I think that they will tinker with tax rates and caps on income, as noted here, in order to make incremental increases in taxes paid.
I think the next time we have a Democrat president and Democrat congress, we will see tax increases in many ways, but the increases will be spread out, so that no individual type of tax will increase enough to get people aroused about taxes going up.
And everything will be justified by liberal theology. For example, an increase in federal gas taxes will allegedly be used to fight “global warming”.
Given the long term problems of Social Security, and the trillions of dollars of assets held by many middle income people in 401K type assets, I can envision future Democrats wanting to “borrow” our retirement assets, to allegedly prop up Social Security. In reality, if that ever happens, money will be drained away to be spent on other socialist schemes.
“Given the long term problems of Social Security, and the trillions of dollars of assets held by many middle income people in 401K type assets, I can envision future Democrats wanting to “borrow” our retirement assets, to allegedly prop up Social Security. In reality, if that ever happens, money will be drained away to be spent on other socialist schemes.”
They already proposed something like this back in ‘08 after the crash: move 401ks into “Guaranteed Return Accounts.” Of course, the Argentinians were more honest and just confiscated private retirement accounts outright.
They will probably use the next stock market crash as an excuse to “protect” our 401ks by transferring them to the government for “safekeeping.”