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 ...
Since rates for those making less than $400k are not going up, the communists will get away with saying they did not raise taxes on the middle class...and the media will back them up.
Inflation is the most regressive of all taxes. I don’t listen to journalists about economics. They can barely craft a coherent sentence.
‘Income Reduction Act’
Unarmed poor people are easily ruled.
I’m 68, and this isn’t my first rodeo. That’s why my retirement plan wasn’t to have a lot of money to retire on but, rather, to not need a lot of money when I’m retired.
That meant little to no trackable pension or 401k, my real estate fully paid off, living in a disgustingly low property tax area, and being able to produce my own food and other things either to help lower the cost of living or eliminate the cost of food.
And here we are today. I’m not saying I’m a particularly smart guy but I think the Lord was watching over us, especially when we chose to buy this Kentucky property 2 weeks before the 2008 election. And then we moved here from Seattle in 2011. At the time, having a shtf bug out place was only a small part of the motivation for moving here. We never could have imagined a world and government this insane.
But again, here we are. We pay no income tax at all. Our property taxes for 32 acres, a brand new shop building, a house and a large barn are $425 a year. That even makes Amazon prime look expensive. And I finally canceled my office 365 annual subscription and now use libre, which is the modern version of openoffice. It’s faster and more dependable than the Microsoft product was.
But I ramble. My point is my wife and I are so appreciative of what the Lord did for us when he helped us make this decision. It was truly life-changing. And we had no idea how well it set us up for the world that was to come.
But I embrace more than other the apostle Paul’s words: for me, to live is Christ, and to die is gain.
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.
Maybe they don’t raise taxes on people earning less than $400k, but since costs are ultimately passed along to the consumer, we wind up paying for the tax increase.
Anybody remember what got Bill Clinton elected? George Bush Sr pledged,”read my lips. No new taxes.” And then he raised taxes. We have exactly the same thing going on here. If the Republicans really want to stand out is not being part of the uniparty, all they have to do is drill this point home no matter who the Democratic nominee for president is, because the Democrats own this one.
Another weaponized agency that will go after political opponents namely conservatives across the board in all fields as well as killing the middle class
There is no probability that Biden will run again must less be re elected.
Trump’s fault......... he failed to get his FBI attackers intent on mortal damage to his efforts
I agree. What I’m saying is that because the democrats, and only democrats, voted for this thing, they all own it. Any candidate who is seeking the nomination for the Democratic party is going to have to spend a lot of time explaining this. And let’s get real here: by then we will be feeling its effects. It could be used by the Republicans to basically make the strong case that the Democrats own all the crap we’re going through right now. And by right now, I mean the time in the months before the election.
These dems never worked for or ran a small business.
At a minimum this will put a hold on hiring and purchasing new equipment.
The cost of these taxes will be passed on to the consumer with higher prices.
The sad part of all of these green policies is that the pollution is shifted to countries like China and India where it is 100% dumped into the environment.
Or possibly “Inflation Induction” act. There are at least three factors contributing directly to inflation, the first of which is simply pouring even more devaluated fiat units of currency into an already raging dumpster fire. The second is in the expansion of “green energy” (read solar and wind) financing and subsidies. The third is the failing productivity of the US economy, to the degree that this nation becomes the vassal state of of a truly evil empire, the hegemony that is the combination of the Russian Federation, the Chinese Communist regime, and the Islamic Republic of Iran, using North Korea as their attack dog.
We are so screwed. The Democrat Socialists in this country do not CARE if they win or lose the hearts of the American people, they will keep pressing for getting a “count” on the vote that favors them, then beginning a systematic purge of all the “undesirables” that resist.
Suuuuuuuuure....
All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills. Since this bill originated in the Senate, it is unconstitutional.
The problem with this is that people who run small businesses as an LLC have whatever percentage of the business that they own profit tacked on to their personal income tax. So someone could be making say, 50k a year from running their small business...but if they own it and the business makes $500K a year then their personal tax will show them “earning” over the $400K. All this does is take more money away from people who actually invest in America by creating jobs for others. Making them hire less people and pay less wages, and be unable to reinvest into their Company to keep it going.
“ Inflation is the most regressive of all taxes. I don’t listen to journalists about economics. They can barely craft a coherent sentence.”
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Yeh, that and corporate taxes. It’s easy to hate evil corporations such as big oil, pharmaceuticals, etc. But, many folks don’t realize it’s a pass-through expense passed on to the consumer. Some folks just don’t get it.
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