Trump tells Congress to raise the taxes

Trump has totally left the Republican values behind...and I can't understand why Republicans are so in love with him...

If Obama did that exact same things Trump has... Obama would be their #1 sworn enemy, but because it's Trump doing it, they absolutely love him and ignore everything he does...

https://www.washingtonpost.com/business/2025/05/08/trump-tax-millionaires-republicans/

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faery · 31-35, F

The rich asking the rich to raise taxes on the rich? It doesn't make sense to me

sstronaut

@faery The Rich business man (who probably only plays corporate taxes) is telling Congress to raise the taxes on the rich employees taxes.

As corporate taxes and employees taxes are not the same ...

The United States taxes resident corporations at a flat rate of 21%.

Here is employee tax rates

sstronaut

@faery So if you have $50,000 in taxable income

Technically, your top percentage rate of 22% is higher than some corporate guy earning $50 million per year at only 21% tax rate.

faery · 31-35, F

@sstronaut So billionaire tax rates are only 21%? That is unconscionable. I wonder how much he's proposing it be raised. Certainly not very much, I bet.

sstronaut

@faery No, business owners (corporate) tax rate is only 21%.

If they're a Corporation, then their tax rate is only 21%... no matter if they make $1 or $1 trillion dollars, and really if they manipulate their liabilities, then they can get it close to $0 owned.

Meanwhile employees aren't allowed to use most of their liabilities to lower their taxes, and if they have at least $50,000 in taxable income, then they pay a higher rate.

But employees that earn $630,000 or more per year, have to play a tax rate of 37%.

I'm short, corporates get the biggest tax breaks, because in theory they're taking a larger risk of starting their own business (which has a higher chance of going broke) and they're in theory hiring other people to be their employees.

faery · 31-35, F

@sstronaut Well, they certainly shouldn't be paying zero. The ability to do that has to breed all sorts of fraudulent activities.

Anyway, you have a much deeper understanding of all this than I do. Thanks for explaining. I'm sure some very wealthy entrepreneurs/job creators will be highly opposed to being taxed fairly. I still don't understand him being for taxing the rich on their corporations. It just seems like he'd be for the opposite.

sstronaut

@faery Absolutely, there is all sort of fraudulent activities with corporate taxes.

I think Trump is saying tax the rich employees more, not the corporations.

IE: Trump says keep his corporate taxes low, but tax all the super rich employees even more.

faery · 31-35, F

@sstronaut Well, it all makes sense now, lol. That sounds like the villain I know.

Thanks again for your patient explanations