Please list out the tax cuts for billionaires that you’re claiming.
The bill extends the tax cuts from 2017 which benefitted everyone so I don’t get this billionaire argument, and billionaires are not making their money from salaries hence income tax doesn’t really affect them much, they get hit by capital gains and dividend tax not income tax eg Elon paid $11bn in Federal taxes in 2021 from the sale of Tesla shares and exercising stock options, decrease income tax brackets does nothing for billionaires so this argument makes no sense.
And Trump has also backed extra tax on the ultra wealthy but that is up to congress not the president. I expect the senate will impose some more cuts and they may go with Trump’s proposal but at the moment this is a dance between the House and Senate and Trump is trying to influence things from the White House.
https://www.cnbc.com/amp/2025/05/09/trump-top-tax-rate-hike-wealthy-americans.html
- “President Donald Trump is eyeing a tax hike on the wealthiest Americans to fund his spending and tax package.
- The proposal would revert the top 37% income tax rate to 39.6% for individuals making $2.5 million or more per year.
- However, the idea doesn't have support from Republican members of Congress.
“In a phone call Thursday, NBC reported, Trump pressed House Speaker Mike Johnson, R-La., to raise the top income tax rate on the wealthiest Americans and close the so-called carried interest loophole. ”
The House’s version is not the final bill and I expect changes from the Senate so TBD, and I live in the US and this bill has something for everyone, I know people who can point to direct benefits form this bill compared to Biden’s inflation act bill that spent billions and billions on EV credits trying to force people to adopt EVs and which failed.
I don’t benefit from no tax on overtime and tips but I’m happy for those people to keep more of the money they earn. I benefit from the SALT deduction which will help me offset my state and property taxes, I pay over $13k a year of property taxes in Illinois and yet it keeps increasing and increasing, on top of Federal tax, state tax, Medicaid deduction and social security deduction. And every year the Governor of Illinois and mayor of Chicago come up with new random ways to get more money, now there will be a new $1.50 on any food or order delivery to plug some gap in the budget somewhere due to overspending.
If you’re talking about reduction in corporate taxes I support it because I would rather companies reinvest in the economy and create jobs that have a large government that spends irresponsibly while being very inefficient. As I said in my prior post the Us generated $4.9 trillion last year and yet they still needed to borrow $2 trillion.
Yes the economy was growing over the past few years but it was fueled by government spending funded by debt and the average American can’t point to any direct benefits aside paying more and more taxes.
People taking their earnings in tips and overtime does not make them vulnerable, nothing changes for people already earning tips so they are not any more vulnerable than they are currently and how does overtime pay make employees vulnerable?
You are entitled to your opinion which seems to be influenced by the dislike for Trump but let Americans deal with their issues and face the myriad of issues facing the UK. As things stand I have way more optimism about the US economy than the UK economy which has stagnated for a very long with with low stagnated wages and falling productivity and I haven’t seen anything from the current government that will change things aside fighting over winter fuel allowance and how to increase taxes to continue to plod along.