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The Pronk Pops Show 981, October 11, 2017, Story 1: Major Bubble and Major Bust When Congress Fails To Pass Both Fundamental Tax Reform and Total Repeal and Replacement of Obamacare — Results Count — Trump Runs Against The Do Nothing Congress of Democrats and Republicans in 2020 –American People vs. Political Elitist Establishment — Golden Opportunity Missed and Replaced By Smoke and Mirror Postcard Propaganda For Timid Tiny Tax Cut and Fake Repeal of Obamacare — Trump Narrowly Wins Second Term — National Debt Hits $25 Trillion & Unfunded Liabilities Hit $250 Trillion By 2024 –Videos — Story 2: How Obama Destroyed The Democratic and Damaged The U.S. Economy — Will Trump Reform The Republican Party and Revive The U.S. Economy — Videos

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Pronk Pops Show 976, October 2, 2017

Pronk Pops Show 975, September 29, 2017

Pronk Pops Show 974, September 28, 2017

Pronk Pops Show 973, September 27, 2017

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Pronk Pops Show 965, September 15, 2017

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Pronk Pops Show 961, September 11, 2017

Pronk Pops Show 960, September 8, 2017

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Pronk Pops Show 956, August 31, 2017

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Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939, August 2, 2017

Pronk Pops Show 938, August 1, 2017

Pronk Pops Show 937, July 31, 2017

Pronk Pops Show 936, July 27, 2017

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Pronk Pops Show 934, July 25, 2017

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Pronk Pops Show 933, July 24, 2017

Pronk Pops Show 932, July 20, 2017

Pronk Pops Show 931, July 19, 2017

Pronk Pops Show 930, July 18, 2017

Pronk Pops Show 929, July 17, 2017

Pronk Pops Show 928, July 13, 2017

Pronk Pops Show 927, July 12, 2017

Pronk Pops Show 926, July 11, 2017

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Pronk Pops Show 924, July 6, 2017

Pronk Pops Show 923, July 5, 2017

Pronk Pops Show 922, July 3, 2017

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Story 1: Major Bubble and Major Bust When Congress Fails To Pass Both Fundamental Tax Reform and Total Repeal and Replacement of Obamacare — Good Intentions No Substitute For Results —  Golden Opportunity Missed and Replaced By Smoke and Mirror Tax Return Postcard and Spending Cuts Propaganda Spin For Timid Tiny Tax Cut and Fake Repeal of Obamacare — Trump Runs Against The Do Nothing Congress of Democrats and Republicans in 2020 –American People and Trump vs. Political Elitist Establishment —  Trump Narrowly Wins Second Term — National Debt Hits $25 Trillion & Unfunded Liabilities or Obligations Hit $250 Trillion By 2024 –Videos —

U.S. Debt Clock.org

Click to find real time amounts

http://www.usdebtclock.org/

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9 Terrifying Facts About the US Debt Crisis

US Debt & Unfunded Liabilities-Where we are going-Dr. Yaron Brook

Milton Friedman – Why Tax Reform Is Impossible

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Tax reform held hostage by Senate?

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House passes 2018 budget, taking a crucial step toward tax overhaul

Rush Limbaugh outlines his problem with GOP’s tax plan

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McCarthy on tax reform: This is not for Republicans but for Americans

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2018 United States federal budget

From Wikipedia, the free encyclopedia
2018 Budget of the United States federal government
Submitted March 16, 2017
Submitted by Donald Trump
Submitted to 115th Congress
Total revenue $3.654 trillion
Total expenditures $4.094 trillion[1]
Deficit $440 billion
GDP $20,237 billion
Website https://www.whitehouse.gov/omb/budget
‹ 2017

The United States federal budget for fiscal year 2018, named America First: A Budget Blueprint to Make America Great Again, was the first budget proposed by newly-elected President Donald Trump, submitted to the 115th Congress on March 16, 2017. If passed, the $4.1 trillion budget will fund government operations for fiscal year 2018, which runs from October 1, 2017 to September 30, 2018.[2][3]

Background

Donald Trump was elected as President of the United States during the November 8, 2016 elections, campaigning for the Republican Party on a platform of tax cuts and projects like the Mexican border wall. During his campaign, Trump promised to cut federal spending and taxes for individuals and corporations.

Trump administration budget proposal

The Trump administration proposed its 2018 budget on February 27, 2017, ahead of his address to Congress, outlining $54 billion in cuts to federal agencies and an increase in defense spending.[4] On March 16, 2017, President Trump sent his budget proposal to Congress, remaining largely unchanged from the initial proposal.[5]

CBO scoring of the budget

CBO chart explaining the impact of the 2018 budget on spending, tax revenue, and deficits over the 2018–2027 periods.

The Congressional Budget Office reported its evaluation of the budget on July 13, 2017, including its effects over the 2018–2027 period.

  • Mandatory spending: The budget cuts mandatory spending by a net $2,033 billion (B) over the 2018–2027 period. This includes reduced spending of $1,891B for healthcare, mainly due to the proposed repeal and replacement of the Affordable Care Act (ACA/Obamacare); $238B in income security (“welfare”); and $100 billion in reduced subsidies for student loans. This savings would be partially offset by $200B in additional infrastructure investment.
  • Discretionary spending: The budget cuts discretionary spending by a net $1,851 billion over the 2018–2027 period. This includes reduced spending of $752 billion for overseas contingency operations (defense spending in Afghanistan and other foreign countries), which is partially offset by other increases in defense spending of $448B, for a net defense cut of $304B. Other discretionary spending (cabinet departments) would be reduced by $1,548B.
  • Revenues would be reduced by $1,000B, mainly by repealing the ACA, which had applied higher tax rates to the top 5% of income earners. Trump’s budget proposal was not sufficiently specific to score other tax proposals; these were simply described as “deficit neutral” by the Administration.
  • Deficits: CBO estimated that based on the policies in place as of the start of the Trump administration, the debt increase over the 2018–2027 period would be $10,112B. If all of President Trump’s proposals were implemented, CBO estimated that the sum of the deficits (debt increases) for the 2018–2027 period would be reduced by $3,276B, resulting in $6,836B in total debt added over the period.[6]
  • CBO estimated that the debt held by the public, the major subset of the national debt, would rise from $14,168B (77.0% GDP) in 2016 to $22,337B (79.8% GDP) in 2027 under the President’s budget.[7]

Department and program changes

The proposed 2018 budget includes $54 billion in cuts to federal departments, and a corresponding increase in defense and military spending.[8][9]

Department Budget Amount change Percent change Notes
Department of Agriculture $17.9 billion $-4.7 billion −21% Includes the elimination of food for education and water and wastewater loan programs. Decreases funding for the United States Forest Service by $118 million.[10]
Department of Commerce $7.8 billion $−1.4 billion −16% Includes cuts to coastal research programs at the National Oceanic and Atmospheric Administration, and the elimination of the Economic Development Administration
Department of Defense $574 billion $52 billion +9% Includes an increase in the size of the Army and Marine Corps, as well as the Naval fleet
Department of Education $68.2 billion $−9.2 billion −14% Cuts programs and grants for teacher training, after-school and summer care, and aid to low-income students. Eliminates $1.2 from the 21st Century Community Learning Center program and cuts $732 million from the Federal Supplemental Educational Opportunity Grant. Eliminates Striving Readers/Comprehensive Literacy Development Grants as well as cuts funding for Supporting Effective Instruction State grants by $2.3 billion[11].
Department of Energy $28 billion $−1.7 billion −6% Largest cuts go to the Office of ScienceARPA-E and Departmental Loan Programs eliminated. Increases spending on National Nuclear Security Administration by 11.4% while slashing high energy physics and almost all other science programs (Basic Energy Sciences, Biological and Environmental Research, Fusion Energy Sciences, High Energy Physics, Nuclear Physics, Infrastructure and Administration, Workforce Development for Teachers and Scientists) by 18%. The only science program not to receive a cut is the Advanced Scientific Computing Research program, which is to receive a small budget increase of $101 million. Money spent on the NNSA would go to the modernization and upkeep of nuclear weapons as well as $1.5 billion going to naval nuclear reactors. The budget cuts funding for energy programs by over 50% reducing the funding by $2.4 billion. Energy programs cut include: Energy Efficiency and Renewable Energy, Electricity Delivery and Energy Reliability, Nuclear Energy, Fossil Energy Research and Development.[12][13]
Department of Health and Human Services $65.1 billion $−15.1 billion −18% Cuts funding for the National Institutes of Health and training programs
Department of Homeland Security $44.1 billion $2.8 billion +7% Increases spending on border security and immigration enforcement and builds a wall on the US-Mexico border. Cuts funding for certain FEMA grant programs.
Department of Housing and Urban Development $40.7 billion $−6.2 billion −13% Eliminates grant programs for community development, investment partnerships, home-ownership, and Section 4 affordable housing
Department of the Interior $11.7 billion $−1.6 billion −12% Eliminates over 4000 jobs. Eliminates funding for 49 National Historic Sites and decreases funding for land acquisition. Decreases funding for Cooperative Endangered Species Conservation Fund. Cuts funding by $2 million for dealing with invasive species.[14][15]
Department of Justice $27.7 billion $−1.1 billion −4% Reduces spending on prison construction and reimbursements to state and local governments for incarceration of undocumented immigrants
Department of Labor $9.6 billion $−2.6 billion −21% Eliminates funding for senior-work programs, grants for non-profits and public agencies used for health training, and closes some Job Corps centers
State Department $27.1 billion $−10.9 billion −29% Eliminates funding for United Nations programs, including peacekeeping and climate change mitigation
Department of Transportation $16.2 billion $−2.4 billion −13% Eliminates funding for the Federal Transit Administration‘s New Starts grant program, long-distance Amtrak service, cuts the TIGER grant program and eliminates funding for the Essential Air ServiceAir traffic control would be shifted to private service under the proposal.
Treasury Department $11.2 billion $−0.5 billion −4% Reduces funding for the Internal Revenue Service
Department of Veteran Affairs $78.9 billion $4.4 billion +6% Expands health services and the benefit claims system. Slashes disability benefits to 225,000 elderly veterans. The VA currently provides additional disability compensation benefits to Veterans, irrespective of age, who it deems unable to obtain or maintain gainful employment due to their service-connected disabilities through a program called Individual Unemployability (IU). The IU program is a part of VA’s disability compensation program that allows VA to pay certain Veterans disability compensation at the 100 percent rate, even though VA has not rated their service-connected disabilities at the total level. These Veterans have typically received an original disability ratings between 60 and 100 percent. Under this proposal, Veterans eligible for Social Security retirement benefits would have their IU terminated upon reaching the minimum retirement age for Social Security purposes, or upon enactment of the proposal if the Veteran is already in receipt of Social Security retirement benefits.These Veterans would continue to receive VA disability benefits based on their original disability rating, at the scheduler evaluation level. IU benefits would not be terminated for Veterans who are ineligible for Social Security retirement benefits, thus allowing them to continue to receive IU past minimum retirement age. Savings to the Compensation and Pensions account are estimated to be $3.2 billion in 2018, $17.9 billion over five years, and $40.8 billion over ten years.[16]
Environmental Protection Agency $5.7 billion $−2.5 billion −31% Eliminates more than 50 programs and 3,200 jobs
National Aeronautics and Space Administration(NASA) $19.1 billion $-0.1 billion −1% Cuts funding for Earth science programs and missions, and eliminates the Office of Education. Cuts funding for the Aeronautics Research Mission Directorate by $166 million (−21%). Cuts funding for Space Technology research by $148.4 million (−18%). Cuts funding for Human Exploration Operations by $4478.9 million (−53%). Cuts funding for the Education program by $62.7 million (−62.7%).[17][18]
Small Business Administration $.8 billion $−0.1 billion −5% Eliminates technical-assistance grant programs

The $971 million budget for arts and cultural agencies, including the Corporation for Public BroadcastingNational Endowment for the Arts, and National Endowment for the Humanities, would be eliminated entirely.

Criticism

Economist Joseph Stiglitz said about the 2018 budget proposal: “Trump’s budget takes a sledgehammer to what remains of the American Dream”. Senator Bernie Sanders also criticized the proposal: “This is a budget which says that if you are a member of the Trump family, you may receive a tax break of up to $4 billion, but if you are a child of a working-class family, you could well lose the health insurance you currently have through the Children’s Health Insurance Program and massive cuts to Medicaid”.[19]

Related fiscal legislation

On September 8, 2017, Trump signed the Continuing Appropriations Act, 2018 and Supplemental Appropriations for Disaster Relief Requirements Act, 2017. The bill contained a continuing resolution and a suspension of the debt ceiling lasting until December 8, as well as additional disaster funding for FY2017.[20][21]

References

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]
Category Sept.
2016
July
2017
Aug.
2017
Sept.
2017
Change from:
Aug.
2017-
Sept.
2017

Employment status

Civilian noninstitutional population

254,091 255,151 255,357 255,562 205

Civilian labor force

159,830 160,494 160,571 161,146 575

Participation rate

62.9 62.9 62.9 63.1 0.2

Employed

151,926 153,513 153,439 154,345 906

Employment-population ratio

59.8 60.2 60.1 60.4 0.3

Unemployed

7,904 6,981 7,132 6,801 -331

Unemployment rate

4.9 4.3 4.4 4.2 -0.2

Not in labor force

94,261 94,657 94,785 94,417 -368

Unemployment rates

Total, 16 years and over

4.9 4.3 4.4 4.2 -0.2

Adult men (20 years and over)

4.6 4.0 4.1 3.9 -0.2

Adult women (20 years and over)

4.4 4.0 4.0 3.9 -0.1

Teenagers (16 to 19 years)

15.9 13.2 13.6 12.9 -0.7

White

4.4 3.8 3.9 3.7 -0.2

Black or African American

8.3 7.4 7.7 7.0 -0.7

Asian

3.9 3.8 4.0 3.7 -0.3

Hispanic or Latino ethnicity

6.4 5.1 5.2 5.1 -0.1

Total, 25 years and over

4.1 3.6 3.8 3.5 -0.3

Less than a high school diploma

8.5 6.9 6.0 6.5 0.5

High school graduates, no college

5.2 4.5 5.1 4.3 -0.8

Some college or associate degree

4.2 3.7 3.8 3.6 -0.2

Bachelor’s degree and higher

2.5 2.4 2.4 2.3 -0.1

Reason for unemployment

Job losers and persons who completed temporary jobs

3,930 3,378 3,523 3,359 -164

Job leavers

900 757 804 738 -66

Reentrants

2,327 2,083 2,132 2,079 -53

New entrants

802 703 656 669 13

Duration of unemployment

Less than 5 weeks

2,584 2,133 2,222 2,226 4

5 to 14 weeks

2,220 2,017 2,015 1,874 -141

15 to 26 weeks

1,164 957 1,055 963 -92

27 weeks and over

1,963 1,785 1,740 1,733 -7

Employed persons at work part time

Part time for economic reasons

5,874 5,282 5,255 5,122 -133

Slack work or business conditions

3,587 3,161 3,266 3,121 -145

Could only find part-time work

1,972 1,754 1,645 1,733 88

Part time for noneconomic reasons

20,742 21,260 21,447 21,011 -436

Persons not in the labor force (not seasonally adjusted)

Marginally attached to the labor force

1,844 1,629 1,548 1,569

Discouraged workers

553 536 448 421

– Over-the-month changes are not displayed for not seasonally adjusted data.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category Sept.
2016
July
2017
Aug.
2017(P)
Sept.
2017(P)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

249 138 169 -33

Total private

223 133 164 -40

Goods-producing

11 -20 66 9

Mining and logging

0 0 6 2

Construction

23 -9 19 8

Manufacturing

-12 -11 41 -1

Durable goods(1)

-10 -18 33 4

Motor vehicles and parts

-5.2 -27.1 23.9 -3.2

Nondurable goods

-2 7 8 -5

Private service-providing

212 153 98 -49

Wholesale trade

13.3 4.3 1.8 6.7

Retail trade

27.3 -10.8 -7.3 -2.9

Transportation and warehousing

-1.7 7.7 8.0 21.8

Utilities

0.5 -0.7 -0.3 0.0

Information

8 -3 -4 -9

Financial activities

9 11 8 10

Professional and business services(1)

83 43 43 13

Temporary help services

29.5 12.9 7.5 5.9

Education and health services(1)

48 51 45 27

Health care and social assistance

23.6 38.2 20.9 13.1

Leisure and hospitality

11 50 0 -111

Other services

13 1 4 -5

Government

26 5 5 7

(3-month average change, in thousands)

Total nonfarm

239 164 172 91

Total private

205 164 168 86

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES
AS A PERCENT OF ALL EMPLOYEES(2)

Total nonfarm women employees

49.6 49.5 49.5 49.5

Total private women employees

48.2 48.1 48.1 48.1

Total private production and nonsupervisory employees

82.3 82.4 82.4 82.4

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.4 34.4 34.4 34.4

Average hourly earnings

$25.81 $26.39 $26.43 $26.55

Average weekly earnings

$887.86 $907.82 $909.19 $913.32

Index of aggregate weekly hours (2007=100)(3)

105.8 107.2 107.4 107.3

Over-the-month percent change

0.5 -0.2 0.2 -0.1

Index of aggregate weekly payrolls (2007=100)(4)

130.6 135.3 135.7 136.2

Over-the-month percent change

0.8 0.3 0.3 0.4

DIFFUSION INDEX
(Over 1-month span)(5)

Total private (261 industries)

57.9 63.2 60.2 55.7

Manufacturing (78 industries)

39.7 60.9 66.0 50.0

Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(P) Preliminary

NOTE: Data have been revised to reflect March 2016 benchmark levels and updated seasonal adjustment factors.

 

The Tax Reform Tipping Point

Breitbart’s Steve Bannon is lighting up media coverage by championing primaries, but GOP operatives are more concerned with snagging a legislative win to calm the growing strife.

By David Catanese, Senior Politics Writer |Oct. 11, 2017, at 5:32 p.m.

The Tax Reform Tipping Point

What Bannon’s Civil War on the GOP Means for Tax Reform
Bloomberg
 Republican strategists and activists increasingly fear that a failure to deliver on tax reformin the coming months will intensify primary challenges to sitting incumbents next year and imperil the party’s already precarious standing in the midterm elections.

Angry GOP donors, a restless conservative base, a standstill Congress and a uniquely impetuous president are raising the stakes for a fourth-quarter legislative agenda that will be largely defined by an attempt at revamping the tax code that has languished for months.

An outside insurrection by Breitbart News head and former White House chief strategist Steve Bannon already is ominously fanning the flames of internecine warfare. But many top Republican minds believe the most powerful tipping point for the GOP is whether it can deliver on Trump’s key campaign promise of producing tax relief for Americans.

“If Congress passes the key elements of the conservative agenda, including repealing Obamacare and cutting taxes, some of the anger at the grass roots will dissipate,” says Ralph Reed, founder and chairman of the Faith & Freedom Coalition. “But if Congress fails to do so, I think there will be a lot of primaries in 2018 and 2020, and I think there will be a lot of vulnerable incumbents.”

Saddled by multiple failed attempts to repeal former President Barack Obama’s health care law, President Donald Trump and congressional Republicans are now turning their concerted attention to pitching lower tax rates and a simplification of the filing system. But there’s a growing realization they are now up against a calendar that leaves only two and a half months until an election year – and some of the most fiery activists already have lost their patience.

President Trump To Advance Tax Reform Plan
CBS New York
 The latest evidence of intraparty unrest came Wednesday in the form of a blistering letter from leading conservative groups asking Senate Majority Leader Mitch McConnell and members of his leadership team to step aside, citing their failure to act on an array of issues from illegal immigration and deficit spending to Planned Parenthood funding and a repeal of the Affordable Care Act.

“Republicans were given full control of the federal government. They – you – have done nothing,” the letter reads. “Worse, it is painfully clear that you intend to do nothing because, as is most apparent, you had no intention of honoring your solemn commitments to the American people. You were not going to drain the swamp. You are the swamp.”

The searing missive was signed by Ken Cuccinelli, president of the Senate Conservatives Fund; Jenny Beth Martin, co-founder of Tea Party Patriots; Adam Brandon, president of FreedomWorks; David Bozell, president of ForAmerica; Brent Bozell, chairman of ForAmerica; and conservative activist Richard Viguerie.

The cadre also questioned McConnell’s “commitment to real reform” on taxes – and a key GOP member of the House Ways and Means Committee on Wednesday acknowledged lawmakers will have to settle for at least some changes that won’t be permanent. “We’re not going to do as well as we had hoped in terms of permanence. It’s obvious,” said Rep. Pete Roskam of Illinois.

Meanwhile, even as Bannon’s clarion call for primary challengers to half a dozen GOP Senate incumbents has shaken the political media establishment as he intended, many GOP campaign veterans privately contend his influence has been widely overblown.

Plenty of anti-establishment candidates and would-be contenders mulling 2018 bids were stirring the pot long before Bannon came along. Alabama’s Roy Moore, for example, was beating Sen. Luther Strange ahead of Bannon’s blessing. Arizona’s Kelli Ward had run in 2016 against Sen. John McCain, and shortly after that defeat switched her focus to Sen. Jeff Flake.

 Mississippi’s Chris McDaniel, who is inching closer to a challenge of GOP Sen. Roger Wicker, gained national notoriety in 2014 for falling barely short in his bid to unseat Sen. Thad Cochran.

Bannon is also in talks with potential challengers to Sen. John Barrasso in Wyoming and Sen. Orrin Hatch in Utah, but so far neither has drawn a formal primary opponent, and Hatch hasn’t even formally decided to run again. In Nebraska, one key GOP player mocked any Bannon effort to draft a candidate to run against first-term Sen. Deb Fischer. “There’s really not any anti-Deb sentiment in Nebraska,” says Mike Kennedy, a 25-year GOP activist from Omaha. “I don’t see any traction for Bannon at all. They’re going to have to look under a lot of rocks.”

“Let’s be honest: Steve’s a drum major desperately running in front of a parade,” says a prominent conservative activist, speaking anonymously because he counts Bannon as a friend. “He’s good copy. He’s a good story. The issue is not Bannon. The issue is what these people were told for eight years: That when we got the White House, the Senate and the House, this stuff was going to happen. The grass roots feel like they’ve been played.”

“If we don’t pass the tax cut, I think all bets are off,” the activist adds, referring to the number of ferocious primaries that could multiply across the map.

Strategists working to preserve and expand the 52-member Republican Senate majority are also pinning their hopes on tax reform to hand their incumbents a tangible accomplishment that will land in voters’ pocketbooks. At the same time, they know it stands to impact their own bottom lines.

 A Senate GOP source acknowledges fundraising has begun to lag since June and that the National Republican Senatorial Committee – the entity tasked with electing GOP senators – has spent more than it’s raised over the preceding two months.

“Donors are so pissed off,” the source says. “If we don’t get tax reform, we won’t have the money to fund all our races. They just don’t understand why nothing’s been done.”

Terry Schilling, executive director of conservative think tank the American Principles Project, agrees that Republicans need an accomplishment on tax reform that they can hold in front of voters next year.

But unlike others, he doesn’t view Bannon’s efforts as necessarily counterproductive. Instead, Schilling says, Bannon’s looming threat of outside fire provides a constant incentive for even the most dependable incumbents to make good on Trump’s agenda.

“It’s probably not fair to target Barrasso, but then Barrasso gets to go to [John] McCain and [Lisa] Murkowski and [Susan] Collins and say, ‘I’m your friend and I’m getting heartburn for this.’ It’s pressure; it’s just politics,” he says. “These incumbents better be able to point to how they’ve been supportive of Trump. Otherwise, they’re going to be Luther Strange.”

https://www.usnews.com/news/the-run/articles/2017-10-11/tax-reform-key-to-republicans-fate-in-2018-midterms

Story 2: How Obama Destroyed The Democratic and Damaged The U.S. Economy — Will Trump Reform The Republican Party and Revive The U.S. Economy? — Videos

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VICTOR DAVIS HANSON FULL ONE-ON-ONE EXPLOSIVE INTERVIEW WITH TUCKER CARLSON (6/9/2017)

Victor Davis Hanson on Obama and the current administartion.

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The Pronk Pops Show 976, October 2, 2017, Breaking and Developing Story 1: A Room With A View of A Killing Field At The Mandalay Bay Hotel — Confirmed 59 Murdered and 527 Injured Attending Country Western Music Route 91 Harvest Festival in Las Vegas– Murderer Identified as Stephen Craig Paddock, age 64, Resident of Mesquite, Nevada, No Criminal Record and Had Not  Attracted The Attention of Police and Security Forces, A Cleanskin, Uses Semi-automatic Rifles Modified To Fully Automatic –Killer Has 23 Firearms In Hotel Room and 19 Firearms and Explosives In Home — “Act of Pure Evil” — Oh My Beloved Father — Journey To The Killing Fields — Videos

Posted on October 2, 2017. Filed under: American History, Assault, Blogroll, Breaking News, Business, Communications, Congress, Countries, Crime, Culture, Donald J. Trump, Education, Elections, Employment, Federal Government, Government, Government Dependency, Government Spending, Health, History, Homicide, House of Representatives, Housing, Human, Human Behavior, Language, Law, Life, Lying, Media, News, People, Philosophy, Photos, Pistols, Politics, Polls, President Trump, Radio, Raymond Thomas Pronk, Rifles, Rule of Law, Second Amendment, Security, Senate, Success, Taxation, Taxes, Terror, Terrorism, Transportation, Unemployment, United States Constitution, United States of America, Videos, Violence, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , |

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Above, the view from the 32nd floor of the Mandalay Bay hotel, in an updated photo. The concert was taking place diagonally across the street, where the stage is seen. Image result for las vegas shooting concert site October 1, 2017Image result for las vegas shooting concert site October 1, 2017Image result for las vegas shooting concert site October 1, 2017Image result for las vegas shooting concert site October 1, 2017Image result for las vegas shooting concert site October 1, 2017 mapImage result for las vegas shooting concert site October 1, 2017

Breaking and Developing Story 1: A Room With A View of A Killing Field At The Mandalay Bay Hotel — Confirmed 59 Murdered and 527 Injured Attending Country Western Music Route 91 Harvest Festival in Las Vegas– Murderer Identified as Stephen Craig Paddock, age 64, Resident of Mesquite, Nevada, No Criminal Record and Had Not  Attracted The Attention of Police and Security Forces, A Cleanskin, Uses Semi-automatic Rifles Modified To Fully Automatic –Killer Had 23 Firearms In Hotel Room and 19 Firearms and Explosives In Home — “Act of Pure Evil” — Oh My Beloved Father — Journey To The Killing Fields — Videos

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Cleanskin is a British terrorist thriller. It stars Sean Bean, Abhin Galeya, Charlotte Rampling, James Fox, Tuppence Middleton, Shivani Ghai and Michelle Ryan. A “cleanskin” is a term for an undercover operative unknown to his or her targets, or as more commonly used in the UK following the London bombings, a terrorist totally unknown to the national security services.

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The mystery of Stephen Paddock — gambler, real estate investor, mass killer

He was 64 years old and, to those who knew him, showed no signs of mental illness, extreme political views or an unhealthy interest in guns. He liked to gamble, and had bounced around over the years, living in Southern California, Texas and Nevada. But he seemed to have plenty of money, and had held steady jobs as a mail carrier, accountant, auditor and apartment manager.

Stephen Paddock’s last stop was here, in Mesquite, Nev., a modest desert oasis 80 miles northeast of Las Vegas, where he lived in a retirement community with his female partner and kept a low profile, conversing little and maintaining no Facebook or Twitter accounts.

In an era when social media invites full-throated expression of even the most minor annoyance, Paddock gave away no hint of whatever it was that drove him to commit mass murder on the Las Vegas Strip, killing 59 people in an assault on a country music festival late Sunday night.

“We are completely dumbfounded,” said a younger brother, Eric Paddock, who broke into tears in front of his suburban Orlando, Fla., home. “We can’t understand what happened.”

Almost every week, Paddock and his girlfriend, Marilou Danley, would go to Peggy Sue’s bar and diner in Mesquite, where they would have a few drinks and she would sing karaoke, other patrons and the bartender said.

“She really could sing – great set of pipes,” Bob Hemley said. “Him? He didn’t affect me. Didn’t stand out.”

Everyone seated at the U-shaped bar Monday evening remembered Danley in particular. Bartender Monique Ortega said that when she learned Paddock was the shooter, she called her boss immediately.

“Now [that] I know that it was him, he seemed kind of creepy,” she said.

Paddock, described by the local sheriff as a “lone wolf” attacker, killed himself inside the luxury suite at the Mandalay as SWAT officers closed in. On Monday, authorities searched his light-orange, single-story stucco house in Mesquite and a second home in northern Nevada and questioned relatives and associates but acknowledged that they had uncovered no explanation yet.

Paddock gambled frequently, and two law enforcement sources said he had made chip purchases in Nevada casinos in the last year that were in excess of $10,000 a day, the amount required to be reported to the government.

But relatives and acquaintances said he was a successful real estate investor who showed no sign of financial problems.

Asked if authorities had a working motive at a news conference Monday afternoon, Clark County Sheriff Joe Lombardo replied, “No, we don’t.”

Investigators have all but dismissed a claim by Islamic State that Paddock was a recent convert to Islam acting at the group’s direction. Law enforcement authorities seized computer hard drives from Paddocks’ Mesquite home and are examining dozens of weapons taken from the hotel suite and the home along with explosive material found in his vehicle and residence.

U.S. Rep. Ruben Kihuen (D-Nev.), who received a briefing from the multiagency anti-terrorism center, said no new clues have emerged so far.

“Law enforcement were looking through his computer. They couldn’t find a motive. As of a couple of hours ago, there was no motive. That’s all we know,” he said late Monday afternoon.

Before Monday, Paddock had been a nonentity to local police. “We didn’t have prior run-ins with him, we didn’t have any traffic stops, we didn’t have any arrests of any kind,” Mesquite Police Officer Quinn Averett said. “It’s a newer home, a newer subdivision, a nice clean home, nothing out of the ordinary.”

Agents hope they may learn more from Danley, 62. Police were initially searching for her in Nevada as a person of interest in the shooting, but later learned she was out of the country.

Lombardo said she was currently in Tokyo, and investigators are arranging an interview.

Paddock grew up in Arizona, the son of a notorious bank robber. Benjamin Hoskins Paddock, who went by the aliases “Chromedome” and “Big Daddy,” robbed a bank in Tucson in 1960, when Stephen was 7 years old.

When authorities cornered the elder Paddock in Las Vegas, he attempted to run down an FBI agent with his car, according to press clippings. He escaped from federal prison in Texas, where he was serving a 20-year sentence, on New Year’s Eve 1968. Wanted posters described him as “psychotic,” “armed and very dangerous,” and an avid bridge player and gambler. He was removed from the list in 1977, according to the FBI website.

He was captured the following year in Oregon and died in 1998.

Stephen Paddock, who was divorced twice, spent much of his adult life in the Los Angeles area. He and his wives lived or owned property in Panorama City, Cerritos, North Hollywood and other areas from the 1970s to early 2000s.

Paddock’s former brother-in-law, Scott Brunoehler, recalled the gunman in the 1970s and 1980s as a smart, fun-loving person who enjoyed entertaining on his boat at Castaic Lake and Buena Vista Lake in Kern County.

“He seemed like a normal, good guy. I don’t remember anything bad back then at all,” said Brunoehler, whose sister, Sharon, married Paddock in 1977. “I’m still in shock.”

Paddock listed his occupation as postal carrier at the time of their marriage. He worked for a predecessor to Lockheed Martin for three years in the late 1980s, according to a company statement. His brother-in-law said he was an accountant; public records describe him as an internal auditor.

He also owned rental properties across the country. In Los Angeles, Paddock co-owned two run-down apartment buildings in a working-class neighborhood of Hawthorne.

For nearly a decade, he owned an apartment complex in the Dallas suburb of Mesquite. Tenant Richard Gehring said Paddock improved the Texas property by checking applicants’ credit and quickly evicting those who didn’t pay.

“Some of the rougher people left,” said Gehring, a roadway engineer.

As he watched television coverage Monday, Gehring said it seemed impossible that the gunman was his mild mannered landlord.

“He was just a nice guy, and that was it,” Gehring said. “There’s nothing really that sets him out from anybody else.”

Paddock sold the complex in 2012.

Paddock had lived near his mother and brother in Florida for several years but decided to move to Nevada a few years ago to escape the humidity and play high-level poker, Eric Paddock said.

Donald Judy’s wife, Sharon, who lived next door to Paddock in Florida, said he described himself as a world traveler and “professional gambler by trade” and said he once showed her a picture of himself winning a $20,000 slot-machine jackpot.

“He was friendly all the time,” she said.

Paddock liked to gamble in Strip hotels. He sued the swanky Cosmopolitan in 2012, claiming he fell and was injured on the hotel property and sustained “substantial injuries.” He sought damages of more than $10,000. The suit was dismissed by agreement between the parties in 2014, according to the Las Vegas Review Journal. His attorney declined to comment.

Speaking outside his home in Waterford Lakes, Eric Paddock said his brother was never violent and had no history of mental illness or known ties to extremist groups. His brother had some guns but never a machine gun or an automatic weapon, Eric Paddock said.

“He’s never even drawn his gun before,” he said. “He’s just a guy.”

Authorities said they found a total of 42 guns in the hotel room and Paddock’s house. At least one had been modified to make it tantamount to an automatic weapon.

Paddock and Danley moved to a house on Babbling Brook Court in a new 55-plus community called Sunset Mesquite in 2015. Residents of their subdivision had little information for police, according to Lombardo, the sheriff.

“He was reclusive,” Lombardo said.

One neighbor, who declined to give his name, described Paddock to a reporter as “a real loner.”

“If he saw you a few time he’d finally say, ‘hi,’” the man said.

A sign posted on the front door of a next-door neighbor read, “We do not have anything to provide relating to the actions of our neighbor or insight into his behavior. We did not know him.”

http://www.latimes.com/nation/la-na-vegas-shooter-what-we-know-20171002-story.html

PICTURED: The lone Las Vegas gunman, 64, who murdered 58 and injured 515 concert-goers with an automatic rifle from his suite on 32nd floor of the Mandalay Bay in America’s deadliest mass shooting – before committing suicide

  • WARNING: GRAPHIC CONTENT 
  • Fifty-eight people have been killed and 515 injured after a shooting at the Route 91 Harvest Festival in Las Vegas, Nevada
  • The shooter has been identified as Stephen Paddock, 64, who opened fire from a 32nd floor room of Mandalay Bay Hotel after 10pm Sunday night 
  • Police say they breached Paddock’s room and found him dead inside alongside an ‘arsenal’ of weapons
  • It took an hour and 12 minutes from the first 911 call to the moment police burst into Paddock’s room  
  • Cops located his girlfriend Marilou Danley for questioning, but don’t believe she’s involved in the shooting 
  • A law enforcement source told the Wall Street Journal that they found 18-20 weapons in the room, including at least one fully automatic rifle 
  • Paddock was a multimillionaire who made his money in real estate, his brother Eric said 
  • His brother added that he would often come to Las Vegas to gamble
  • NBC reports that he gambled $20,000 to $30,000 on several occasions in the past few weeks 
  • It’s the deadliest shooting in U.S. history – eclipsing last year’s massacre at Pulse nightclub in Orlando, Florida 

PICTURED: Stephen Craig Paddock, right, is the man who killed more than 58 and injured 515 in a shooting at a Las Vegas music festival Sunday night. He's pictured above with Marilou Danley, who he lives with

At least 58 people are dead and 515 injured after a 72-minute shooting by a lone-wolf gunman who unleashed thousands of rounds of ammunition onto a Las Vegas music festival from a hotel room 1,200 feet away – and more details are still coming out.

Police say 64-year-old Stephen Craig Paddock used automatic weapons to rain down gunfire on a crowd of 22,000 people attending the Route 91 Harvest Festival Sunday night, from his room across the street in the Mandalay Bay hotel.

Headliner Jason Aldean was in the middle of his set just after 10pm when a rumble of gunfire rang out, the sounds of screams and stampeding humans cutting through the country music.

It took police an hour and 12 minutes from the first 911 call to locate Paddock in the building and break into his room.

They used explosives to blow the door off his room, but by then it was too late – Paddock had shot himself dead. It’s unclear how long after he first started shooting that Paddock committed suicide.

