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 $80 billion budget boost for the IRS, ostensibly so those new agents could focus their audits on "the rich." And yet, the WSJ story said, "the agency has been slow to shift its focus to high-income taxpayers, who make up a small share of total filings." Rich people have better accountants than the IRS does; the middle class doesn't. The IRS knows exactly which chickens are ripe for plucking.
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Forget Buffett's warning that tax hikes are "likely" on the way. In the form of inflation, increased audits on the middle class, and the expiration of the Trump tax cuts, they're either already here or quickly coming.
(Excerpt) Read more at pjmedia.com ...
Thank you!!
Biden: “If you elect me, your taxes are going to be RAISED, not cut!”
https://twitter.com/i/status/1787500025750200551
“So then why aren’t Democrats going after Buffet’s tax returns, like they did Trump’s?”
Excellent question!
I call the UK News outlets, my 2nd cup of coffee and real news instead of the B$ from American fake news mediots.
Do you want SS, Medicare/caid? A military?
Then we have to pay for them. Taxes must go up, or benefits go down. Or realistically both.
The boomers are retiring, and going to the biggest benefit draw in US history. No amount of screaming and declaring about how so and so is “owed” will change that.
I agree that is a problem, but you might want to include US govt. spending on foreigners in your calculations. Where I live we have to schedule appointments with doctors 4 months in advance. And the Biden gang is busy making it worse.
I wonder if he is a Democrat out of conscience or out of self-preservation. He has certainly given more to far left causes than necessary.
Yeah...
Right after the sun comes up tomorrow.
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