“10’s of millions will get a tax hike. You must be repeating the talking points of the USCC and RNC.”
The number one point of paying a tax is higher income. I have seen the business income flex for over 60 years. A solid economy is not how high the market is or if the price of milk is $4 a gallon. It’s getting bang for your buck.
During the Bush administration, inflation was much smaller than during the Obama time after Bush got past the Clinton blow up. Bush gave money back. Obama didn’t and he doubled the debt during his time.
The increases you are seeing in middle class taxes are being phased in by 2026. It is hoped that with the increase of liquid funds to the taxpayer, by way of the employers, the down the road problem can be covered. Or it can be adjusted.
We have a problem right now. If something isn’t done to stimulate the economy to try to create jobs and keep major employers inside the boundaries of our land, funds are going to dry up. This is displayed by the sucking up of social security and medicare funds by Obama care. And the libs knew that would never cover itself and is getting worse. And they applied a tax to that and you see what it has done.
Got any ideas on how to cover our current loses that are growing every day, I’d love to hears it. But it’s going to take some tough love to get it done. Better a little at a time than the great bang like we already got.
rwood
“The increases you are seeing in middle class taxes are being phased in by 2026”
My taxes go up on day one by several thousands per year, as does several others’.
As for suggestions, leave the current individual tax alone. And drop the corporate tax by as much as is feasible as a result.
But with zero-based revenue, budget and taxation, that cannot occur. For every dollar of cut to any entity, another entity must make up the difference. In the case of this plan, corporations (80%), those over $250k (9%) AND those under $75k (11%) all get a cut.
I, and those like me (over $100k/below $250k), with a mortgage in the suburbs...get to pick up the bill.
What most people do not realize, mostly driven by emotional ignorance, is this is not a red state/blue state issue. It’s an income/mortgage issue.
The most important determinants of whether you will itemize is income and whether you have a mortgage. Not where you live.
Only the deliberately uniformed believe that.