Inside the room they found an arsenal of 18-20 firearms and a large cache of ammunition, a law enforcement source told the Wall Street Journal. The source said that they found at least one fully automatic rifle among the batch which included AR-15-style rifles and AK-47-style rifles.

The following morning, pictures of the Mandalay Bay tower showed two windows on the 32nd floor were shattered.

It’s believed that Paddock was staying in a large suite or connected rooms, and used both to fire down on the crowd from both vantage points. Police say he used a hammer-like device to smash the windows.

Following the shooting, police raided Paddock’s home in a retirement community in Mesquite, Nevada where he lived with his girlfriend, 62-year-old Marilou Danley.

Danley was initially called a person of interest in the shooting, because she appeared to have checked into the hotel with him. But when police called her after the shooting, they found out she has been out of the country and that Paddock had used her ID to check into the hotel. They no longer believe she had anything to do with the massacre, but plan to interview when she gets back in the country.  A friend told the Reno Gazette-Journal that Danley is in the Phillipines.

Paddock had been staying in Las Vegas since Thursday, but hotel staff who had been in and out of his room never saw signs of his weapons

Investigations are still ongoing and police have not yet determined a motive. He was not believed to be connected to any militant group, Clark County Sheriff Joe Lombardo said.

ISIS claimed responsibility for the attack, saying the gunman was a recent convert to Islam. But officials say there is no evidence that Paddock was connected to any international terror organization.

Hundreds of rounds of automatic gunfire were reported by witnesses on the scene; one woman in the Mandalay Bay said that there was a shooter on the 32nd floor, and that they had killed a security guard

Police and rescue personnel gather at the intersection of Las Vegas Boulevard and Tropicana Avenue - one block north of the music festival - after the mass shooting

A woman cries while hiding inside the Sands Corporation plane hangar after the mass shooting on Sunday

Investigators load bodies from the scene of the mass shooting on Monday 

Authorities say Paddock had a large room or connecting rooms on the 32nd floor 

Above, the view from the 32nd floor of the Mandalay Bay hotel, in an updated photo. The concert was taking place diagonally across the street, where the stage is seen. 

Above, a view of a typical double room in the Mandalay Bay hotel. It's unclear what kind of room Paddock was staying in

Three people lie on the ground, one covered in blood, after the shooting at the Route 91 Harvest country music festival on Sunday

Fifty-eigh people are dead and 515 injured after the Sunday shooting at the Las Vegas music festival

Above, the type of weapons foundin the room. On the top is an Ak-47 and on the bottom is an AR-15. AR-15's are typically semi-automatic, while AK-47s can be either fully automatic or semi automatic. 

What will likely raise suspicions is Paddock’s excessive gambling in recent weeks.

Multiple senior law enforcement officials and a casino executive who spoke with NBC News said that Paddock had on multiple occasions in the past week weeks, gambled amounts greater than $20,000 or $30,000.

This is according to documents that the casinos are required to maintain for ‘each transaction in currency involving cash-in and cash-out of more than $10,000 in a gaming day.’

It’s unclear if Paddock won or lost a great amount.

His brother Eric says that his brother was a multimillionaire who made most of his fortune through real estate. He also worked as an accountant before retiring.

In an interview with DailyMail.com, Eric said that something must have happened to his brother to make him snap.

‘He was just a guy. Something happened, he snapped or something,’ Eric said from his home in Orlando, Florida.

THE FIRST LAS VEGAS VICTIMS ARE IDENTIFIED

The first shooting victims have been identified after 58 people were killed when a gunman opened fire at a music festival in Las Vegas on Sunday in what has become the deadliest mass shooting in American history.

Sonny Melton, 29, Denise Salmon Burditus, 50, Lisa Romero, Jordan McIldoon, 23, Jessica Klymchuk, 28, Jenny Parks, Susan Smith, 53, Adrian Murfitt, 35, John Phippen, Rhonda LeRocque, Dana Gardner, Quinton Robbins, 20, and Bailey Schweitzer, all lost their lives when 64-year-old Stephen Craig Paddock of nearby Mesquite, Nevada began shooting from his hotel room across the street at the Mandalay Bay Casino.

Another 515 people were injured in what is now the deadliest mass shooting in U.S. history.

Melton’s wife Heather, a surgeon, who was with him watching Jason Aldean at the Route 91 Harvest Festival in Las Vegas, says her brave and selfless husband died saving her life.

‘He saved my life. He grabbed me and started running when I felt him get shot in the back,’ she told WSMV. ‘I want everyone to know what a kind-hearted, loving man he was, but at this point, I can barely breathe.’

The couple lived in Big Sandy, Tennessee, where Melton worked as a registered nurse in an emergency room and ICU at Henry County Medical Center.

His wife works at the hospital and he aided her in the operating room. They married in 2016.

‘We were the couple that never should have met, fallen in love or had a future together….but life is funny and we believe God brought us together as soul mates,’ read their wedding page on The Knot. ‘We have shared amazing times together and nearly unbearable heartaches but through it all we have grown stronger in our love for each other and our families.’

Denise Salmon Burditus, 50, was among the 58 people murdered at the Route 91 Harvest Festival in Las Vegas on Sunday. She is pictured with her husband Tony Burditus at the festival in a photograph she posted to Facebook at around 9.30pm PDT - just minutes before the gunman opened fire

Mother-of-two, and kindergarten teacher Jenny Parks, of Lancaster, LA in California, was also killed in the carnage.

Her aunt, Rhonda Boyle, wrote on Facebook: ‘It’s a sad day for me and my family my niece was murdered killed by that SOB in Los Vegas. Please pray for me and my family, she was a sweet woman… and a good mother.’

She leaves behind her husband Bobby Parks, 39, and their two kids.

Denise Salmon Burditus, 50, of Martinsburg, West Virginia, reportedly died in her husband of 32 years, Tony Burditus’ arms just minutes after posting a picture of themselves at the festival.

Burditus, a semi-retired grandmother and mom, according to Facebook, regularly posted loving posts about her husband Tony – her high school sweetheart from Hedgesville High School. The couple had moved around a lot, according to friends, but had recently returned to Martinsburg to settle down.

Her friend Jeanette McNally said she was in ‘complete shock and grief’ at her loss.

‘Beautiful Denise Salmon Burditus life was taken during the attack on Las Vegas,’ she wrote. ‘What a loss.

‘I’m just praying for comfort for their shattered hearts. Her family…Her adoring husband…Her beautiful children and grandbabies…Her friends whom she loved like family.’

While Gallup School District confirmed that Romero, a secretary at Miyamura High School, in New Mexico, was also among the dead. Superintendent Mike Hyatt sent out an email to district staffers, saying ‘our prayers go out to her family during this tragic time.’

Adrian Murfitt, from Anchorage, also died at the concert, according to his friend, Brian MacKinnon, who attended the festival with him.

MacKinnon told KTUU that Murfitt was ‘one of the happiest people I know’ and that the ‘wrong person’ had died.

Susan Smith, 53, an office manager for the Simi Valley Unified School District since 2001, was also killed a spokeswoman for the district confirmed. Smith was said to be a big country music fan and was the ‘hub’ and ‘heart’ of Vista Elementary School, where she worked for three years.

‘She was wonderful. She had a great sense of humor. She’s patient and kind,’ spokesman Jake Finch told the Ventura County Star.

Vista PTA released a statement which read: ‘Our hearts are full of sorrow for the passing of Susan Smith. She was a wonderful woman, an advocate for our children, and a friend.’

Mom-of-four Jessica Klymchuk (left) and Quinton Robbins, 20, (right) are among the 58 people who were gunned down and killed during the mass shooting at a Las Vegas music festival last night

Rhonda LeRocque, a minister’s wife, from Tewksbury, Massachusetts, had been at the concert with her six-year-old daughter, father-in-law and husband of 20 years, Jason. Her father-in-law had just taken LeRocque’s daughter home when the gunfire began.

LeRocque died instantly after being shot in the back of the head.

Her devastated family told Boston 25 News that she was a country music lover, who loved her family and dreamed of owning her own company one day. She was ‘close to perfection as you can get,’ they said.

Fellow victim John Phippen, of Santa Clarita, California, was at the concert with his son Travis – a medic – when he was shot dead.

Travis, who was shot in the arm, was able to patch up at least 14 others at the scene, but tragically wasn’t able to save his own father.

John, who owned remodeling and repair company JP Specialties, in Clarita, was remembered by friends as a ‘good man’ and an ‘amazing soul’ who would often like to sing as he worked.

He had a ‘smile that would light up a room,’ friend Thomas Polucki told KHTS . ‘He will be missed.’

Two Canadians were among the dozens killed in the mass shooting McIldoon, 23, of Maple Ridge, British Columbia, and Klymchuk, a mother-of-four, visiting Vegas with her fiance from Edmonton.

Jordan McIlldoon (left) was reportedly among the 58 people who lost their lives during the mass shooting. McIlldoon is pictured above in Las Vegas last year, with a woman who appears to be his girlfriend

Adrian Murfitt, 35, was confirmed dead by a close friend who was also at the Route 91 Harvest Festival in Las Vegas

Klymchuk was a librarian and school bus driver at St. Stephen’s School in Valleyview, Canada. Superintendent Betty Turpin, of the Holy Family Catholic Regional Division, passed on her condolences to the family for the ‘unimaginable attack’.

Premier of Alberta, Rachel Notley, added on Twitter: ‘Our hearts go out to the loved ones of Jessica Klymchuk, an Albertan who was killed in the Las Vegas attack. We are so sorry for your loss.’

McIldoon, 23, was attending the festival with his girlfriend, his parents told CBC, when he was gunned down.

Fellow festival goer Heather Gooze of Spring Valley, Nevada spread word of his death on Facebook.

‘Friends and family, I am OK. I am right outside of the festival grounds. We are not allowed to go anywhere,’ Gooze wrote Monday morning. ‘I am with a young man who died in my arms! RIP Jordan McIldoon from British Columbia. I can’t believe this just happened!!!’

Susan Smith, an office manager for the Simi Valley Unified School District since 2001, was also killed a spokeswoman for the district confirmed

Rhonda LeRocque

Bailey Schweitzer, Bakersfield, California, was the 13th Vegas mass shooting victim to be identified on social media

McIldoon’s parents, who are flying down to Las Vegas, said he was a heavy-duty mechanic’s apprentice and was soon to attend trade school.

‘We only had one child,’ they said. ‘We just don’t know what to do.’

His grandfather Bob McIldoon told CityNews Vancouver; ‘It’s a terrible thing, terrible for everyone.’

Quinton Robbins, 20, of Henderson, Nevada, is another shooting victim who has been identified by family and friends on social media.

His aunt, Kilee Wells Sanders, confirmed on Facebook that Quinton had died on Sunday night, describing him as ‘the most kind and loving soul.’

‘Everyone who met him, loved him. His contagious laugh and smile. He was truly an amazing person. He will be missed by so many, he is loved by so many.’

Robbins studied at the University of Nevada-Las Vegas, and worked as a recreational assistant at the City of Henderson.

‘Quinton was a pay-it-forward kinda guy,’ Tyce Jones, a long time friend of the family, told Newsweek. ‘Always had a smile on his face and was a nice guy. He loved his family and loved to coach his little brother’s flag football team. He will be missed.

 Paddock’s father, Benjamin, was a serial bank robbery who ended up on the FBI’s most wanted list back in 1969

Eric said his brother wasn’t religious, political or had any mental illness that he knows of. However, he acknowledged that he wasn’t exactly a ‘normal guy’ and that he dabbled in ‘high stakes video poker’. One time, Eric says his brother ‘texted me a picture that he won $40,000 on a slot machine’.

He says he knew his brother owned a few handguns but doesn’t know how he could get his hands on a machine gun.

The last time he spoke with him was after Hurricane Irma, when Paddock texted to check in on their 90-year-old mother.

‘Our condolences to everyone,’ Eric said. ‘We just don’t understand. It’s like an asteroid just fell out of the sky and we have no reason, rhyme, rationale, excuse – there’s just nothing.’

There does appear to be a history of mental illness in the family. Paddock’s father was Benjamin Hoskins Paddock, a serial bank robber who ended up on the FBI Most Wanted list back in 1969 when he escaped from federal prison in Texas while serving a 20-year sentence.

The FBI kept him on the list for the next eight years, and he was eventually found one year after he was removed from the list in 1978 while outside an Oregon Bingo hall.

The agency said that the fugitive had been ‘diagnosed as psychopathic’ and also had possible ‘suicidal tendencies.’

Paddock had both hunting and fishing licenses according to public records, as well as his pilot’s license, but no criminal record in the state of Nevada.

Police on guard on the streets outside the Mandalay Bay. The shooter was killed inside the hotel

Police are now searching for Marilou Danley (pictured) whom they say may have information on the shooter as she was his roommate or companion

Police detained Marilou Danley, described as Paddock’s ‘companion’ and his roommate, in the early hours of Monday morning. They say they don’t believe she was involved in the shooting

President Trump has sent his 'warmest condolences and sympathies' to the victims of the worst mass shooting in American history

President Trump has sent his ‘warmest condolences and sympathies’ to the victims of the worst mass shooting in American history

President Trump spoke about the shooting at a morning press conference, calling it a 'senseless murder' and 'an act of pure evil'

President Trump spoke about the shooting at a morning press conference, calling it a ‘senseless murder’ and ‘an act of pure evil’

Trump later held a moment of silence on the lawn of the White House 

In a Monday morning press conference, Sheriff Lombardo said Paddock was cited several years ago but said it was a ‘normal practice in the court system’. Lombardo did not give further details on that citation.

Police in Mesquite, Nevada, where Paddock lives in a retirement community on a golf course, said they had no history with the man.

Records show that Paddock sued The Cosmopolitan hotel in Las Vegas in September 2012, after he ‘slipped and fell on an obstruction on the floor’ and claimed to have suffered injuries. But that lawsuit was dropped in October 2014.

He has been married at least once before, to Peggy Paddock, 63, who has been interviewed by police.

Outside her home in Cerritos, California, Los Angeles Sheriff’s Sgt. Cort Bishop told DailyMail.com that Peggy was married to Stephen for six years but divorced him 27 years ago.

’She is as shocked and surprised as everybody else by what happened in Vegas,’ said Sgt. Bishop.

He went on to say that Peggy has no children with her ex and ‘has had no contact with him for many years.’

Sgt. Bishop added that Peggy has been in a relationship with her current boyfriend for 20 years and that he did not know why she kept her ex-husband’s name after the divorce.

Paddock’s brother Eric said he wasn’t religious, political or had any mental illness that he knew of

Stephen Paddock, right, seen with his brother Eric in this undated image provided to the Today show 

Stephen Paddock, right, seen with his brother Eric in this undated image provided to the Today show

Paddocks' former home in Florida is pictured above 

Paddocks’ former home in Florida is pictured above

TIMELINE OF TERROR IN VEGAS:

Country music star Jason Aldean was performing on stage at the Route 91 Harvest Music Festival when lone gunman Stephen Paddock, 64, opened fire on the 22,000 people gathered.

About 10pm: Paddock smashes out two windows on the 32nd floor with a hammer-like implement and opens fire with his arsenal of at least 19 weapons – including fully automatic weapons.

10.08pm: First phone call to police that shots had been fired at the festival outside the Mandalay Bay Hotel and Casino on the Las Vegas Strip.

10.38pm: Police in Las Vegas say that they are ‘investigating reports of an active shooter’ near to the Mandalay Bay.

11.08pm: Las Vegas police confirm they have shut down a portion of The Strip

11.20pm: SWAT teams storm the 32nd floor room that Stephen Paddock was firing from. They gained entry using flashbangs designed to stun the shooter. Officers entered the room and found he had taken his own life. Seventy-two minutes elapsed from the first 911 call to Paddock being found dead.

11.20pm: Hundreds of people began being transported to hospitals in Las Vegas

11.32pm: McCarran International Airport announced it was diverting flights destined for the city.

11.34pm: Interstate 15 in and out of Las Vegas was shut down for a time.

11.56pm: Hospitals in Las Vegas said that at least two people were dead and 24 were injured of which 12 were critical.

12.01am: Almost two hours after the first emergency call police confirmed that one suspect was ‘down’.

1.06am: The Southern California police department say that one of their officers is among the injured.

1.34am: At this point the death toll dramatic rises to 20 people injured and 100 injured.

1.54am: Police in Las Vegas says that two of their officers who were off-duty were among the dead.

2.13am: Investigators say that they are looking for the ‘roommate’ of the shooter – Marilou Danley and describe her as a person of interest.

3.30am: Las Vegas Sheriff Joseph Lombardo announces that the death toll is now at least 50 dead and 200 injured – making this the deadliest shooting in US history

6.30am: Investigators say they have located Marilou Danley and say that she is overseas and is not longer a person of interest.

9.30am: Sheriff provides another update and says that the death toll is now in excess of 58 and that 515 people are injured.

Heavily-armed police searched Paddock’s home here he lived with Danley early Monday morning.

Police saw ‘no movement’ inside before serving a search warrant at the one-story, three-bedroom home in the Sun City Mesquite retirement community, about 80 miles north of Las Vegas.

Inside the home, police found guns and ammunition – but didn’t release further details about what types.

‘It’s a nice, clean home and there’s nothing out of the ordinary,’ a Mesquite police spokesman said.

Christopher Sullivan the owner of Guns and Guitars in Mesquite says that he sold three guns – a handgun and two rifles – to Paddock in the past year.

He says all three were sold legally, after Paddock cleared federal screening.

The store later released a full statement reading: ‘We mourn for this tragedy and our thoughts and prayers are with the families of the lost and injured. Mr Paddock was a customer and purchased firearms from our store; however, all necessary background checks and procedures were followed, as required by local, state and federal law. He never gave any indication or reason to believe he was unstable or unfit at any time. We are currently cooperating with the ongoing investigation by local and federal law enforcement in any way we can.’

A spokesman for the Bureau of Alcohol, Tobacco, Firearms and Explosives said told CNN they are ‘currently conducting urgent traces on multiple firearms recovered from the scene in Las Vegas’.

Police continue to search for two vehicles connected to Paddock – a Hyundai Tucson with a Nevada license plate 114B40 and a Chrysler Pacifica Touring with a Nevada license plate 79D401.

Paddock previously owned a home in Isle de Viera, Florida. A couple who lived next door to him, Don and Sharon Judy, say he only visited a handful of times in the two years he owned it.

‘He seemed normal, other than that he lived by gambling. He was very open about that,’ Sharon Judy told Florida Today. ‘First time we ever met him, he handed us the key to the house and said, ‘Hey, would keep an eye on the house, we’re only going to be here every now and then.”‘

On the times that they visited the home, they say it was sparsely furnished, with only a few chairs, a bed in each bedroom and a few laptops. Paddock reportedly told them that he and his girlfriend would stay up all night gambling. They say they never saw weapons inside the home.

A general view of the property believed to be the residence of Las Vegas shooter Stephen Paddock situated in Mesquite, NV

 Las Vegas police sweep through a convention center area during a lockdown Monday, Oct. 2, 2017, at the Tropicana Las Vegas following an active shooter situation on the Las Vegas Strip

Danley is described as an Asian woman, around four feet 11 inchest tall and weighing 111lbs

Debris is strewn through the scene of a mass shooting at a music festival near the Mandalay Bay resort and casino on the Las Vegas Strip, Monday, Oct. 2, 2017, in Las Vegas

Investigators are continuing to collect evidence from the concert venue 

The shooter was in the far left tower of the Mandalay Bay (bottom right), shooting into the crowds at the Las Vegas Village, located diagonally across the intersection in the middle.

Police continued to block off traffic on the Las Vegas Strip on Monday 

President Donald Trump paid his respects on Monday morning, writing on Twitter: ‘My warmest condolences and sympathies to the victims and families of the terrible Las Vegas shooting. God bless you!’

He spoke about the shooting in a somber morning press conference, calling the deadly incident a ‘senseless murder’ and ‘an act of pure evil’.

‘We pray for the day that evil is banished and the innocent are safe from hatred and fear,’ Trump said. ‘May God  bless the souls of the lives that our lost, may God give us the grace of healing and may God provide the healing family with the strength to carry on.’

Trump plans to fly to Las Vegas on Wednesday to meet with first responders, the injured and the families of the victims.

A large group of people gather to donate blood at a special United Blood Services drive at a University Medical Center facility to help victims of a mass shooting on October 2, 2017 in Las Vegas, Nevada

Above, the scene inside one blood donation center on Monday after the shooting 

Richard Williams of Nevada smiles as United Blood Services phlebotomist Sha-Na Hill takes his blood at a special United Blood Services drive at a University Medical Center facility to help victims of the Las Vegas mass shooting

A woman wearing a Route 91 wristband walks near the Mandalay Bay Resort and Casino following a mass shooting at the Route 91 Festival in Las Vegas, Nevada, U.S., October 2, 2017

Police surround the stage at the Route 91 Harvest festival on Las Vegas Boulevard in Las Vegas, Nevada, USA, 02 October, 2017

Law enforcement walk on the Las Vegas Strip near Mandalay Bay hotel-casino Monday, Oct. 2, 2017, in Las Vegas

Terrifying footage from the scene shows concert-goers reacting with confusion and then panic as the festival turned into a bloodbath around them.

Video from close to the stage shows people hitting the floor as others crawl to safety or run for their lives. Audio from further back in the crowd captured several bursts of sustained automatic gunfire.

Witnesses said ‘hundreds’ of rounds of ammunition were emptied into the crowd, with Paddock stopping several times to reload as he carried out his massacre.

Among those shot dead at the concert was an off-duty Las Vegas Metro Police officer. Attendees said a large number of law enforcement and military personnel had been attending the show.

Two on-duty Las Vegas police officers who engaged the shooter have been hospitalized. One of the officers was critically injured, but is now in stable condition after undergoing surgery. The other officer suffered minor injuries. Neither have been identified. Two officers with the Las Angeles Sheriff’s Department deputies were also injured in the shooting. One is in critical condition and the other is in stable condition. Their names have not been released either.

A wounded person is walked in on a wheelbarrow as Las Vegas police respond to the active shooter situation

Festival-goers, crouch in cover at the Route 91 Harvest country music festival after gunfire rained down on crowds

Stephen Paddock, 64, carried out the massacre after opening fire on the Route 91 Harvest Festival on Sunday night

People assist a wounded woman at the Tropicana hotel, which is located close to where the Route 91 festival was being held

First responders and bystanders carry an injured person to an emergency station located at the intersection of Las Vegas Boulevard and Tropicana Ave - one block north of the shooting

People dive for cover at Route 91 Harvest country music festival after apparent gun fire was heard on October 1, 2017 in Las Vegas, Nevada

People dive for cover at Route 91 Harvest country music festival after apparent gun fire was heard on October 1, 2017 in Las Vegas, Nevada

Officers are seen outside the Mandalay Bay hotel, where the shooter was holed up in a room on the 32nd floor

Officers are seen outside the Mandalay Bay hotel, where the shooter was holed up in a room on the 32nd floor

Concertgoers check their phones while hiding inside the Sands Corporation plane hangar after the mass shooting on Sunday 

A concertgoer makes a phone call early Monday while hiding inside the Sands Corporation plane hangar 

All of the ambulances in the area were been deployed to the location, and victims taken to two hospitals.

University Medical Center says they took in 104 of the injured patients, and that four have since died. Twelve are in critical condition and eight had to be sent immediately into the operating room.

Sunrise Hospital was the other hospital that took in patients. They said they treated 180 patients, and that 14 of those patients have died.

Las Vegas authorities are calling for blood donations and setting up a hotline to report missing people in the wake of a mass shooting.

Las Vegas police said Monday that it will take time to identify all of the injured and dead in what was the deadliest mass shooting in U.S. history.

The number to report missing people is (866) 535-5654. Police have also opened a ‘family reunification center’ for people to find loved ones at 400 S. Martin L. King Blvd., in Building B.

Las Vegas police say anyone who wants to help can give blood at one of two locations in Las Vegas and nearby Henderson. A blood drive is also being planned.

Police run to cover at the scene of a shooting near the Mandalay Bay shooting

At first he didn't seem to understand what was happening, and continued playing for around 10 seocnds as shots were fired; he was then rushed off the stage

Initially people peacefully crouched at the command of police

This photograph shows a bullet hole left in the wall of a metal building in which fleeing bystanders had hidden

Panicked crowd run for their lives from gunfire at Vegas concert

One witness at the concert told DailyMail.com that a woman had entered the crowd with a male companion and screamed ‘They’re all around… You’re all going to f***ing die today’ just 45 minutes before the gunfire broke out.

The woman was described as being Hispanic and in her 50s; she and the man were escorted out of the venue by security.

Witness Breanna Hendricks, who was in Vegas celebrating her 21st birthday, said: ‘There was a lady who came running up behind us in the concert and she started to play with people’s hair acting crazy and she told us that we’re all going to f***ing die.

‘She said they’re all around us and we were going to die,’ continued Hendricks, whose mom Shawn Hendricks also witnessed the startling altercation.

‘She was Hispanic, probably about 5ft 5, brown hair. It felt like she had knowledge of what was about to happen, her and her boyfriend who was also Hispanic.

‘The woman was saying her boyfriend couldn’t breathe so they could get through the crowd.

‘It seemed she was telling us to either warn us or she was part of it and she was telling us because she knew we were going to die, it was so scary.’

It’s not clear whether what she witnessed is related to the shooting or not.

Vegas concert-goers take cover from rapid gunfire inside bar tent

Witness Breanna Hendricks, who is in Vegas celebrating her 21st birthday, told DailyMail.com that a woman had told the crowd 'You're all going to f***ing die today' 45 minutes before the shooting. It's not known if the two are connected

A man lays on top of a woman as others flee the music festival grounds. She appears to be alive and moving

People scramble over barriers to get to safety as the gunfire rages on at the Las Vegas event

What appears to be a body under a sheet lies in front of swarms of police and rescue personnel at the intersection of Las Vegas Boulevard and Tropicana Ave

A wounded woman is moved outside the Tropicana during an active shooter situation on the Las Vegas Strip in Las Vegas on Sunday

Professional poker player Dan Bilzerian, who was at the event, streamed footage of himself running. ‘Holy f**k this girl just got shot in the f**king head,’ he said, ‘This is so f**king crazy.’

 Video footage of the shooting shows performer Jason Aldean on stage as the automatic gunfire rings out.

Aldean continues performing for ten seconds as the gunfire rings out constantly, only stopping after screams begin to rise from the crowds.

People in the crowds argue over whether they just heard gunshots as the lights on the stage dim and Aldean and his band leave.

He later posted a message on Instagram that read: ‘Tonight has been beyond horrific. I still dont know what to say but wanted to let everyone know that Me and my Crew are safe.

‘My Thoughts and prayers go out to everyone involved tonight. It hurts my heart that this would happen to anyone who was just coming out to enjoy what should have been a fun night. #heartbroken #stopthehate’

Aldean was the closing act of the festival. Taking to Twitter, many other stars sent out their thoughts and prayers to those affected.

Jake Owen, who played the main stage before Aldean, tweeted: ‘Praying for everyone here in Vegas. I witnessed the most unimaginable event tonight. We are okay. Others aren’t. Please pray.’

In an interview with CNN, Owen described seeing people ‘scrambling for any kind of cover’. Owen took cover in his tour bus but says he saw plenty of concertgoers with the ‘chaos and fear’ in their eyes.

‘We need to stand up and fight these cowards,’ he said. ‘This is not what America was built to be… It’s up to us as entertainers to continue to come out here and sing our songs… and not back down to this,’ Owen said. ‘We can win this.’

Lauren Alaina, tweeted: ‘Praying for everyone at Route 91. That crowd was one of the best I’ve played for all year. This news is devastating. My camp is home & safe.’

The Brothers Osborne urged revelers to find cover immediately, tweeting: ‘Just hearing about active shooting at Route 91 Festival in Vegas. Take cover and get safe immediately! Prayers to everyone there.’

Singer Lee Brice, who performed on the opening night on Friday, posted: ‘Hearts out to Vegas. Route 91 concert, stage I played two nights ago. Musicians, fans, workers, you are all in our prayers right now.’

Michael Ray said: ‘My heart is breaking we were just there Friday! My prayers are with everyone.’

MGM Resorts International, which owns Mandalay Bay, issued a statement reading: ‘Our hearts and prayers go out to the victims of last night’s shooting, their families, and those still fighting for their lives. We are working with law enforcement and will continue to do all we can to help all of those involved.’

Rapid gunfire rings out as festival-goers take cover at Vegas gig

People carry a person at the Route 91 Harvest country music festival after the gunman opened fire

But as the countless rounds rang out, people began to panic and flee

Police officers with shotguns and machine guns advise people to take cover near the scene of a shooting near the Mandalay Bay resort

 THE WORLD MOURNS WITH LAS VEGAS

JASON ALDEAN  – COUNTRY SINGER WHO WAS PERFORMING DURING SHOOTING 

Singer Jason Aldean later posted on Instagram that he and his team escaped the shooting and were safe. 'It hurts my heart that this would happen to anyone who was just coming out to enjoy what should have been a fun night,' he wrote

IVANKA TRUMP – FIRST DAUGHTER 

MIKE PENCE – VICE PRESIDENT OF THE U.S. 

BARACK OBAMA – FORMER U.S. PRESIDENT

SADIQ KHAN – MAYOR OF LONDON

THERESA MAY – PRIME MINISTER OF THE UNITED KINGDOM

BILL CLINTON – FORMER U.S. PRESIDENT 

NEVADA GOV. BRIAN SANDOVAL 

GABBY GIFFORDS –  FORMER ARIZONA REPRESENTATIVE WHO WAS SHOT IN 2011

REP. STEVE SCALISE – GOP HOUSE WHIP WHO WAS SHOT AT CONGRESSIONAL BASEBALL PRACTICE IN JUNE

HOUSE MINORITY LEADER NANCY PELOSI 

 Witnesses said that the crowd initially got calmly down on the ground, but as more people fell to the gunfire, mass panic took hold and people began to stampede from the scene.

Speaking on a bus laid on to transport concert goers away from the scene, Lisa Price, 43, and Nancy Stover, 38, of Los Angeles said: ‘People were lying on the ground – I was like get up, you’re going to get trodden on.

‘We just heard like pop, pop, pop, pop and started walking – it was happening over and over again.

‘It was at least 20 shots. Enough for us to start walking, then running and panicking. Luckily, we seemed to be further away – we were at the front of the concert near the stage.

‘It seemed to be coming from the back. We were running to try to help people and they were coming from that direction.’

A man in a wheelchair, apparently in distress, is taken away from the festival in the wake of the shooting

Automatic gun fire and sirens audible from Las Vegas hotel room
 A man in a wheelchair, apparently in distress, is taken away from the festival in the wake of the shooting

People run from the Route 91 Harvest country music festival after gunfire was heard. Witnesses said they initially ducked down at the command of police, but panic then took hold and there was a stampede

People flee from the Route 91 Harvest country music festival in Las Vegas, Nevada, amid reports of gunfire there and at a nearby hotel

People tend to the wounded outside the festival ground after the shooting. One person can be seen with a shirt draped over their face; it's not clear if they are dead

 Other sobbing concertgoers told DailyMail.com that the gunfire was so intense, it sounded like July 4th.

Derek and Karen Bernard, from Los Angeles, California, were in town for the Route 91 country festival and were close to the stage when the shooting began.

‘We were inside,’ said sales manager Derek, 53. ‘All of a sudden, we saw the band disappearing – they were like running off the stage.

‘We were off to the left side of the stage, we were running off there and there were staff security there.

‘There was a woman bleeding – that’s when we realized it was real shots. She just fell. She was shot. There was a lot of blood.

‘It was so many – it sounded like 4th of July – just pop, pop, pop, pop, pop. So many. I didn’t think it was real because I couldn’t see or feel anything. I was so panicked.’

Professional poker player Dan Bilzerian, who was at the event, streamed footage of himself running.  Noises that could be helicopters or gunfire could be heard in the background.

‘Holy f**k this girl just got shot in the f**king head,’ he said, ‘This is so f**king crazy.’

What appears to be a body under a sheet lies in front of swarms of police and rescue personnel at the intersection of Las Vegas Boulevard and Tropicana Ave - one block north of the shooting

Las Vegas Metropolitan Police Department officers point their weapons at a car driving down closed Tropicana Ave. near Las Vegas Boulevard after a mass shooting at a country music festival nearby on October 2, 2017 in Las Vegas, Nevada

This photograph shows a bullet hole left in the wall of a metal building in which fleeing bystanders had hidden

Police and rescue personnel gather at the intersection of Las Vegas Boulevard and Tropicana Avenue – one block north of the music festival – after the mass shooting

Audio from the SWAT team that breached Paddock’s hotel room recorded officers warning people to get back in the hallway on the 32nd floor just moments before they blew off his door.

‘We have sight on the suspect’s door. I need everyone in the hallway to be aware of it and get back,’ a SWAT member told the dispatcher. ‘We need to pop this and see if we get any further response from this guy to see if he’s in here or actually moved somewhere else.’

The dispatcher could then be heard relaying the information to other nearby officers: ‘All units on the 32nd floor, SWAT has explosive breach, everyone in the hallway needs to move back, all units move back.’

Seconds later, an officer could be heard saying: ‘Breach, breach, breach’ as the SWAT team blew off the door to his room.

Paddock was found dead among an ‘arsenal’ of weapons and ammunition, including at least 10 guns, when they stormed in.

Police officers enter the Mandalay Bay resort and casino during a mass shooting on the Las Vegas Strip, Sunday, Oct. 1, 2017, in Las Vegas

FBI agents confer in front of the Tropicana hotel-casino on October 2, 2017, after a mass shooting during a music festival on the Las Vegas Strip in Las Vegas, Nevada, U.S.

FBI agents confer in front of the Tropicana hotel-casino on October 2, 2017, after a mass shooting during a music festival on the Las Vegas Strip in Las Vegas, Nevada, U.S.

FBI agents confer in front of the Tropicana hotel-casino on October 2, 2017, after a mass shooting during a music festival on the Las Vegas Strip in Las Vegas, Nevada, U.S.

Hotel guests staying at the Mandalay Bay said they were woken by SWAT teams bursting into their rooms.

Brad Baker, 38, of Austin, Texas, was in Las Vegas for a conference. ‘I think it [the shooter] was on my floor,’ he said. ‘When they [the police] came into my room, I was totally out – I thought I was in trouble!

‘They yelled at me like, ‘Get some clothes on.’ I got my shirt on but I left my phone, my wallet. When I came out of my room, they were telling us to run. I saw all the cops with guns. It was crazy.

‘I saw them run up the stairs – there were maybe like six people [police] on our floor. I was on the 32nd floor – they’re saying the guy was like four rooms down from me.’

Another witness said he was in the room next to the gunman when he opened fire.

‘I was in room 135 and I heard over the police scanner that the shooting came from room 137,’ said the man, who asked not to be named.

A woman sits on a curb at the scene of a shooting outside of a music festival along the Las Vegas Strip, Monday, Oct. 2, 2017, in Las Vegas. Multiple victims were being transported to hospitals after a shooting late Sunday at a music festival on the Las Vegas Strip

People wait in a medical staging area on October 2, 2017, after a mass shooting during a music festival in Las Vegas, Nevada, U.S.

Police officers stand along the Las Vegas Strip the Mandalay Bay resort and casino during a shooting near the casino, Sunday, Oct. 1, 2017, in Las Vegas

‘It was non-stop, I would say well over 100 rounds. We hit the floor and took cover. I called the front desk and she was remarkably calm and said she was aware of the situation and told us to stay in our room.

‘After around 10-15 minutes it just kind of stopped. You could smell the gun powder. Right before we got out I heard an explosion, maybe a flashbang, but windows were blown out.

‘The cops came on to the floor and they were clearing rooms room by room and six or seven cops came into our room and we were evacuated.’

Dozens were seen on aerial footage fleeing the Mandalay Bay, which was locked down, as police surrounded the location.

Unconfirmed reports were made of a suspicious vehicle outside the Luxor, and shots fired at other Vegas locations: Aria, NYNY and Tropicana.

The LVMPD tweeted: ‘Please avoid heading to the south end of the Strip. Las Vegas Blvd is shut down at Tropicana, southbound past Russell Rd at this time.’

Flights out of the city’s McCarran International Airport have started up again after initially being shut down during the shooting.

A concert-goer said he heard what sounded like fireworks while he was watching Aldean’s performance.

Kodiak Yazzi, 36, said the music stopped temporarily and started up again before another round of pops sent the performers ducking for cover and fleeing the stage.

