The brain trust....
Posted on 03/09/2018 11:54:53 AM PST by Beave Meister
This week, Congressional Democrats released a detailed tax hike plan that they promised to implement if given majority control of the House and Senate after the 2018 midterm elections. So much for the crocodile tears about the deficit--Democrats want to raise taxes not to reduce the debt, but rather to spend that tax hike money on boondoggle projects.
As you might expect, hold onto your wallets. Here are the details:
Increase the top marginal income tax rate from 37 percent to 39.6 percent. This nearly 3 percentage point increase in the top personal rate is not only a hike in the top bracket levy, but it's also a direct tax increase on small and mid-sized businesses. The 30 million companies which are organized as sole proprietorships, partnerships, Subchapter-S corporations, and LLCs pay their business taxes on their owners' 1040 personal tax returns. Hiking the top tax rate is a small business tax increase.
Increasing personal income taxes would be particularly unfortunate since workers are now seeing the results of lower rates in their paychecks. Thanks to the new IRS withholding tables, in February of this year over 90 percent of workers saw higher take home pay in the form of fatter direct deposits (for a humorous spectacle of the New York Times desperately trying to get people to down-talk their bigger paychecks, click here). They will continue to see those bigger paydays for as long as the tax rates in law remain in effect. This higher tax home pay is a down payment on a lower tax liability. Typical families of four should see their federal income tax decline from $2000 to $4000, depending on their income level and number of children.
(Excerpt) Read more at forbes.com ...
“I’m gonna raise your taxes”...Worked for Walter Mondale didn’t it? Oh yeah...I remember Reagan won that. Shoot who’d thunk you could lose with a slogan like that!?
Worked for Mondale..../s
It worked so well for Mondale, why not?
Confiscate your guns, impeach Trump, then raise your taxes. Wonderful platform to LOSE!!!!
The “democrats” just can’t help themselves. They all are natural born thieves. Spending other people’s is their favorite hobby.
I know some of these freaking idiot fellow Americans who will ALWAYS vote liberal (usually collectively) and ALWAYS b*tch and moan singularly about too much taxes and regulation, overreach of government and lessening quality of life. To be fair, our side only tries to be lib-lite and usually never promotes CONSERVATISM in its pure American sense.
Oh boy, that should be a winner for them. /sarcasm
Trump must be thinking, “It’s better to be lucky than good. I’m glad I’m both.”
this is why Trump needed radical reform. 40% tax bracket at $10 million, 30% tax bracket at $1 million, 20% tax bracket at $100,000, 10% tax bracket below $100,000 with a standard deduction equal to min wage. Replace payroll tax and the corporate income tax by a 20% VAT. Once you eliminate payroll & the corporate income tax, it’s hard to bring them back politically....and if you make the tax code with brackets making exponentially unsteep sense, it’s hard to stick brackets at the top....unless you want a 50% tax bracket at $100 million......which wouldn’t do much harm, anyway. Reagan had a 50% top tax bracket until 1987 on a lot steeper code....at incomes under $500,000.
And they need this money for what? What is the funding for?
I know what you are saying. But for a lot of people in this country, that actually makes sense. That's what liberals believe in.
I think they believe in "Take the other guy's money. Take the other guy's guns. I'll keep mine & vote for you".
How could they be so stupid
Vote for Us!
Could make a Dem themes song from that:
Gimme dat, gimme dat, gimme dem things
The brain trust....
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