Posted on 09/03/2024 3:07:10 PM PDT by E. Pluribus Unum
For more than two decades, Democrats have watched with frustration as tax policy in the United States has settled into a pattern, one that Senator Elizabeth Warren, a Massachusetts Democrat, calls the “tax doom loop.”
It goes like this: Republicans pass huge tax cuts that are, at first, only temporary. By the time the tax cuts are set to end, Americans have become used to owing less to the government. Hesitant to raise taxes, Democrats join with Republicans to continue many of the cuts indefinitely.
To liberals, this cycle is to blame for a range of social and economic ills. Widening inequality. Ballooning deficits. A federal government without the resources to pay for a progressive agenda. And next year, they hope, is their chance to finally stop it.
That’s because much of the last large Republican tax cut, a 2017 law signed by President Donald J. Trump, will expire after 2025. Progressive tax experts and activists have spent years organizing to convince the Democratic Party that rather than simply extending the cuts, it needs to ensure the United States brings in more tax revenue so it can finance more generous social programs.
“People want to avenge it,” said Lindsay Owens, the executive director of the Groundwork Collaborative, a progressive advocacy group that is meeting with congressional staff and preparing advertising campaigns on the tax debate.
It’s an uphill fight. Cutting taxes remains a popular political promise. Mr. Trump and Republicans are pushing to extend the law and further reduce taxes if they come into power. While Vice President Kamala Harris has pledged to raise taxes on high-income Americans and corporations, her presidential campaign has also said she would not raise taxes on any household making less than $400,000. That means she, too, wants to continue much of Mr. Trump’s tax...
(Excerpt) Read more at nytimes.com ...
Liar.
Democrats need more money for more programs and to hire more government workers so they get more votes. This is taxation without representation.
Why are Republican tax cut always temporary while Democrat tax raises are always permanent?
Of course, we could always consider cutting spending.....just sayin.
Not worthy as a story to be posted.
The deficit (and of course total debt) is so huge now that tax increases are just punitive and hateful.
Those emotions are the core of the Democratic Party.
They despise productive individuals.
Within a couple of years $400,000 will become $50,000
Very true. Hearing kommiela talk about the rich paying their “fair share”. Would love to ask her just how much is that....and is SHE paying HER fair share.
They must have originally sourced this from the Babylon Bee.
All my life whenever the Dims promised to raise taxes on “the rich” they wound up raising my taxes too. Even when I was making $4/hr.
The NYT wants us to believe the Laffer Curve doesn’t exist.
> All it needs is a catchy name. how about Obamabucks? Or Pesos for Pelosi?
and, of course, a role model / example. Somebody like Obama, or Pelosi, or George C Looney. Just think of the publicity such a donation would generate.
Why next year? Election have anything to do with it?
*she would not raise taxes on any household making less than $400,000.*
They buy groceries too.
We got em’ by the short hairs on taxes. Will we run with it?
Taxes on tips and SSI to end? Only if we do it.
Translation: a government with fewer resources to fund graft, bloat, inefficiencies, special interest programs and favors to voting blocks.
IF they were honest they’d define rich as anyone with an income.
Just like much of capital gains is actually inflation, but you get to pretend that it isn’t and pay the full tax.
I thought Kameltoes is already promising middle class tax cuts??
We have a spending doom loop.
Well the idiots had the trifecta and trump signed it. Says everything right there.
Price caps are not a tax. /s
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