How tax breaks help the rich
Video Overview & Insights
The US has a problem with income inequality. The current tax code makes it worse.
Public Finance.
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Love the implication that charitable contributions (choosing where to give your money) should be discouraged in favor of government funded charities (being taxed more so they can choose for us), and that we shouldn't financially encourage people with more money to give more away. Classic Vox.
The gap between the rich and the poor in America looks more like developing countries than other Western nations. Trump and the GOP have proposed tax plans that will give massive tax breaks to the wealthy while it remains unclear if the middle class will get a tax benefit.
Deductions give a greater proportion of tax breaks to people with higher incomes. The same charitable contribution from two different incomes will benefit the higher wage earner, because deductions give tax breaks in proportion with tax brackets. Other countries have eliminated certain tax deductions in favor of tax credits. Credits give breaks in proportion to the amount you give, not the amount you owe.
We kind of need tax cuts for the rich to help with the trickle-down effect
There are two kinds of income in the US. We tax wage income at a higher rate than income earned in stocks and bonds. That means people who get their income from capital gains and stock market interest pay fewer taxes than the same income of someone who works for a paycheck.
Aye Krystal Ball!
More User Perspectives
It’s nice to know that more than 50% of voter in us are investors, and can benefit from Trump. 😂😂😂
@flamixinVox is wrong
@2lucki333What's your problem with rich let them have thier pie. They earned it they can do whatever they want to legally ofcourse. Rich are the one who generate employment. Dont hate rich aspire to become rich.
@katmoviehd169what a shock! Making a billionaire the president and he helps the rich save money. How truly unexpected!
@somerandomfinn668The problem is that Americans vote for the billionaire they THINK they will be instead of the working class man they are now and likely always will be.
@igotnocluIn my country if you make 25000 a year you pay 20% and my uncle makes 1.1million he pays 41.6% in tax if you make less then 25000 you dont pay tax
@Seth-professionalYeah but who would the rich get their money from? That would be American people so if they are getting rich, that means American people would have more to spend!!!
@d.warren9197Roughly half of Americans pay nothing in income taxes. Seems to me one ought to pay taxes in order to get a tax cut. Pareto's law: 20% of American's pay 80% of the taxes. The real battle will be curbing the insatiable need (need I say greed) government has for your income.
@gregpeterson4348Ay man common sense would suggest that if you make more money and you reduce tax at the same rate as someone who makes. The person who makes more is going to save more not because that policy benefits him, because he has more money to begin with. For example if i put 1000$ in a high interest account 10 15% for 15 years im going to have less money than the person who pit in 100000 with the same conditions
@giovanni7619It helps them to get money to their account in the end its the reason why they dont trust anyone not even them selfs
@jarileiri7970The government already takes too much tax from us all
@chadjones1266“Don’t vote like your gonna be a millionaire”
@theshadowking3198The rich need to be slapped with a 90% tax rate
@limedrinkrich provide jobs -build factories -invent protects -this called capitalism-without them you have socialism or govt. dictatorship !!!
@jimmaloney485Someone can explain the part with mortgage how is that
@לוסיממוThanks you team vox
@razabadassBefore changing tax rates, close lots of loopholes top 1% quietly use.
@petyai1348Become a owner/producer instead of a consumer
@bigwill1890So did the next administration do any different?
@VagolykI’m gonna be a capital gains earner one day
@risengrind4646These are only two of the many, many tax advantages the rich have in the tax code, as intended.
@MichaelChengSanJoseAlso poor people rarely get their taxes decreased because they dont give a lot of money in taxes
@NidsKikAlso the tax system is already progressive did u know that the top 50% of Americans pay 90% of all taxes
@NidsKikWhether we like it or not income inequality will always exist in a capitalist society
@NidsKikOkay but if the top 5% has to pay 35% of there earnings in taxes should they not be able to get a bigger tax deduction?
@jvelasquez777Instead of people complaining about stuff like this maybe they should play the game…
@blainerogers8409Rich homeowners?
@tonydaysog9164was this video sponsored by the IRS?
@johnivey298TRUMP IS FOR TGE RICH AND ALOT OF RICANS TRY TO VOTE FOR TRUMP AND THEY ARE POOR HHHH DUMMIES
@rebalstar9470I never thought I would ever hear Reagan say something sensible, but here we are
@AlexWohlbruckreverse Robin Hood
@kenpanderz672More evidence of the rich tax plan. . Sales tax is a middle class and poor tax on the common people.. the rich have lessen their tax burden and put the burden on the middle class and poor.
In California, sales tax was 4% in 1962. Today, the sales tax is almost twice that.
"Income Inequality" is how you explain to someone doing well that they should still be angry about it.
@JuliePascalf
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Poor pay little to no tax. Rich pay almost all taxes. Of course tax cuts benefit rich more, because they pay way more. Tax cuts reduce the amount of money they confiscate. What would you do with extra money? I promise you it won’t be enough. You could take 100% of all billionaires wealth and you would fund less than a year of government.
@bobx8069This is what happens when people aren’t taught Financial Education only Poor and middle class complain they just don’t know the rules of taxes and how debt works
@flexgado249