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The Rich Don't Pay Their Fair Share' and 4 Other Tax Myths That Won't Die
The Rich Don't Pay Their Fair Share' and 4 Other Tax Myths That Won't Die
By Fuelman
16 Apr 2026 1:37 pm in No Holds Barred Political Forum
17 Apr 2026 11:14 am
17 Apr 2026 1:26 pm
---------------------------------------Fuelman » 16 Apr 2026, 1:41 pm » wrote: ↑ Continued:
Myth No. 5: Tax Cuts Pay for Themselves
Politicians on the right have said this for 40 years. But it's not quite true. Tax rates affect behavior. Cut the marginal rate on work and investment, and you get more of both, which generates more revenue than a static calculation predicts. But generating more revenue than expected is not necessarily enough to cover the cost of the rate cut. The 2017 Tax Cuts and Jobs Act proved it. Growth picked up, wages rose, business investment increased, yet the deficit still widened.
The honest argument is different: A tax cut that costs real revenue but improves the allocation of capital and raises long-run productivity is still the right policy. The question is not whether tax cuts pay for themselves but whether the economic growth is worthwhile. That's harder to fit on a bumper sticker, but it's the version of the conservative tax argument that actually holds up.
That said, we should always offset the loss of revenue when possible. There is plenty of spending to cut, and there are plenty of tax breaks to close for that.
BV's favorite source no less.
Leaked Tax Data: ProPublica investigation found that top billionaires, such as Jeff Bezos and Elon Musk, paid little to no federal income tax in certain years, with the 25 richest Americans paying a "true" tax rate of just 3.4% from 2014-2018
17 Apr 2026 1:54 pm
The LA Times just reposted the same article:jerrab » 17 Apr 2026, 1:26 pm » wrote: ↑ ---------------------------------------
Leaked Tax Data: ProPublica investigation found that top billionaires, such as Jeff Bezos and Elon Musk, paid little to no federal income tax in certain years, with the 25 richest Americans paying a "true" tax rate of just 3.4% from 2014-2018
Contributor: Debunking five myths of the American tax system - Los Angeles Times https://www.latimes.com/opinion/story/2 ... -tax-myths
17 Apr 2026 1:56 pm
What is a fair share of eternal life that doesn't have reproductions living beyond adapting to the moment living forward now by hearts beating and personal brain navigating between everything else evolving at the same time, same location, here now?PhiloBeddo » 17 Apr 2026, 11:14 am » wrote: ↑ The poor and lazy are the only ones that don't pay their fair share.
17 Apr 2026 2:41 pm
Fuelman » 17 Apr 2026, 1:54 pm » wrote: ↑ The LA Times just reposted the same article:
Contributor: Debunking five myths of the American tax system - Los Angeles Times https://www.latimes.com/opinion/story/2 ... -tax-myths
hmmmm
As of April 2026, the Los Angeles Times is owned by billionaire biotech entrepreneur and physician Dr. Patrick Soon-Shiong, who purchased the newspaper in 2018 for $500 million through his private investment firm, Nant Capital. The paper operates under the California Times publishing group
17 Apr 2026 2:43 pm
--------------------------------------------------Fuelman » 17 Apr 2026, 1:54 pm » wrote: ↑ The LA Times just reposted the same article:
Contributor: Debunking five myths of the American tax system - Los Angeles Times https://www.latimes.com/opinion/story/2 ... -tax-myths
How did Patrick Soon-Shiong make his money?
Patrick Soon-Shiong is a rarity. He is the only physician on the Forbes 400 list to have made billions in biotech. He developed a new delivery method to administer Paclitaxel, a widely-used breast cancer drug. His net worth is estimated at $7 billion, which he made by selling two drug [...
17 Apr 2026 2:54 pm
Fuelman » 17 Apr 2026, 1:54 pm » wrote: ↑ The LA Times just reposted the same article:
Contributor: Debunking five myths of the American tax system - Los Angeles Times https://www.latimes.com/opinion/story/2 ... -tax-myths
certainly a case of the foxes in charge of the hen house
17 Apr 2026 2:57 pm
-------------------------------------------------Fuelman » 16 Apr 2026, 1:41 pm » wrote: ↑ Continued:
Myth No. 5: Tax Cuts Pay for Themselves
Politicians on the right have said this for 40 years. But it's not quite true. Tax rates affect behavior. Cut the marginal rate on work and investment, and you get more of both, which generates more revenue than a static calculation predicts. But generating more revenue than expected is not necessarily enough to cover the cost of the rate cut. The 2017 Tax Cuts and Jobs Act proved it. Growth picked up, wages rose, business investment increased, yet the deficit still widened.
The honest argument is different: A tax cut that costs real revenue but improves the allocation of capital and raises long-run productivity is still the right policy. The question is not whether tax cuts pay for themselves but whether the economic growth is worthwhile. That's harder to fit on a bumper sticker, but it's the version of the conservative tax argument that actually holds up.
That said, we should always offset the loss of revenue when possible. There is plenty of spending to cut, and there are plenty of tax breaks to close for that.
BV's favorite source no less.
Key Aspects of Trump Tax Policies for Billionaires (2025–2026):
- Massive Wealth Growth: In the first 16 months of his second term, U.S. billionaires' collective fortune grew by
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trillion, or
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. - The "Big Beautiful Bill" (BBB): This legislation is estimated to provide
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trillion in tax cuts for the richest 1% over a decade, while cutting Medicaid and raising taxes on some working families. - Corporate Tax Cuts: Major corporations like Amazon, Alphabet, Meta, and Tesla reported paying low effective tax rates (e.g., 4.9%) due to tax breaks, according to Institute on Taxation and Economic Policy.
- Estate Tax Cuts: The legislation included a
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billion cut to the estate tax, increasing the exemption to
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million per person. - Pass-Through Deductions: A two-tier system allows business owners to pay lower rates, with half the benefits going to millionaires, reported Center for American Progress.
- Investor Tax Shelters: Expansion of Opportunity Zones and Qualified Small Business Stock exclusions gave three-fourths of benefits to individuals with incomes above
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million, according to Center for American Progress
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