Posted on 08/09/2022 4:24:06 AM PDT by where's_the_Outrage?
“The mislabeled ‘Inflation Reduction Act’ will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000.” — Sen. Mike Crapo (R-Idaho), senior Republican on the Senate Finance Committee, in a news release, July 30
We have long found that complex tax and budget issues are ripe for spin that confuses ordinary readers. Crapo’s comment above is illustrative of a GOP onslaught against the massive bill that was approved in the Senate over the weekend and is up for a vote in the House this week.
At issue is whether President Biden violated his 2020 campaign pledge not to raise taxes on people earning less than $400,000 a year. Whether this is good tax policy is open to debate, but it was smart politics. During the election campaign, President Donald Trump claimed some 80 times that Joe Biden was going to raise taxes on all or most Americans. Biden had a consistent refrain — that was false, no one making less than $400,000 a year would face higher taxes.....
There is no easy way to adjudicate this debate. By the standards set by the Biden campaign in 2020, the president appears to have kept his promise not to raise taxes on people making less than $400,000 a year. Even Republicans concede that tax rates have not changed.
But the JCT is also the gold standard for analyzing the impact of tax policies — and few economists would dispute that higher corporate taxes work their way into the economy and eventually may affect hiring and investment.
(Excerpt) Read more at msn.com ...
With THIS administration????
The reality will be that there will be NO TAXES on people who make MORE than $400,000, ONLY.
Can’t agree more.
“ Yes, if you think the FBI raid on Mar-a-Lago was bad, just wait until you see the IRS go after the NRA, WalkAway, firearm manufacturers, Candace Owens, etc.”
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For sure. Many folks are not aware that the IRS is an armed agency and has a very large cache of weapons and ammo. Don’t be surprised if they’re put into use in the near future.
Exactly
This bill ensures EVERYONE’S taxes are going up. No one is spared.
What do they think gas prices and food prices are?
Government Spending = New Taxes
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