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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUS lost more tax revenue than any other developed country in 2018 due to Trump tax cuts
https://www.cnbc.com/2019/12/05/us-tax-revenue-dropped-sharply-due-to-trump-tax-cuts-report.htmlU.S. tax revenue as a proportion of GDP dropped the most out of any country in the Organisation for Economic Co-operation and Development in 2018, according to a report released Thursday.
Thats largely due to the $1.5 trillion GOP tax cut President Donald Trump signed into law in 2017.
The tax cuts dramatically altered the U.S. tax landscape for the first time in decades by permanently slashing the corporate tax rate from 35% to 21%, temporarily cutting individual tax rates and limiting state and local tax deductions, among other changes.
From 2017 to 2018, the U.S. tax-to-GDP ratio fell from 26.8% to 24.3%, the OECD found, while corporate tax revenues fell by .7% and personal income tax revenues dropped by .5%.
The OECDs overall tax-to-GDP ratio, meanwhile, remained relatively unchanged between 2017 and 2018, from 34.2% to 34.3%.
Thats largely due to the $1.5 trillion GOP tax cut President Donald Trump signed into law in 2017.
The tax cuts dramatically altered the U.S. tax landscape for the first time in decades by permanently slashing the corporate tax rate from 35% to 21%, temporarily cutting individual tax rates and limiting state and local tax deductions, among other changes.
From 2017 to 2018, the U.S. tax-to-GDP ratio fell from 26.8% to 24.3%, the OECD found, while corporate tax revenues fell by .7% and personal income tax revenues dropped by .5%.
The OECDs overall tax-to-GDP ratio, meanwhile, remained relatively unchanged between 2017 and 2018, from 34.2% to 34.3%.
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US lost more tax revenue than any other developed country in 2018 due to Trump tax cuts (Original Post)
CousinIT
Dec 2019
OP
beachbumbob
(9,263 posts)1. class warfare long been won by the upper 1%, started big time under Reagan
at140
(6,110 posts)2. The rich keep getting richer while the middle class
is marching in place. I forget what numbers Sanders always quotes, but it goes something like the top couple of % control majority of wealth in the country. Billionaires can buy the presidency and execute their agenda at will. Not good.
dalton99a
(81,599 posts)3. The tax scam must be repealed.
roamer65
(36,747 posts)5. Replace it.
Put corporate taxes back. Raise income taxes on the 1 pct to at least 50 percent.
Give the middle class a permanent tax cut, not a temporary one.
Bayard
(22,163 posts)4. I can just hear the noise now,
Dems will raise your taxes!! If we just put everything back where it was before the Orange Imbecile.