Posted on 05/06/2024 10:22:59 AM PDT by george76
Warren Buffett, the billionaire Oracle of Omaha, says that Washington will likely "take a larger percentage of what we own
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Joe Biden .. won't push to extend the Trump tax cuts next year
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if Congress fails to extend the Trump-era tax cuts, it means an average American family of four making $75,000 will get hit with a $1,500 tax increase. “Main Street businesses will face a 43.4 percent tax rate” and “working parents will suffer from a Child Tax Credit slashed in half” along with the standard deduction every taxpayer is due.
Remember Biden's promise not to raise taxes on anyone making less than $400,000? If you had a dollar for every time Biden has broken that promise, you might have enough money to pay for those tax hikes he said you wouldn't be getting.
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IRS is still focused on the middle class... 63% of new audits targeted taxpayers with income of less than $200,000. Only a small overall share reached the very highest earners, while 80% of audits covered filers earning less than $1 million.
Biden's so-called Inflation Reduction Act included an $80 billion budget boost for the IRS, ostensibly so those new agents could focus their audits on "the rich." And yet, the WSJ story said, "the agency has been slow to shift its focus to high-income taxpayers, who make up a small share of total filings." Rich people have better accountants than the IRS does; the middle class doesn't. The IRS knows exactly which chickens are ripe for plucking.
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Forget Buffett's warning that tax hikes are "likely" on the way. In the form of inflation, increased audits on the middle class, and the expiration of the Trump tax cuts, they're either already here or quickly coming.
(Excerpt) Read more at pjmedia.com ...
No way is h3ll Biden continues the Trump tax cuts. Even if he wanted to, he wont be allowed.
Why did the tax cuts sunset but mostly or only for the middle class.
Whoever wrote and supported that bill with an 8 year expiration was being too clever by half.
Maybe he should put some of his money where his mouth is
When gov't loses, we win.
Throw the pro-big-gov't bums out and replace them with PRO-FREEDOM Statesmen!!!!
You don’t need Warren Buffet. All you need to know is when a Democrat president is elected you get tax hikes and massive spending.
giving in america.
it’s the economy stupid, unless we know how to cheat to win.
“Why did the tax cuts sunset but mostly or only for the middle class.”
Because the people who wrote the bill had a certain agenda and it didn’t include middle class tax cuts.
I didn’t have to be a billionaire to already know that Warren. Now go pay your fair share dimwit.
BTTT
TASS - Tax and Spend Socialism
Hidden taxes, open taxes, it’s all the same operation. Distribute wealth from the individuals who earned it to other individuals who didn’t earn it. It fixes that nasty Capitalistic “merit” idea.
Galt.
The expired because of the Byrd Rule. We didn’t have the 60 votes needed to make it permanent at the time the bill was passed so it had a sunset provision from the beginning.
Buffett needs to open up his purse to help to keep this from happening.
They expired because of the Byrd Rule. We didn’t have the 60 votes needed to make it permanent at the time the bill was passed so it had a sunset provision from the beginning.
But now, the new blue haired man-bun young Dim voters may be too into their knee-jerk, freedom hating cult to realize that sunsetting Trump's tax cuts would hurt them too.
“Why did the tax cuts sunset but mostly or only for the middle class.”
Most likely a budget issue.
WTF does congress do? WTF are the Republicans who need to jump on this and GOP ads sent out sea to sea.
“No way is h3ll Biden continues the Trump tax cuts. Even if he wanted to, he wont be allowed.”
Will Trump be able to get them extended?
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