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Drudge Retort: The Other Side of the News
Wednesday, August 11, 2021

The Trump administration championed the pass-through provision as tax relief for "small businesses." Confidential tax records, however, reveal that [Senator] Johnson's last-minute maneuver benefited two families more than almost any others in the country -- both worth billions and both among the senator's biggest donors.

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...Dick and Liz Uihlein of packaging giant Uline, along with roofing magnate Diane Hendricks, together had contributed around $20 million to groups backing Johnson's 2016 reelection campaign.

The expanded tax break Johnson muscled through netted them $215 million in deductions in 2018 alone, drastically reducing the income they owed taxes on. At that rate, the cut could deliver more than half a billion in tax savings for Hendricks and the Uihleins over its eight-year life.

But the tax break did more than just give a lucrative, and legal, perk to Johnson's donors. In the first year after Trump signed the legislation, just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows. Republican and Democratic tycoons alike saw their tax bills chopped by tens of millions, among them: media magnate and former Democratic presidential candidate Michael Bloomberg; the Bechtel family, owners of the engineering firm that bears their name; and the heirs of the late Houston pipeline billionaire Dan Duncan....


#1 | Posted by LampLighter at 2021-08-11 10:19 AM | Reply | Newsworthy 1

Is anyone really surprised that the tax scam was targeted at the uber wealthy .01%?

#2 | Posted by Nixon at 2021-08-11 10:33 AM | Reply | Newsworthy 2

Republicans think this is good policy.

Let the rich keep what they've earned. After all, they earned it.

Rich people are better people than poor people. Even poor Republicans think so.

#3 | Posted by snoofy at 2021-08-11 11:04 AM | Reply | Newsworthy 4

@#3 ... After all, they earned it. ...

Even their "unearned income?"



#4 | Posted by lamplighter at 2021-08-11 11:39 AM | Reply

My taxes went up.

#5 | Posted by Tor at 2021-08-11 12:45 PM | Reply | Newsworthy 1

FREEDUMB!

#6 | Posted by moder8 at 2021-08-11 05:55 PM | Reply

@#3 ... After all, they earned it. ...

Even their "unearned income?"


Especially their unearned income.

#7 | Posted by Nixon at 2021-08-11 07:10 PM | Reply

#7 I got that reference.

#8 | Posted by snoofy at 2021-08-11 07:13 PM | Reply

"This change, along with a lower business tax rate, would likely give the typical American household around a $4,000 pay raise." - Donald Trump

"At least $4,000." - Paul Ryan

#9 | Posted by Derek_Wildstar at 2021-08-11 07:26 PM | Reply

Just a reminder: The Top 10% pay over 70% of our annual federal tax 'burden' [i.e. revenues].

Now ask yourself if you are paying your 'fair share'....

#10 | Posted by MSgt at 2021-08-12 12:56 PM | Reply | Funny: 3

"Just a reminder: The Top 10% pay over 70% of our annual federal tax 'burden' [i.e. revenues]."

Pretty sure the top 10% owns over 70% of the wealth...

#11 | Posted by snoofy at 2021-08-12 02:06 PM | Reply | Newsworthy 2

Boaz doesn't even realize that in propagating these numbers he undercuts his own argument

#12 | Posted by ChiefTutMoses at 2021-08-12 02:14 PM | Reply

#11 | POSTED BY SNOOFY AT 2021-08-12 02:06 PM | FLAG: So?

#13 | Posted by MSgt at 2021-08-12 04:39 PM | Reply | Funny: 1

So, they're not paying as big a share as the rest of us. Duh.

#14 | Posted by snoofy at 2021-08-12 05:12 PM | Reply | Newsworthy 1

"Just a reminder: The Top 10% pay over 70% of our annual federal tax 'burden' [i.e. revenues]."

Pretty sure the top 10% owns over 70% of the wealth...

#11 | Posted by snoofy at 2021-08-12 02:06 PM | Reply | Flag:

You say that as if you think that facts and logic have a place in modern political discourse.

#15 | Posted by Scotty at 2021-08-13 12:01 AM | Reply

"The Top 10% pay over 70% of our annual federal tax 'burden' [i.e. revenues]."

No they don't.

You're pretending income taxes are the only federal taxes, among other errors.

#16 | Posted by Danforth at 2021-08-13 12:19 AM | Reply | Newsworthy 1

Biden is going to fix all this, right? LMAO. And when it's the same as when he took office, every one of you liberals will make some sort of excuse for him. Then blame the right.

#17 | Posted by BellRinger at 2021-08-13 12:30 AM | Reply

"Biden is going to fix all this, right? "

Well, his suggestions reverse a lot of the equation aimed at funneling money upwards. Wouldn't you agree that's a start?

#18 | Posted by Danforth at 2021-08-13 12:35 AM | Reply

Ah, the old Libertarian "Wealthy people pay more of the overall tax burden than poor people" trope.

Extend out from the 1% to the top 10% and you start to get into folks who make $158K/year. The top 0.1% of earners average from $2.2 million/year and above. There is a significant difference between the 0.1%'s tax "burden" and everyone making mid six figures. Which is what everyone who discusses this issue without the constraints of intellectual dishonesty are saying.

Jeff Bezos's income is in the hundreds of billions of dollars. He paid less in taxes than Joe 10%, which means that Joe 10% is bearing 69.9% of the tax burden while Bezos is orbiting the planet in his phalspaceship. 32% of Jeff Bezos's wealth would go a long way towards paying down the debt and making this country a nicer place to live. It's too bad Repubicans would prefer the place to be a Third World s***hole instead.

#19 | Posted by chuffy at 2021-08-13 12:57 PM | Reply | Newsworthy 3

" Extend out from the 1% to the top 10% and you start to get into folks who make $158K/year."

Exactly.

The SS cap is at $142,800 for 2021. A W-2 earner making that, and a self-employed worker profiting the same, pay the highest percentage of their income in federal taxes of anyone. More than someone claiming a million, a billion, or a trillion in taxable income.

#20 | Posted by Danforth at 2021-08-13 01:10 PM | Reply | Newsworthy 2

Just a reminder: The Top 10% pay over 70% of our annual federal tax 'burden' [i.e. revenues].

Now ask yourself if you are paying your 'fair share'....

#10 | Posted by MSgt

Really curious - how do we determine fair share? I used to think flat tax was a great idea but the truth is the ultra rich truly do not pay their fair share as it is. They benefit more from the things that government provides than the poor do. Benefits to the poor actually benefit the rich too and as a military man I am sure you understand how that works.

Also there many regressive taxes that average working people and the poor arguably pay far more than their fair share of. Things like fuel taxes, sales tax and the like. Let's talk about fair some more, is a regressive tax fair in your mind? I know in my mind a "one man, one dollar" sort of tax system is just silly. Sort of like requiring a state ID to vote - that is a poll tax and a regressive tax. Keep in mind the 24th Amendment, prohibits any poll tax in elections for federal officials. The States may vary on the issue for non-federal officials.

#21 | Posted by GalaxiePete at 2021-08-13 04:13 PM | Reply

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