As the 40,000 fans in the crowd began to flee, Yazzi took cover and said he saw flashes of light coming from the Mandalay Bay hotel tower high above.

The bursts of pops would start and stop for more than five minutes, he said, and dozens of ambulances arrived as he ran for safety. He later got a Lyft driver to take him home to suburban Henderson.

A Las Vegas Metropolitan Police Department officer stands in the intersection of Las Vegas Boulevard and Tropicana Ave. after a mass shooting at a country music festival nearby on October 2, 2017 in Las Vegas, Nevada

A police officer runs along the sidewalk towards the scenes of violence. Las Vegas Metropolitan PD officers were joined by other police from the surrounding counties

The U.S. Homeland Security Department says there is no ‘specific credible threat’ involving other public venues in the U.S. after the Las Vegas shooting that killed at least 50 people.

In Washington, A Homeland Security spokesman, David Lapan, tweeted Monday the department has ‘no information to indicate a specific credible threat involving other public venues in the country.’

Leaders from around the world took to Twitter early Monday to express their sympathies for the victims.

Among those leaders were Sadiq Khan, the mayor of London: UK Prime Minister Theresa May; Australia’s Prime Minister Malcolm Turnbull and former U.S. President Barack Obama.

In a statement, Pope Francis called the Las Vegas shooting a ‘senseless tragedy’ and is assuring victims of his prayers.

The Vatican secretary of state sent a telegram of condolences Monday to the bishop of Las Vegas, saying the pope was ‘deeply saddened’ to learn of the shooting.

The telegram said Francis praised the efforts of police and emergency crews.

The Federal Bureau of Investigations is asking for anyone with videos or photos concerning the shooting to call 1-800-CALLFBI or (800) 225-5324. 

LVMPD and Clark County Coroner’s Office have set up a hotline for family or friends to report a missing loved one connected to this incident. The hotline is only to take reports on missing people. The number is (866) 535-5654. LVMPH also opened up a family reunification center at its headquarters at 400 S. Martin L. King Blvd. in Building B. 

A fund for victims has been set up on Go Fund Me. So far, the fund has raised more than $34,000.  

Derek and Karen Bernard, 53 and 51, from LA where witnesses to the shooting at the Mandalay bay hotel Sunday night

People comfort each other after the shooting on Sunday

A discarded cowboy hat is seen lying in the street in the wake of the horrifying mass shooting

A discarded cowboy hat is seen lying in the street in the wake of the horrifying mass shooting

Bystanders on the Las Vegas Strip come to terms with what they've seen after the brutal shooting

Worst mass shootings in US history

The Las Vegas shooting is the deadliest mass shooting in US history

49 dead – Orlando nightclub, June 2016: Omar Mateen launched a shooting attack on a LGBT nightclub in Orlando, killing 49 people and injuring 58 more. Mateen, who worked as a security guard, walked into a gay nightclub in Orlando, Florida, with a handgun and AR-15 semi-automatic rifle before police stormed the club and fatally shot him.

32 dead – Virginia Tech, April 2007: Seung-Hui Cho, a student at Virginia Tech shot and killed 32 people and injured 17 others in two separate attacks around two hours apart. Cho, who had been accused of stalking two girls and declared mentally ill was allowed to purchase two pistols in the run up to the attack.

26 dead – Sandy Hook Elementary School, December 2012: Twenty-year-old Adam Lanza shot dead 20 children aged between six and seven in an attack that appalled the world. In the early hours of the morning Lanza shot his mother in the head before driving her car to the school and murdering 26 others.

23 dead – Luby’s Cafeteria, October 1991: George Hennard, drove his pickup truck through the front window of the restaurant, and immediately shot and killed 23 people, and wounded 27 others before fatally shooting himself.

21 dead – San Ysidro McDonald’s Restaurant, July 1984: Father of two, 41-year-old James Huberty, shot and killed 21 people and injured 19 others before being fatally shot by a team sniper at a San Francisco fast-food diner. He is reported to have told his wife before leaving the house that he was ‘going hunting humans’.

14 dead – San Bernardino, December 2015:  Syed Rizwan Farook, 28, and Tashfeen Malik, 27, opened fire at a social services center in San Bernardino, California, killing 14 people and wounding more than 20. They fled the scene but died hours later in a shootout with police.

14 dead – Edmond post office, August 1986: Going on a mass rampage, postal worker Patrick Sherrill shot twenty co-workers, killing fourteen of them, before committing suicide himself.

13 dead – University of Texas Tower, August 1966: A model student and Eagle Scout who went on to become a Marine sharpshooter, Charles Whitman took to the observation deck atop the Main Building tower at the University of Texas and shot 13 people.

13 dead – Columbine High School, April 1999: Eric Harris and Dylan Klebold killed 13 people in a meticulously planned attack that involved a firebomb used as a diversion and and stacks of explosives laid around their high school. The pair shot and killed 12 students and one teacher in an attack that reignited the US gun control policy.

13 dead – Fort Hood, Texas, November 2009: Thirteen soldiers and civilians were killed and more than two dozen wounded when a gunman walked into the Soldier Readiness Processing Center at Fort Hood, Texas, and opened fire. The shooter Nidal Hasan, an Army psychiatrist, was convicted on 13 counts of premeditated murder and sentenced to death.

http://www.dailymail.co.uk/news/article-4939872/Active-shooter-reported-Las-Vegas-Mandalay-Bay-Resort.html#ixzz4uO2Yv85D
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The deadliest US mass shootings

The Las Vegas massacre Sunday night by suspected shooter Stephen Paddock has left at least 59 people dead and more than 520 injured, making the tragedy the deadliest mass shooting in modern American history.

Here are other some other notable U.S. shootings.

Dallas sniper

A woman walks past the five photos of slain police officers during their memorial service following the multiple police shootings in Dallas, Texas, U.S., July 12, 2016. REUTERS/Carlo Allegri - S1AETPGMBDAA

Five police officers were fatally shot in Dallas in 2016 by a sniper.  (Reuters/Carlo Allegri)

sniper killed five Dallas police officers and injured nine more when he opened fire as they guarded protesters demonstrating against police brutality in July 2016. The gunman was identified as Micah Xavier Johnson, 25, who police said “wanted to kill white people.”

Pulse nightclub massacre

A guest strolls through the parking lot outside the Pulse Nightclub on the one year anniversary of the shooting, in Orlando, Florida, U.S., June 12, 2017. REUTERS/Scott Audette - RC1C81D7DF00

A gunman fatally shot 49 people and wounded more than 50 others when he opened fire inside Pulse nightclub, a gay Orlando club, in 2016.  (Reuters/Scott Audette)

Omar Saddiqui Mateen killed at least 49 people and wounded more than 50 others when he opened fire in Pulse, a gay Orlando nightclub, on June 12, 2016. Mateen was eventually killed by police after a standoff.

That was the deadliest mass shooting in modern U.S. history prior to the Las Vegas attack.

San Bernardino shooting

An investigator looks at a Black SUV that was involved in a police shootout with suspects, Thursday, Dec. 3, 2015, in San Bernardino, Calif. A heavily armed man and woman opened fire Wednesday on a holiday banquet, killing multiple people and seriously wounding others in a precision assault, authorities said. Hours later, they died in a shootout with police. (AP Photo/Jae C. Hong)

The husband and wife duo who fatally shot 14 people at a holiday party in San Bernardino, Calif., in 2015 were killed by police during a shootout.  (AP Photo/Jae C. Hong)

On Dec. 2, 2015, husband and wife Syed Rizqan Farook and Tashfeen Malik opened fire at a holiday party in San Bernardino, Calif., killing 14 people and wounding 22 others.

After the shooting, the couple was shot by police more than 40 times combined and killed.

Sandy Hook Elementary School massacre

A sign stands at a makeshift memorial in Newtown, Connecticut early Sunday December 16, 2012. Twelve girls, eight boys and six adult women were killed in the shooting on Friday at the Sandy Hook Elementary School in Newtown. REUTERS/Mike Segar (UNITED STATES - Tags: CRIME LAW EDUCATION TPX IMAGES OF THE DAY) - GM1E8CG1L8301

A makeshift memorial in Newtown, Conn., stands in honor of the 20 children and six adults Adam Lanza killed at Sandy Hook Elementary School in 2012.  (Reuters/Mike Segar)

In 2012, Adam Lanza, 20, shot his mother dead in her home, then drove to the Connecticut school and fatally shot 20 children, between the ages of 6 and 7.

Lanza also murdered school personnel, killing a total of 26 people on Dec. 14, 2012. Lanza then committed suicide.

Binghamton immigration shootings

April 3, 2009: Vietnamese immigrant Jiverly Voong opens fire at an immigrant services center in Binghamton, New York, killing 13 people and wounding four. He then kills himself. REUTERS/Hans Pennink/File Photo FROM THE FILES PACKAGE - SEARCH "MASS SHOOTINGS FILES" TO FIND ALL IMAGES - S1AETJPHLRAA

Viatnamese immigrant Jiverly Wong opened fire at an immigrant services center in Binghamton, N.Y., killing 13 people, in 2009.  (Reuters/Hans Pennink)

Fourteen people died, included the perpetrator, after a gunman opened fire at an immigration center in Binghamton, N.Y. in April 2009.

Police said the shooter was Jiverly Wong, 41, who had trouble speaking English and was potentially made fun of and recently let go from his job.

Virginia Tech massacre

Members of the community hold up candles as they listen to taps being played during a commemoration and candlelight vigil on the campus of Virginia Tech in Blacksburg, Virginia April 16, 2012. Five years after a mentally ill student gunned down 32 people at Virginia Tech, the university on Monday held classes for the first time on the anniversary of the country's deadliest mass shooting. REUTERS/Chris Keane (UNITED STATES - Tags: CRIME LAW ANNIVERSARY) - GM1E84H0Q0V01

Members of the Blacksburg, Va., community hold a candlelight vigil five years after a mentally ill student went on a killing rampage around Virginia Tech’s campus in 2007.  (Reuters/Chris Keane)

Virginia Tech student Seung-Hui Cho fatally shot 32 people in two locations of the school’s Blacksburg, Va., campus in April 2007. He eventually killed himself.

Virginia Tech’s response to the shootings by the mentally ill student caused schools nationwide to review security protocols.

Columbine High School shooting

April 20, 1999: Two heavily armed teenagers Eric Harris and Dylan Klebold go on a rampage at Columbine High School in Littleton, Colorado, shooting 12 students and a teacher to death and wounding more than 20 others before taking their own lives. REUTERS/Gary Caskey/File Photo FROM THE FILES PACKAGE - SEARCH "MASS SHOOTINGS FILES" TO FIND ALL IMAGES - S1AETJPHLSAC

Two heavily armed teenagers went on a killing spree at Columbine High School in Colorado in 1999, killing 12 students and one teacher before fatally shooting themselves.  (Reuters/Gary Caskey)

In April 1999, two seniors at Columbine High School in Colorado, Eric Harris and Dylan Klebold, fatally shot 12 students and one teacher and wounded 21 others before killing themselves.

The school shooting caused law enforcement officials to develop “active shooter” trainings for police.

Luby’s cafeteria shooting

George “Jo Jo” Hennard, an unemployed merchant seaman, shot and killed 23 people and wounded 27 others during the lunchtime rush at Luby’s Cafeteria in Killeen, Texas, on Oct. 16, 1991.

Hennard killed himself shortly after the rampage.

During the attack, Hennard reportedly targeted women, who he called “vipers.”

San Ysidro McDonald’s massacre

A United States flag (C) flies between the state flag of California (L) and a McDonald's restaurant flag at the border in San Ysidro, California September 27, 2011. With over 13 million vehicles a year, 24 lanes of traffic and 18,000 pedestrians a day, the task of risk management happens 24 hours a day, seven days a week at the U.S.-Mexican border in San Ysidro, California. Hundreds of customs and border protection officers use sophisticated technology to protect the busiest land border crossing in the U.S. The world's population is projected to reach 7 billion on October 31, 2011, according to official U.N. population projections, presenting what the United Nations Population Fund called both a challenge and an opportunity. Picture taken September 27, 2011. REUTERS/Mike Blake (UNITED STATES - Tags: TRANSPORT POLITICS BUSINESS FOOD) - GM1E7A71O6I01

James Huberty fatally shot 21 people and injured more than a dozen others after he went on a shooting rampage in a San Ysidro, Calif., McDonald’s restaurant in 1984.  (Reuters/Mike Blake)

On July 18, 1984, James Huberty, 41, fatally shot 21 people and injured 19 others in and around a McDonald’s restaurant in San Ysidro, Calif. Among the dead were children and teenagers.

Huberty was later killed by a SWAT team sniper.

University of Texas tower shooting

A stone memorial to the 16 people and one fetus who died in the August 1, 1966 mass shooting is seen ahead of it being officially delegated at a ceremony on August 1, 2016 to mark the 50th anniversary of the killing at the University of Texas in Austin, Texas, U.S. on July 27,2016. The monument sits near the tower on the university campus from which Charles Whitman perched in an observation deck near the top and shot more than 40 people. REUTERS/Jon Herskovitz - TM3EC7S1D1G01

A memorial on the University of Texas’ campus honors those killed by an engineering student who gunned down those on campus as he sat in the college’s iconic clock tower.  (Reuters/Jon Herskovitz)

On Aug. 1, 1966, University of Texas engineering student Charles Whitman climbed to the school’s iconic clock tower and opened fire. Whitman, a former Marine who had earlier murdered his mother and wife, killed 13 and wounded 43 before he was gunned down by police.

Whitman fired at people from his perch on the tower for more than an hour.

Tulsa race riot

Racial violence in Tulsa, Okla., in 1921 left as many as 300 dead, nearly all black.

At the time, Tulsa was home to one of the most affluent African American communities called the Greenwood District, according to the Tulsa Historical Society and Museum. Riots broke out after a young black man was arrested after he was accused of raping a white woman.

Aside from those who died, hundreds of others were injured in the riots and dozens of businesses were destroyed, according to the Tulsa Historical Society.

Ludlow massacre

Members of the Colorado National Guard plus guards hired by the Colorado Fuel & Iron Co. killed 19 striking coal miners in 1914.

Many of the victims were minorities and immigrants.

Family members of the striking miners, including women and children, hid in pits below tents during the clash between militiamen and the miners. Some were suffocated and died after guards set the tents on fire, according to History.com.

Colfax massacre

On Easter Sunday of 1873, in the bloodiest racial attacks during Reconstruction, white Democrats slaughtered as many as 153 African-Americans at the Colfax, La., courthouse and later as other victims were being held prisoner.

Fort Pillow massacre

On April 12, 1864, Confederate soldiers shot dead or fatally bayoneted nearly 300 African-American soldiers fighting for the Union in Henning, Tenn. Nearly all of the victims had surrendered and dropped their weapons when they were killed, according to History.com.

Saltville massacre

Shortly after winning a battle in 1864 near Saltville, Va., Confederate troops killed between 45 and 50 wounded or captured Union soldiers who had been fighting for the North.

Lawrence massacre

Pro-Confederate guerrillas in 1863 killed about 200 civilians and burned down a quarter of Lawrence, Kan., a pro-Union community.

Spirit Lake massacre

In 1857, Native Americans of the Santee Sioux tribe killed 35 to 40 settlers and took four young women captive near West Okoboji, Iowa.

Bloody Island massacre

In 1850, federal troops killed as many as 200 Native Americans of the Pomo tribe on an island in Clear Lake, Calif. The attack was in revenge for the murder of two white settlers by members of another Native American tribe.

http://www.foxnews.com/us/2017/10/02/deadliest-shootings-in-u-s-history.html

rother: Las Vegas gunman was wealthy real-estate investor

 

MESQUITE, Nev. (AP) — Stephen Paddock lived in a tidy Nevada retirement community where the amenities include golf, tennis and bocce. He was a multimillionaire real-estate investor, recently shipped his 90-year-old mother a walker and liked to travel to Las Vegas to play high-stakes video poker.

Nothing in his background suggests why he would have been on the 32nd floor of the Mandalay Bay Hotel and Casino with at least 17 guns on Sunday night, raining an unparalleled slaughter upon an outdoor country music festival below.

“I can’t even make something up,” his bewildered brother, Eric Paddock, told reporters Monday. “There’s just nothing.”

At least 59 people were killed and nearly 530 injured in Paddock’s attack on the Route 91 Harvest Festival, where country music star Jason Aldean was performing for more than 22,000 fans. It was the worst mass shooting in modern U.S. history. The 64-year-old gunman killed himself in the hotel room before authorities arrived.

The Islamic State group claimed responsibility, without offering evidence, but Aaron Rouse, the FBI agent in charge in Las Vegas, said investigators saw no connection to international terrorism.

Asked about a potential motive, Sheriff Joseph Lombardo said he could not “get into the mind of a psychopath at this point.”

The brother of the gunman in the mass shooting Sunday night at a music concert in Las Vegas said there’s no logic to explain the shooting. Eric Paddock said his brother played video poker to “stay at home in the casino.″ (Oct. 2)

Public records offered no hint of financial distress or criminal history. Eric Paddock, who spoke with reporters outside his home near Orlando, Florida, said even if his brother had been in financial trouble, the family could have bailed him out.

“No affiliation, no religion, no politics. He never cared about any of that stuff,” Eric Paddock said as he alternately wept and shouted. “He was a guy who had money. He went on cruises and gambled.”

Stephen Paddock, who had worked previously as an accountant and never served in the military, was “not an avid gun guy at all,” though he had a couple of handguns and a long gun, he said.

Eric Paddock also told The Associated Press that he had not talked to his brother in six months and last heard from him when Stephen checked in briefly by text message after Hurricane Irma.

Their mother spoke with him about two weeks ago, and when he found out recently that she needed a walker, he sent her one, Eric Paddock said.

“She’s completely in shock,” he said.

Eric Paddock recalled receiving a recent text from his brother showing “a picture that he won $40,000 on a slot machine. But that’s the way he played.”

He described his brother as a multimillionaire and said they had business dealings and owned property together. He said he was not aware that his brother had gambling debts.

“He had substantial wealth. He’d tell me when he’d win. He’d grouse when he’d lost. He never said he’d lost four million dollars or something. I think he would have told me.”

Heavily armed police searched Paddock’s home Monday in Mesquite, about 80 miles northeast of Las Vegas near the Arizona border, looking for clues. Paddock lived there with his 62-year-old girlfriend, who authorities said was out of the country when the shooting happened. Eric Paddock described her as kindly and said she sometimes sent cookies to his mother.

Police also searched a two-bedroom home Paddock owned in a retirement community in Reno, 500 miles from Mesquite.

While Stephen Paddock appeared to have no criminal history, his father was a notorious bank robber, Eric Paddock confirmed to The Orlando Sentinel. Benjamin Hoskins Paddock tried to run down an FBI agent with his car in Las Vegas in 1960 and wound up on the agency’s most wanted list after escaping from a federal prison in Texas in 1968, when Stephen Paddock was a teen.

The oldest of four children, Paddock was 7 when his father was arrested for the robberies. A neighbor, Eva Price, took him swimming while FBI agents searched the family home.

She told the Tucson Citizen at the time: “We’re trying to keep Steve from knowing his father is held as a bank robber. I hardly know the family, but Steve is a nice boy. It’s a terrible thing.”

An FBI poster issued after the escape said Benjamin Hoskins Paddock had been “diagnosed as psychopathic” and should be considered “armed and very dangerous.” He’d been serving a 20-year sentence for a string of bank robberies in Phoenix.

The elder Paddock remained on the lam for nearly a decade, living under an assumed name in Oregon. Investigators found him in 1978 after he attracted publicity for opening the state’s first licensed bingo parlor. He died in 1998.

Police personnel stand outside Stephen Paddock’s home in Mesquite, Nevada, Monday. (Mesquite Police via AP)

Stephen Paddock bought his one-story, three-bedroom home in a newly built Mesquite subdivision for $369,000, in 2015, property records show. Past court filings and recorded deeds in California and Texas suggest he co-owned rental property.

He previously lived in another Mesquite — the Dallas suburb of Mesquite, Texas — from 2004 to 2012, according to Mesquite, Texas, police Lt. Brian Parrish. Paddock owned at least three separate rental properties, Parrish said, and there was no indication the police department had any contact with him over that time, Parrish said.

He has been divorced at least twice, including marriages that ended in 1980 and 1990. One of the ex-wives lives in Southern California, where a large gathering of reporters congregated in her neighborhood. Los Angeles police Sgt. Cort Bishop said she did not want to speak with journalists. He relayed that the two had not been in contact for a long time and did not have children.

According to federal aviation records, Paddock was issued a private pilot’s license in November 2003. The Alaska Department of Fish and Game said he obtained three-day, nonresident fishing licenses in 2009 and 2010.

In 2012, Paddock sued the Cosmopolitan Hotel & Resorts in Nevada, saying he slipped and fell on a wet floor there. The lawsuit was eventually dismissed by a judge and settled by arbitration.

Reached by telephone, Paddock’s lawyer at the time, Jared R. Richards, said he could not comment because of client confidentiality concerns.

Paddock kept a vacation home in Heritage Isle, a gated retirement community in Viera, Florida, from 2013 to 2015, said Don Judy, his neighbor there. Judy said gambling, online and in person, was how Paddock claimed to make his living. One time, he said, Paddock showed Judy’s wife his laptop as evidence that he had won $20,000 in an online game.

“He never gave me any indication that he was strapped for money or needing money,” Judy said. “He said he was a gambler by trade, a speculator.”

Judy described Paddock as “a real nice guy” who typically dressed in a polo shirt and shorts and didn’t stand out among other part-time residents.

“The second time I met him, he pulled out his keys and he gave me his house key,” Judy said.

When Paddock was away, Judy said, he would bring in his mail and the newspaper and walk through the house to make sure the air conditioning was working and that there wasn’t any flood damage after storms.

“He would call me every so often to ask if everything was OK with the house. Just so ordinary. … There’s nothing to profile this guy by.”

___

https://apnews.com/b40154840ba744ceb1e002fad32bd5c9

Democrats Immediately Call For Gun Control After Las Vegas Shooting

PETER HASSON

Associate Editor

Congressional Democrats chose not to wait for all the facts to come in before immediately pushing for increased gun control measures following the Las Vegas shooting Sunday night that left 50 people dead and more than 400 injured.

It’s not yet clear how the shooter, 64-year-old Stephen Paddock, acquired his guns or if gun control measures could have prevented him from obtaining them, but leading Democrats are already demanding stricter gun control legislation.

Connecticut Sen. Chris Murphy issued a statement Monday morning claiming that “the thoughts and prayers of politicians are cruelly hollow if they are paired with continued legislative indifference.” Murphy demanded Congress “get off its ass and do something” following the shooting.

Twice-failed presidential candidate Hillary Clinton attacked the National Rifle Association (NRA).

“Our grief isn’t enough. We can and must put politics aside, stand up to the NRA, and work together to try to stop this from happening again,” Clinton wrote.

“It is long past time for Congress to take action on gun safety to save innocent lives,” Vermont Sen. Bernie Sanders wrote on Twitter.

Massachusetts Sen. Ed Markey demanded Congress “close the gun show loophole” in response to the shooting. (There’s no evidence at this time that Paddock bought his weapons at a gun show.)

“As after #Orlando, I will NOT be joining my colleagues in a moment of silence on the House Floor that just becomes an excuse for inaction,” Massachusetts Rep. Seth Moulton wrote.

“Thinking of everyone in #LasVegas, and praying Congress will have the courage to do more than stand in silence to commemorate them,” Moulton wrote in another tweet.

New York Rep. Carolyn Maloney demanded Congress “show they care by taking action” on gun control.

“How long do we let gun violence tear families apart? Enough,” wrote former Vice President Joe Biden. “Congress & the WH should act now to save lives. There’s no excuse for inaction.”

“It has been barely a year since what was previously the largest mass shooting in American history — the deadly attack at Pulse nightclub. In the interim, thousands more have been lost to the daily, ruthless toll of gun violence,” Connecticut Sen. Richard Blumenthal said in a statement.

“Still, Congress refuses to act. I am more than frustrated, I am furious.”

http://dailycaller.com/2017/10/02/democrats-immediately-call-for-gun-control-after-las-vegas-shooting/

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The Pronk Pops Show 975, September 29, 2017, Part 3 of 3,  Story 1: The Tiny Timid Trump Tax Reform Resembles Liberal Democratic Party Proposals vs. Fair Tax Less Would Replace All Federal Taxes With A Single Consumption Tax On What You Buy Not What You Earn With A Generous Tax Prebate and Future Government Spending Limited To 90% of Fair Tax Less Revenues — Affordable, Effective, Efficient, Fair, Reasonable, Simple, and Transparent With Progressive Effective Rates Due To A Generous Monthly $1,000 Per Month or $12,000 Per Year Tax Prebate For All Adult American Citizens — American Friendly Not Revenue Neutral — Balanced Budgets With Real Spending Cuts and No More Budget Deficits — Booming Economy With Jobs, Jobs, and Jobs — The Time Is Now or Never For Fair Tax Less — Videos — Story 2: Secretary of Health and Human Resources Thomas Price Resigns and President Trump Accepts After Trump Outraged Over Use Expensive Private Chartered Jet Flight To Conduct Government Business — Don Wright to serve as acting secretary of the HHS — Videos —

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Image result for Donald Trump Plan Tax BracketsImage result for trump's tax frameworkImage result for fairtax

Image result for cartoon's trump's tax frameworkImage result for trump's tax framework

Image result for HHS secretary resigns tom price resigns

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Image result for trump's new tax plan compared with current tax system

Corporations paying fewer taxes

 

Part 3 of 3,  Story 1: The Tiny Timid Trump Tax Reform Resembles Liberal Democratic Party Proposals vs. Fair Tax Less Would Replace All Federal Taxes With A Single Consumption Tax On What You Buy Not What You Earn With A Generous Tax Prebate and Future Government Spending Limited To 90% of Fair Tax Less Revenues — Affordable, Effective, Efficient, Fair, Reasonable, Simple, and Transparent With Progressive Effective Rates Due To A Generous Monthly $1,000 Per Month or $12,000 Per Year Tax Prebate For All Adult American Citizens — American Friendly Not Revenue Neutral — Balanced Budgets With Real Spending Cuts and No More Budget Deficits — Booming Economy With Jobs, Jobs, and Jobs — The Time Is Now or Never For Fair Tax Less — Videos


The American People Want The FairTax and

The New Improved Version — Fair Tax Less

Demand Fair Tax Less From Your Elected Representatives and President Trump

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Trump’s tax plan is ALREADY in trouble with his own party as plan to axe state and local tax deduction comes under fire from Republicans

  • The White House’s tax plan proposes to raise $1 trillion over 10 years by eliminating the deduction for the state and local income taxes people pay
  • That’s drawing howls of protest from Republicans whose states charge high income tax rates
  • Seven states have no income taxes, meaning their citizens wouldn’t be affected
  • But some states charge up to 13.3 per cent on top of federal taxes
  • A family in Los Angeles earning $100,000 would have to fork over roughly an additional $1,800 to Washington if the longstanding deduction goes away
  • Trump is pitching his tax plan to the National Association of Manufacturers on Friday 

As President Trump prepares to sell his tax plan to the nation’s manufacturing lobby on Friday, his best-laid tax plans have already drawn objections from some fellow Republicans who are fuming over the decision to end deductions for state and local income taxes.

The situation will pit the White House against members of Congress from states that pile high income taxes on top of what the federal government takes from paychecks.

High-income Californians, for instance, pay as much as 13.3 per cent of their income to the state in addition to their federal taxes. New Yorkers can pay up to 8.82 per cent.

Just seven U.S. states have no personal income taxes, including Texas, Florida and Nevada.

As President Trump pushes his tax plan, House Ways and Means chairman Kevin Brady (right) says he'll listen to congressmen from states that would be affected most if citizens lose deductions for state and local income taxes

As President Trump pushes his tax plan, House Ways and Means chairman Kevin Brady (right) says he’ll listen to congressmen from states that would be affected most if citizens lose deductions for state and local income taxes

State income tax rates vary widely; seven states (in gray) don't collect any, and the highest rates (dark blue) can go as high as 13.3 per cent

State income tax rates vary widely; seven states (in gray) don’t collect any, and the highest rates (dark blue) can go as high as 13.3 per cent

Under the Trump tax reform plan, a family earning $100,000 in Los Angeles pays about $6,000 in state and local income taxes. Losing the ability to deduct that expense would cost the hypothetical taxpayers around $1,800.

The GOP is working on a way to pacify legislators whose constituents would wind up paying more.

‘The members with concerns from high-tax states have to be accommodated,’ Illinois Republican Rep. Peter Roskam told The Wall Street Journal. Roskam is a senior member of the powerful House Ways and Means Committee.

‘So, you can imagine a soft landing on this that creative people are putting much time and energy into.’

The White House has shown no sign that it’s willing to budge on eliminating the deduction for state and local taxes since it would bring in about $1 trillion over a 10-year period.

With the prospect of persuading Democrats to go along with a new tax play already slim, the GOP will need every Republican vote it can get.

The Journal reports that the nine states whose citizens use the deduction, measured as a percentage of income, are represented by 33 House Republicans.

If Republicans lose more than 22 votes, Trump’s tax plan is effective dead.

Ways and Means member Peter Roskam, and Illinois Republican, says tax code-writers are finding a 'soft landing' for states that pay the most income tax to their local governments

Ways and Means member Peter Roskam, and Illinois Republican, says tax code-writers are finding a ‘soft landing’ for states that pay the most income tax to their local governments

White House chief economic adviser Gary Cohn briefed the press at the White House on Thursday but wouldn't promise that every middle-class U.S. family would get a tax cut

White House chief economic adviser Gary Cohn briefed the press at the White House on Thursday but wouldn’t promise that every middle-class U.S. family would get a tax cut

APRIL 13, 2016

High-income Americans pay most income taxes, but enough to be ‘fair’?

Corporations paying fewer taxes

Tax-deadline season isn’t many people’s favorite time of the year, but most Americans are OK with the amount of tax they pay. It’s what other people pay, or don’t pay, that bothers them.

Just over half (54%) of Americans surveyed in fall by Pew Research Center said they pay about the right amount in taxes considering what they get from the federal government, versus 40% who said they pay more than their fair share. But in a separate 2015 surveyby the Center, some six-in-ten Americans said they were bothered a lot by the feeling that “some wealthy people” and “some corporations” don’t pay their fair share.

It’s true that corporations are funding a smaller share of overall government operations than they used to. In fiscal 2015, the federal government collected $343.8 billion from corporate income taxes, or 10.6% of its total revenue. Back in the 1950s, corporate income tax generated between a quarter and a third of federal revenues (though payroll taxes have grown considerably over that period).

Nor have corporate tax receipts kept pace with the overall growth of the U.S. economy. Inflation-adjusted gross domestic product has risen 153% since 1980, while inflation-adjusted corporate tax receipts were 115% higher in fiscal 2015 than in fiscal 1980, according to the Bureau of Economic Analysis. There have been a lot of ups and downs over that period, as corporate tax receipts tend to rise during expansions and drop off in recessions. In fiscal 2007, for instance, corporate taxes hit $370.2 billion (in current dollars), only to plunge to $138.2 billion in 2009 as businesses felt the impact of the Great Recession.

Corporations also employ battalions of tax lawyers to find ways to reduce their tax bills, from running income through subsidiaries in low-tax foreign countries to moving overseas entirely, in what’s known as a corporate inversion (a practice the Treasury Department has moved to discourage).

But in Tax Land, the line between corporations and people can be fuzzy. While most major corporations (“C corporations” in tax lingo) pay according to the corporate tax laws, many other kinds of businesses – sole proprietorships, partnerships and closely held “S corporations” – fall under the individual income tax code, because their profits and losses are passed through to individuals. And by design, wealthier Americans pay most of the nation’s total individual income taxes.

Wealthy pay more in taxes than poorIn 2014, people with adjusted gross income, or AGI, above $250,000 paid just over half (51.6%) of all individual income taxes, though they accounted for only 2.7% of all returns filed, according to our analysis of preliminary IRS data. Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than $50,000 accounted for 62.3% of all individual returns filed, but they paid just 5.7% of total taxes. Their average tax rate was 4.3%.

The relative tax burdens borne by different income groups changes over time, due both to economic conditions and the constantly shifting provisions of tax law. For example, using more comprehensive IRS data covering tax years 2000 through 2011, we found that people who made between $100,000 and $200,000 paid 23.8% of the total tax liability in 2011, up from 18.8% in 2000. Filers in the $50,000-to-$75,000 group, on the other hand, paid 12% of the total liability in 2000 but only 9.1% in 2011. (The tax liability figures include a few taxes, such as self-employment tax and the “nanny tax,” that people typically pay along with their income taxes.)

All told, individual income taxes accounted for a little less than half (47.4%) of government revenue, a share that’s been roughly constant since World War II. The federal government collected $1.54 trillion from individual income taxes in fiscal 2015, making it the national government’s single-biggest revenue source. (Other sources of federal revenue include corporate income taxes, the payroll taxes that fund Social Security and Medicare, excise taxes such as those on gasoline and cigarettes, estate taxes, customs duties and payments from the Federal Reserve.) Until the 1940s, when the income tax was expanded to help fund the war effort, generally only the very wealthy paid it.

Since the 1970s, the segment of federal revenues that has grown the most is the payroll tax – those line items on your pay stub that go to pay for Social Security and Medicare. For most people, in fact, payroll taxes take a bigger bite out of their paycheck than federal income tax. Why? The 6.2% Social Security withholding tax only applies to wages up to $118,500. For example, a worker earning $40,000 will pay $2,480 (6.2%) in Social Security tax, but an executive earning $400,000 will pay $7,347 (6.2% of $118,500), for an effective rate of just 1.8%. By contrast, the 1.45% Medicare tax has no upper limit, and in fact high earners pay an extra 0.9%.

All but the top-earning 20% of American families pay more in payroll taxes than in federal income taxes, according to a Treasury Department analysis.

Still, that analysis confirms that, after all federal taxes are factored in, the U.S. tax system as a whole is progressive. The top 0.1% of families pay the equivalent of 39.2% and the bottom 20% have negative tax rates (that is, they get more money back from the government in the form of refundable tax credits than they pay in taxes).

Of course, people can and will differ on whether any of this constitutes a “fair” tax system. Depending on their politics and personal situations, some would argue for a more steeply progressive structure, others for a flatter one. Finding the right balance can be challenging to the point of impossibility: As Jean-Baptiste Colbert, Louis XIV’s finance minister, is said to have remarked: “The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.”

Note: This is an update of an earlier post published March 24, 2015.

http://www.pewresearch.org/fact-tank/2016/04/13/high-income-americans-pay-most-income-taxes-but-enough-to-be-fair/

Distrust of Senate grows within GOP

A day after the GOP presented a united front around the rollout of President Trump’s tax plan, House Republicans are expressing deep reservations about the Senate’s ability to get the job done.

Lawmakers stung over the failure to pass ObamaCare repeal worry the same fate could befall the tax measure if a handful of senators raise objections.

Donald Trump won with an electoral landside and his three big campaign points were ObamaCare repeal, tax reform and border security. For a handful of senators to derail that agenda is very frustrating,” said Rep. Blake Farenthold (R-Texas).

Rep. Tom Cole (R-Okla.), who is close to the House GOP leadership, says colleagues are frustrated with a handful of senators “overruling the will of the entire House.”

“We do need to see them step up and actually deliver for a change. We have over 200 bills sitting stalled over there. They haven’t been able to deliver on [health care] reform and they all ran on it and now we have a do-or-die moment on tax reform,” he said.

There’s also a sense among House Republicans that their Senate brethren aren’t under the same pressure to get results — perhaps because the GOP’s majority in the Senate is seen as safer in the 2018 midterm elections than the House majority.

“They put our majority in jeopardy with their failure on health care, more than they did their own,” Cole said.

While Republicans have a bigger majority in the House than in the Senate, the political map favors the Senate GOP in 2018.

Republicans only have to defend nine seats next year, and only one — held by Sen. Dean Heller (R-Nev.) — is in a state won by 2016 Democratic presidential nominee Hillary Clinton. Democrats are defending more than 20 seats, including 10 in states won by Trump.

In the House, Republicans represent 23 districts carried by Clinton, just shy of what Democrats would need to win to take back the majority.

Republicans are excited about moving to tax reform, and Trump’s plan received enthusiastic support at a half-day private retreat the House GOP held Wednesday to review it.

