lie, but numbers don’t. So why are we constantly told that the rich don’t pay their “fair share” and that increasing taxes on the top 1% of wealth creators in America is the way to fix all of our problems?
This kind of propaganda is what you get from the Democrat party that is beholden to Socialist economic policies that pit Americans against one another. Someone has more or took home a bigger paycheck and paid less than their “fair share” therefore they are the reason we can’t fund important government programs like infrastructure projects or eradicating a myriad of public health crises that leave tens of millions of Americans sickly each year.
And the past four years under Trump? They claim the rich ran rampant with their massive checking accounts, leaving us in the hole even deeper. However, according to IRS data from 2018 (the most recent data available), Trump’s tax policies lead to the wealthy top 1% in America paying over $600 Billion in taxes, the most sizable share of taxes paid by the wealthiest Americans since 1980. Percentage wise, that means the top 1% pay over 40% of all taxes annually in America.
So, if this is true, what else is true about who pays taxes in the good ole US of A?
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While Trump’s first two years saw the rich paying over $600 Billion in taxes, what kind of benefits did they receive? Did the bottom 99% receive tax breaks or credits also?
Here’s the answer. Under Trump and gradually over the past 40 years, the amount of Americans who paid zero income tax due to successive increases in tax credits was at an all time high of 34.7%. This happened while President Trump also issued important deductions or credits for large corporations and those who create wealth in America.
This proves that conservative tax policies that encourage innovation and wealth creation by money motivating big businesses and large corporations has a net positive impact on the bottom 99% of Americans while also providing the framework for the largest employers in our nation to utilize important rebates or deductions that lead to further economic growth that increases our overall economic standing as a nation and a collective people.
When we tax corporations and wealth creators more and more, this leads to further income inequality in America. When you have a team of lawyers and accountants at your disposal, you will find a way to skirt the system, whether it’s legal or not, and sometimes it may indeed be technically “legal.”
However, with programs like we saw during the Trump administration that encouraged these corporations or top 1% to bring their wealth and operations back to America, they paid the largest amount in taxes since 1980!
America thrives when we have more businesses or innovators, not less of them. We reach our true infinite potential by letting these people or corporations unleash their full economic power, instead of shifting billions overseas to more tax friendly environments or use complicated “pass throughs” to do what the Democrats literally want… “pay their fair share.”
So when someone tells you that the top 1% or large corporations simply aren’t pulling their load when it comes to paying taxes, that’s hogwash. Instead of punishing those who employ hundreds of millions of people across America, how about we look for more ways to allow them to innovate, along with easy solutions for the bottom 99% that allow them to put the tax code to work for them in the most advantageous way possible.
We can and should be doing both.