It was fun while it lasted.
Posted on 06/24/2024 8:39:42 AM PDT by Altura Ct.
That headline isn’t our phrase. It comes from Virginia Sen. Mark Warner, who like other Senate Democrats has been laying out in public the party’s tax strategy for the next Congress. Democrats are saying out loud that they plan to use the scheduled expiration of the 2017 tax cuts at the end of 2025 to insist on the largest tax increase in history.
“The main goal here is this can’t just be a debate about the 2017 tax cuts,” Mr. Warner told Bloomberg. “This is going to be Tax Armageddon.”
Oregon Sen. Ron Wyden, who runs the Finance Committee, on Thursday revived his pitch to tax the appreciation of assets for those with at least $100 million in income. Mr. Wyden plans to run through the door on wealth taxes that the Supreme Court left open Thursday in its lamentable decision in Moore v. U.S. Mr. Wyden floated his version of a wealth tax in 2021 to pay for President Biden’s Build Back Better plan. Opposition from Joe Manchin and Kyrsten Sinema scuttled the $4.8 trillion bill, but both are leaving the Senate.
Sen. Elizabeth Warren last week said she’ll hold the middle-class tax cuts that expire in 2025 hostage if Republicans don’t agree to soak corporations and people who earn more money than she thinks they deserve. “Better to let all the Trump tax cuts expire than be accomplices to another slash-and-burn tax bonanza for America’s billionaires,” she said. Her plan also includes a 2% annual tax on the net worth of households with more than $50 million in assets.
The Massachusetts Senator rebuked Barack Obama for agreeing to extend the Bush middle-class tax cuts as part of the 2012 “fiscal cliff” deal with Republicans in Congress.
(Excerpt) Read more at msn.com ...
Assuming that this tax increase goes through, what will Congress do with the additional money? Choose your prediction from the list below:
A. Spend it all, then borrow even more.
(Sorry, but there’s only one choice here.)
And plan on using the revenue to subsidize their replacements for American citizens.
Perhaps American citizens should consider replacing Democrats and their uniparty confederates in the Republican party.
Fauxcahontas is an ignoramus.................
I reject the premise that the tax hike will bring in more government revenue. This kind of tax hike might put us on the right side of the Laffer Curve (reducing government revenue).
This just shows how stupid Faux Pocahontas is. Who does she think ends up paying the increased taxes on corporations? It's the people who buy their products. In other words, the US taxpayer.
Congress doesn't need any more of my money. They have more than enough as it is if they would just spend it wisely. After all, I know how to spend my money better than they do. Their plan is to spend it to give stuff away free in order to get re-elected. In most cases, not money well-spent.
History shows us this is how Revolutions occur……no amount of taxes can save us from bankruptcy, government debt default, it’s coming.
With yearly property taxes always increasing, the constant rise in inflation, and now the talk of unrealized gain taxation, raising SS taxes and retirement age, the blow back will be historic.
> I reject the premise that the tax hike will bring in more government revenue. <
I agree. There will be a temporary bump, for sure. That’s what I was referring to. But long term, high taxes are very harmful. Among other things, they strangle innovation.
Not that anyone in Congress cares about that.
Because excess taxation has a punitive effect. So the economy suffers and tax revenue actually goes down.
Basic economics includes human nature.
It’s not very different than the price curve they teach you in basic microeconomics. If you price your widgets too low, you might increase sales volume but not enough to compensate for the lower margins. If you price your widgets too high, particularly in markets with heavy competition, and you sell so many fewer of them that you don’t compensate for the higher margins.
It all has a lot to do with human behavior and the decisions people make. If you raised people’s tax burden to well over 50%, they will simply lose any motivation to produce, let alone innovate.
We now pay over $1 trillion, 1,000,000,000,000 just in interest payments on our debt.
Anyone who thinks that is okay should be strung up, tar and feathered, or both.
Add to that $10 trillion in Government bonds and notes roll over by the end of this year…..China just sold $50 billion off, Japan and other western nations also.
So just who do they think will buy these debt instruments that are due? A Ponzi scheme unraveling before our eyes- all fine and dandy until there are no buyers to purchase the old debt.
Prepare accordingly.
I keep trying to get some footing
Just tried for another job - it was nearby - not what I wanted at all but paid OK, also very, very close and ....... shot down
Corporations don’t pay taxes, they recoup it from the consumer,
When you steal elections you can do as you wish.
I want to hear about spending cuts
Exactly, but 99% of the public don’t see it that way. They think an increase in corporate taxes doesn’t affect them. They also think taxing the rich makes sense. It’s the rich who provide the means to keep this economy going by investing and creating new jobs and economic growth. We deify the poor and demonize the rich. That’s totally backwards. Think about it: How many of you were hired by a poor person?
No matter the rate. .gov hasn’t had revenue receipts over 20% GDP.
I have one.
B. Spend it on interest on the debt that we already have.
I want to hear about spending cuts
——-
Certainly needed, when in a deep pit, stop digging…. our $$$$$$$$$$ 35 trillion can NOT ever be paid off.
Which brings in the much talked about “ Great Reset”, spoken about by financial institutions, the WEF, and even our .gov “ leadershit”. It is real, but finding and exposing the turds is just not happening.
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