The president’s proposals to eliminate the estate tax and the alternative minimum tax received ovations.

But the mood turned more somber when Rep. Bruce Poliquin (R-Maine) stood up to ask if the Senate could be counted on to pass tax legislation, according to people familiar with the meeting.

A spokesman for Poliquin did not respond to a request for comment.

“A lot of House members trust a lot of senators to introduce their own tax reform bills,” said Rep. Steve King (R-Iowa), alluding to how senators seek to show independence by offering their own bills.

House Republicans say they can easily see GOP Sens. Susan Collins(Maine), John McCain (Ariz.) and Lisa Murkowski (Alaska), who all voted against a slimmed-down ObamaCare repeal bill in July, bucking the leadership again.SPONSORED BY NEXT ADVISOR

“I do not understand what motivates John McCain,” King said. “I don’t know what goes on in the minds of folks from Maine.”

Earlier this year, in an illustration of the frustration House Republicans hold for the Senate hold-outs, Farenthold joked about challenging Collins to a duel. He later apologized.

McCain later told The Hill that the health-care bill was doomed because it’s virtually impossible to tackle something as huge as reform as health care on a partisan basis.

“If you’re going to pass a major reform, you got to have bipartisan support,” he said.

Speaker Paul Ryan (R-Wis.) is making the case that Senate Republicans are more likely to come through on tax reform because McConnell and Senate Finance Committee Chairman Orrin Hatch (R-Utah) have already negotiated a tax reform framework with the administration and House leaders.

“What we did differently in this go around is we spent the last four months basically working together, the Senate Finance Committee, the House Ways and Means Committee and the White House, making sure that we’re on the same page,” Ryan told CNBC’s “Squawk Box” on Thursday morning.

Ryan explained that leaders made sure they did “the hard lifting, the tough work ahead of schedule, ahead of rollout.”

But he also acknowledged that House Republicans have just about run out of patience with the Senate after the collapse of health care reform this week.

“We’re really frustrated. Look, we passed 373 bills here in the House — 270-some are still in the Senate,” he said.

Already there are doubts that Senate Republicans will stick to the plan on taxes.

Hatch, who heads the Senate’s tax writing panel, told reporters Thursday afternoon that he would like to keep in place the deduction for state and local taxes, which the administration wants to eliminate to provide revenue for lower rates.

A spokeswoman for the Finance Committee said, “Chairman Hatch recognizes that every major provision within the tax code has an important constituency and consequence.”

http://thehill.com/homenews/senate/352999-distrust-of-senate-grows-within-gop

Key Findings

  • This year, Tax Freedom Day falls on April 23rd, 113 days into the year.
  • Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.
  • Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of more than $5.1 trillion, or 31 percent of the nation’s income.
  • Americans will collectively spend more on taxes in 2017 than they will on food, clothing, and housing combined.
  • If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 14 days later, on May 7.

What Is Tax Freedom Day?

Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. Tax Freedom Day takes all federal, state, and local taxes—individual as well as payroll, sales and excise, corporate and property taxes—and divides them by the nation’s income. In 2017, Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total tax bill of $5.1 trillion, or 31 percent of national income. This year, Tax Freedom Day falls on April 23, 113 days into the year.

What Taxes Do We Pay?

This year, Americans will work the longest—46 days—to pay federal, state, and local individual income taxes. Payroll taxes will take 26 days to pay, followed by sales and excise taxes (15 days), corporate income taxes (10 days), and property taxes (10 days). The remaining six days are spent paying estate and inheritance taxes, customs duties, and other taxes.

When Is Tax Freedom Day if You Include Federal Borrowing?

Since 2002, federal expenses have surpassed federal revenues, with the budget deficit exceeding $1 trillion annually from 2009 to 2012. In calendar year 2017, the deficit is expected to shrink slightly, from $657 billion to $612 billion. If we include this annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur on May 7, 14 days later. The latest ever deficit-inclusive Tax Freedom Day occurred during World War II, on May 25, 1945.

When Is My State’s Tax Freedom Day?

The total tax burden borne by residents across states varies considerably due to differing tax policies and the progressivity of the federal tax system. This means that states with higher incomes and higher taxes celebrate Tax Freedom Day later: Connecticut (May 21), New Jersey (May 13), and New York (May 11). Residents of Mississippi bear the lowest average tax burden in 2017, with their Tax Freedom Day having arrived on April 5. Also early were Tennessee (April 7) and South Dakota (April 8).

2017 Tax Freedom Day - State Dates

How Has Tax Freedom Day Changed over Time?

The latest ever Tax Freedom Day was May 1, 2000; in that year, Americans paid 33 percent of their total income in taxes. A century earlier, in 1900, Americans paid only 5.9 percent of their income in taxes, so that Tax Freedom Day came on January 22.

Tax Freedom Day Over Time

Methodology

In the denominator, we count every dollar that is officially part of net national income according to the Department of Commerce’s Bureau of Economic Analysis. In the numerator, we count every payment to the government that is officially considered a tax. Taxes at all levels of government—federal, state, and local—are included in the calculation. In calculating Tax Freedom Day for each state, we look at taxes borne by residents of that state, whether paid to the federal government, their own state or local governments, or governments of other states. Where possible, we allocate tax burdens to each taxpayer’s state of residence. Leap days are excluded, to allow comparison across years, and any fraction of a day is rounded up to the next calendar day

https://taxfoundation.org/publications/tax-freedom-day/

Feds Collect Record Taxes Through August; Still Run $673.7B Deficit

By Terence P. Jeffrey | September 13, 2017 | 4:28 PM EDT

(CNSNews.com) – The federal government collected record total tax revenues through the first eleven months of fiscal 2017 (Oct. 1, 2016 through the end of August), according to the Monthly Treasury Statement.

Through August, the federal government collected approximately $2,966,172,000,000 in total tax revenues.

That was $8,450,680,000 more (in constant 2017 dollars) than the previous record of $2,957,721,320,000 in total tax revenues (in 2017 dollars) that the federal government collected in the first eleven months of fiscal 2016.

At the same time that the federal government was collecting a record $2,966,172,000,000 in tax revenues, it was spending $3,639,882,000,000—and, thus, running a deficit of $673,711,000,000.

Individual income taxes have provided the largest share (47.9 percent) of federal revenues so far this fiscal year. From Oct. 1 through the end of August, the Treasury collected $1,421,997,000,000 in individual income taxes.

Payroll taxes provided the second largest share (35.9 percent), with the Treasury collecting $1,065,751,000,000 in these taxes.

The $233,631 in corporate income taxes collected in the first eleven months of fiscal 2017 equaled only 8.6 percent of total tax collections.

The $21,172,000,000 collected in estate and gift taxes equaled only 0.71 percent of total taxes collected this fiscal year.

(Tax revenues were adjusted to constant 2017 using the Bureau of Labor Statistics inflation calculator.)

The Latest: State legislatures ‘dismayed’ by GOP tax plan

WASHINGTON (AP) — The Latest on the Republican plan to overhaul the tax code (all times local):

4:40 p.m.

An organization that advocates for state legislatures says it’s “dismayed” the Republican tax cut proposal unveiled Wednesday would do away with a deduction for state and local taxes paid.

The National Conference of State Legislatures says the deduction has existed in the federal tax code since its inception. The group says “tens of millions of middle-class taxpayers of every political affiliation” would experience a greater tax burden if the deduction were eliminated.

The group says the deduction’s elimination will also impede states in their efforts to invest in education and other public services.

About a third of tax filers itemize deductions on their federal income tax returns. The Tax Policy Center says virtually all who do claim a deduction for state and local taxes paid.

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4:10 p.m.

President Donald Trump is issuing a warning shot to Indiana’s Democratic senator: Support my tax overhaul or I’ll campaign against you next year.

Trump says at a tax event in Indiana that if Sen. Joe Donnelly doesn’t approve the plan, “we will come here and we will campaign against him like you wouldn’t believe.”

But Trump is predicting that numerous Democrats will come across the aisle and support his plan “because it’s the right thing to do.”

The president has made overtures to Democratic senators like Claire McCaskill of Missouri and Heidi Heitkamp of North Dakota in recent weeks. All three are facing re-election in 2018.

___

4 p.m.

Small business advocates are split over the draft of the new Republican tax plan.

The National Federation of Independent Business is praising the proposal to tax business income at 20 percent — including sole proprietors whose business income is taxed at individual rates up to 39.6 percent.

The Small Business & Entrepreneurship Council says the plan would simplify business taxes, encourage business investment and increase owners’ confidence.

But the Small Business Majority says the plan wouldn’t help most small companies, and the current top rate is paid by less than 2 percent of those businesses.

And John O’Neill, a tax analyst at the American Sustainable Business Council, says tax reform isn’t as useful to the economy as investing in infrastructure and education.

President Donald Trump is calling the current tax system a “relic” and a “colossal barrier” that’s standing in the way of the nation’s economic comeback.

Trump says at an event in Indianapolis that his tax proposal will help middle-class families save money and will eliminate loopholes that benefit the wealthy.

Trump says the wealthy “can call me all they want. It’s not going to help.” The billionaire president says he’s “doing the right thing. And it’s not good for me, believe me.”

The president says under his plan, “the vast majority of families will be able to file their taxes on a single sheet of paper.”

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3:40 p.m.

President Donald Trump is making the case for a sweeping plan to overhaul the tax system for individuals and corporations. He calls it a “once in a generation” opportunity to cut taxes.

The president says in Indiana that he wants to cut taxes for middle-class families to make the system simpler and fairer.

Trump says his tax plan will “bring back the jobs and the wealth that have left our country.” He says it’s time for the nation to fight for American workers.

He’s praising his vice president, Mike Pence, Indiana’s former governor. Trump says, “it’s time for Washington to learn from the wisdom of Indiana.”

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2:52 p.m.

A budget watchdog group in Washington says the new GOP tax plan could cost $2.2 trillion over the next 10 years.

The Committee for a Responsible Federal Budget admits its estimate is very preliminary since so many details are unclear, but its take is that the plan contains about $5.8 trillion in tax cuts but only $3.6 trillion worth of offsetting tax increases. That $2.2 trillion would be added to the nation’s $20 trillion debt.

That’s more than the $1.5 trillion debt cost that has emerged in a deal among Senate Republicans.

Republicans controlling Congress initially promised that the overhaul of the tax code wouldn’t add to the debt. The group also notes that the $2.2 trillion cost could grow by another $500 billion when interest costs are added in.

_____

1:54 p.m.

President Donald Trump says he’s always wanted to reduce the corporate tax rate to 20 percent — even though he said repeatedly he wanted to see it lowered to 15 percent.

Trump told reporters as he departed Washington for Indiana on Wednesday afternoon that a 20 percent rate was his “red line” and that it had always been his goal.

“In fact, I wanted to start at 15 so that we got 20,” he said, adding: “20′s my number.”

Trump also denies the plan unveiled by the White House and congressional Republicans Wednesday would benefit the wealthy.

He says: “I think there’s very little benefit for people of wealth.”

Under the plan, corporations would see their top tax rate cut from 35 percent to 20 percent.

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1:37 p.m.

A vocal group of the most conservative House Republicans has come out in support of a draft tax plan endorsed by both President Donald Trump and top congressional GOP leaders.

The House Freedom Caucus endorsement is noteworthy because it could ease House passage of a budget plan that’s the first step to advancing the tax cut measure through Congress.

The group says the outline will allow workers to “keep more of their money,” while simplifying the loophole-choked tax code and making U.S. companies more competitive with their foreign rivals.

The group had held up action on the budget measure as they demanded more details on taxes.

_____

11:21 a.m.

President Donald Trump has two red lines that he refuses to cross on overhauling taxes: the corporate rate must be cut to 20 percent and the savings must go to the middle class.

Gary Cohn, the president’s top economics aide, says any overhaul signed by the president needs to include these two elements.

Trump had initially pushed for cutting the 39.6 percent corporate tax rate to 15 percent.

The administration says that the benefits of any tax cut will not favor the wealthy, with Cohn saying that an additional tax bracket could be added to levy taxes on the top one percent of earners if needed.

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11:20 a.m.

The Senate’s top Democrat is blasting a new tax cut plan backed by President Donald Trump as a giveaway to the rich.

Sen. Chuck Schumer says Trump’s plan only gives “crumbs” to the middle class, while top-bracket earners making more than a half-million dollars a year would reap a windfall.

The New York Democrat also blasted the plan for actually increasing the bottom tax rate from 10 percent to 12 percent, calling it a “punch to the gut of working Americans.”

Schumer said the plan is little more than an “across-the-board tax cut for America’s millionaires and billionaires.”

The plan, to be officially released Wednesday afternoon, is the top item on Washington’s agenda after the GOP failure to repeal the Obama health care law.

_____

9:53 a.m.

A new Republican blueprint for overhauling the U.S. tax code employs the themes of economic populism that President Donald Trump trumpeted during the presidential campaign to win support from working-class voters.

A copy of the plan to be released later Wednesday says, “Too many in our country are shut out of the dynamism of the U.S. economy.” That’s led to what the plans says is “the justifiable feeling that the system is rigged against hardworking Americans.”

The plan, obtained by The Associated Press, says the Trump administration and Congress “will work together to produce tax reform that will put America first.”

The GOP plan for the first major rewrite of the U.S. tax code in 30 years also says corporations will be stopped from shipping jobs and capital overseas.

_____

9:20 a.m.

President Donald Trump and congressional Republicans are proposing a tax plan that they say will be simple and fair.

In a document obtained by The Associated Press on Wednesday, they outline a blueprint for almost doubling the standard deduction for married taxpayers filing jointly to $24,000, and $12,000 for individuals.

The plan calls for cutting the corporate tax rate from 35 percent to 20 percent. The GOP proposal also calls for reducing the number of tax brackets from seven to three with a surcharge on the wealthiest Americans.

The plan also leaves intact the deduction for mortgage interest and charitable deductions.

The White House and Republicans plan a formal roll out later Wednesday.

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4:26 a.m.

President Donald Trump and congressional Republicans are rolling out a sweeping plan to cut taxes for individuals and corporations, simplify the tax system, and likely double the standard deduction used by most Americans.

Months in the making, the plan meets a political imperative for Republicans to deliver an overhaul of the U.S. tax code after the failure of the health care repeal.

The public reveal of the plan was set for Wednesday. The day before, details emerged on Capitol Hill while Trump personally appealed to House Republicans and Democrats at the White House to get behind his proposal.

https://apnews.com/f609602269d54524aa14e1d9c74ec97c

 

President Trump spoke about his administration’s tax reform plan in Indianapolis on Wednesday.CreditTom Brenner/The New York Times

WASHINGTON — The tax plan that the Trump administration outlined on Wednesday is a potentially huge windfall for the wealthiest Americans. It would not directly benefit the bottom third of the population. As for the middle class, the benefits appear to be modest.

The administration and its congressional allies are proposing to sharply reduce taxation of business income, primarily benefiting the small share of the population that owns the vast majority of corporate equity. President Trump said on Wednesday that the cuts would increase investment and spur growth, creating broader prosperity. But experts say the upside is limited, not least because the economy is already expanding.

The plan would also benefit Mr. Trump and other affluent Americans by eliminating the estate tax, which affects just a few thousand uber-wealthy families each year, and the alternative minimum tax, a safety net designed to prevent tax avoidance.

The precise impact on Mr. Trump cannot be ascertained because the president refuses to release his tax returns, but the few snippets of returns that have become public show one thing clearly: The alternative minimum tax has been unkind to Mr. Trump. In 2005, it forced him to pay $31 million in additional taxes.

Mr. Trump has also pledged repeatedly that the plan would reduce the taxes paid by middle-class families, but he has not provided enough details to evaluate that claim. While some households would probably get tax cuts, others could end up paying more.

https://tpc.googlesyndication.com/safeframe/1-0-10/html/container.html

The plan would not benefit lower-income households that do not pay federal income taxes. The president is not proposing measures like a reduction in payroll taxes, which are paid by a much larger share of workers, nor an increase in the earned-income tax credit, which would expand wage support for the working poor.

Indeed, to call the plan “tax reform” seems like a stretch — Mr. Trump himself told conservative and evangelical leaders on Monday that it was more apt to refer to his plan as “tax cuts.” Mr. Trump’s proposal echoes the large tax cuts that President Ronald Reagan, in 1981, and President George W. Bush, in 2001, passed in the first year of their terms, not the 1986 overhaul of the tax code that he often cites. Like his Republican predecessors, Mr. Trump says cutting taxes will increase economic growth.

Photo

The public portion of the debt equaled 24 percent of the gross domestic product in 1981 when President Ronald Reagan signed a tax cut at his vacation home near Santa Barbara, Calif. In June of this year, the debt equaled 75 percent of economic output. CreditAssociated Press

“It’s time to take care of our people, to rebuild our nation and to fight for our great American workers,” Mr. Trump told a crowd in Indianapolis.

But the moment is very different. Mr. Reagan and Mr. Bush cut taxes during recessions. Mr. Trump is proposing to cut taxes during one of the longest economic expansions in American history. It is not clear that the economy can grow much faster; the Federal Reserve has warned that it will seek to offset any stimulus by raising interest rates.

At the time of the earlier cuts, the federal debt was considerably smaller. The public portion of the debt equaled 24 percent of the gross domestic product in 1981, and 31 percent in 2001. In June, the debt equaled 75 percent of economic output.

The Trump administration insists that its tax cut will catalyze such an economic boom that money will flow into the federal coffers and the debt will not rise. The Reagan and Bush administrations made similar claims. The debt soared in both instances.

Another issue: Both Mr. Bush and Mr. Reagan proposed to cut taxes when federal revenues had climbed unusually high as a share of the national economy.

Mr. Trump wants to cut taxes while revenues are close to an average level.

Since 1981, federal revenue has averaged 17.1 percent of the nation’s gross domestic product, while federal spending has averaged 20.3 percent.

Last year’s numbers were close to the long-term trend: Federal revenue was 17.5 percent of gross domestic product; spending was 20.7 percent.

Martin Feldstein, a Harvard University economics professor and a longtime adviser to Republican presidents, said that the moment was not perfect, but that Mr. Trump should nevertheless press ahead because the changes would be valuable.

“The debt is moving in the wrong direction,” Mr. Feldstein said. “But the tax reform is moving in the right direction.”

Proponents of the plan assert that the largest benefits are indirect. In particular, they argue that cutting corporate taxes will unleash economic growth.

Mr. Trump’s plan is more focused on business tax cuts than the Reagan and Bush plans, and economists agree that this makes economic gains more likely.

The key elements are large reductions in the tax rates for business income: To 20 percent for corporations, and to 25 percent for “pass-through” businesses, a broad category that includes everything from mom-and-pop neighborhood shops to giant investment partnerships, law firms — and real estate developers.

The plan also lets businesses immediately deduct the full cost of new investments.

“You’re going to get a boost in investment,” said William Gale, co-director of the nonpartisan Tax Policy Center. “It’s hard to argue that there won’t be a positive effect.”

But Mr. Gale added that there are reasons to think it would be modest.

The most important is that the economy is already growing at a faster pace than the Fed considers sustainable. “Economy roaring,” Mr. Trump tweeted on Wednesday.

Photo

After President George W. Bush’s 2001 tax cuts, the wealthiest Americans paid 34.7 percent of their income in taxes, while Americans in the middle income brackets paid 16.1 percent. CreditRon Edmonds/Associated Press

Also, interest rates are low, and nonfinancial companies are sitting on $1.84 trillion that they don’t want to spend. “It’s not lack of funds that’s stopping companies from investing,” Mr. Gale said.

And the stimulus would come at the cost of increased federal borrowing. Interest rates might not rise if foreigners provide the necessary money, as happened in the 1980s and the 2000s, but that means some of the benefits also end up abroad.

It’s a venerable principle that lower tax rates encourage corporate investment. But a study of a 2003 cut in the tax rate on corporate dividendsfound no discernible impact on investment. The finding would not have surprised Mr. Bush’s Treasury secretary at the time, Paul O’Neill, who was fired for opposing the plan. “You find somebody who says, ‘I do more R & D because I get a tax credit for it,’ you’ll find a fool,” Mr. O’Neill, a former Alcoa chairman, said at the time.

Mr. Trump’s plan also continues a long-term march away from progressive taxation. The federal income tax is the centerpiece of a longstanding bipartisan consensus that wealthy Americans should pay an outsize share of the cost of government.

But successive rounds of tax cuts have eroded that premise, according to research by the economists Thomas Piketty of the Paris School of Economics and Emmanuel Saez of the University of California at Berkeley. In 1980, the wealthiest Americans paid 59 percent of their income in taxes while the middle 20 percent of Americans paid 24.5 percent. After the Bush tax cuts, the wealthiest Americans paid 34.7 percent of their income in taxes, while Americans in the middle income brackets paid 16.1 percent.

Under President Barack Obama, Congress increased taxation of upper-income households. Mr. Trump is seeking to resume the long-term trend toward flattening the curve. Upper-income households would get large tax cuts; lower-income households would get none.

The exact impact on the middle class is not yet clear. The outline released Wednesday proposes new tax brackets but does not specify income thresholds. It also proposes to replace the current tax deduction for each dependent with a child tax credit — but the administration did not propose a dollar amount for that new credit.

 

The administration said Wednesday that it was committed “to ensure that the reformed tax code is at least as progressive as the existing tax code.” That language, however, applies only to personal income taxes. The proposed reduction of business taxes and the elimination of the estate tax would both disproportionately benefit wealthy Americans.

“I don’t think there’s any way to justify this as a progressive proposal,” said Lily Batchelder, a law professor at New York University who served as deputy director of Mr. Obama’s National Economic Council. “In broad brush strokes, they’re doing nothing for the bottom 35 percent, they’re doing very little and possibly raising taxes on the middle class, and they’ve specified tax cuts for the wealthy.”

 

Tax reform: Trump, GOP mull surcharge on wealthy, doubling standard deduction

President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)(<cite>Evan Vucci</cite>)
President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)(Evan Vucci)

WASHINGTON (AP) — President Donald Trump and congressional Republicans are considering an income tax surcharge on the wealthy and doubling the standard deduction given to most Americans, with the GOP under pressure to overhaul the tax code after the collapse of the health care repeal.

On the eve of the grand rollout of the plan, details emerged on Capitol Hill on Tuesday while Trump personally appealed to House Republicans and Democrats at the White House to get behind his proposal.

“We will cut taxes tremendously for the middle class. Not just a little bit but tremendously,” Trump said as he met with members of the tax-writing Ways and Means Committee. He predicted jobs “will be coming back in because we have a non-competitive tax structure right now and we’re going to go super competitive.”

Among the details: repeal of the tax on multimillion-dollar estates, a reduction in the corporate rate from 35 percent to 20 percent and potentially four tax brackets, down from the current seven. The current top rate for individuals, those earning more than $418,000 a year, is 39.6 percent.

The goal is a more simple tax code that would spur economic growth and make U.S. companies more competitive. Delivering on the top legislative goal will be crucial for Republicans intent on holding onto their majorities in next year’s midterm elections.

The tax overhaul plan assembled by the White House and GOP leaders, which would slash the rate for corporations, aims at the first major revamp of the tax system in three decades. It would deliver a major Trump campaign pledge.

The outlines of the plan were described by GOP officials who demanded anonymity to disclose private deliberations.

The plan would likely cut the tax rate for the wealthiest Americans from 39.6 percent to 35 percent. A new surcharge on wealthy taxpayers might soften the appearance of the wealthiest Americans and big corporations benefiting from generous tax cuts.

Republicans already were picking at the framework, pointing up how divisions within GOP ranks can complicate efforts to overhaul taxes as has happened with the series of moves to repeal the Obama health care law.

Details of the proposal crafted behind closed doors over months by top White House economic officials, GOP congressional leaders and the Republican heads of tax-writing panels in the House and Senate were set to be released Wednesday. Trump and the Republicans were putting the final touches on the plan when the Democrats were brought in. A senior Democrat saw it as the opening of negotiations.

Trump had previously said he wanted a 15 percent rate for corporations, but House Speaker Paul Ryan has called that impractically low and has said it would risk adding to the soaring $20 trillion national debt.

Trump said Tuesday some of the components included doubling the standard deduction used by families and increasing the child tax credit. He said the majority of Americans would be able to file their taxes on a single page. “We must make our tax code simple and fair. It’s too complicated,” Trump said.

Some conservative GOP lawmakers, meanwhile, dug their heels in on the shape of the plan.

Rep. Mark Meadows, head of the House Freedom Caucus, said he’d vote against tax legislation if it provided for a corporate tax rate over 20 percent, a rate for small businesses higher than 25 percent, or if it fails to call for a doubling of the standard deduction.

“That’s the red line for me,” Meadows said at a forum of conservative lawmakers. He noted he was speaking personally, not as head of the conservative grouping.

Disgruntlement came from Sen. John Kennedy, R-La., over the process of putting together the plan.

“I get that we want to move to 3 percent but I’d like to know how,” Kennedy said referring to Trump’s ambitious goal of annual growth in the economy through tax cuts. “I’m not much into all the secrecy,” he said. “We need to do this by November, and at the rate we’re going I’m not encouraged right now.”

The Democrats, while acknowledging the tax system should be simplified, have insisted that any tax relief should go to the middle class, not the wealthiest. Tax cuts shouldn’t add to the ballooning debt, the Democrats say.

Rep. Richard Neal of Massachusetts, the top Democrat on the Ways and Means Committee, came away from the White House meeting in a negotiating mood. “This is when the process gets kicked off,” Neal told reporters at the Capitol.

The rate for wealthiest taxpayers shouldn’t be reduced, he said. Democrats are concerned by indications from Trump and his officials that “they intend to offer tax relief to people at the top,” he said.

Still, there may be room to negotiate over the Republicans’ insistence on repealing the estate tax, Neal indicated, since “there are other things you can do with it” to revise it short of complete elimination.

http://www.syracuse.com/politics/index.ssf/2017/09/tax_reform_trump_gop_mull_surcharge_on_wealthy_doubling_standard_deduction.html

9 ways Trump’s tax plan is a gift to the rich, including himself

President Trump and congressional Republicans keep saying their tax plan doesn’t help the rich. But that’s not true.

The nine-page outline released Wednesday is full of goodies that will make millionaires and billionaires happy. Republicans say it’s a starting point, but it would have to be turned on its head to be anything other than a windfall for the wealthy. In fact, in nine pages, The Washington Post counts at least nine ways the wealthy benefit, including Trump himself. Here’s our list:

1) A straight-up tax cut for the rich. The top tax rate in the United States is 39.6 percent. Trump and GOP leaders propose lowering that to 35 percent. It’s also worth noting the 39.6 percent tax rate applies only to income above $418,400 for singles and $470,700 for married couples. The outline doesn’t specify what income level the new 35 percent rate would kick in at. It’s possible the rich will get an every bigger tax cut if the final plan raises that threshold.

2) The estate tax goes bye-bye. Trump likes to call the estate tax the “death tax.” At the moment, Americans who pass money, homes or other assets on to heirs when they die pay a 40 percent tax. But here’s the important part Trump leaves out: The only people who have to pay this tax are those passing on more than $5.49 million. (And a married couple can inherit nearly $11 million without paying the tax.)

September 28 at 12:45 PM

Trump frequently claims the estate tax hurts farmers and small-business owners. But as The Post’s Fact Checker team points out, only 5,500 estates will pay any estate tax at all in 2017 (out of about 3 million estates). And of those 5,500 hit with the tax, only 80 (yes, you read that right) are farms or small businesses.

3) Hedge funds and lawyers get a special tax break. The plan calls for the tax rate on “pass-through entities” to fall from 39.6 percent to 25 percent. Republicans claim this is a tax break for small-business owners because “pass-through entities” is an umbrella term that covers the ways most people set up businesses: sole proprietorships, partnerships and S corporations. But the reality is, most small-business owners (more than 85 percent) already pay a tax rate of 25 percent or less, according to the Brookings Institution.

Only 3 percent pay a rate greater than 30 percent. That 3 percent includes doctors, lawyers, hedge fund managers and other really well-off people. Instead of paying a 35 percent income tax, these rich business owners would be able to pass off their income as business income and pay only a 25 percent tax rate. (The tax outline released Wednesday “contemplates” that Congress “will adopt measures to prevent” this kind of tax dodging. But there’s no guarantee that will happen).

4) The AMT is over. Republicans want to kill the alternative minimum tax, a measure put in place in 1969 to ensure the wealthy aren’t using a bunch of loopholes and credits to lower their tax bills to paltry sums. The AMT starts to phase in for people with earnings of about $130,000, but the vast majority of people subject to the AMT earn over $500,000, according to the nonpartisan Tax Policy Center.

Trump himself would benefit from repealing the AMT. As The Post’s Fact Checker team notes, Trump’s leaked tax return from 2005 shows that the AMT increased his tax bill from about $5.3 million to $36.5 million. In 2005 alone, he potentially could have saved $31 million.

5) The wealthy get to keep deducting mortgage interest. Only about 1 in 4 taxpayers claims the mortgage interest deduction, the Brookings Institution says. “Upper-income households primarily benefit from the subsidy,” wrote Brookings scholar Bruce Katz in a report last year. In fact, the wealthy can deduct interest payments on mortgages worth up to $1 million. There have been many calls over the years to lower that threshold, but the Trump tax plan is keeping it in place.

The GOP is doing this even though the tax cuts would add to the United States’ debt, since it doesn’t raise enough revenue to offset all the money lost from the new tax breaks. The outline also calls for the charitable deduction to stay, another deduction used heavily by the top 1 percent.

6) Stockholders are going to be very happy. Trump is calling for a super-low tax rate on the money big businesses such as Apple and Microsoft bring back to the United States from overseas, a process known as “repatriation.” Trump argues companies will use all this money coming home to build new U.S. factories. But the last time the United States did this, in the early 2000s, it ended up being a big win for people who own stocks. Companies simply took most of the money and gave it to shareholders in the form of dividends and share buybacks.

Guess what? Just about everyone (outside the White House) predicts the same thing will happen again. Corporations are even admitting it.

7) The favorite tax break of hedge fund billionaires is still safe. There’s no mention in the tax-overhaul rubric of “carried interest.” Those two words make most people’s eyes glaze over, but they are a well-known tax-dodging trick for millionaires and billionaires on Wall Street. Hedge fund and private-equity managers earn most of their money from their investments doing well. But instead of paying income taxes on all that money at a rate of 39.6 percent, the managers are able to claim it as “carried interest” so they can pay tax at the low capital gains rate of 20 percent.

Trump called this totally unfair on the campaign trail. During the primaries, he said he would eliminate this loophole because hedge fund managers were “getting away with murder.” But that change didn’t end up in the GOP plan.

8) Capital gains taxes stay low. The nine-page document also says nothing about capital gains, the tax rate people pay when they finally sell a stock or asset after holding on to it for many years. At the moment, the wealthiest Americans pay a 20 percent capital gains rate. Trump and Republican leaders aren’t proposing any changes to that, even though it is a popular way for millionaires to lower their tax bill.

9) The Obamacare investment tax goes away. The Affordable Care Act put in place a 3.8 percent surcharge on investment income (known formally as the Net Investment Income Tax). It applies only to individuals earning more than $200,000 a year and married couples earning more than $250,000. There’s no mention of this tax in the outline released this week, but Republicans clearly want to get rid of it. Repealing it was part of the GOP health-care bills that failed to pass Congress in recent weeks. One way or another, Republicans are likely to roll back this tax.

When reporters asked Trump whether the tax plan would help him personally, he quickly said no.

“No, I don’t benefit. I don’t benefit,” Trump said. “In fact, very, very strongly, as you see, I think there’s very little benefit for people of wealth.”

Rep. Kevin Brady (R-Tex.), who was part of the team that worked with the White House to craft the tax-overhaul outline, was asked a similar question on Fox News. He, too, said this plan does little to help the rich.

“I think those who benefit most are middle-class families struggling to keep every dollar they earn,” Brady told Fox News.

But one look at this plan tells a very different story. It gives an outright tax cut to the wealthiest Americans and it preserves almost all of the most popular loopholes they use to reduce their tax bills.

Sen. Patrick J. Toomey (R-Pa.), a strong proponent of tax cuts, was more straightforward this week. He told reporters, “This is a supply-side approach,” another way of saying trickle-down economics.

Read more:

The GOP tax plan, explained in simplest possible terms

Fact-checking President Trump’s tax speech in Indianapolis

The one surefire way to grow your wealth in the U.S.

https://www.washingtonpost.com/news/wonk/wp/2017/09/28/9-ways-trumps-tax-plan-is-a-gift-to-the-rich-including-himself/?utm_term=.bb9dafe36550

The GOP tax plan, explained in simplest possible terms

The big tax code makeover President Trump and Republicans have been promising for months is finally out.

It’s nine pages long. That may sound like a lengthy document, but the final bill in Congress will be hundreds of pages. What the White House released today is a framework. It’s a summary of what top Trump officials and congressional Republican leaders have agreed to so far. The Trump administration says it’s the job of Congress to flesh out the specifics.

Here are the key takeaways:

  • The plan will likely add to America’s $20 trillion debt. There are lots of tax cuts spelled out. There are almost no loopholes eliminated.
  • The rich make out pretty well. The White House vows poor people won’t have to pay more than they do now, but there are few specifics in the plan so far to ensure that.
  • Businesses (both small and large) get major tax cuts.
  • Most people will pay lower taxes, although it’s unclear if the rich get a bigger break than the middle class.
  • There are still a lot of details Congress has to figure out.

What’s in there for the rich?
The wealthy get a tax cut. They will pay only 35 percent on their income taxes (down from 39.6 percent). At the moment, this rate applies to any income above about $418,000. It’s unclear if Congress will tinker with the income level that rate kicks in at. Trump says he would be fine with Congress raising taxes on the rich in the final plan, but he isn’t requiring that they do that.

The bigger tax break for the rich is the elimination of the estate tax, sometimes called the “death tax.” It’s the tax families currently pay when an asset like a house or ranch worth over $5.49 million is passed down to a heir after someone dies. Trump’s plan scraps this tax entirely.

What’s in there for the middle class?
This is the giant question mark. There’s a lot of details left for Congress to fill out. Under the plan, America will have just three tax rates: 35, 25 and 12 percent, but we don’t know yet which rate someone earning $50,000 or $80,000 will pay.

What we do know is the standard deduction (currently $6,350 for individuals and $12,700 for married couples) will nearly double. This means that a married couple earning $24,000 or less or an individual earning $12,000 or less won’t pay any taxes. But the plan also eliminates what’s known as the additional standard deduction and the popular personal exemption. Some filers may end up worse off after these changes.

The plan also promises a “significant increase” to the child tax credit (it’s currently $1,000 per child) and that middle class Americans can keep using the mortgage interest deduction as well as tax breaks for retirement savings (e.g. 401ks) and higher education. But it eliminates the state and local tax deduction, which is used by many in high-tax states like New York and California.

Can I really file my taxes on a postcard?
The “file on a postcard” idea was an exaggeration. The goal now is to get most people’s tax returns down to one page.

What about the working poor?
A senior White House official told journalists Tuesday, “We are committed to making the tax code at least as progressive as the current tax code.” Translation: The poor should not end up paying more than they do now. But it’s hard to check if that’s true because we still don’t have enough details.

In theory, increasing the standard deduction should mean that more Americans pay $0 in taxes, but it depends what happens to a lot of other tax provisions (and whether Congress ends up cutting safety net programs that help the poor to pay for tax cuts). Top Republican officials have not decided what to do with the Earned Income Tax Credit (EITC), which is widely used by the working poor to help them reduce their tax bill and even get a small amount of money back from the government.

What happens to the Alternative Minimum Tax?
The Alternative Minimum Tax (AMT) would go away under the plan. It currently applies mainly to individuals earning more than $130,000 and married couples earning more than $160,00. It was created in the 1970s to prevent wealthier families from taking so many tax breaks that they end up paying little to no taxes, but over the years, the AMT has impacted more and more families.

What happens to big businesses?
America’s large corporations will get a big tax cut. The top rate at the moment is 35 percent, one of the highest rates among developed nations. Most U.S. companies don’t pay that rate, but it is still a starting point. The Trump plan slashes the rate to 20 percent, just below the average of major developed countries the U.S. competes against.

The White House and Congress promised to close some loopholes that businesses currently enjoy, but no one is saying what those are yet. In fact, the only details we have show MORE business goodies, not less. The plan calls for businesses to be able to write off their investments (e.g. the cost of building a new factory) right away instead of crediting a little bit each year for several years. This is supposed to encourage companies to invest more, which will hopefully create more jobs.

