Stupidity knows no bounds. This tax hike would be passed off to the consumer.
Huh?
What consumer? This is likely to nail my paycheck directly. There isn't any "consumer" to absorb it. It means disposable income that I won't be spending. Less reason for businesses to have employees selling goods and services that I won't have money to purchase. My experience will be multiplied by lots of others who won't be spending money that has been taxed away.
If this passes, I'll go to my company payroll administrator and immediately request participation in the key employee income deferral plan. That records my income as a liability on the company books without making it payable and taxable until I request it in the future. I'll stash as much in company matched 401k first, then fallback to deferral to keep my income under the limit.
“This tax hike would be passed off to the consumer.”
Not necessarily. But in the end, how many poor people in your lifetime ever hired you.
The wealthier will stop producing wealth, it won’t be worth it and consequently won’t be needing your help either.
I hardly consider $200,000 per year wealthy anymore considering after taxes you MIGHT be bringing home $85,000. You see they fail to mention the state, sales and property taxes on top of Federal.
The shell game continues.
Inflation, inflation, inflation.
God save the Republic!
Of course it would be