LETTER: Trump or Biden on taxes?
Recently, letter writer Al Marquis complained that Donald Trump’s tax cuts benefited only the wealthy. This is untrue. All taxpayers, at every level of income, saw their tax rates lowered.
And even though their tax rate was lowered, the top 1 percent of wage earners paid a larger percentage of federal income taxes. According to the IRS, in 2020 the top 1 percent earned 22.2 percent of all income yet paid 42.3 percent of all taxes. This was up from 33.2 percent just a few years earlier. Meanwhile, during that same period, the bottom 50 percent earned 10.2 percent of all income but paid only 2.3 percent of the tax bill, down from 4.9 percent. Their tax liability was cut in half.
Mr. Trump’s tax bill allowed everyone to keep more of their own money. President Joe Biden’s tax proposal increases the tax rate for everyone earning approximately $20,000 or more. Those earning less will continue to pay the current rate. Under Mr. Trump, you paid less. Under Mr. Biden, you’ll pay more.
Considering so many people get their news from the talking heads at CNN and “The View,” it’s easy to see how they are confused by this concept. May I suggest a more trustworthy information source. Perhaps astrology or a Ouija board?