What happens to small businesses?
Small businesses also get a tax cut under the plan. At the moment, many small business owners pay whatever their personal income tax rate is, so some end up paying as much as 39.6 percent. Under this plan, most “pass throughs” (code for small businesses) would pay at the 25 percent rate (the exception is if a small businesses earned very little income, they might be able to pay at the 12 percent rate).

There’s concern some rich people, especially hedge fund managers and consultants to the stars, will simply use this as a way to lower their tax bill. Instead of paying at the new 35 percent top income tax rate, they could say all their income is small business income and pay at the 25 percent rate. Trump has promised to fix that problem, but no one is sure how.

How will this plan help growth?
Trump’s big claim is that this tax overhaul will unleash economic growth. The United States has been growing at about 2 percent a year lately, below the historic norm. Trump keeps saying this plan will unleash growth of 3 percent — or more.

Economists, even those who work at Wall Street banks and for big companies, only project a modest boost to growth. Estimates range from 2.1 percent to 2.25 percent.

How much will this add to the debt?
Originally, Republican leaders said they would not add $1 to America’s debt, but that promise appears to be gone. The White House says it will go along with whatever price tag Congress allows. Right now, Senate Republicans have a deal to add $1.5 trillion to the debt over the next decade, so there’s a good chance this tax plan will add to the debt.

What are the pitfalls?
There’s a ton we don’t know yet. Many on the left are concerned this plan gives away too much to the rich and big businesses. Many across the political spectrum are alarmed that it will likely add to America’s already large debt.

https://www.washingtonpost.com/news/wonk/wp/2017/09/27/the-gop-tax-plan-explained-in-simplest-possible-terms/?tid=a_inl&utm_term=.4de9a2bfc9ce

Some tax breaks are for the rich.
Others for the poor. Which are for you?

The Republican tax reform plan is finally out – you can read the full document here. The framework touches on many parts of the tax code, but two critical areas are tax deductions and credits. These reduce how much taxpayers owe, but they affect income groups differently. How could the proposed changes to these policies affect your taxes?

Most beneficial tax deductions and exemptions, 2015

Deductions and exemptions reduce your tax bill by decreasing your taxable income.

Other deductionsState and local taxesCharitable contributionsReal estate taxesEmployee business expensesMedical/dental expensesHome mortgage interestStandard deductionPersonal and dependent exemptions$10,000$25,000$50,000$100,000$500,000Lower incomeHigher income$30,000 to $40,000
DEDUCTION MEAN DEDUCTION*
Personal and dependent exemptions (?) $7,700
Standard deduction (?) $7,100
Home mortgage interest (?) $700
Medical/dental expenses (?) $500
Employee business expenses (?) $400
Real estate taxes (?) $400
Charitable contributions (?) $300
State and local taxes (?) $200
Other deductions $200

* Mean deduction is the total deduction amount received by the income group divided by the number of returns in that group, including those that did not receive the deduction.

Note: Returns for those filing singly and those filing jointly or in other categories are lumped together. Tax returns cannot claim both the standard deductions and itemized deductions. Total deductions and exemptions can exceed adjusted gross income, but the excess does not affect taxes owed, as taxable income cannot drop below zero.

Taxpayers – except the highest earners – are currently eligible for tax “exemptions” to reduce their taxable income. In 2016, Americans could take a $4,050 personal exemption from their income (double if filing as a married couple), and then get additional exemptions for dependents.

After exemptions taxpayers can further reduce their taxable income by taking tax deductions. 69 percent of taxpayers in 2015 took the “standard deduction,” a fixed amount that is currently $6,300 for (most) taxpayers filing singly.

https://www.washingtonpost.com/graphics/2017/politics/tax-breaks/?utm_term=.09de159b6eeb

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The remaining taxpayers – mostly in higher income groups – “itemized” their tax returns, meaning they chose to take advantage of more specific tax deductions based on their expenses. The deductions came out to more than they would have gotten through the standard deduction.

Here’s what the Republican’s tax reform framework would change about deductions:

  • Republicans want to nearly double the standard deduction to $12,000 for those filing singly and $24,000 for those filing jointly. At the same time, the framework calls for the repeal of exemptions, consolidating these different parts of the tax system.
  • The framework aims to simplify the tax code by gutting many itemized deductions, although charitable contributions and mortgage interestwould be retained. That makes the state and local taxes deduction (SALT) a major target. SALT lets you deduct state and local income or sales taxes you owe from your federal taxable income and largely benefits blue states with higher taxes.

Most beneficial tax credits, 2015

Tax credits are subtracted directly from taxes owed.

Prior-year minimum tax creditGeneral business creditResidential energy creditsForeign tax creditChild care creditOther creditsAmerican opportunity creditNonrefundable education creditChild tax creditAdditional child tax creditEarned income credit$10,000$25,000$50,000$100,000$500,000Lower incomeHigher income$30,000 to $40,000
CREDIT MEAN CREDIT*
Earned income credit (?) $500
Additional child tax credit (?) $300
Child tax credit (?) $200
Nonrefundable education credit (?) $100
American opportunity credit (?) $100
Other credits $0
Child care credit (?) $0
Foreign tax credit (?) $0
Residential energy credits (?) $0
General business credit (?) $0
Prior-year minimum tax credit (?) $0

* Mean credit is the total credit amount received by the income group divided by the number of returns in that group, including those that did not receive the credit.

Note: Returns for those filing singly and those filing jointly or in other categories are lumped together.

Credits can reduce federal income taxes owed down to zero, but “refundable” credits can reduce them even more, allowing some taxpayers to receive a net gain from the federal government after filing.

Here’s what the Republican’s tax reform framework would change about credits:

  • The plan calls for an expansion of the child tax credit, increasing its value from the current $1,000 max and making it available to more income groups. The framework also proposes an additional $500 non-refundable credit for “non-child dependents.”
  • Like with deductions, the framework calls for the repeal of “numerous other” credits to simplify the tax code but does not specify which policies will be targeted.

Just part of the picture

Of course, the tax policies we’re looking at above are just part of U.S. federal tax code. Actual income tax rates are central to tax reform proposals; the Republican tax reform framework would reduce the seven income brackets currently used to just three, lowering rates for many but increasing them for some in the lowest bracket. It also calls for the repeal of the estate tax.

The plan also proposes a large decrease in the corporate tax rate from 35 to 20 percent, among many other changes to the business tax code.

https://www.washingtonpost.com/graphics/2017/politics/tax-breaks/?utm_term=.09de159b6eeb

The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2014, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.[1]

The data demonstrates that the U.S. individual income tax continues to be very progressive, borne mainly by the highest income earners.

  • In 2014, 139.6 million taxpayers reported earning $9.71 trillion in adjusted gross income and paid $1.37 trillion in individual income taxes.
  • The share of income earned by the top 1 percent of taxpayers rose to 20.6 percent in 2014. Their share of federal individual income taxes also rose, to 39.5 percent.
  • In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent.
  • The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent).
  • The top 1 percent of taxpayers paid a 27.1 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent).

Reported Income and Taxes Paid Both Increased Significantly in 2014

Taxpayers reported $9.71 trillion in adjusted gross income (AGI) on 139.5 million tax returns in 2014. Total AGI grew by $675 billion from the previous year’s levels. There were 1.2 million more returns filed in 2014 than in 2013, meaning that average AGI rose by $4,252 per return, or 6.5 percent.

Meanwhile, taxpayers paid $1.37 trillion in individual income taxes in 2014, an 11.5 percent increase from taxes paid in the previous year. The average individual income tax rate for all taxpayers rose from 13.64 percent to 14.16 percent. Moreover, the average tax rate increased for all income groups, except for the top 0.1 percent of taxpayers, whose average rate decreased from 27.91 percent to 27.67 percent.

The most likely explanation behind the higher tax rates in 2014 is a phenomenon known as “real bracket creep.” [2] As incomes rise, households are pushed into higher tax brackets, and are subject to higher overall tax rates on their income. On the other hand, the likely reason why the top 0.1 percent of households saw a slightly lower tax rate in 2014 is because a higher portion of their income consisted of long-term capital gains, which are subject to lower tax rates.[3]

The share of income earned by the top 1 percent rose to 20.58 percent of total AGI, up from 19.04 percent in 2013. The share of the income tax burden for the top 1 percent also rose, from 37.80 percent in 2013 to 39.48 percent in 2014.

Top 1% Top 5% Top 10% Top 25% Top 50% Bottom 50% All Taxpayers
Table 1. Summary of Federal Income Tax Data, 2014
Number of Returns 1,395,620 6,978,102 13,956,203 34,890,509 69,781,017 69,781,017 139,562,034
Adjusted Gross Income ($ millions) $1,997,819 $3,490,867 $4,583,416 $6,690,287 $8,614,544 $1,094,119 $9,708,663
Share of Total Adjusted Gross Income 20.58% 35.96% 47.21% 68.91% 88.73% 11.27% 100.00%
Income Taxes Paid ($ millions) $542,640 $824,153 $974,124 $1,192,679 $1,336,637 $37,740 $1,374,379
Share of Total Income Taxes Paid 39.48% 59.97% 70.88% 86.78% 97.25% 2.75% 100.00%
Income Split Point $465,626 $188,996 $133,445 $77,714 $38,173
Average Tax Rate 27.16% 23.61% 21.25% 17.83% 15.52% 3.45% 14.16%
 Note: Does not include dependent filers

High-Income Americans Paid the Majority of Federal Taxes

In 2014, the bottom 50 percent of taxpayers (those with AGIs below $38,173) earned 11.27 percent of total AGI. This group of taxpayers paid approximately $38 billion in taxes, or 2.75 percent of all income taxes in 2014.

In contrast, the top 1 percent of all taxpayers (taxpayers with AGIs of $465,626 and above) earned 20.58 percent of all AGI in 2014, but paid 39.48 percent of all federal income taxes.

In 2014, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $543 billion, or 39.48 percent of all income taxes, while the bottom 90 percent paid $400 billion, or 29.12 percent of all income taxes.

Figure 1.

High-Income Taxpayers Pay the Highest Average Tax Rates

The 2014 IRS data shows that taxpayers with higher incomes pay much higher average individual income tax rates than lower-income taxpayers.[4]

The bottom 50 percent of taxpayers (taxpayers with AGIs below $38,173) faced an average income tax rate of 3.45 percent. As household income increases, the IRS data shows that average income tax rates rise. For example, taxpayers with AGIs between the 10th and 5th percentile ($133,445 and $188,996) pay an average rate of 13.7 percent – almost four times the rate paid by those in the bottom 50 percent.

The top 1 percent of taxpayers (AGI of $465,626 and above) paid the highest effective income tax rate, at 27.2 percent, 7.9 times the rate faced by the bottom 50 percent of taxpayers.

Figure 2.

Taxpayers at the very top of the income distribution, the top 0.1 percent (with AGIs over $2.14 million), paid an even higher average tax rate, of 27.7 percent.

573 $442 $1,015 $458 $1,473 $318
1982 $1,876 $167 $398 $207 $605 $460 $1,065 $478 $1,544 $332
1983 $1,970 $183 $428 $217 $646 $481 $1,127 $498 $1,625 $344
1984 $2,173 $210 $482 $240 $723 $528 $1,251 $543 $1,794 $379
1985 $2,344 $235 $531 $260 $791 $567 $1,359 $580 $1,939 $405
1986 $2,524 $285 $608 $278 $887 $604 $1,490 $613 $2,104 $421
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 $2,814 $347 $722 $316 $1,038 $671 $1,709 $664 $2,374 $440
1988 $3,124 $474 $891 $342 $1,233 $718 $1,951 $707 $2,658 $466
1989 $3,299 $468 $918 $368 $1,287 $768 $2,054 $751 $2,805 $494
1990 $3,451 $483 $953 $385 $1,338 $806 $2,144 $788 $2,933 $519
1991 $3,516 $457 $943 $400 $1,343 $832 $2,175 $809 $2,984 $532
1992 $3,681 $524 $1,031 $413 $1,444 $856 $2,299 $832 $3,131 $549
1993 $3,776 $521 $1,048 $426 $1,474 $883 $2,358 $854 $3,212 $563
1994 $3,961 $547 $1,103 $449 $1,552 $929 $2,481 $890 $3,371 $590
1995 $4,245 $620 $1,223 $482 $1,705 $985 $2,690 $938 $3,628 $617
1996 $4,591 $737 $1,394 $515 $1,909 $1,043 $2,953 $992 $3,944 $646
1997 $5,023 $873 $1,597 $554 $2,151 $1,116 $3,268 $1,060 $4,328 $695
1998 $5,469 $1,010 $1,797 $597 $2,394 $1,196 $3,590 $1,132 $4,721 $748
1999 $5,909 $1,153 $2,012 $641 $2,653 $1,274 $3,927 $1,199 $5,126 $783
2000 $6,424 $1,337 $2,267 $688 $2,955 $1,358 $4,314 $1,276 $5,590 $834
The IRS changed methodology, so data above and below this line not strictly comparable
2001 $6,116 $492 $1,065 $1,934 $666 $2,600 $1,334 $3,933 $1,302 $5,235 $881
2002 $5,982 $421 $960 $1,812 $660 $2,472 $1,339 $3,812 $1,303 $5,115 $867
2003 $6,157 $466 $1,030 $1,908 $679 $2,587 $1,375 $3,962 $1,325 $5,287 $870
2004 $6,735 $615 $1,279 $2,243 $725 $2,968 $1,455 $4,423 $1,403 $5,826 $908
2005 $7,366 $784 $1,561 $2,623 $778 $3,401 $1,540 $4,940 $1,473 $6,413 $953
2006 $7,970 $895 $1,761 $2,918 $841 $3,760 $1,652 $5,412 $1,568 $6,980 $990
2007 $8,622 $1,030 $1,971 $3,223 $905 $4,128 $1,770 $5,898 $1,673 $7,571 $1,051
2008 $8,206 $826 $1,657 $2,868 $905 $3,773 $1,782 $5,555 $1,673 $7,228 $978
2009 $7,579 $602 $1,305 $2,439 $878 $3,317 $1,740 $5,058 $1,620 $6,678 $900
2010 $8,040 $743 $1,517 $2,716 $915 $3,631 $1,800 $5,431 $1,665 $7,096 $944
2011 $8,317 $737 $1,556 $2,819 $956 $3,775 $1,866 $5,641 $1,716 $7,357 $961
2012 $9,042 $1,017 $1,977 $3,331 $997 $4,328 $1,934 $6,262 $1,776 $8,038 $1,004
2013 $9,034 $816 $1,720 $3,109 $1,034 $4,143 $2,008 $6,152 $1,844 $7,996 $1,038
2014 $9,709 $986 $1,998 $3,491 $1,093 $4,583 $2,107 $6,690 $1,924 $8,615 $1,094
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
Table 4. Total Income Tax after Credits, 1980–2014 ($Billions)
Source: Internal Revenue Service.
1980 $249 $47 $92 $31 $123 $59 $182 $50 $232 $18
1981 $282 $50 $99 $36 $135 $69 $204 $57 $261 $21
1982 $276 $53 $100 $34 $134 $66 $200 $56 $256 $20
1983 $272 $55 $101 $34 $135 $64 $199 $54 $252 $19
1984 $297 $63 $113 $37 $150 $68 $219 $57 $276 $22
1985 $322 $70 $125 $41 $166 $73 $238 $60 $299 $23
1986 $367 $94 $156 $44 $201 $78 $279 $64 $343 $24
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 $369 $92 $160 $46 $205 $79 $284 $63 $347 $22
1988 $413 $114 $188 $48 $236 $85 $321 $68 $389 $24
1989 $433 $109 $190 $51 $241 $93 $334 $73 $408 $25
1990 $447 $112 $195 $52 $248 $97 $344 $77 $421 $26
1991 $448 $111 $194 $56 $250 $96 $347 $77 $424 $25
1992 $476 $131 $218 $58 $276 $97 $374 $78 $452 $24
1993 $503 $146 $238 $60 $298 $101 $399 $80 $479 $24
1994 $535 $154 $254 $64 $318 $108 $425 $84 $509 $25
1995 $588 $178 $288 $70 $357 $115 $473 $88 $561 $27
1996 $658 $213 $335 $76 $411 $124 $535 $95 $630 $28
1997 $727 $241 $377 $82 $460 $134 $594 $102 $696 $31
1998 $788 $274 $425 $88 $513 $139 $652 $103 $755 $33
1999 $877 $317 $486 $97 $583 $150 $733 $109 $842 $35
2000 $981 $367 $554 $106 $660 $164 $824 $118 $942 $38
The IRS changed methodology, so data above and below this line not strictly comparable
2001 $885 $139 $294 $462 $101 $564 $158 $722 $120 $842 $43
2002 $794 $120 $263 $420 $93 $513 $143 $657 $104 $761 $33
2003 $746 $115 $251 $399 $85 $484 $133 $617 $98 $715 $30
2004 $829 $142 $301 $467 $91 $558 $137 $695 $102 $797 $32
2005 $932 $176 $361 $549 $98 $647 $145 $793 $106 $898 $33
2006 $1,020 $196 $402 $607 $108 $715 $157 $872 $113 $986 $35
2007 $1,112 $221 $443 $666 $117 $783 $170 $953 $122 $1,075 $37
2008 $1,029 $187 $386 $597 $115 $712 $168 $880 $117 $997 $32
2009 $863 $146 $314 $502 $101 $604 $146 $749 $93 $842 $21
2010 $949 $170 $355 $561 $110 $670 $156 $827 $100 $927 $22
2011 $1,043 $168 $366 $589 $123 $712 $181 $893 $120 $1,012 $30
2012 $1,185 $220 $451 $699 $133 $831 $193 $1,024 $128 $1,152 $33
2013 $1,232 $228 $466 $721 $139 $860 $203 $1,063 $135 $1,198 $34
2014 $1,374 $273 $543 $824 $150 $974 $219 $1,193 $144 $1,337 $38
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
Table 5. Adjusted Gross Income Shares, 1980–2014 (percent of total AGI earned by each group)
Source: Internal Revenue Service.
1980 100% 8.46% 21.01% 11.12% 32.13% 24.57% 56.70% 25.62% 82.32% 17.68%
1981 100% 8.30% 20.78% 11.20% 31.98% 24.69% 56.67% 25.59% 82.25% 17.75%
1982 100% 8.91% 21.23% 11.03% 32.26% 24.53% 56.79% 25.50% 82.29% 17.71%
1983 100% 9.29% 21.74% 11.04% 32.78% 24.44% 57.22% 25.30% 82.52% 17.48%
1984 100% 9.66% 22.19% 11.06% 33.25% 24.31% 57.56% 25.00% 82.56% 17.44%
1985 100% 10.03% 22.67% 11.10% 33.77% 24.21% 57.97% 24.77% 82.74% 17.26%
1986 100% 11.30% 24.11% 11.02% 35.12% 23.92% 59.04% 24.30% 83.34% 16.66%
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 100% 12.32% 25.67% 11.23% 36.90% 23.85% 60.75% 23.62% 84.37% 15.63%
1988 100% 15.16% 28.51% 10.94% 39.45% 22.99% 62.44% 22.63% 85.07% 14.93%
1989 100% 14.19% 27.84% 11.16% 39.00% 23.28% 62.28% 22.76% 85.04% 14.96%
1990 100% 14.00% 27.62% 11.15% 38.77% 23.36% 62.13% 22.84% 84.97% 15.03%
1991 100% 12.99% 26.83% 11.37% 38.20% 23.65% 61.85% 23.01% 84.87% 15.13%
1992 100% 14.23% 28.01% 11.21% 39.23% 23.25% 62.47% 22.61% 85.08% 14.92%
1993 100% 13.79% 27.76% 11.29% 39.05% 23.40% 62.45% 22.63% 85.08% 14.92%
1994 100% 13.80% 27.85% 11.34% 39.19% 23.45% 62.64% 22.48% 85.11% 14.89%
1995 100% 14.60% 28.81% 11.35% 40.16% 23.21% 63.37% 22.09% 85.46% 14.54%
1996 100% 16.04% 30.36% 11.23% 41.59% 22.73% 64.32% 21.60% 85.92% 14.08%
1997 100% 17.38% 31.79% 11.03% 42.83% 22.22% 65.05% 21.11% 86.16% 13.84%
1998 100% 18.47% 32.85% 10.92% 43.77% 21.87% 65.63% 20.69% 86.33% 13.67%
1999 100% 19.51% 34.04% 10.85% 44.89% 21.57% 66.46% 20.29% 86.75% 13.25%
2000 100% 20.81% 35.30% 10.71% 46.01% 21.15% 67.15% 19.86% 87.01% 12.99%
The IRS changed methodology, so data above and below this line not strictly comparable
2001 100% 8.05% 17.41% 31.61% 10.89% 42.50% 21.80% 64.31% 21.29% 85.60% 14.40%
2002 100% 7.04% 16.05% 30.29% 11.04% 41.33% 22.39% 63.71% 21.79% 85.50% 14.50%
2003 100% 7.56% 16.73% 30.99% 11.03% 42.01% 22.33% 64.34% 21.52% 85.87% 14.13%
2004 100% 9.14% 18.99% 33.31% 10.77% 44.07% 21.60% 65.68% 20.83% 86.51% 13.49%
2005 100% 10.64% 21.19% 35.61% 10.56% 46.17% 20.90% 67.07% 19.99% 87.06% 12.94%
2006 100% 11.23% 22.10% 36.62% 10.56% 47.17% 20.73% 67.91% 19.68% 87.58% 12.42%
2007 100% 11.95% 22.86% 37.39% 10.49% 47.88% 20.53% 68.41% 19.40% 87.81% 12.19%
2008 100% 10.06% 20.19% 34.95% 11.03% 45.98% 21.71% 67.69% 20.39% 88.08% 11.92%
2009 100% 7.94% 17.21% 32.18% 11.59% 43.77% 22.96% 66.74% 21.38% 88.12% 11.88%
2010 100% 9.24% 18.87% 33.78% 11.38% 45.17% 22.38% 67.55% 20.71% 88.26% 11.74%
2011 100% 8.86% 18.70% 33.89% 11.50% 45.39% 22.43% 67.82% 20.63% 88.45% 11.55%
2012 100% 11.25% 21.86% 36.84% 11.03% 47.87% 21.39% 69.25% 19.64% 88.90% 11.10%
2013 100% 9.03% 19.04% 34.42% 11.45% 45.87% 22.23% 68.10% 20.41% 88.51% 11.49%
2014 100% 10.16% 20.58% 35.96% 11.25% 47.21% 21.70% 68.91% 19.82% 88.73% 11.27%
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
Table 6. Total Income Tax Shares, 1980–2014 (percent of federal income tax paid by each group)
Source: Internal Revenue Service.
1980 100% 19.05% 36.84% 12.44% 49.28% 23.74% 73.02% 19.93% 92.95% 7.05%
1981 100% 17.58% 35.06% 12.90% 47.96% 24.33% 72.29% 20.26% 92.55% 7.45%
1982 100% 19.03% 36.13% 12.45% 48.59% 23.91% 72.50% 20.15% 92.65% 7.35%
1983 100% 20.32% 37.26% 12.44% 49.71% 23.39% 73.10% 19.73% 92.83% 7.17%
1984 100% 21.12% 37.98% 12.58% 50.56% 22.92% 73.49% 19.16% 92.65% 7.35%
1985 100% 21.81% 38.78% 12.67% 51.46% 22.60% 74.06% 18.77% 92.83% 7.17%
1986 100% 25.75% 42.57% 12.12% 54.69% 21.33% 76.02% 17.52% 93.54% 6.46%
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 100% 24.81% 43.26% 12.35% 55.61% 21.31% 76.92% 17.02% 93.93% 6.07%
1988 100% 27.58% 45.62% 11.66% 57.28% 20.57% 77.84% 16.44% 94.28% 5.72%
1989 100% 25.24% 43.94% 11.85% 55.78% 21.44% 77.22% 16.94% 94.17% 5.83%
1990 100% 25.13% 43.64% 11.73% 55.36% 21.66% 77.02% 17.16% 94.19% 5.81%
1991 100% 24.82% 43.38% 12.45% 55.82% 21.46% 77.29% 17.23% 94.52% 5.48%
1992 100% 27.54% 45.88% 12.12% 58.01% 20.47% 78.48% 16.46% 94.94% 5.06%
1993 100% 29.01% 47.36% 11.88% 59.24% 20.03% 79.27% 15.92% 95.19% 4.81%
1994 100% 28.86% 47.52% 11.93% 59.45% 20.10% 79.55% 15.68% 95.23% 4.77%
1995 100% 30.26% 48.91% 11.84% 60.75% 19.62% 80.36% 15.03% 95.39% 4.61%
1996 100% 32.31% 50.97% 11.54% 62.51% 18.80% 81.32% 14.36% 95.68% 4.32%
1997 100% 33.17% 51.87% 11.33% 63.20% 18.47% 81.67% 14.05% 95.72% 4.28%
1998 100% 34.75% 53.84% 11.20% 65.04% 17.65% 82.69% 13.10% 95.79% 4.21%
1999 100% 36.18% 55.45% 11.00% 66.45% 17.09% 83.54% 12.46% 96.00% 4.00%
2000 100% 37.42% 56.47% 10.86% 67.33% 16.68% 84.01% 12.08% 96.09% 3.91%
The IRS changed methodology, so data above and below this line not strictly comparable
2001 100% 15.68% 33.22% 52.24% 11.44% 63.68% 17.88% 81.56% 13.54% 95.10% 4.90%
2002 100% 15.09% 33.09% 52.86% 11.77% 64.63% 18.04% 82.67% 13.12% 95.79% 4.21%
2003 100% 15.37% 33.69% 53.54% 11.35% 64.89% 17.87% 82.76% 13.17% 95.93% 4.07%
2004 100% 17.12% 36.28% 56.35% 10.96% 67.30% 16.52% 83.82% 12.31% 96.13% 3.87%
2005 100% 18.91% 38.78% 58.93% 10.52% 69.46% 15.61% 85.07% 11.35% 96.41% 3.59%
2006 100% 19.24% 39.36% 59.49% 10.59% 70.08% 15.41% 85.49% 11.10% 96.59% 3.41%
2007 100% 19.84% 39.81% 59.90% 10.51% 70.41% 15.30% 85.71% 10.93% 96.64% 3.36%
2008 100% 18.20% 37.51% 58.06% 11.14% 69.20% 16.37% 85.57% 11.33% 96.90% 3.10%
2009 100% 16.91% 36.34% 58.17% 11.72% 69.89% 16.85% 86.74% 10.80% 97.54% 2.46%
2010 100% 17.88% 37.38% 59.07% 11.55% 70.62% 16.49% 87.11% 10.53% 97.64% 2.36%
2011 100% 16.14% 35.06% 56.49% 11.77% 68.26% 17.36% 85.62% 11.50% 97.11% 2.89%
2012 100% 18.60% 38.09% 58.95% 11.22% 70.17% 16.25% 86.42% 10.80% 97.22% 2.78%
2013 100% 18.48% 37.80% 58.55% 11.25% 69.80% 16.47% 86.27% 10.94% 97.22% 2.78%
2014 100% 19.85% 39.48% 59.97% 10.91% 70.88% 15.90% 86.78% 10.47% 97.25% 2.75%
Year Total Top 1% Top 5% Top 10% Top 25% Top 50%
Table 7. Dollar Cut-Off, 1980–2014 (Minimum AGI for Tax Returns to Fall into Various Percentiles; Thresholds Not Adjusted for Inflation)
1980 $80,580 $43,792 $35,070 $23,606 $12,936
1981 $85,428 $47,845 $38,283 $25,655 $14,000
1982 $89,388 $49,284 $39,676 $27,027 $14,539
1983 $93,512 $51,553 $41,222 $27,827 $15,044
1984 $100,889 $55,423 $43,956 $29,360 $15,998
1985 $108,134 $58,883 $46,322 $30,928 $16,688
1986 $118,818 $62,377 $48,656 $32,242 $17,302
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 $139,289 $68,414 $52,921 $33,983 $17,768
1988 $157,136 $72,735 $55,437 $35,398 $18,367
1989 $163,869 $76,933 $58,263 $36,839 $18,993
1990 $167,421 $79,064 $60,287 $38,080 $19,767
1991 $170,139 $81,720 $61,944 $38,929 $20,097
1992 $181,904 $85,103 $64,457 $40,378 $20,803
1993 $185,715 $87,386 $66,077 $41,210 $21,179
1994 $195,726 $91,226 $68,753 $42,742 $21,802
1995 $209,406 $96,221 $72,094 $44,207 $22,344
1996 $227,546 $101,141 $74,986 $45,757 $23,174
1997 $250,736 $108,048 $79,212 $48,173 $24,393
1998 $269,496 $114,729 $83,220 $50,607 $25,491
1999 $293,415 $120,846 $87,682 $52,965 $26,415
2000 $313,469 $128,336 $92,144 $55,225 $27,682
The IRS changed methodology, so data above and below this line not strictly comparable
2001 $1,393,718 $306,635 $132,082 $96,151 $59,026 $31,418
2002 $1,245,352 $296,194 $130,750 $95,699 $59,066 $31,299
2003 $1,317,088 $305,939 $133,741 $97,470 $59,896 $31,447
2004 $1,617,918 $339,993 $140,758 $101,838 $62,794 $32,622
2005 $1,938,175 $379,261 $149,216 $106,864 $64,821 $33,484
2006 $2,124,625 $402,603 $157,390 $112,016 $67,291 $34,417
2007 $2,251,017 $426,439 $164,883 $116,396 $69,559 $35,541
2008 $1,867,652 $392,513 $163,512 $116,813 $69,813 $35,340
2009 $1,469,393 $351,968 $157,342 $114,181 $68,216 $34,156
2010 $1,634,386 $369,691 $161,579 $116,623 $69,126 $34,338
2011 $1,717,675 $388,905 $167,728 $120,136 $70,492 $34,823
2012 $2,161,175 $434,682 $175,817 $125,195 $73,354 $36,055
2013 $1,860,848 $428,713 $179,760 $127,695 $74,955 $36,841
2014 $2,136,762 $465,626 $188,996 $133,445 $77,714 $38,173
Source: Internal Revenue Service.
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
Table 8. Average Tax Rate, 1980–2014 (Percent of AGI Paid in Income Taxes)
Source: Internal Revenue Service.
1980 15.31% 34.47% 26.85% 17.13% 23.49% 14.80% 19.72% 11.91% 17.29% 6.10%
1981 15.76% 33.37% 26.59% 18.16% 23.64% 15.53% 20.11% 12.48% 17.73% 6.62%
1982 14.72% 31.43% 25.05% 16.61% 22.17% 14.35% 18.79% 11.63% 16.57% 6.10%
1983 13.79% 30.18% 23.64% 15.54% 20.91% 13.20% 17.62% 10.76% 15.52% 5.66%
1984 13.68% 29.92% 23.42% 15.57% 20.81% 12.90% 17.47% 10.48% 15.35% 5.77%
1985 13.73% 29.86% 23.50% 15.69% 20.93% 12.83% 17.55% 10.41% 15.41% 5.70%
1986 14.54% 33.13% 25.68% 15.99% 22.64% 12.97% 18.72% 10.48% 16.32% 5.63%
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 13.12% 26.41% 22.10% 14.43% 19.77% 11.71% 16.61% 9.45% 14.60% 5.09%
1988 13.21% 24.04% 21.14% 14.07% 19.18% 11.82% 16.47% 9.60% 14.64% 5.06%
1989 13.12% 23.34% 20.71% 13.93% 18.77% 12.08% 16.27% 9.77% 14.53% 5.11%
1990 12.95% 23.25% 20.46% 13.63% 18.50% 12.01% 16.06% 9.73% 14.36% 5.01%
1991 12.75% 24.37% 20.62% 13.96% 18.63% 11.57% 15.93% 9.55% 14.20% 4.62%
1992 12.94% 25.05% 21.19% 13.99% 19.13% 11.39% 16.25% 9.42% 14.44% 4.39%
1993 13.32% 28.01% 22.71% 14.01% 20.20% 11.40% 16.90% 9.37% 14.90% 4.29%
1994 13.50% 28.23% 23.04% 14.20% 20.48% 11.57% 17.15% 9.42% 15.11% 4.32%
1995 13.86% 28.73% 23.53% 14.46% 20.97% 11.71% 17.58% 9.43% 15.47% 4.39%
1996 14.34% 28.87% 24.07% 14.74% 21.55% 11.86% 18.12% 9.53% 15.96% 4.40%
1997 14.48% 27.64% 23.62% 14.87% 21.36% 12.04% 18.18% 9.63% 16.09% 4.48%
1998 14.42% 27.12% 23.63% 14.79% 21.42% 11.63% 18.16% 9.12% 16.00% 4.44%
1999 14.85% 27.53% 24.18% 15.06% 21.98% 11.76% 18.66% 9.12% 16.43% 4.48%
2000 15.26% 27.45% 24.42% 15.48% 22.34% 12.04% 19.09% 9.28% 16.86% 4.60%
The IRS changed methodology, so data above and below this line not strictly comparable
2001 14.47% 28.17% 27.60% 23.91% 15.20% 21.68% 11.87% 18.35% 9.20% 16.08% 4.92%
2002 13.28% 28.48% 27.37% 23.17% 14.15% 20.76% 10.70% 17.23% 8.00% 14.87% 3.86%
2003 12.11% 24.60% 24.38% 20.92% 12.46% 18.70% 9.69% 15.57% 7.41% 13.53% 3.49%
2004 12.31% 23.06% 23.52% 20.83% 12.53% 18.80% 9.41% 15.71% 7.27% 13.68% 3.53%
2005 12.65% 22.48% 23.15% 20.93% 12.61% 19.03% 9.45% 16.04% 7.18% 14.01% 3.51%
2006 12.80% 21.94% 22.80% 20.80% 12.84% 19.02% 9.52% 16.12% 7.22% 14.12% 3.51%
2007 12.90% 21.42% 22.46% 20.66% 12.92% 18.96% 9.61% 16.16% 7.27% 14.19% 3.56%
2008 12.54% 22.67% 23.29% 20.83% 12.66% 18.87% 9.45% 15.85% 6.97% 13.79% 3.26%
2009 11.39% 24.28% 24.05% 20.59% 11.53% 18.19% 8.36% 14.81% 5.76% 12.61% 2.35%
2010 11.81% 22.84% 23.39% 20.64% 11.98% 18.46% 8.70% 15.22% 6.01% 13.06% 2.37%
2011 12.54% 22.82% 23.50% 20.89% 12.83% 18.85% 9.70% 15.82% 6.98% 13.76% 3.13%
2012 13.11% 21.67% 22.83% 20.97% 13.33% 19.21% 9.96% 16.35% 7.21% 14.33% 3.28%
2013 13.64% 27.91% 27.08% 23.20% 13.40% 20.75% 10.11% 17.28% 7.31% 14.98% 3.30%
2014 14.16% 27.67% 27.16% 23.61% 13.73% 21.25% 10.37% 17.83% 7.48% 15.52% 3.45%
  1. For data prior to 2001, all tax returns that have a positive AGI are included, even those that do not have a positive income tax liability. For data from 2001 forward, returns with negative AGI are also included, but dependent returns are excluded.
  2. Income tax after credits (the measure of “income taxes paid” above) does not account for the refundable portion of EITC. If it were included, the tax share of the top income groups would be higher. The refundable portion is classified as a spending program by the Office of Management and Budget and therefore is not included by the IRS in these figures.
  3. The only tax analyzed here is the federal individual income tax, which is responsible for more than 25 percent of the nation’s taxes paid (at all levels of government). Federal income taxes are much more progressive than federal payroll taxes, which are responsible for about 20 percent of all taxes paid (at all levels of government), and are more progressive than most state and local taxes.
  4. AGI is a fairly narrow income concept and does not include income items like government transfers (except for the portion of Social Security benefits that is taxed), the value of employer-provided health insurance, underreported or unreported income (most notably that of sole proprietors), income derived from municipal bond interest, net imputed rental income, and others.
  5. The unit of analysis here is that of the tax return. In the figures prior to 2001, some dependent returns are included. Under other units of analysis (like the Treasury Department’s Family Economic Unit), these returns would likely be paired with parents’ returns.
  6. These figures represent the legal incidence of the income tax. Most distributional tables (such as those from CBO, Tax Policy Center, Citizens for Tax Justice, the Treasury Department, and JCT) assume that the entire economic incidence of personal income taxes falls on the income earner.

[1] Individual Income Tax Rates and Tax Shares, Internal Revenue Service Statistics of Income, http://www.irs.gov/uac/SOI-Tax-Stats-Individual-Income-Tax-Rates-and-Tax-Shares.

[2] See Congressional Budget Office, The Budget and Economic Outlook: 2017 to 2027, Jan. 2017, https://www.cbo.gov/sites/default/files/115th-congress-2017-2018/reports/52370-outlook.pdf.

[3] There is strong reason to believe that capital gains realizations were unusually depressed in 2013, due to the increase in the top capital gains tax rate from 15 percent to 23.8 percent. In 2013, capital gains accounted for 26.6 percent of the income of taxpayers with over $1 million in AGI received, compared to 31.7 percent in 2014 (these calculations apply for net capital gains reported on Schedule D). Table 1.4, Publication 1304, “Individual Income Tax Returns 2014,” Internal Revenue Service, https://www.irs.gov/uac/soi-tax-stats-individual-income-tax-returns-publication-1304-complete-report.

[4] Here, “average income tax rate” is defined as income taxes paid divided by adjusted gross income.

https://taxfoundation.org/summary-latest-federal-income-tax-data-2016-update/

 

Story 2: Secretary of Health and Human Resources Thomas Price Resigns and President Trump Accepts After Trump Outraged Over Use Expensive Private Chartered Jet Flight To Conduct Government Business — Don Wright to serve as acting secretary of the HHS — Videos —

The Real Reason Tom Price Resigned | The Last Word | MSNBC

Tom Price: From Private Jets To Private Citizen

Chris Wallace Takes On Tom Price to Pay For Charter Flights

President Trump GRILLED on Tom Price Resigns, Puerto Rico & NFL owners players press conference

What A Waste: Tom Price’s Private Jet Trips

Will HHS Secretary Tom Price Keep His Job? | Morning Joe | MSNBC

Guess What Private Jet Scold Tom Price Is Up To

Price resigns from HHS after facing fire for travel

His exit comes after POLITICO revealed his extensive use of private jets and military aircraft for government business.

Updated 

HHS Secretary Tom Price resigned Friday in the face of multiple federal inquiries and growing criticism of his use of private and government planes for travel, at a cost to taxpayers of more than $1 million since May.

The White House said the former seven-term Georgia congressman, 63, offered his resignation earlier in the day and that President Donald Trump had accepted it.

As late as Thursday, Price said he believed he had the president’s support. But the tumult surrounding his travel became another distraction for an administration already reeling from the defeat of repeated Senate efforts to repeal Obamacare and facing criticism for its hurricane relief efforts in Puerto Rico.

In his resignation letter, Price expressed regret that “recent events” distracted from efforts to overhaul the health care system, reduce regulatory burdens and improve global health. “In order for you to move forward without further disruption, I am officially tendering my resignation as the Secretary of Health and Human Services effective 11:59 PM on Friday,” Price wrote.

Tom Price resigns as Trump administration health chief after outrage over pricey private jet flights

  • Health and Human Services Secretary Tom Price resigned Friday after criticism over his repeatedly taking expensive private jets instead of commercial flights.
  • Price’s private travel, added to his use of military jets for overseas trips, has cost taxpayers more than $1 million.
  • Price said he will reimburse the government just a fraction of the cost of the flights.

Senate Democrats quickly served notice they were preparing for a potential confirmation fight over Price’s successor, saying the next HHS secretary must not undermine Obamacare. Under Price, the department cut the law’s enrollment period in half and massively slashed advertising and outreach for the upcoming enrollment period starting in November.

“The mission of the Health and Human Services secretary should be to support Americans’ health care, not take it away,” said Senate Minority Leader Chuck Schumer. “The next HHS secretary must follow the law when it comes to the Affordable Care Act instead of trying to sabotage it.”

“Tom Price’s replacement needs to be focused on implementing the law as written by Congress and keeping the president’s promise to bring down the high cost of prescription drugs,” Senate Finance ranking Democrat Ron Wyden of Oregon said in a statement.

House Speaker Paul Ryan, a close ally, praised Price as a dedicated public servant who fought for others. “His vision and hard work were vital to the House’s success passing our health care legislation,” Ryan said in a statement.

POLITICO revealed in a series of articles that Price flew at least 26 times on private aircraft at a cost of hundreds of thousands of dollars, a sharp break with his predecessors’ practice. Many of Price’s flights were between major cities that offered inexpensive alternatives on commercial airlines, including Nashville, Philadelphia and San Diego.

On some of those trips, Price, an orthopedic surgeon, mixed official business with personal affairs. He took a government-funded private jet in August to get to St. Simons Island, an exclusive Georgia resort where he and his wife own land, a day and a half before he addressed a medical conference he and his wife have long attended. In June, HHS chartered a private jet to fly Price to Nashville, where he owns a condominium and where his son resides. Price toured a medicine dispensary, spoke to a local health summit organized by a friend and had lunch with his son, an HHS official confirmed.

Price also used military aircraft for multi-national trips to Africa, Europe and Asia, at a cost of more than $500,000 to taxpayersThe White House said it had approved those trips but not the private jets within the United States.

Price tried to defuse the controversy by promising on Thursday to reimburse the government for the approximately $52,000 cost of his own seat on his domestic trips. But that wasn’t enough to tamp down the scandal, which had infuriatedPresident Donald Trump and prompted a bipartisan inquiry from the House Oversight Committee and separate calls for accountability from lawmakers including Republican Sen. Chuck Grassley. The inspector general of Price’s own agency is reviewing if Price complied with federal travel regulations.

The issue of Cabinet members’ travel was also extending beyond Price: POLITICO reported Interior Secretary Ryan Zinke and his aides took several flights on private or military aircraft, including a $12,000 charter plane to take him to events in his hometown in Montana and private flights in the Caribbean. Zinke dismissed the furor as a “little B.S.” during a Friday appearance at the Heritage Foundation.

Price’s wife, Betty, accompanied him on the military flights, while other members of the secretary’s delegation flew commercially to Europe.

HHS spokeswoman Charmaine Yoest said Price reimbursed the agency for his wife’s travel, but declined to elaborate.

White House officials have groused about Price’s frequent travels, with one senior White House official saying the HHS secretary was “nowhere to be found” as they mounted a last-ditch unsuccessful push to repeal Obamacare.

Congressional Democrats attacked Price for advocating spending cuts to the health agencies he oversaw and health care programs while spending taxpayer dollars on private jets. “There could not be a clearer statement of the Trump administration’s priorities,” Sen. Maggie Hassan (D-N.H.) said. Key Democrats overseeing health issues in Congress had formally requested that HHS’s inspector general review Price’s travel practices.

In June, Price defended a proposed fiscal 2018 budget for HHS that included a $663,000 cut to the agency’s $4.9 million annual spending on travel, or roughly 15 percent. “The budgeting process is an exercise in reforming our federal programs to make sure they actually work — so they do their job and use tax dollars wisely,” Price told the Senate Finance Committee on June 8.

Ethical questions dogged Price even before questions about his travel arose. During his Senate confirmation hearing to helm HHS, Price faced pointed questions about his personal investments in health care companies during his time in Congress. Democrats called on government ethics officials to investigate Price’s health care stock trades, following reports that he got a sweetheart deal from a biotech company and invested in Zimmer Biomet, a medical device-maker, just days before writing legislation that would have eased regulations on the sector.

The Senate confirmed Price by a 52-47 margin in February after he maintained full Republican support.

 

http://www.politico.com/story/2017/09/29/price-has-resigned-as-health-and-human-services-secretary-243315

Jacob Pramuk | Dan Mangan

Health and Human Services Secretary Tom Price.

Tom Price out as HHS Secretary

Tom Price, secretary of the U.S. Health and Human Services Department, resigned Friday amid a furor over his taking more than two dozen costly private plane trips instead of less-expensive commercial flights.

The White House in a statement said that President Donald Trump intends to tap a top HHS official, Don Wright, to serve as acting secretary of the department

Wright currently serves as deputy assistant secretary for health and director of the Office of Disease Prevention and Health Promotion.

“Secretary of Health and Human Services Thomas Price offered his resignation earlier today and the President accepted,” the White House said, about an hour after Trump said he would decide by Friday night whether to fire Price.

Price’s resignation came a day after he said he would reimburse taxpayers for just a small fraction of the cost of his flights, and after he vowed to not use charter planes in the future.

A longtime critic of wasteful federal spending and the administration’s putative point man on attacking Obamacare — Price had taken 26 flights on charter plans since May, according to a Politico investigation.

In June, Price traveled on a $17,760 roundtrip charter from Washington to Nashville, Tennessee, Politico revealed. He spent less than six hours there, making two official appearances and eating lunch with his son.

In a four-day stretch in September, Price took flights costing an estimated $60,000 in total, according to Politico. Some of those flights came at times when dramatically cheaper commercial air travel would have been available.

Politico on Thursday reported that Price had also taken trips overseas using military jets, at a cost of more than $500,000 — putting the total tab for his penchant for pricey travel above $1 million.

Also Thursday, BuzzFeed News reported that Price had asked a White House official soon after taking office to tell Trump that he wanted to reopen the executive dining room at HHS, which had been closed since George W. Bush was president.

Price, who only became health secretary in February, was reportedly already on thin ice with top officials in the Trump administration when the controversy exploded over his pricey jet jaunts.

Those officials believed he did not do enough in recent weeks to support an ultimately doomed, last-ditch effort in Congress to repeal and replace major parts of the Affordable Care Act, or Obamacare.

Price’s department for months has been taking steps to undercut that major health-care law — gutting advertising budgets designed to promote enrollment in Obamacare plans, suspending joint efforts with state-level groups to encourage insurance sign-ups and bad-mouthing Obamacare at every opportunity.

But he was noticeably absent at meetings to promote the passage of the Senate repeal bill, Graham-Cassidy, in September, Politico reported. That bill would have dramatically slashed federal spending on subsidizing health insurance coverage for Americans.

On Wednesday, President Donald Trump told reporters “I am not happy about” Price’s use of private planes, “and I let him know it.”

“We’ll see,” Trump said, when asked if he would fire Price.

Price on Thursday had tried to tamp down the controversy by saying he would repay the government for the cost of “my seat” on the charter flights. Price said he will pay about $52,000 of the more than $400,000 taxpayer tab for his private trips.

The offer was immediately met with derision by critics who said Price was shortchanging taxpayers.

The 62-year-old Price, a former House member from Georgia, was a prominent critic of Obamacare while serving in Congress.

He also had billed himself as a staunch fiscal conservative with a record of pushing for government spending discipline.

Price leaves the Trump administration after the latest in an unsuccessful string of Republican attempts to repeal and replace the Affordable Care Act.

His departure also comes amid broader concerns about the ethical standards of the Trump administration and its top officials.

While Price has said he received prior approval from legal and HHS advisors for his private flights, his use of charters was in stark contrast to that of his two immediate predecessors as chief of HHS, Sylvia Burwell and Kathleen Sebelius, who took commercial flights to domestic engagements.

HHS’ inspector general is now reviewing Price’s use of private planes.

Environmental Protection Agency Administrator Scott Pruitt also has racked up a $58,000 bill on noncommercial and military flights since mid-February, according to The Washington Post.

In a letter to Trump on Thursday, Sen. Chuck Grassley, R-Iowa, pointed out that “federal regulations specifically prohibit official travel by chartered jet when it is not the most cost-effective mode of travel ‘because the taxpayer should pay no more than necessary for your transportation.'”

Grassley asked Trump to urge his Cabinet secretaries to use “reasonable and cost-effective modes of travel.”

The senator noted that in addition to questions about the travel habits of Price and Pruitt, the inspector general of the Treasury Department is investigating the travel expenses of Treasury Secretary Steven Mnuchin.

During his Senate confirmation hearings as HHS secretary, Price was criticized for having traded more than $300,000 worth of about 40 health-care stocks in the previous four years, which involved companies that could have benefited from legislation he favored as a House member.

For one of those companies, the small Australian biotech firm Innate Immunotherapeutics, Price was offered the opportunity to buy shares at a discount, while sitting on a committee that could affect the financial outlook of the firm.

Price eventually sold his stake in the company during the HHS confirmation process and made a profit of at least $225,000 on a $94,000 investment, according to The Wall Street Journal.

Price during his Senate hearings denied that he invested using nonpublic information.

“Everything that we have done is absolutely aboveboard, transparent, legal and ethical,” he said at the time.

https://www.cnbc.com/2017/09/29/price-out-as-trump-health-chief-after-outrage-over-private-jet-flights.html

 

Tom Price Resigns Under Pressure

Tom Price, the health and human services secretary, resigned on Friday. Mr. Price drew criticism for his use of expensive chartered flights, which undermined President Trump’s promise to “drain the swamp” of an entitled capital.

 By CHRIS CIRILLO, GLENN THRUSH and A.J. CHAVAR on Publish DateSeptember 29, 2017. Photo by Doug Mills/The New York Times

.Watch in Times Video »WASHINGTON — Tom Price, the health and human services secretary, resigned under pressure on Friday after racking up at least $400,000 in travel bills for chartered flights and undermining President Trump’s promise to drain the swamp of a corrupt and entitled capital.

Already in trouble with Mr. Trump for months of unsuccessful efforts to repeal and replace President Barack Obama’s health care program, Mr. Price failed to defuse the president’s anger over his high-priced travel by agreeing to pay a portion of the cost and expressing “regret” for his actions.

In a statement, the White House said that Mr. Price “offered his resignation earlier today and the president accepted.”

It said Mr. Trump will tap Don J. Wright of Virginia to serve as acting secretary at midnight Friday. Mr. Wright currently serves as the deputy assistant secretary for health and as director of the Office of Disease Prevention and Health Promotion.

Mr. Price’s resignation came barely an hour after Mr. Trump publicly dressed him down for the second time in a week and said he would decide whether to fire the secretary by the end of the day. “I’m not happy, O.K.?” the president told reporters before boarding a helicopter as he headed to his New Jersey golf club for the weekend. “I can tell you, I’m not happy.”

Mr. Price’s job was on the line ever since the first of a string of reports by Politico on Sept. 19 about his extensive use of charter aircraft. Mr. Trump has fumed privately and publicly about Mr. Price’s actions, fearing that they undercut his promise to rid Washington of the sort of abuses that have soured the public on its political class. The president made clear on Friday that he also saw it as undermining his promise to save the government money, citing efforts to renegotiate contracts.

Mr. Price, a career physician and former congressman who had long opposed Mr. Obama’s Affordable Care Act, had been a point man on the drive to scrap the law. In July, Mr. Trump said he would fire Mr. Price if he did not get the votes for the legislation. “He better get them,” Mr. Trump told an audience with Mr. Price at his side. “Otherwise, I’ll say, ‘Tom, you’re fired.’”

He said it in a jocular fashion, and his audience at the time took it as a jest, but in fact the president has been privately fuming about Mr. Price over the unsuccessful efforts to pass health care legislation in the Senate. The latest effort collapsed this week when enough Republicans defected to deprive Mr. Trump of a majority.

 

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The Pronk Pops Show 973, September 27, 2017, Part 1 of 3 Story 1: The Tiny Timid Trump Tax Reform Resembles Liberal Democratic Party Proposals vs. Fair Tax Less Would Replace All Federal Taxes With A Single Consumption Tax On What You Buy Not What You Earn With A Generous Tax Prebate and Future Government Spending Limited To 90% of Fair Tax Less Revenues — Affordable, Effective, Efficient, Fair, Reasonable, Simple, and Transparent With Progressive Effective Rates Due To A Generous Monthly $1,000 Per Month or $12,000 Per Year Tax Prebate For All Adult American Citizens — American Friendly Not Revenue Neutral — Balanced Budgets With Real Spending Cuts and No More Budget Deficits — Booming Economy With Jobs, Jobs, and Jobs — The Time Is Now or Never For Fair Tax Less — Videos

Posted on September 27, 2017. Filed under: American History, Banking System, Blogroll, Breaking News, Budgetary Policy, College, Communications, Congress, Corruption, Countries, Culture, Defense Spending, Donald J. Trump, Donald J. Trump, Donald Trump, Donald Trump, Economics, Education, Empires, Employment, Fiscal Policy, Foreign Policy, Free Trade, Freedom of Speech, Government Spending, Health, Health Care, Health Care Insurance, History, House of Representatives, Housing, Human Behavior, Independence, Investments, Labor Economics, Lying, Media, Monetary Policy, Progressives, Radio, Raymond Thomas Pronk, Rule of Law, Security, Senate, Social Security, Tax Policy, Taxation, Taxes, Technology, Trade Policy, Unemployment, United States of America, Videos, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Corporations paying fewer taxes

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Part 1 of 3 Story 1: The Tiny Timid Trump Tax Reform Resembles Liberal Democratic Party Proposals vs. Fair Tax Less Would Replace All Federal Taxes With A Single Consumption Tax On What You Buy Not What You Earn With A Generous Tax Prebate and Future Government Spending Limited To 90% of Fair Tax Less Revenues — Affordable, Effective, Efficient, Fair, Reasonable, Simple, and Transparent With Progressive Effective Rates Due To A Generous Monthly $1,000 Per Month or $12,000 Per Year Tax Prebate For All Adult American Citizens — American Friendly Not Revenue Neutral — Balanced Budgets With Real Spending Cuts and No More Budget Deficits — Booming Economy With Jobs, Jobs, and Jobs — The Time Is Now or Never For Fair Tax Less —  Videos


 

The American People Want The FairTax 

Especially The New Improved Version — Fair Tax Less

Demand Fair Tax Less From Your Elected Representatives and President Trump

FairTax: Fire Up Our Economic Engine (Official HD)

Image result for Fair Tax Replaces


Inside the GOP’s tax blueprint

Mulvaney: Impossible to say tax benefit to rich – NEWS TODAY

Mick Mulvaney defends Trump’s Puerto Rico response, tax plan

Treasury secretary on Trump administration’s new tax plan

“IT WOULD BE LIKE HOUDINI!!!” Chuck Todd’s BRILLIANT Takedown of Trump Lackey Steven Mnuchin |News

Newt Gingrich with Martha MacCallum on Donald Trump Tax Reform Plan. #NewtGingrich #TaxReform #POTUS

LIMBAUGH: Trump’s Tax Plan Is NOT A Tax Break For The Rich

Middle Class Will ‘Get Nothing’ In Tax Proposal: Steve Rattner | Morning Joe | MSNBC

What Democrats don’t like about Trump’s tax reform plan

Milton Friedman – Why Tax Reform Is Impossible

🔴 Ep. 287: Pros and Cons of the Trump Tax Plan

Trump pitches tax reform plan to manufacturers

Sen. John Kennedy on Tax Reform

Speaker Ryan Previews Unified Framework for Tax Reform

Trump pushes first tax overhaul since President Reagan

Trump tax reform is very pro-growth: Norquist

Who wins and loses in the GOP’s proposed tax overhaul

President Trump Unveils STUNNING Tax Plan | Full Speech 9/27/17

President Donald Trump unveils his ‘middle class miracle’, a stunning tax plan with three brackets, zero tax on couples’ first $24,000 and a massive corporate rate slash. ‘The largest tax cut in American History.’ MAGA 🇺🇸

Milton Friedman – Is tax reform possible?

Ep. 287: Pros and Cons of the Trump Tax Plan

What Trump’s tax plan could mean for workers and businesses

Trump’s tax plan mirrors Ronald Reagan’s

PRESIDENT TRUMP UNVEILS SWEEPING TAX PLAN

Chuck Schumer SLAMS Trump’s New Tax Reform Plan on his Press Conference 9/27/2017

Inside Politics 09/27/17: TRUMP TAX PLAN COULD COST $5 TRILLION

Rush Limbaugh 09/27/2017 | Trump tax plan isn’t conservative, it’s populist, raises taxes on rich

Hannity: Trump’s tax plan is designed to grow the economy

Analyzing President Trump’s tax plan

Trump Unveils Tax Plan: It’s Mostly Good

Gordon Gray discusses President Trump’s tax plan details jpg

Will Trump’s tax plan deliver the goods on jobs?

What to expect from Trump’s tax plan

Trump Tax Reform Explained

David Stockman: We are heading into an absolute fiscal bloodbath

Keiser Report: America’s Falling Apart (E1123)

$20 Trillion: U.S. Debt Crisis | Peter Schiff and Stefan Molyneux

U.S. Debt Clock

http://www.usdebtclock.org/

Trump’s tax cuts won’t pay for themselves: David Stockman

Congress not likely to tackle tax reform without spending cuts?

Milton Friedman – Why Tax Reform Is Impossible

When Did America Stop Caring About Anything Critical?

When Did America Stop Caring About Anything Critical?

Revenue Neutral

Sen. McConnell to soften on revenue-neutral tax plan: Gasparino

McConnell Seeks Revenue-Neutral Tax Reform This Congress

Rand Paul’s Frustration with “Revenue Neutral” Tax Cuts!


The American People Want The FairTax 

Especially The New Improved Version — Fair Tax Less

Demand Fair Tax Less From Your Elected Representatives and President Trump

FairTax: Fire Up Our Economic Engine (Official HD)

Image result for Fair Tax Replaces

 

FairTax or Fair Tax Less — It Is Time

Bill Gates: Don’t tax my income, tax my consumption

Flat Tax vs. National Sales Tax

Why is the FairTax better than a flat income tax?

Freedom from the IRS! – FairTax Explained in Detail

Congressman Pence – FairTax and FlatTax

Pence on the Fair Tax

Congressman Woodall Discusses the FairTax

Rob Woodall Floor Speech: The FairTax will bring jobs back to America

Rep. Woodall Discusses FairTax with Colleagues on House Floor

The Fair Tax

Congressman King Speaks in Favor of FairTax

Rep. Woodall Discusses FairTax on House Floor

Sen. Moran Discusses FairTax Legislation on U.S. Senate Floor

Why is the FairTax better than other tax reform efforts?

AIRtax-What is It? Replaces income tax and payroll tax with sales tax

Why is the FairTax better than a flat income tax?

What is the FairTax legislation?

Does the FairTax protect privacy and other civil liberties?

How is the FairTax collected?

How does the FairTax affect the economy?

How does the FairTax impact interest rates?

Are any significant economies funded by a sales tax?

Is consumption a reliable source of revenue?

How will used goods be taxed?

What assumptions does the FairTax make about government spending?

Will the FairTax lead to a massive underground economy?

Can’t Americans just cross the border to avoid the FairTax

Will the FairTax drive the economy down if people stop buying?

How does the FairTax impact savings?

How does the FairTax impact the middle class?

How will the FairTax impact seniors?

How will Social Security payments be calculated under the FairTax?

How will the FairTax impact people who don’t file income taxes?

How will the FairTax help people who don’t hire an accountant?

How does the FairTax affect compliance costs?

How does the FairTax impact tax free bonds?

What will happen to cities who depend on tax free bonds?

What is the impact of the FairTax on business?

How does the FairTax impact retailers?

How does the FairTax affect tax preparers and CPAs?

Will the FairTax tax services?

Can I pretend to be a business to avoid the sales tax?

If people bring home their whole paychecks how can prices fall?

What is the Prebate?

How does the “prebate” work?

Is the FairTax truly progressive?

Wouldn’t it be more fair to exempt food and medicine from the FairTax?

How is the FairTax different from a Value Added Tax (VAT)?

Is it fair for rich people to get the same prebate as poor people?

Will the prebate create a massive new entitlement system?

How does the FairTax impact the middle class?

How do we keep exemptions and exclusions from undermining the FairTax?

How does the FairTax impact charitable giving?

Will the FairTax hurt home ownership with no mortgage interest deduction?

Will bartering present a compliance problem under the FairTax?

How does the FairTax affect illegal immigration?

How does the FairTax rate compare to today’s?

Wouldn’t it be more fair to exempt food and medicine from the FairTax?

Is education taxed under the FairTax?

Will government pay taxes under the FairTax?

How can you tax life saving medical treatment?

Will the FairTax hurt home ownership with no mortgage interest deduction?

What will the transition be like from the income tax to the FairTax?

Isn’t it a stretch to say the IRS will go away?

The Fair Tax – It’s Time

FairTax Prebate Explained

The FairTax… For a better America

Is the Fair Tax Act Fair?

Is America’s Tax System Fair?

Sen. Moran Discusses FairTax Legislation on U.S. Senate Floor

Pence on the Fair Tax

#30 The FAIRtax and President Elect Trump

Elvis Presley – It`s Now Or Never 1960

Elvis – It’s Now Or Never (O Sole Mio)

Elvis Presley – My Way (High Quality)

Frank Sinatra .My Way

Trump’s tax plan is ALREADY in trouble with his own party as plan to axe state and local tax deduction comes under fire from Republicans

  • The White House’s tax plan proposes to raise $1 trillion over 10 years by eliminating the deduction for the state and local income taxes people pay
  • That’s drawing howls of protest from Republicans whose states charge high income tax rates
  • Seven states have no income taxes, meaning their citizens wouldn’t be affected
  • But some states charge up to 13.3 per cent on top of federal taxes
  • A family in Los Angeles earning $100,000 would have to fork over roughly an additional $1,800 to Washington if the longstanding deduction goes away
  • Trump is pitching his tax plan to the National Association of Manufacturers on Friday 

As President Trump prepares to sell his tax plan to the nation’s manufacturing lobby on Friday, his best-laid tax plans have already drawn objections from some fellow Republicans who are fuming over the decision to end deductions for state and local income taxes.

The situation will pit the White House against members of Congress from states that pile high income taxes on top of what the federal government takes from paychecks.

High-income Californians, for instance, pay as much as 13.3 per cent of their income to the state in addition to their federal taxes. New Yorkers can pay up to 8.82 per cent.

Just seven U.S. states have no personal income taxes, including Texas, Florida and Nevada.

As President Trump pushes his tax plan, House Ways and Means chairman Kevin Brady (right) says he'll listen to congressmen from states that would be affected most if citizens lose deductions for state and local income taxes

 

 

 

 

 

 

 

 

 

 

 

As President Trump pushes his tax plan, House Ways and Means chairman Kevin Brady (right) says he’ll listen to congressmen from states that would be affected most if citizens lose deductions for state and local income taxes

State income tax rates vary widely; seven states (in gray) don't collect any, and the highest rates (dark blue) can go as high as 13.3 per cent

State income tax rates vary widely; seven states (in gray) don’t collect any, and the highest rates (dark blue) can go as high as 13.3 per cent

Under the Trump tax reform plan, a family earning $100,000 in Los Angeles pays about $6,000 in state and local income taxes. Losing the ability to deduct that expense would cost the hypothetical taxpayers around $1,800.

The GOP is working on a way to pacify legislators whose constituents would wind up paying more.

‘The members with concerns from high-tax states have to be accommodated,’ Illinois Republican Rep. Peter Roskam told The Wall Street Journal. Roskam is a senior member of the powerful House Ways and Means Committee.

‘So, you can imagine a soft landing on this that creative people are putting much time and energy into.’

The White House has shown no sign that it’s willing to budge on eliminating the deduction for state and local taxes since it would bring in about $1 trillion over a 10-year period.

With the prospect of persuading Democrats to go along with a new tax play already slim, the GOP will need every Republican vote it can get.

The Journal reports that the nine states whose citizens use the deduction, measured as a percentage of income, are represented by 33 House Republicans.

If Republicans lose more than 22 votes, Trump’s tax plan is effective dead.

Ways and Means member Peter Roskam, and Illinois Republican, says tax code-writers are finding a 'soft landing' for states that pay the most income tax to their local governments

Ways and Means member Peter Roskam, and Illinois Republican, says tax code-writers are finding a ‘soft landing’ for states that pay the most income tax to their local governments

White House chief economic adviser Gary Cohn briefed the press at the White House on Thursday but wouldn't promise that every middle-class U.S. family would get a tax cut

White House chief economic adviser Gary Cohn briefed the press at the White House on Thursday but wouldn’t promise that every middle-class U.S. family would get a tax cut

APRIL 13, 2016

High-income Americans pay most income taxes, but enough to be ‘fair’?

Corporations paying fewer taxes

 

 

 

 

 

 

 

 

 

 

 

Tax-deadline season isn’t many people’s favorite time of the year, but most Americans are OK with the amount of tax they pay. It’s what other people pay, or don’t pay, that bothers them.

Just over half (54%) of Americans surveyed in fall by Pew Research Center said they pay about the right amount in taxes considering what they get from the federal government, versus 40% who said they pay more than their fair share. But in a separate 2015 surveyby the Center, some six-in-ten Americans said they were bothered a lot by the feeling that “some wealthy people” and “some corporations” don’t pay their fair share.

It’s true that corporations are funding a smaller share of overall government operations than they used to. In fiscal 2015, the federal government collected $343.8 billion from corporate income taxes, or 10.6% of its total revenue. Back in the 1950s, corporate income tax generated between a quarter and a third of federal revenues (though payroll taxes have grown considerably over that period).

Nor have corporate tax receipts kept pace with the overall growth of the U.S. economy. Inflation-adjusted gross domestic product has risen 153% since 1980, while inflation-adjusted corporate tax receipts were 115% higher in fiscal 2015 than in fiscal 1980, according to the Bureau of Economic Analysis. There have been a lot of ups and downs over that period, as corporate tax receipts tend to rise during expansions and drop off in recessions. In fiscal 2007, for instance, corporate taxes hit $370.2 billion (in current dollars), only to plunge to $138.2 billion in 2009 as businesses felt the impact of the Great Recession.

Corporations also employ battalions of tax lawyers to find ways to reduce their tax bills, from running income through subsidiaries in low-tax foreign countries to moving overseas entirely, in what’s known as a corporate inversion (a practice the Treasury Department has moved to discourage).

But in Tax Land, the line between corporations and people can be fuzzy. While most major corporations (“C corporations” in tax lingo) pay according to the corporate tax laws, many other kinds of businesses – sole proprietorships, partnerships and closely held “S corporations” – fall under the individual income tax code, because their profits and losses are passed through to individuals. And by design, wealthier Americans pay most of the nation’s total individual income taxes.

Wealthy pay more in taxes than poorIn 2014, people with adjusted gross income, or AGI, above $250,000 paid just over half (51.6%) of all individual income taxes, though they accounted for only 2.7% of all returns filed, according to our analysis of preliminary IRS data. Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than $50,000 accounted for 62.3% of all individual returns filed, but they paid just 5.7% of total taxes. Their average tax rate was 4.3%.

The relative tax burdens borne by different income groups changes over time, due both to economic conditions and the constantly shifting provisions of tax law. For example, using more comprehensive IRS data covering tax years 2000 through 2011, we found that people who made between $100,000 and $200,000 paid 23.8% of the total tax liability in 2011, up from 18.8% in 2000. Filers in the $50,000-to-$75,000 group, on the other hand, paid 12% of the total liability in 2000 but only 9.1% in 2011. (The tax liability figures include a few taxes, such as self-employment tax and the “nanny tax,” that people typically pay along with their income taxes.)

All told, individual income taxes accounted for a little less than half (47.4%) of government revenue, a share that’s been roughly constant since World War II. The federal government collected $1.54 trillion from individual income taxes in fiscal 2015, making it the national government’s single-biggest revenue source. (Other sources of federal revenue include corporate income taxes, the payroll taxes that fund Social Security and Medicare, excise taxes such as those on gasoline and cigarettes, estate taxes, customs duties and payments from the Federal Reserve.) Until the 1940s, when the income tax was expanded to help fund the war effort, generally only the very wealthy paid it.

Since the 1970s, the segment of federal revenues that has grown the most is the payroll tax – those line items on your pay stub that go to pay for Social Security and Medicare. For most people, in fact, payroll taxes take a bigger bite out of their paycheck than federal income tax. Why? The 6.2% Social Security withholding tax only applies to wages up to $118,500. For example, a worker earning $40,000 will pay $2,480 (6.2%) in Social Security tax, but an executive earning $400,000 will pay $7,347 (6.2% of $118,500), for an effective rate of just 1.8%. By contrast, the 1.45% Medicare tax has no upper limit, and in fact high earners pay an extra 0.9%.

All but the top-earning 20% of American families pay more in payroll taxes than in federal income taxes, according to a Treasury Department analysis.

Still, that analysis confirms that, after all federal taxes are factored in, the U.S. tax system as a whole is progressive. The top 0.1% of families pay the equivalent of 39.2% and the bottom 20% have negative tax rates (that is, they get more money back from the government in the form of refundable tax credits than they pay in taxes).

Of course, people can and will differ on whether any of this constitutes a “fair” tax system. Depending on their politics and personal situations, some would argue for a more steeply progressive structure, others for a flatter one. Finding the right balance can be challenging to the point of impossibility: As Jean-Baptiste Colbert, Louis XIV’s finance minister, is said to have remarked: “The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.”

Note: This is an update of an earlier post published March 24, 2015.

http://www.pewresearch.org/fact-tank/2016/04/13/high-income-americans-pay-most-income-taxes-but-enough-to-be-fair/

Distrust of Senate grows within GOP

A day after the GOP presented a united front around the rollout of President Trump’s tax plan, House Republicans are expressing deep reservations about the Senate’s ability to get the job done.

Lawmakers stung over the failure to pass ObamaCare repeal worry the same fate could befall the tax measure if a handful of senators raise objections.

Donald Trump won with an electoral landside and his three big campaign points were ObamaCare repeal, tax reform and border security. For a handful of senators to derail that agenda is very frustrating,” said Rep. Blake Farenthold (R-Texas).

Rep. Tom Cole (R-Okla.), who is close to the House GOP leadership, says colleagues are frustrated with a handful of senators “overruling the will of the entire House.”

“We do need to see them step up and actually deliver for a change. We have over 200 bills sitting stalled over there. They haven’t been able to deliver on [health care] reform and they all ran on it and now we have a do-or-die moment on tax reform,” he said.

There’s also a sense among House Republicans that their Senate brethren aren’t under the same pressure to get results — perhaps because the GOP’s majority in the Senate is seen as safer in the 2018 midterm elections than the House majority.

“They put our majority in jeopardy with their failure on health care, more than they did their own,” Cole said.

While Republicans have a bigger majority in the House than in the Senate, the political map favors the Senate GOP in 2018.

Republicans only have to defend nine seats next year, and only one — held by Sen. Dean Heller (R-Nev.) — is in a state won by 2016 Democratic presidential nominee Hillary Clinton. Democrats are defending more than 20 seats, including 10 in states won by Trump.

In the House, Republicans represent 23 districts carried by Clinton, just shy of what Democrats would need to win to take back the majority.

Republicans are excited about moving to tax reform, and Trump’s plan received enthusiastic support at a half-day private retreat the House GOP held Wednesday to review it.

The president’s proposals to eliminate the estate tax and the alternative minimum tax received ovations.

But the mood turned more somber when Rep. Bruce Poliquin (R-Maine) stood up to ask if the Senate could be counted on to pass tax legislation, according to people familiar with the meeting.

A spokesman for Poliquin did not respond to a request for comment.

“A lot of House members trust a lot of senators to introduce their own tax reform bills,” said Rep. Steve King (R-Iowa), alluding to how senators seek to show independence by offering their own bills.

House Republicans say they can easily see GOP Sens. Susan Collins(Maine), John McCain (Ariz.) and Lisa Murkowski (Alaska), who all voted against a slimmed-down ObamaCare repeal bill in July, bucking the leadership again.SPONSORED BY NEXT ADVISOR

“I do not understand what motivates John McCain,” King said. “I don’t know what goes on in the minds of folks from Maine.”

Earlier this year, in an illustration of the frustration House Republicans hold for the Senate hold-outs, Farenthold joked about challenging Collins to a duel. He later apologized.

McCain later told The Hill that the health-care bill was doomed because it’s virtually impossible to tackle something as huge as reform as health care on a partisan basis.

“If you’re going to pass a major reform, you got to have bipartisan support,” he said.

Speaker Paul Ryan (R-Wis.) is making the case that Senate Republicans are more likely to come through on tax reform because McConnell and Senate Finance Committee Chairman Orrin Hatch (R-Utah) have already negotiated a tax reform framework with the administration and House leaders.

“What we did differently in this go around is we spent the last four months basically working together, the Senate Finance Committee, the House Ways and Means Committee and the White House, making sure that we’re on the same page,” Ryan told CNBC’s “Squawk Box” on Thursday morning.

Ryan explained that leaders made sure they did “the hard lifting, the tough work ahead of schedule, ahead of rollout.”

But he also acknowledged that House Republicans have just about run out of patience with the Senate after the collapse of health care reform this week.

“We’re really frustrated. Look, we passed 373 bills here in the House — 270-some are still in the Senate,” he said.

Already there are doubts that Senate Republicans will stick to the plan on taxes.

Hatch, who heads the Senate’s tax writing panel, told reporters Thursday afternoon that he would like to keep in place the deduction for state and local taxes, which the administration wants to eliminate to provide revenue for lower rates.

A spokeswoman for the Finance Committee said, “Chairman Hatch recognizes that every major provision within the tax code has an important constituency and consequence.”

http://thehill.com/homenews/senate/352999-distrust-of-senate-grows-within-gop

Key Findings

  • This year, Tax Freedom Day falls on April 23rd, 113 days into the year.
  • Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.
  • Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of more than $5.1 trillion, or 31 percent of the nation’s income.
  • Americans will collectively spend more on taxes in 2017 than they will on food, clothing, and housing combined.
  • If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 14 days later, on May 7.

What Is Tax Freedom Day?

Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. Tax Freedom Day takes all federal, state, and local taxes—individual as well as payroll, sales and excise, corporate and property taxes—and divides them by the nation’s income. In 2017, Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total tax bill of $5.1 trillion, or 31 percent of national income. This year, Tax Freedom Day falls on April 23, 113 days into the year.

What Taxes Do We Pay?

This year, Americans will work the longest—46 days—to pay federal, state, and local individual income taxes. Payroll taxes will take 26 days to pay, followed by sales and excise taxes (15 days), corporate income taxes (10 days), and property taxes (10 days). The remaining six days are spent paying estate and inheritance taxes, customs duties, and other taxes.

When Is Tax Freedom Day if You Include Federal Borrowing?

Since 2002, federal expenses have surpassed federal revenues, with the budget deficit exceeding $1 trillion annually from 2009 to 2012. In calendar year 2017, the deficit is expected to shrink slightly, from $657 billion to $612 billion. If we include this annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur on May 7, 14 days later. The latest ever deficit-inclusive Tax Freedom Day occurred during World War II, on May 25, 1945.

When Is My State’s Tax Freedom Day?

The total tax burden borne by residents across states varies considerably due to differing tax policies and the progressivity of the federal tax system. This means that states with higher incomes and higher taxes celebrate Tax Freedom Day later: Connecticut (May 21), New Jersey (May 13), and New York (May 11). Residents of Mississippi bear the lowest average tax burden in 2017, with their Tax Freedom Day having arrived on April 5. Also early were Tennessee (April 7) and South Dakota (April 8).

2017 Tax Freedom Day - State Dates

How Has Tax Freedom Day Changed over Time?

The latest ever Tax Freedom Day was May 1, 2000; in that year, Americans paid 33 percent of their total income in taxes. A century earlier, in 1900, Americans paid only 5.9 percent of their income in taxes, so that Tax Freedom Day came on January 22.

Tax Freedom Day Over Time

Methodology

In the denominator, we count every dollar that is officially part of net national income according to the Department of Commerce’s Bureau of Economic Analysis. In the numerator, we count every payment to the government that is officially considered a tax. Taxes at all levels of government—federal, state, and local—are included in the calculation. In calculating Tax Freedom Day for each state, we look at taxes borne by residents of that state, whether paid to the federal government, their own state or local governments, or governments of other states. Where possible, we allocate tax burdens to each taxpayer’s state of residence. Leap days are excluded, to allow comparison across years, and any fraction of a day is rounded up to the next calendar day

https://taxfoundation.org/publications/tax-freedom-day/

Feds Collect Record Taxes Through August; Still Run $673.7B Deficit

By Terence P. Jeffrey | September 13, 2017 | 4:28 PM EDT

(CNSNews.com) – The federal government collected record total tax revenues through the first eleven months of fiscal 2017 (Oct. 1, 2016 through the end of August), according to the Monthly Treasury Statement.

Through August, the federal government collected approximately $2,966,172,000,000 in total tax revenues.

That was $8,450,680,000 more (in constant 2017 dollars) than the previous record of $2,957,721,320,000 in total tax revenues (in 2017 dollars) that the federal government collected in the first eleven months of fiscal 2016.

At the same time that the federal government was collecting a record $2,966,172,000,000 in tax revenues, it was spending $3,639,882,000,000—and, thus, running a deficit of $673,711,000,000.

Individual income taxes have provided the largest share (47.9 percent) of federal revenues so far this fiscal year. From Oct. 1 through the end of August, the Treasury collected $1,421,997,000,000 in individual income taxes.

Payroll taxes provided the second largest share (35.9 percent), with the Treasury collecting $1,065,751,000,000 in these taxes.

The $233,631 in corporate income taxes collected in the first eleven months of fiscal 2017 equaled only 8.6 percent of total tax collections.

The $21,172,000,000 collected in estate and gift taxes equaled only 0.71 percent of total taxes collected this fiscal year.

(Tax revenues were adjusted to constant 2017 using the Bureau of Labor Statistics inflation calculator.)

The Latest: State legislatures ‘dismayed’ by GOP tax plan

WASHINGTON (AP) — The Latest on the Republican plan to overhaul the tax code (all times local):

4:40 p.m.

An organization that advocates for state legislatures says it’s “dismayed” the Republican tax cut proposal unveiled Wednesday would do away with a deduction for state and local taxes paid.

The National Conference of State Legislatures says the deduction has existed in the federal tax code since its inception. The group says “tens of millions of middle-class taxpayers of every political affiliation” would experience a greater tax burden if the deduction were eliminated.

The group says the deduction’s elimination will also impede states in their efforts to invest in education and other public services.

About a third of tax filers itemize deductions on their federal income tax returns. The Tax Policy Center says virtually all who do claim a deduction for state and local taxes paid.

___

4:10 p.m.

President Donald Trump is issuing a warning shot to Indiana’s Democratic senator: Support my tax overhaul or I’ll campaign against you next year.

Trump says at a tax event in Indiana that if Sen. Joe Donnelly doesn’t approve the plan, “we will come here and we will campaign against him like you wouldn’t believe.”

But Trump is predicting that numerous Democrats will come across the aisle and support his plan “because it’s the right thing to do.”

The president has made overtures to Democratic senators like Claire McCaskill of Missouri and Heidi Heitkamp of North Dakota in recent weeks. All three are facing re-election in 2018.

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4 p.m.

Small business advocates are split over the draft of the new Republican tax plan.

The National Federation of Independent Business is praising the proposal to tax business income at 20 percent — including sole proprietors whose business income is taxed at individual rates up to 39.6 percent.

The Small Business & Entrepreneurship Council says the plan would simplify business taxes, encourage business investment and increase owners’ confidence.

But the Small Business Majority says the plan wouldn’t help most small companies, and the current top rate is paid by less than 2 percent of those businesses.

And John O’Neill, a tax analyst at the American Sustainable Business Council, says tax reform isn’t as useful to the economy as investing in infrastructure and education.

President Donald Trump is calling the current tax system a “relic” and a “colossal barrier” that’s standing in the way of the nation’s economic comeback.

Trump says at an event in Indianapolis that his tax proposal will help middle-class families save money and will eliminate loopholes that benefit the wealthy.

Trump says the wealthy “can call me all they want. It’s not going to help.” The billionaire president says he’s “doing the right thing. And it’s not good for me, believe me.”

The president says under his plan, “the vast majority of families will be able to file their taxes on a single sheet of paper.”

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3:40 p.m.

President Donald Trump is making the case for a sweeping plan to overhaul the tax system for individuals and corporations. He calls it a “once in a generation” opportunity to cut taxes.

The president says in Indiana that he wants to cut taxes for middle-class families to make the system simpler and fairer.

Trump says his tax plan will “bring back the jobs and the wealth that have left our country.” He says it’s time for the nation to fight for American workers.

He’s praising his vice president, Mike Pence, Indiana’s former governor. Trump says, “it’s time for Washington to learn from the wisdom of Indiana.”

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2:52 p.m.

A budget watchdog group in Washington says the new GOP tax plan could cost $2.2 trillion over the next 10 years.

The Committee for a Responsible Federal Budget admits its estimate is very preliminary since so many details are unclear, but its take is that the plan contains about $5.8 trillion in tax cuts but only $3.6 trillion worth of offsetting tax increases. That $2.2 trillion would be added to the nation’s $20 trillion debt.

That’s more than the $1.5 trillion debt cost that has emerged in a deal among Senate Republicans.

Republicans controlling Congress initially promised that the overhaul of the tax code wouldn’t add to the debt. The group also notes that the $2.2 trillion cost could grow by another $500 billion when interest costs are added in.

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1:54 p.m.

President Donald Trump says he’s always wanted to reduce the corporate tax rate to 20 percent — even though he said repeatedly he wanted to see it lowered to 15 percent.

Trump told reporters as he departed Washington for Indiana on Wednesday afternoon that a 20 percent rate was his “red line” and that it had always been his goal.

“In fact, I wanted to start at 15 so that we got 20,” he said, adding: “20′s my number.”

Trump also denies the plan unveiled by the White House and congressional Republicans Wednesday would benefit the wealthy.

He says: “I think there’s very little benefit for people of wealth.”

Under the plan, corporations would see their top tax rate cut from 35 percent to 20 percent.

____

1:37 p.m.

A vocal group of the most conservative House Republicans has come out in support of a draft tax plan endorsed by both President Donald Trump and top congressional GOP leaders.

The House Freedom Caucus endorsement is noteworthy because it could ease House passage of a budget plan that’s the first step to advancing the tax cut measure through Congress.

The group says the outline will allow workers to “keep more of their money,” while simplifying the loophole-choked tax code and making U.S. companies more competitive with their foreign rivals.

The group had held up action on the budget measure as they demanded more details on taxes.

_____

11:21 a.m.

President Donald Trump has two red lines that he refuses to cross on overhauling taxes: the corporate rate must be cut to 20 percent and the savings must go to the middle class.

Gary Cohn, the president’s top economics aide, says any overhaul signed by the president needs to include these two elements.

Trump had initially pushed for cutting the 39.6 percent corporate tax rate to 15 percent.

The administration says that the benefits of any tax cut will not favor the wealthy, with Cohn saying that an additional tax bracket could be added to levy taxes on the top one percent of earners if needed.

_____

11:20 a.m.

The Senate’s top Democrat is blasting a new tax cut plan backed by President Donald Trump as a giveaway to the rich.

Sen. Chuck Schumer says Trump’s plan only gives “crumbs” to the middle class, while top-bracket earners making more than a half-million dollars a year would reap a windfall.

The New York Democrat also blasted the plan for actually increasing the bottom tax rate from 10 percent to 12 percent, calling it a “punch to the gut of working Americans.”

Schumer said the plan is little more than an “across-the-board tax cut for America’s millionaires and billionaires.”

The plan, to be officially released Wednesday afternoon, is the top item on Washington’s agenda after the GOP failure to repeal the Obama health care law.

_____

9:53 a.m.

A new Republican blueprint for overhauling the U.S. tax code employs the themes of economic populism that President Donald Trump trumpeted during the presidential campaign to win support from working-class voters.

A copy of the plan to be released later Wednesday says, “Too many in our country are shut out of the dynamism of the U.S. economy.” That’s led to what the plans says is “the justifiable feeling that the system is rigged against hardworking Americans.”

The plan, obtained by The Associated Press, says the Trump administration and Congress “will work together to produce tax reform that will put America first.”

The GOP plan for the first major rewrite of the U.S. tax code in 30 years also says corporations will be stopped from shipping jobs and capital overseas.

_____

9:20 a.m.

President Donald Trump and congressional Republicans are proposing a tax plan that they say will be simple and fair.

In a document obtained by The Associated Press on Wednesday, they outline a blueprint for almost doubling the standard deduction for married taxpayers filing jointly to $24,000, and $12,000 for individuals.

The plan calls for cutting the corporate tax rate from 35 percent to 20 percent. The GOP proposal also calls for reducing the number of tax brackets from seven to three with a surcharge on the wealthiest Americans.

The plan also leaves intact the deduction for mortgage interest and charitable deductions.

The White House and Republicans plan a formal roll out later Wednesday.

__

4:26 a.m.

President Donald Trump and congressional Republicans are rolling out a sweeping plan to cut taxes for individuals and corporations, simplify the tax system, and likely double the standard deduction used by most Americans.

Months in the making, the plan meets a political imperative for Republicans to deliver an overhaul of the U.S. tax code after the failure of the health care repeal.

The public reveal of the plan was set for Wednesday. The day before, details emerged on Capitol Hill while Trump personally appealed to House Republicans and Democrats at the White House to get behind his proposal.

https://apnews.com/f609602269d54524aa14e1d9c74ec97c

 

President Trump spoke about his administration’s tax reform plan in Indianapolis on Wednesday.CreditTom Brenner/The New York Times

WASHINGTON — The tax plan that the Trump administration outlined on Wednesday is a potentially huge windfall for the wealthiest Americans. It would not directly benefit the bottom third of the population. As for the middle class, the benefits appear to be modest.

The administration and its congressional allies are proposing to sharply reduce taxation of business income, primarily benefiting the small share of the population that owns the vast majority of corporate equity. President Trump said on Wednesday that the cuts would increase investment and spur growth, creating broader prosperity. But experts say the upside is limited, not least because the economy is already expanding.

The plan would also benefit Mr. Trump and other affluent Americans by eliminating the estate tax, which affects just a few thousand uber-wealthy families each year, and the alternative minimum tax, a safety net designed to prevent tax avoidance.

The precise impact on Mr. Trump cannot be ascertained because the president refuses to release his tax returns, but the few snippets of returns that have become public show one thing clearly: The alternative minimum tax has been unkind to Mr. Trump. In 2005, it forced him to pay $31 million in additional taxes.

Mr. Trump has also pledged repeatedly that the plan would reduce the taxes paid by middle-class families, but he has not provided enough details to evaluate that claim. While some households would probably get tax cuts, others could end up paying more.

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The plan would not benefit lower-income households that do not pay federal income taxes. The president is not proposing measures like a reduction in payroll taxes, which are paid by a much larger share of workers, nor an increase in the earned-income tax credit, which would expand wage support for the working poor.

Indeed, to call the plan “tax reform” seems like a stretch — Mr. Trump himself told conservative and evangelical leaders on Monday that it was more apt to refer to his plan as “tax cuts.” Mr. Trump’s proposal echoes the large tax cuts that President Ronald Reagan, in 1981, and President George W. Bush, in 2001, passed in the first year of their terms, not the 1986 overhaul of the tax code that he often cites. Like his Republican predecessors, Mr. Trump says cutting taxes will increase economic growth.

Photo

The public portion of the debt equaled 24 percent of the gross domestic product in 1981 when President Ronald Reagan signed a tax cut at his vacation home near Santa Barbara, Calif. In June of this year, the debt equaled 75 percent of economic output. CreditAssociated Press

“It’s time to take care of our people, to rebuild our nation and to fight for our great American workers,” Mr. Trump told a crowd in Indianapolis.

But the moment is very different. Mr. Reagan and Mr. Bush cut taxes during recessions. Mr. Trump is proposing to cut taxes during one of the longest economic expansions in American history. It is not clear that the economy can grow much faster; the Federal Reserve has warned that it will seek to offset any stimulus by raising interest rates.

At the time of the earlier cuts, the federal debt was considerably smaller. The public portion of the debt equaled 24 percent of the gross domestic product in 1981, and 31 percent in 2001. In June, the debt equaled 75 percent of economic output.

The Trump administration insists that its tax cut will catalyze such an economic boom that money will flow into the federal coffers and the debt will not rise. The Reagan and Bush administrations made similar claims. The debt soared in both instances.

Another issue: Both Mr. Bush and Mr. Reagan proposed to cut taxes when federal revenues had climbed unusually high as a share of the national economy.

Mr. Trump wants to cut taxes while revenues are close to an average level.

Since 1981, federal revenue has averaged 17.1 percent of the nation’s gross domestic product, while federal spending has averaged 20.3 percent.

Last year’s numbers were close to the long-term trend: Federal revenue was 17.5 percent of gross domestic product; spending was 20.7 percent.

Martin Feldstein, a Harvard University economics professor and a longtime adviser to Republican presidents, said that the moment was not perfect, but that Mr. Trump should nevertheless press ahead because the changes would be valuable.

“The debt is moving in the wrong direction,” Mr. Feldstein said. “But the tax reform is moving in the right direction.”

Proponents of the plan assert that the largest benefits are indirect. In particular, they argue that cutting corporate taxes will unleash economic growth.

Mr. Trump’s plan is more focused on business tax cuts than the Reagan and Bush plans, and economists agree that this makes economic gains more likely.

The key elements are large reductions in the tax rates for business income: To 20 percent for corporations, and to 25 percent for “pass-through” businesses, a broad category that includes everything from mom-and-pop neighborhood shops to giant investment partnerships, law firms — and real estate developers.

The plan also lets businesses immediately deduct the full cost of new investments.

“You’re going to get a boost in investment,” said William Gale, co-director of the nonpartisan Tax Policy Center. “It’s hard to argue that there won’t be a positive effect.”

But Mr. Gale added that there are reasons to think it would be modest.

The most important is that the economy is already growing at a faster pace than the Fed considers sustainable. “Economy roaring,” Mr. Trump tweeted on Wednesday.

Photo

After President George W. Bush’s 2001 tax cuts, the wealthiest Americans paid 34.7 percent of their income in taxes, while Americans in the middle income brackets paid 16.1 percent. CreditRon Edmonds/Associated Press

Also, interest rates are low, and nonfinancial companies are sitting on $1.84 trillion that they don’t want to spend. “It’s not lack of funds that’s stopping companies from investing,” Mr. Gale said.

And the stimulus would come at the cost of increased federal borrowing. Interest rates might not rise if foreigners provide the necessary money, as happened in the 1980s and the 2000s, but that means some of the benefits also end up abroad.

It’s a venerable principle that lower tax rates encourage corporate investment. But a study of a 2003 cut in the tax rate on corporate dividendsfound no discernible impact on investment. The finding would not have surprised Mr. Bush’s Treasury secretary at the time, Paul O’Neill, who was fired for opposing the plan. “You find somebody who says, ‘I do more R & D because I get a tax credit for it,’ you’ll find a fool,” Mr. O’Neill, a former Alcoa chairman, said at the time.

Mr. Trump’s plan also continues a long-term march away from progressive taxation. The federal income tax is the centerpiece of a longstanding bipartisan consensus that wealthy Americans should pay an outsize share of the cost of government.

But successive rounds of tax cuts have eroded that premise, according to research by the economists Thomas Piketty of the Paris School of Economics and Emmanuel Saez of the University of California at Berkeley. In 1980, the wealthiest Americans paid 59 percent of their income in taxes while the middle 20 percent of Americans paid 24.5 percent. After the Bush tax cuts, the wealthiest Americans paid 34.7 percent of their income in taxes, while Americans in the middle income brackets paid 16.1 percent.

Under President Barack Obama, Congress increased taxation of upper-income households. Mr. Trump is seeking to resume the long-term trend toward flattening the curve. Upper-income households would get large tax cuts; lower-income households would get none.

The exact impact on the middle class is not yet clear. The outline released Wednesday proposes new tax brackets but does not specify income thresholds. It also proposes to replace the current tax deduction for each dependent with a child tax credit — but the administration did not propose a dollar amount for that new credit.

 

The administration said Wednesday that it was committed “to ensure that the reformed tax code is at least as progressive as the existing tax code.” That language, however, applies only to personal income taxes. The proposed reduction of business taxes and the elimination of the estate tax would both disproportionately benefit wealthy Americans.

“I don’t think there’s any way to justify this as a progressive proposal,” said Lily Batchelder, a law professor at New York University who served as deputy director of Mr. Obama’s National Economic Council. “In broad brush strokes, they’re doing nothing for the bottom 35 percent, they’re doing very little and possibly raising taxes on the middle class, and they’ve specified tax cuts for the wealthy.”

 

Tax reform: Trump, GOP mull surcharge on wealthy, doubling standard deduction

President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)(<cite>Evan Vucci</cite>)
President Donald Trump speaks during a meeting with members of the House Ways and Means committee in the Roosevelt Room of the White House, Tuesday, Sept. 26, 2017, in Washington. (AP Photo/Evan Vucci)(Evan Vucci)

WASHINGTON (AP) — President Donald Trump and congressional Republicans are considering an income tax surcharge on the wealthy and doubling the standard deduction given to most Americans, with the GOP under pressure to overhaul the tax code after the collapse of the health care repeal.

On the eve of the grand rollout of the plan, details emerged on Capitol Hill on Tuesday while Trump personally appealed to House Republicans and Democrats at the White House to get behind his proposal.

“We will cut taxes tremendously for the middle class. Not just a little bit but tremendously,” Trump said as he met with members of the tax-writing Ways and Means Committee. He predicted jobs “will be coming back in because we have a non-competitive tax structure right now and we’re going to go super competitive.”

Among the details: repeal of the tax on multimillion-dollar estates, a reduction in the corporate rate from 35 percent to 20 percent and potentially four tax brackets, down from the current seven. The current top rate for individuals, those earning more than $418,000 a year, is 39.6 percent.

The goal is a more simple tax code that would spur economic growth and make U.S. companies more competitive. Delivering on the top legislative goal will be crucial for Republicans intent on holding onto their majorities in next year’s midterm elections.

The tax overhaul plan assembled by the White House and GOP leaders, which would slash the rate for corporations, aims at the first major revamp of the tax system in three decades. It would deliver a major Trump campaign pledge.

The outlines of the plan were described by GOP officials who demanded anonymity to disclose private deliberations.

The plan would likely cut the tax rate for the wealthiest Americans from 39.6 percent to 35 percent. A new surcharge on wealthy taxpayers might soften the appearance of the wealthiest Americans and big corporations benefiting from generous tax cuts.

Republicans already were picking at the framework, pointing up how divisions within GOP ranks can complicate efforts to overhaul taxes as has happened with the series of moves to repeal the Obama health care law.

Details of the proposal crafted behind closed doors over months by top White House economic officials, GOP congressional leaders and the Republican heads of tax-writing panels in the House and Senate were set to be released Wednesday. Trump and the Republicans were putting the final touches on the plan when the Democrats were brought in. A senior Democrat saw it as the opening of negotiations.

Trump had previously said he wanted a 15 percent rate for corporations, but House Speaker Paul Ryan has called that impractically low and has said it would risk adding to the soaring $20 trillion national debt.

Trump said Tuesday some of the components included doubling the standard deduction used by families and increasing the child tax credit. He said the majority of Americans would be able to file their taxes on a single page. “We must make our tax code simple and fair. It’s too complicated,” Trump said.

Some conservative GOP lawmakers, meanwhile, dug their heels in on the shape of the plan.

Rep. Mark Meadows, head of the House Freedom Caucus, said he’d vote against tax legislation if it provided for a corporate tax rate over 20 percent, a rate for small businesses higher than 25 percent, or if it fails to call for a doubling of the standard deduction.

“That’s the red line for me,” Meadows said at a forum of conservative lawmakers. He noted he was speaking personally, not as head of the conservative grouping.

Disgruntlement came from Sen. John Kennedy, R-La., over the process of putting together the plan.

“I get that we want to move to 3 percent but I’d like to know how,” Kennedy said referring to Trump’s ambitious goal of annual growth in the economy through tax cuts. “I’m not much into all the secrecy,” he said. “We need to do this by November, and at the rate we’re going I’m not encouraged right now.”

The Democrats, while acknowledging the tax system should be simplified, have insisted that any tax relief should go to the middle class, not the wealthiest. Tax cuts shouldn’t add to the ballooning debt, the Democrats say.

Rep. Richard Neal of Massachusetts, the top Democrat on the Ways and Means Committee, came away from the White House meeting in a negotiating mood. “This is when the process gets kicked off,” Neal told reporters at the Capitol.

The rate for wealthiest taxpayers shouldn’t be reduced, he said. Democrats are concerned by indications from Trump and his officials that “they intend to offer tax relief to people at the top,” he said.

Still, there may be room to negotiate over the Republicans’ insistence on repealing the estate tax, Neal indicated, since “there are other things you can do with it” to revise it short of complete elimination.

http://www.syracuse.com/politics/index.ssf/2017/09/tax_reform_trump_gop_mull_surcharge_on_wealthy_doubling_standard_deduction.html

9 ways Trump’s tax plan is a gift to the rich, including himself

President Trump and congressional Republicans keep saying their tax plan doesn’t help the rich. But that’s not true.

The nine-page outline released Wednesday is full of goodies that will make millionaires and billionaires happy. Republicans say it’s a starting point, but it would have to be turned on its head to be anything other than a windfall for the wealthy. In fact, in nine pages, The Washington Post counts at least nine ways the wealthy benefit, including Trump himself. Here’s our list:

1) A straight-up tax cut for the rich. The top tax rate in the United States is 39.6 percent. Trump and GOP leaders propose lowering that to 35 percent. It’s also worth noting the 39.6 percent tax rate applies only to income above $418,400 for singles and $470,700 for married couples. The outline doesn’t specify what income level the new 35 percent rate would kick in at. It’s possible the rich will get an every bigger tax cut if the final plan raises that threshold.

2) The estate tax goes bye-bye. Trump likes to call the estate tax the “death tax.” At the moment, Americans who pass money, homes or other assets on to heirs when they die pay a 40 percent tax. But here’s the important part Trump leaves out: The only people who have to pay this tax are those passing on more than $5.49 million. (And a married couple can inherit nearly $11 million without paying the tax.)

September 28 at 12:45 PM

Trump frequently claims the estate tax hurts farmers and small-business owners. But as The Post’s Fact Checker team points out, only 5,500 estates will pay any estate tax at all in 2017 (out of about 3 million estates). And of those 5,500 hit with the tax, only 80 (yes, you read that right) are farms or small businesses.

3) Hedge funds and lawyers get a special tax break. The plan calls for the tax rate on “pass-through entities” to fall from 39.6 percent to 25 percent. Republicans claim this is a tax break for small-business owners because “pass-through entities” is an umbrella term that covers the ways most people set up businesses: sole proprietorships, partnerships and S corporations. But the reality is, most small-business owners (more than 85 percent) already pay a tax rate of 25 percent or less, according to the Brookings Institution.

Only 3 percent pay a rate greater than 30 percent. That 3 percent includes doctors, lawyers, hedge fund managers and other really well-off people. Instead of paying a 35 percent income tax, these rich business owners would be able to pass off their income as business income and pay only a 25 percent tax rate. (The tax outline released Wednesday “contemplates” that Congress “will adopt measures to prevent” this kind of tax dodging. But there’s no guarantee that will happen).

4) The AMT is over. Republicans want to kill the alternative minimum tax, a measure put in place in 1969 to ensure the wealthy aren’t using a bunch of loopholes and credits to lower their tax bills to paltry sums. The AMT starts to phase in for people with earnings of about $130,000, but the vast majority of people subject to the AMT earn over $500,000, according to the nonpartisan Tax Policy Center.

Trump himself would benefit from repealing the AMT. As The Post’s Fact Checker team notes, Trump’s leaked tax return from 2005 shows that the AMT increased his tax bill from about $5.3 million to $36.5 million. In 2005 alone, he potentially could have saved $31 million.

5) The wealthy get to keep deducting mortgage interest. Only about 1 in 4 taxpayers claims the mortgage interest deduction, the Brookings Institution says. “Upper-income households primarily benefit from the subsidy,” wrote Brookings scholar Bruce Katz in a report last year. In fact, the wealthy can deduct interest payments on mortgages worth up to $1 million. There have been many calls over the years to lower that threshold, but the Trump tax plan is keeping it in place.

The GOP is doing this even though the tax cuts would add to the United States’ debt, since it doesn’t raise enough revenue to offset all the money lost from the new tax breaks. The outline also calls for the charitable deduction to stay, another deduction used heavily by the top 1 percent.

6) Stockholders are going to be very happy. Trump is calling for a super-low tax rate on the money big businesses such as Apple and Microsoft bring back to the United States from overseas, a process known as “repatriation.” Trump argues companies will use all this money coming home to build new U.S. factories. But the last time the United States did this, in the early 2000s, it ended up being a big win for people who own stocks. Companies simply took most of the money and gave it to shareholders in the form of dividends and share buybacks.

Guess what? Just about everyone (outside the White House) predicts the same thing will happen again. Corporations are even admitting it.

7) The favorite tax break of hedge fund billionaires is still safe. There’s no mention in the tax-overhaul rubric of “carried interest.” Those two words make most people’s eyes glaze over, but they are a well-known tax-dodging trick for millionaires and billionaires on Wall Street. Hedge fund and private-equity managers earn most of their money from their investments doing well. But instead of paying income taxes on all that money at a rate of 39.6 percent, the managers are able to claim it as “carried interest” so they can pay tax at the low capital gains rate of 20 percent.

Trump called this totally unfair on the campaign trail. During the primaries, he said he would eliminate this loophole because hedge fund managers were “getting away with murder.” But that change didn’t end up in the GOP plan.

8) Capital gains taxes stay low. The nine-page document also says nothing about capital gains, the tax rate people pay when they finally sell a stock or asset after holding on to it for many years. At the moment, the wealthiest Americans pay a 20 percent capital gains rate. Trump and Republican leaders aren’t proposing any changes to that, even though it is a popular way for millionaires to lower their tax bill.

9) The Obamacare investment tax goes away. The Affordable Care Act put in place a 3.8 percent surcharge on investment income (known formally as the Net Investment Income Tax). It applies only to individuals earning more than $200,000 a year and married couples earning more than $250,000. There’s no mention of this tax in the outline released this week, but Republicans clearly want to get rid of it. Repealing it was part of the GOP health-care bills that failed to pass Congress in recent weeks. One way or another, Republicans are likely to roll back this tax.

When reporters asked Trump whether the tax plan would help him personally, he quickly said no.

“No, I don’t benefit. I don’t benefit,” Trump said. “In fact, very, very strongly, as you see, I think there’s very little benefit for people of wealth.”

Rep. Kevin Brady (R-Tex.), who was part of the team that worked with the White House to craft the tax-overhaul outline, was asked a similar question on Fox News. He, too, said this plan does little to help the rich.

“I think those who benefit most are middle-class families struggling to keep every dollar they earn,” Brady told Fox News.

But one look at this plan tells a very different story. It gives an outright tax cut to the wealthiest Americans and it preserves almost all of the most popular loopholes they use to reduce their tax bills.

Sen. Patrick J. Toomey (R-Pa.), a strong proponent of tax cuts, was more straightforward this week. He told reporters, “This is a supply-side approach,” another way of saying trickle-down economics.

Read more:

The GOP tax plan, explained in simplest possible terms

Fact-checking President Trump’s tax speech in Indianapolis

The one surefire way to grow your wealth in the U.S.

https://www.washingtonpost.com/news/wonk/wp/2017/09/28/9-ways-trumps-tax-plan-is-a-gift-to-the-rich-including-himself/?utm_term=.bb9dafe36550

The GOP tax plan, explained in simplest possible terms

The big tax code makeover President Trump and Republicans have been promising for months is finally out.

It’s nine pages long. That may sound like a lengthy document, but the final bill in Congress will be hundreds of pages. What the White House released today is a framework. It’s a summary of what top Trump officials and congressional Republican leaders have agreed to so far. The Trump administration says it’s the job of Congress to flesh out the specifics.

Here are the key takeaways:

  • The plan will likely add to America’s $20 trillion debt. There are lots of tax cuts spelled out. There are almost no loopholes eliminated.
  • The rich make out pretty well. The White House vows poor people won’t have to pay more than they do now, but there are few specifics in the plan so far to ensure that.
  • Businesses (both small and large) get major tax cuts.
  • Most people will pay lower taxes, although it’s unclear if the rich get a bigger break than the middle class.
  • There are still a lot of details Congress has to figure out.

What’s in there for the rich?
The wealthy get a tax cut. They will pay only 35 percent on their income taxes (down from 39.6 percent). At the moment, this rate applies to any income above about $418,000. It’s unclear if Congress will tinker with the income level that rate kicks in at. Trump says he would be fine with Congress raising taxes on the rich in the final plan, but he isn’t requiring that they do that.

The bigger tax break for the rich is the elimination of the estate tax, sometimes called the “death tax.” It’s the tax families currently pay when an asset like a house or ranch worth over $5.49 million is passed down to a heir after someone dies. Trump’s plan scraps this tax entirely.

What’s in there for the middle class?
This is the giant question mark. There’s a lot of details left for Congress to fill out. Under the plan, America will have just three tax rates: 35, 25 and 12 percent, but we don’t know yet which rate someone earning $50,000 or $80,000 will pay.

What we do know is the standard deduction (currently $6,350 for individuals and $12,700 for married couples) will nearly double. This means that a married couple earning $24,000 or less or an individual earning $12,000 or less won’t pay any taxes. But the plan also eliminates what’s known as the additional standard deduction and the popular personal exemption. Some filers may end up worse off after these changes.

The plan also promises a “significant increase” to the child tax credit (it’s currently $1,000 per child) and that middle class Americans can keep using the mortgage interest deduction as well as tax breaks for retirement savings (e.g. 401ks) and higher education. But it eliminates the state and local tax deduction, which is used by many in high-tax states like New York and California.

Can I really file my taxes on a postcard?
The “file on a postcard” idea was an exaggeration. The goal now is to get most people’s tax returns down to one page.

What about the working poor?
A senior White House official told journalists Tuesday, “We are committed to making the tax code at least as progressive as the current tax code.” Translation: The poor should not end up paying more than they do now. But it’s hard to check if that’s true because we still don’t have enough details.

In theory, increasing the standard deduction should mean that more Americans pay $0 in taxes, but it depends what happens to a lot of other tax provisions (and whether Congress ends up cutting safety net programs that help the poor to pay for tax cuts). Top Republican officials have not decided what to do with the Earned Income Tax Credit (EITC), which is widely used by the working poor to help them reduce their tax bill and even get a small amount of money back from the government.

What happens to the Alternative Minimum Tax?
The Alternative Minimum Tax (AMT) would go away under the plan. It currently applies mainly to individuals earning more than $130,000 and married couples earning more than $160,00. It was created in the 1970s to prevent wealthier families from taking so many tax breaks that they end up paying little to no taxes, but over the years, the AMT has impacted more and more families.

What happens to big businesses?
America’s large corporations will get a big tax cut. The top rate at the moment is 35 percent, one of the highest rates among developed nations. Most U.S. companies don’t pay that rate, but it is still a starting point. The Trump plan slashes the rate to 20 percent, just below the average of major developed countries the U.S. competes against.

The White House and Congress promised to close some loopholes that businesses currently enjoy, but no one is saying what those are yet. In fact, the only details we have show MORE business goodies, not less. The plan calls for businesses to be able to write off their investments (e.g. the cost of building a new factory) right away instead of crediting a little bit each year for several years. This is supposed to encourage companies to invest more, which will hopefully create more jobs.

What happens to small businesses?
Small businesses also get a tax cut under the plan. At the moment, many small business owners pay whatever their personal income tax rate is, so some end up paying as much as 39.6 percent. Under this plan, most “pass throughs” (code for small businesses) would pay at the 25 percent rate (the exception is if a small businesses earned very little income, they might be able to pay at the 12 percent rate).

There’s concern some rich people, especially hedge fund managers and consultants to the stars, will simply use this as a way to lower their tax bill. Instead of paying at the new 35 percent top income tax rate, they could say all their income is small business income and pay at the 25 percent rate. Trump has promised to fix that problem, but no one is sure how.

How will this plan help growth?
Trump’s big claim is that this tax overhaul will unleash economic growth. The United States has been growing at about 2 percent a year lately, below the historic norm. Trump keeps saying this plan will unleash growth of 3 percent — or more.

Economists, even those who work at Wall Street banks and for big companies, only project a modest boost to growth. Estimates range from 2.1 percent to 2.25 percent.

How much will this add to the debt?
Originally, Republican leaders said they would not add $1 to America’s debt, but that promise appears to be gone. The White House says it will go along with whatever price tag Congress allows. Right now, Senate Republicans have a deal to add $1.5 trillion to the debt over the next decade, so there’s a good chance this tax plan will add to the debt.

What are the pitfalls?
There’s a ton we don’t know yet. Many on the left are concerned this plan gives away too much to the rich and big businesses. Many across the political spectrum are alarmed that it will likely add to America’s already large debt.

https://www.washingtonpost.com/news/wonk/wp/2017/09/27/the-gop-tax-plan-explained-in-simplest-possible-terms/?tid=a_inl&utm_term=.4de9a2bfc9ce

Some tax breaks are for the rich.
Others for the poor. Which are for you?

The Republican tax reform plan is finally out – you can read the full document here. The framework touches on many parts of the tax code, but two critical areas are tax deductions and credits. These reduce how much taxpayers owe, but they affect income groups differently. How could the proposed changes to these policies affect your taxes?

Most beneficial tax deductions and exemptions, 2015

Deductions and exemptions reduce your tax bill by decreasing your taxable income.

Other deductionsState and local taxesCharitable contributionsReal estate taxesEmployee business expensesMedical/dental expensesHome mortgage interestStandard deductionPersonal and dependent exemptions$10,000$25,000$50,000$100,000$500,000Lower incomeHigher income$30,000 to $40,000
DEDUCTION MEAN DEDUCTION*
Personal and dependent exemptions (?) $7,700
Standard deduction (?) $7,100
Home mortgage interest (?) $700
Medical/dental expenses (?) $500
Employee business expenses (?) $400
Real estate taxes (?) $400
Charitable contributions (?) $300
State and local taxes (?) $200
Other deductions $200

* Mean deduction is the total deduction amount received by the income group divided by the number of returns in that group, including those that did not receive the deduction.

Note: Returns for those filing singly and those filing jointly or in other categories are lumped together. Tax returns cannot claim both the standard deductions and itemized deductions. Total deductions and exemptions can exceed adjusted gross income, but the excess does not affect taxes owed, as taxable income cannot drop below zero.

Taxpayers – except the highest earners – are currently eligible for tax “exemptions” to reduce their taxable income. In 2016, Americans could take a $4,050 personal exemption from their income (double if filing as a married couple), and then get additional exemptions for dependents.

After exemptions taxpayers can further reduce their taxable income by taking tax deductions. 69 percent of taxpayers in 2015 took the “standard deduction,” a fixed amount that is currently $6,300 for (most) taxpayers filing singly.

https://www.washingtonpost.com/graphics/2017/politics/tax-breaks/?utm_term=.09de159b6eeb

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The remaining taxpayers – mostly in higher income groups – “itemized” their tax returns, meaning they chose to take advantage of more specific tax deductions based on their expenses. The deductions came out to more than they would have gotten through the standard deduction.

Here’s what the Republican’s tax reform framework would change about deductions:

  • Republicans want to nearly double the standard deduction to $12,000 for those filing singly and $24,000 for those filing jointly. At the same time, the framework calls for the repeal of exemptions, consolidating these different parts of the tax system.
  • The framework aims to simplify the tax code by gutting many itemized deductions, although charitable contributions and mortgage interestwould be retained. That makes the state and local taxes deduction (SALT) a major target. SALT lets you deduct state and local income or sales taxes you owe from your federal taxable income and largely benefits blue states with higher taxes.

Most beneficial tax credits, 2015

Tax credits are subtracted directly from taxes owed.

Prior-year minimum tax creditGeneral business creditResidential energy creditsForeign tax creditChild care creditOther creditsAmerican opportunity creditNonrefundable education creditChild tax creditAdditional child tax creditEarned income credit$10,000$25,000$50,000$100,000$500,000Lower incomeHigher income$30,000 to $40,000
CREDIT MEAN CREDIT*
Earned income credit (?) $500
Additional child tax credit (?) $300
Child tax credit (?) $200
Nonrefundable education credit (?) $100
American opportunity credit (?) $100
Other credits $0
Child care credit (?) $0
Foreign tax credit (?) $0
Residential energy credits (?) $0
General business credit (?) $0
Prior-year minimum tax credit (?) $0

* Mean credit is the total credit amount received by the income group divided by the number of returns in that group, including those that did not receive the credit.

Note: Returns for those filing singly and those filing jointly or in other categories are lumped together.

Credits can reduce federal income taxes owed down to zero, but “refundable” credits can reduce them even more, allowing some taxpayers to receive a net gain from the federal government after filing.

Here’s what the Republican’s tax reform framework would change about credits:

  • The plan calls for an expansion of the child tax credit, increasing its value from the current $1,000 max and making it available to more income groups. The framework also proposes an additional $500 non-refundable credit for “non-child dependents.”
  • Like with deductions, the framework calls for the repeal of “numerous other” credits to simplify the tax code but does not specify which policies will be targeted.

Just part of the picture

Of course, the tax policies we’re looking at above are just part of U.S. federal tax code. Actual income tax rates are central to tax reform proposals; the Republican tax reform framework would reduce the seven income brackets currently used to just three, lowering rates for many but increasing them for some in the lowest bracket. It also calls for the repeal of the estate tax.

The plan also proposes a large decrease in the corporate tax rate from 35 to 20 percent, among many other changes to the business tax code.

https://www.washingtonpost.com/graphics/2017/politics/tax-breaks/?utm_term=.09de159b6eeb

The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2014, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles.[1]

The data demonstrates that the U.S. individual income tax continues to be very progressive, borne mainly by the highest income earners.

  • In 2014, 139.6 million taxpayers reported earning $9.71 trillion in adjusted gross income and paid $1.37 trillion in individual income taxes.
  • The share of income earned by the top 1 percent of taxpayers rose to 20.6 percent in 2014. Their share of federal individual income taxes also rose, to 39.5 percent.
  • In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent.
  • The top 1 percent paid a greater share of individual income taxes (39.5 percent) than the bottom 90 percent combined (29.1 percent).
  • The top 1 percent of taxpayers paid a 27.1 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.5 percent).

Reported Income and Taxes Paid Both Increased Significantly in 2014

Taxpayers reported $9.71 trillion in adjusted gross income (AGI) on 139.5 million tax returns in 2014. Total AGI grew by $675 billion from the previous year’s levels. There were 1.2 million more returns filed in 2014 than in 2013, meaning that average AGI rose by $4,252 per return, or 6.5 percent.

Meanwhile, taxpayers paid $1.37 trillion in individual income taxes in 2014, an 11.5 percent increase from taxes paid in the previous year. The average individual income tax rate for all taxpayers rose from 13.64 percent to 14.16 percent. Moreover, the average tax rate increased for all income groups, except for the top 0.1 percent of taxpayers, whose average rate decreased from 27.91 percent to 27.67 percent.

The most likely explanation behind the higher tax rates in 2014 is a phenomenon known as “real bracket creep.” [2] As incomes rise, households are pushed into higher tax brackets, and are subject to higher overall tax rates on their income. On the other hand, the likely reason why the top 0.1 percent of households saw a slightly lower tax rate in 2014 is because a higher portion of their income consisted of long-term capital gains, which are subject to lower tax rates.[3]

The share of income earned by the top 1 percent rose to 20.58 percent of total AGI, up from 19.04 percent in 2013. The share of the income tax burden for the top 1 percent also rose, from 37.80 percent in 2013 to 39.48 percent in 2014.

Top 1% Top 5% Top 10% Top 25% Top 50% Bottom 50% All Taxpayers
Table 1. Summary of Federal Income Tax Data, 2014
Number of Returns 1,395,620 6,978,102 13,956,203 34,890,509 69,781,017 69,781,017 139,562,034
Adjusted Gross Income ($ millions) $1,997,819 $3,490,867 $4,583,416 $6,690,287 $8,614,544 $1,094,119 $9,708,663
Share of Total Adjusted Gross Income 20.58% 35.96% 47.21% 68.91% 88.73% 11.27% 100.00%
Income Taxes Paid ($ millions) $542,640 $824,153 $974,124 $1,192,679 $1,336,637 $37,740 $1,374,379
Share of Total Income Taxes Paid 39.48% 59.97% 70.88% 86.78% 97.25% 2.75% 100.00%
Income Split Point $465,626 $188,996 $133,445 $77,714 $38,173
Average Tax Rate 27.16% 23.61% 21.25% 17.83% 15.52% 3.45% 14.16%
 Note: Does not include dependent filers

High-Income Americans Paid the Majority of Federal Taxes

In 2014, the bottom 50 percent of taxpayers (those with AGIs below $38,173) earned 11.27 percent of total AGI. This group of taxpayers paid approximately $38 billion in taxes, or 2.75 percent of all income taxes in 2014.

In contrast, the top 1 percent of all taxpayers (taxpayers with AGIs of $465,626 and above) earned 20.58 percent of all AGI in 2014, but paid 39.48 percent of all federal income taxes.

In 2014, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $543 billion, or 39.48 percent of all income taxes, while the bottom 90 percent paid $400 billion, or 29.12 percent of all income taxes.

Figure 1.

High-Income Taxpayers Pay the Highest Average Tax Rates

The 2014 IRS data shows that taxpayers with higher incomes pay much higher average individual income tax rates than lower-income taxpayers.[4]

The bottom 50 percent of taxpayers (taxpayers with AGIs below $38,173) faced an average income tax rate of 3.45 percent. As household income increases, the IRS data shows that average income tax rates rise. For example, taxpayers with AGIs between the 10th and 5th percentile ($133,445 and $188,996) pay an average rate of 13.7 percent – almost four times the rate paid by those in the bottom 50 percent.

The top 1 percent of taxpayers (AGI of $465,626 and above) paid the highest effective income tax rate, at 27.2 percent, 7.9 times the rate faced by the bottom 50 percent of taxpayers.

Figure 2.

Taxpayers at the very top of the income distribution, the top 0.1 percent (with AGIs over $2.14 million), paid an even higher average tax rate, of 27.7 percent.

573 $442 $1,015 $458 $1,473 $318
1982 $1,876 $167 $398 $207 $605 $460 $1,065 $478 $1,544 $332
1983 $1,970 $183 $428 $217 $646 $481 $1,127 $498 $1,625 $344
1984 $2,173 $210 $482 $240 $723 $528 $1,251 $543 $1,794 $379
1985 $2,344 $235 $531 $260 $791 $567 $1,359 $580 $1,939 $405
1986 $2,524 $285 $608 $278 $887 $604 $1,490 $613 $2,104 $421
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 $2,814 $347 $722 $316 $1,038 $671 $1,709 $664 $2,374 $440
1988 $3,124 $474 $891 $342 $1,233 $718 $1,951 $707 $2,658 $466
1989 $3,299 $468 $918 $368 $1,287 $768 $2,054 $751 $2,805 $494
1990 $3,451 $483 $953 $385 $1,338 $806 $2,144 $788 $2,933 $519
1991 $3,516 $457 $943 $400 $1,343 $832 $2,175 $809 $2,984 $532
1992 $3,681 $524 $1,031 $413 $1,444 $856 $2,299 $832 $3,131 $549
1993 $3,776 $521 $1,048 $426 $1,474 $883 $2,358 $854 $3,212 $563
1994 $3,961 $547 $1,103 $449 $1,552 $929 $2,481 $890 $3,371 $590
1995 $4,245 $620 $1,223 $482 $1,705 $985 $2,690 $938 $3,628 $617
1996 $4,591 $737 $1,394 $515 $1,909 $1,043 $2,953 $992 $3,944 $646
1997 $5,023 $873 $1,597 $554 $2,151 $1,116 $3,268 $1,060 $4,328 $695
1998 $5,469 $1,010 $1,797 $597 $2,394 $1,196 $3,590 $1,132 $4,721 $748
1999 $5,909 $1,153 $2,012 $641 $2,653 $1,274 $3,927 $1,199 $5,126 $783
2000 $6,424 $1,337 $2,267 $688 $2,955 $1,358 $4,314 $1,276 $5,590 $834
The IRS changed methodology, so data above and below this line not strictly comparable
2001 $6,116 $492 $1,065 $1,934 $666 $2,600 $1,334 $3,933 $1,302 $5,235 $881
2002 $5,982 $421 $960 $1,812 $660 $2,472 $1,339 $3,812 $1,303 $5,115 $867
2003 $6,157 $466 $1,030 $1,908 $679 $2,587 $1,375 $3,962 $1,325 $5,287 $870
2004 $6,735 $615 $1,279 $2,243 $725 $2,968 $1,455 $4,423 $1,403 $5,826 $908
2005 $7,366 $784 $1,561 $2,623 $778 $3,401 $1,540 $4,940 $1,473 $6,413 $953
2006 $7,970 $895 $1,761 $2,918 $841 $3,760 $1,652 $5,412 $1,568 $6,980 $990
2007 $8,622 $1,030 $1,971 $3,223 $905 $4,128 $1,770 $5,898 $1,673 $7,571 $1,051
2008 $8,206 $826 $1,657 $2,868 $905 $3,773 $1,782 $5,555 $1,673 $7,228 $978
2009 $7,579 $602 $1,305 $2,439 $878 $3,317 $1,740 $5,058 $1,620 $6,678 $900
2010 $8,040 $743 $1,517 $2,716 $915 $3,631 $1,800 $5,431 $1,665 $7,096 $944
2011 $8,317 $737 $1,556 $2,819 $956 $3,775 $1,866 $5,641 $1,716 $7,357 $961
2012 $9,042 $1,017 $1,977 $3,331 $997 $4,328 $1,934 $6,262 $1,776 $8,038 $1,004
2013 $9,034 $816 $1,720 $3,109 $1,034 $4,143 $2,008 $6,152 $1,844 $7,996 $1,038
2014 $9,709 $986 $1,998 $3,491 $1,093 $4,583 $2,107 $6,690 $1,924 $8,615 $1,094
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
Table 4. Total Income Tax after Credits, 1980–2014 ($Billions)
Source: Internal Revenue Service.
1980 $249 $47 $92 $31 $123 $59 $182 $50 $232 $18
1981 $282 $50 $99 $36 $135 $69 $204 $57 $261 $21
1982 $276 $53 $100 $34 $134 $66 $200 $56 $256 $20
1983 $272 $55 $101 $34 $135 $64 $199 $54 $252 $19
1984 $297 $63 $113 $37 $150 $68 $219 $57 $276 $22
1985 $322 $70 $125 $41 $166 $73 $238 $60 $299 $23
1986 $367 $94 $156 $44 $201 $78 $279 $64 $343 $24
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 $369 $92 $160 $46 $205 $79 $284 $63 $347 $22
1988 $413 $114 $188 $48 $236 $85 $321 $68 $389 $24
1989 $433 $109 $190 $51 $241 $93 $334 $73 $408 $25
1990 $447 $112 $195 $52 $248 $97 $344 $77 $421 $26
1991 $448 $111 $194 $56 $250 $96 $347 $77 $424 $25
1992 $476 $131 $218 $58 $276 $97 $374 $78 $452 $24
1993 $503 $146 $238 $60 $298 $101 $399 $80 $479 $24
1994 $535 $154 $254 $64 $318 $108 $425 $84 $509 $25
1995 $588 $178 $288 $70 $357 $115 $473 $88 $561 $27
1996 $658 $213 $335 $76 $411 $124 $535 $95 $630 $28
1997 $727 $241 $377 $82 $460 $134 $594 $102 $696 $31
1998 $788 $274 $425 $88 $513 $139 $652 $103 $755 $33
1999 $877 $317 $486 $97 $583 $150 $733 $109 $842 $35
2000 $981 $367 $554 $106 $660 $164 $824 $118 $942 $38
The IRS changed methodology, so data above and below this line not strictly comparable
2001 $885 $139 $294 $462 $101 $564 $158 $722 $120 $842 $43
2002 $794 $120 $263 $420 $93 $513 $143 $657 $104 $761 $33
2003 $746 $115 $251 $399 $85 $484 $133 $617 $98 $715 $30
2004 $829 $142 $301 $467 $91 $558 $137 $695 $102 $797 $32
2005 $932 $176 $361 $549 $98 $647 $145 $793 $106 $898 $33
2006 $1,020 $196 $402 $607 $108 $715 $157 $872 $113 $986 $35
2007 $1,112 $221 $443 $666 $117 $783 $170 $953 $122 $1,075 $37
2008 $1,029 $187 $386 $597 $115 $712 $168 $880 $117 $997 $32
2009 $863 $146 $314 $502 $101 $604 $146 $749 $93 $842 $21
2010 $949 $170 $355 $561 $110 $670 $156 $827 $100 $927 $22
2011 $1,043 $168 $366 $589 $123 $712 $181 $893 $120 $1,012 $30
2012 $1,185 $220 $451 $699 $133 $831 $193 $1,024 $128 $1,152 $33
2013 $1,232 $228 $466 $721 $139 $860 $203 $1,063 $135 $1,198 $34
2014 $1,374 $273 $543 $824 $150 $974 $219 $1,193 $144 $1,337 $38
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
Table 5. Adjusted Gross Income Shares, 1980–2014 (percent of total AGI earned by each group)
Source: Internal Revenue Service.
1980 100% 8.46% 21.01% 11.12% 32.13% 24.57% 56.70% 25.62% 82.32% 17.68%
1981 100% 8.30% 20.78% 11.20% 31.98% 24.69% 56.67% 25.59% 82.25% 17.75%
1982 100% 8.91% 21.23% 11.03% 32.26% 24.53% 56.79% 25.50% 82.29% 17.71%
1983 100% 9.29% 21.74% 11.04% 32.78% 24.44% 57.22% 25.30% 82.52% 17.48%
1984 100% 9.66% 22.19% 11.06% 33.25% 24.31% 57.56% 25.00% 82.56% 17.44%
1985 100% 10.03% 22.67% 11.10% 33.77% 24.21% 57.97% 24.77% 82.74% 17.26%
1986 100% 11.30% 24.11% 11.02% 35.12% 23.92% 59.04% 24.30% 83.34% 16.66%
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 100% 12.32% 25.67% 11.23% 36.90% 23.85% 60.75% 23.62% 84.37% 15.63%
1988 100% 15.16% 28.51% 10.94% 39.45% 22.99% 62.44% 22.63% 85.07% 14.93%
1989 100% 14.19% 27.84% 11.16% 39.00% 23.28% 62.28% 22.76% 85.04% 14.96%
1990 100% 14.00% 27.62% 11.15% 38.77% 23.36% 62.13% 22.84% 84.97% 15.03%
1991 100% 12.99% 26.83% 11.37% 38.20% 23.65% 61.85% 23.01% 84.87% 15.13%
1992 100% 14.23% 28.01% 11.21% 39.23% 23.25% 62.47% 22.61% 85.08% 14.92%
1993 100% 13.79% 27.76% 11.29% 39.05% 23.40% 62.45% 22.63% 85.08% 14.92%
1994 100% 13.80% 27.85% 11.34% 39.19% 23.45% 62.64% 22.48% 85.11% 14.89%
1995 100% 14.60% 28.81% 11.35% 40.16% 23.21% 63.37% 22.09% 85.46% 14.54%
1996 100% 16.04% 30.36% 11.23% 41.59% 22.73% 64.32% 21.60% 85.92% 14.08%
1997 100% 17.38% 31.79% 11.03% 42.83% 22.22% 65.05% 21.11% 86.16% 13.84%
1998 100% 18.47% 32.85% 10.92% 43.77% 21.87% 65.63% 20.69% 86.33% 13.67%
1999 100% 19.51% 34.04% 10.85% 44.89% 21.57% 66.46% 20.29% 86.75% 13.25%
2000 100% 20.81% 35.30% 10.71% 46.01% 21.15% 67.15% 19.86% 87.01% 12.99%
The IRS changed methodology, so data above and below this line not strictly comparable
2001 100% 8.05% 17.41% 31.61% 10.89% 42.50% 21.80% 64.31% 21.29% 85.60% 14.40%
2002 100% 7.04% 16.05% 30.29% 11.04% 41.33% 22.39% 63.71% 21.79% 85.50% 14.50%
2003 100% 7.56% 16.73% 30.99% 11.03% 42.01% 22.33% 64.34% 21.52% 85.87% 14.13%
2004 100% 9.14% 18.99% 33.31% 10.77% 44.07% 21.60% 65.68% 20.83% 86.51% 13.49%
2005 100% 10.64% 21.19% 35.61% 10.56% 46.17% 20.90% 67.07% 19.99% 87.06% 12.94%
2006 100% 11.23% 22.10% 36.62% 10.56% 47.17% 20.73% 67.91% 19.68% 87.58% 12.42%
2007 100% 11.95% 22.86% 37.39% 10.49% 47.88% 20.53% 68.41% 19.40% 87.81% 12.19%
2008 100% 10.06% 20.19% 34.95% 11.03% 45.98% 21.71% 67.69% 20.39% 88.08% 11.92%
2009 100% 7.94% 17.21% 32.18% 11.59% 43.77% 22.96% 66.74% 21.38% 88.12% 11.88%
2010 100% 9.24% 18.87% 33.78% 11.38% 45.17% 22.38% 67.55% 20.71% 88.26% 11.74%
2011 100% 8.86% 18.70% 33.89% 11.50% 45.39% 22.43% 67.82% 20.63% 88.45% 11.55%
2012 100% 11.25% 21.86% 36.84% 11.03% 47.87% 21.39% 69.25% 19.64% 88.90% 11.10%
2013 100% 9.03% 19.04% 34.42% 11.45% 45.87% 22.23% 68.10% 20.41% 88.51% 11.49%
2014 100% 10.16% 20.58% 35.96% 11.25% 47.21% 21.70% 68.91% 19.82% 88.73% 11.27%
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
Table 6. Total Income Tax Shares, 1980–2014 (percent of federal income tax paid by each group)
Source: Internal Revenue Service.
1980 100% 19.05% 36.84% 12.44% 49.28% 23.74% 73.02% 19.93% 92.95% 7.05%
1981 100% 17.58% 35.06% 12.90% 47.96% 24.33% 72.29% 20.26% 92.55% 7.45%
1982 100% 19.03% 36.13% 12.45% 48.59% 23.91% 72.50% 20.15% 92.65% 7.35%
1983 100% 20.32% 37.26% 12.44% 49.71% 23.39% 73.10% 19.73% 92.83% 7.17%
1984 100% 21.12% 37.98% 12.58% 50.56% 22.92% 73.49% 19.16% 92.65% 7.35%
1985 100% 21.81% 38.78% 12.67% 51.46% 22.60% 74.06% 18.77% 92.83% 7.17%
1986 100% 25.75% 42.57% 12.12% 54.69% 21.33% 76.02% 17.52% 93.54% 6.46%
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 100% 24.81% 43.26% 12.35% 55.61% 21.31% 76.92% 17.02% 93.93% 6.07%
1988 100% 27.58% 45.62% 11.66% 57.28% 20.57% 77.84% 16.44% 94.28% 5.72%
1989 100% 25.24% 43.94% 11.85% 55.78% 21.44% 77.22% 16.94% 94.17% 5.83%
1990 100% 25.13% 43.64% 11.73% 55.36% 21.66% 77.02% 17.16% 94.19% 5.81%
1991 100% 24.82% 43.38% 12.45% 55.82% 21.46% 77.29% 17.23% 94.52% 5.48%
1992 100% 27.54% 45.88% 12.12% 58.01% 20.47% 78.48% 16.46% 94.94% 5.06%
1993 100% 29.01% 47.36% 11.88% 59.24% 20.03% 79.27% 15.92% 95.19% 4.81%
1994 100% 28.86% 47.52% 11.93% 59.45% 20.10% 79.55% 15.68% 95.23% 4.77%
1995 100% 30.26% 48.91% 11.84% 60.75% 19.62% 80.36% 15.03% 95.39% 4.61%
1996 100% 32.31% 50.97% 11.54% 62.51% 18.80% 81.32% 14.36% 95.68% 4.32%
1997 100% 33.17% 51.87% 11.33% 63.20% 18.47% 81.67% 14.05% 95.72% 4.28%
1998 100% 34.75% 53.84% 11.20% 65.04% 17.65% 82.69% 13.10% 95.79% 4.21%
1999 100% 36.18% 55.45% 11.00% 66.45% 17.09% 83.54% 12.46% 96.00% 4.00%
2000 100% 37.42% 56.47% 10.86% 67.33% 16.68% 84.01% 12.08% 96.09% 3.91%
The IRS changed methodology, so data above and below this line not strictly comparable
2001 100% 15.68% 33.22% 52.24% 11.44% 63.68% 17.88% 81.56% 13.54% 95.10% 4.90%
2002 100% 15.09% 33.09% 52.86% 11.77% 64.63% 18.04% 82.67% 13.12% 95.79% 4.21%
2003 100% 15.37% 33.69% 53.54% 11.35% 64.89% 17.87% 82.76% 13.17% 95.93% 4.07%
2004 100% 17.12% 36.28% 56.35% 10.96% 67.30% 16.52% 83.82% 12.31% 96.13% 3.87%
2005 100% 18.91% 38.78% 58.93% 10.52% 69.46% 15.61% 85.07% 11.35% 96.41% 3.59%
2006 100% 19.24% 39.36% 59.49% 10.59% 70.08% 15.41% 85.49% 11.10% 96.59% 3.41%
2007 100% 19.84% 39.81% 59.90% 10.51% 70.41% 15.30% 85.71% 10.93% 96.64% 3.36%
2008 100% 18.20% 37.51% 58.06% 11.14% 69.20% 16.37% 85.57% 11.33% 96.90% 3.10%
2009 100% 16.91% 36.34% 58.17% 11.72% 69.89% 16.85% 86.74% 10.80% 97.54% 2.46%
2010 100% 17.88% 37.38% 59.07% 11.55% 70.62% 16.49% 87.11% 10.53% 97.64% 2.36%
2011 100% 16.14% 35.06% 56.49% 11.77% 68.26% 17.36% 85.62% 11.50% 97.11% 2.89%
2012 100% 18.60% 38.09% 58.95% 11.22% 70.17% 16.25% 86.42% 10.80% 97.22% 2.78%
2013 100% 18.48% 37.80% 58.55% 11.25% 69.80% 16.47% 86.27% 10.94% 97.22% 2.78%
2014 100% 19.85% 39.48% 59.97% 10.91% 70.88% 15.90% 86.78% 10.47% 97.25% 2.75%
Year Total Top 1% Top 5% Top 10% Top 25% Top 50%
Table 7. Dollar Cut-Off, 1980–2014 (Minimum AGI for Tax Returns to Fall into Various Percentiles; Thresholds Not Adjusted for Inflation)
1980 $80,580 $43,792 $35,070 $23,606 $12,936
1981 $85,428 $47,845 $38,283 $25,655 $14,000
1982 $89,388 $49,284 $39,676 $27,027 $14,539
1983 $93,512 $51,553 $41,222 $27,827 $15,044
1984 $100,889 $55,423 $43,956 $29,360 $15,998
1985 $108,134 $58,883 $46,322 $30,928 $16,688
1986 $118,818 $62,377 $48,656 $32,242 $17,302
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 $139,289 $68,414 $52,921 $33,983 $17,768
1988 $157,136 $72,735 $55,437 $35,398 $18,367
1989 $163,869 $76,933 $58,263 $36,839 $18,993
1990 $167,421 $79,064 $60,287 $38,080 $19,767
1991 $170,139 $81,720 $61,944 $38,929 $20,097
1992 $181,904 $85,103 $64,457 $40,378 $20,803
1993 $185,715 $87,386 $66,077 $41,210 $21,179
1994 $195,726 $91,226 $68,753 $42,742 $21,802
1995 $209,406 $96,221 $72,094 $44,207 $22,344
1996 $227,546 $101,141 $74,986 $45,757 $23,174
1997 $250,736 $108,048 $79,212 $48,173 $24,393
1998 $269,496 $114,729 $83,220 $50,607 $25,491
1999 $293,415 $120,846 $87,682 $52,965 $26,415
2000 $313,469 $128,336 $92,144 $55,225 $27,682
The IRS changed methodology, so data above and below this line not strictly comparable
2001 $1,393,718 $306,635 $132,082 $96,151 $59,026 $31,418
2002 $1,245,352 $296,194 $130,750 $95,699 $59,066 $31,299
2003 $1,317,088 $305,939 $133,741 $97,470 $59,896 $31,447
2004 $1,617,918 $339,993 $140,758 $101,838 $62,794 $32,622
2005 $1,938,175 $379,261 $149,216 $106,864 $64,821 $33,484
2006 $2,124,625 $402,603 $157,390 $112,016 $67,291 $34,417
2007 $2,251,017 $426,439 $164,883 $116,396 $69,559 $35,541
2008 $1,867,652 $392,513 $163,512 $116,813 $69,813 $35,340
2009 $1,469,393 $351,968 $157,342 $114,181 $68,216 $34,156
2010 $1,634,386 $369,691 $161,579 $116,623 $69,126 $34,338
2011 $1,717,675 $388,905 $167,728 $120,136 $70,492 $34,823
2012 $2,161,175 $434,682 $175,817 $125,195 $73,354 $36,055
2013 $1,860,848 $428,713 $179,760 $127,695 $74,955 $36,841
2014 $2,136,762 $465,626 $188,996 $133,445 $77,714 $38,173
Source: Internal Revenue Service.
Year Total Top 0.1% Top 1% Top 5% Between 5% & 10% Top 10% Between 10% & 25% Top 25% Between 25% & 50% Top 50% Bottom 50%
Table 8. Average Tax Rate, 1980–2014 (Percent of AGI Paid in Income Taxes)
Source: Internal Revenue Service.
1980 15.31% 34.47% 26.85% 17.13% 23.49% 14.80% 19.72% 11.91% 17.29% 6.10%
1981 15.76% 33.37% 26.59% 18.16% 23.64% 15.53% 20.11% 12.48% 17.73% 6.62%
1982 14.72% 31.43% 25.05% 16.61% 22.17% 14.35% 18.79% 11.63% 16.57% 6.10%
1983 13.79% 30.18% 23.64% 15.54% 20.91% 13.20% 17.62% 10.76% 15.52% 5.66%
1984 13.68% 29.92% 23.42% 15.57% 20.81% 12.90% 17.47% 10.48% 15.35% 5.77%
1985 13.73% 29.86% 23.50% 15.69% 20.93% 12.83% 17.55% 10.41% 15.41% 5.70%
1986 14.54% 33.13% 25.68% 15.99% 22.64% 12.97% 18.72% 10.48% 16.32% 5.63%
The Tax Reform Act of 1986 changed the definition of AGI, so data above and below this line not strictly comparable
1987 13.12% 26.41% 22.10% 14.43% 19.77% 11.71% 16.61% 9.45% 14.60% 5.09%
1988 13.21% 24.04% 21.14% 14.07% 19.18% 11.82% 16.47% 9.60% 14.64% 5.06%
1989 13.12% 23.34% 20.71% 13.93% 18.77% 12.08% 16.27% 9.77% 14.53% 5.11%
1990 12.95% 23.25% 20.46% 13.63% 18.50% 12.01% 16.06% 9.73% 14.36% 5.01%
1991 12.75% 24.37% 20.62% 13.96% 18.63% 11.57% 15.93% 9.55% 14.20% 4.62%
1992 12.94% 25.05% 21.19% 13.99% 19.13% 11.39% 16.25% 9.42% 14.44% 4.39%
1993 13.32% 28.01% 22.71% 14.01% 20.20% 11.40% 16.90% 9.37% 14.90% 4.29%
1994 13.50% 28.23% 23.04% 14.20% 20.48% 11.57% 17.15% 9.42% 15.11% 4.32%
1995 13.86% 28.73% 23.53% 14.46% 20.97% 11.71% 17.58% 9.43% 15.47% 4.39%
1996 14.34% 28.87% 24.07% 14.74% 21.55% 11.86% 18.12% 9.53% 15.96% 4.40%
1997 14.48% 27.64% 23.62% 14.87% 21.36% 12.04% 18.18% 9.63% 16.09% 4.48%
1998 14.42% 27.12% 23.63% 14.79% 21.42% 11.63% 18.16% 9.12% 16.00% 4.44%
1999 14.85% 27.53% 24.18% 15.06% 21.98% 11.76% 18.66% 9.12% 16.43% 4.48%
2000 15.26% 27.45% 24.42% 15.48% 22.34% 12.04% 19.09% 9.28% 16.86% 4.60%
The IRS changed methodology, so data above and below this line not strictly comparable
2001 14.47% 28.17% 27.60% 23.91% 15.20% 21.68% 11.87% 18.35% 9.20% 16.08% 4.92%
2002 13.28% 28.48% 27.37% 23.17% 14.15% 20.76% 10.70% 17.23% 8.00% 14.87% 3.86%
2003 12.11% 24.60% 24.38% 20.92% 12.46% 18.70% 9.69% 15.57% 7.41% 13.53% 3.49%
2004 12.31% 23.06% 23.52% 20.83% 12.53% 18.80% 9.41% 15.71% 7.27% 13.68% 3.53%
2005 12.65% 22.48% 23.15% 20.93% 12.61% 19.03% 9.45% 16.04% 7.18% 14.01% 3.51%
2006 12.80% 21.94% 22.80% 20.80% 12.84% 19.02% 9.52% 16.12% 7.22% 14.12% 3.51%
2007 12.90% 21.42% 22.46% 20.66% 12.92% 18.96% 9.61% 16.16% 7.27% 14.19% 3.56%
2008 12.54% 22.67% 23.29% 20.83% 12.66% 18.87% 9.45% 15.85% 6.97% 13.79% 3.26%
2009 11.39% 24.28% 24.05% 20.59% 11.53% 18.19% 8.36% 14.81% 5.76% 12.61% 2.35%
2010 11.81% 22.84% 23.39% 20.64% 11.98% 18.46% 8.70% 15.22% 6.01% 13.06% 2.37%
2011 12.54% 22.82% 23.50% 20.89% 12.83% 18.85% 9.70% 15.82% 6.98% 13.76% 3.13%
2012 13.11% 21.67% 22.83% 20.97% 13.33% 19.21% 9.96% 16.35% 7.21% 14.33% 3.28%
2013 13.64% 27.91% 27.08% 23.20% 13.40% 20.75% 10.11% 17.28% 7.31% 14.98% 3.30%
2014 14.16% 27.67% 27.16% 23.61% 13.73% 21.25% 10.37% 17.83% 7.48% 15.52% 3.45%
  1. For data prior to 2001, all tax returns that have a positive AGI are included, even those that do not have a positive income tax liability. For data from 2001 forward, returns with negative AGI are also included, but dependent returns are excluded.
  2. Income tax after credits (the measure of “income taxes paid” above) does not account for the refundable portion of EITC. If it were included, the tax share of the top income groups would be higher. The refundable portion is classified as a spending program by the Office of Management and Budget and therefore is not included by the IRS in these figures.
  3. The only tax analyzed here is the federal individual income tax, which is responsible for more than 25 percent of the nation’s taxes paid (at all levels of government). Federal income taxes are much more progressive than federal payroll taxes, which are responsible for about 20 percent of all taxes paid (at all levels of government), and are more progressive than most state and local taxes.
  4. AGI is a fairly narrow income concept and does not include income items like government transfers (except for the portion of Social Security benefits that is taxed), the value of employer-provided health insurance, underreported or unreported income (most notably that of sole proprietors), income derived from municipal bond interest, net imputed rental income, and others.
  5. The unit of analysis here is that of the tax return. In the figures prior to 2001, some dependent returns are included. Under other units of analysis (like the Treasury Department’s Family Economic Unit), these returns would likely be paired with parents’ returns.
  6. These figures represent the legal incidence of the income tax. Most distributional tables (such as those from CBO, Tax Policy Center, Citizens for Tax Justice, the Treasury Department, and JCT) assume that the entire economic incidence of personal income taxes falls on the income earner.

[1] Individual Income Tax Rates and Tax Shares, Internal Revenue Service Statistics of Income, http://www.irs.gov/uac/SOI-Tax-Stats-Individual-Income-Tax-Rates-and-Tax-Shares.

[2] See Congressional Budget Office, The Budget and Economic Outlook: 2017 to 2027, Jan. 2017, https://www.cbo.gov/sites/default/files/115th-congress-2017-2018/reports/52370-outlook.pdf.

[3] There is strong reason to believe that capital gains realizations were unusually depressed in 2013, due to the increase in the top capital gains tax rate from 15 percent to 23.8 percent. In 2013, capital gains accounted for 26.6 percent of the income of taxpayers with over $1 million in AGI received, compared to 31.7 percent in 2014 (these calculations apply for net capital gains reported on Schedule D). Table 1.4, Publication 1304, “Individual Income Tax Returns 2014,” Internal Revenue Service, https://www.irs.gov/uac/soi-tax-stats-individual-income-tax-returns-publication-1304-complete-report.

[4] Here, “average income tax rate” is defined as income taxes paid divided by adjusted gross income.

https://taxfoundation.org/summary-latest-federal-income-tax-data-2016-update/

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