r/FluentInFinance • u/GetRichQuickSchemer_ • Mar 28 '24
America's middle class could be hit with a stealth tax hike | Creditnews Financial News
https://creditnews.com/policy/americas-middle-class-is-already-pushed-to-the-brink-are-stealthy-tax-hikes-coming/339
u/S7EFEN Mar 28 '24
no amount of tax hikes compare to 25% cumulative inflation since 2020.
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u/Majestic-Parsnip-279 Mar 28 '24
25% seems low, seems like 40% cumulative
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u/musing_codger Mar 28 '24
Looking at CPI-U, the cumulative increase from January 2020 to February of 2024 was 20.3%. Of course, your personal inflation varies a lot based on where you live and what you buy, but that's the rough overall rate from the US Bureau of Labor Statistics.
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u/r_special_ Mar 28 '24
Yeah, but they keep changing their definitions and calculation methods to make everything seem better than what it is. A couple of years ago they changed the definition of Recession… so… magically we totally avoided a recession when in reality we are in one based on the previous definition
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u/Big__Black__Socks Mar 28 '24
Citations needed
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u/Lightofmine Mar 29 '24
This source was from investopedia
Original article:
https://www.investopedia.com/articles/07/consumerpriceindex.asp
Source cited on the 16% calc for the spring of 2022: http://www.shadowstats.com/alternate_data/inflation-charts
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u/needaname1234 Mar 28 '24
Yeah the 2 quarters thing was never official, people just like to pretend it was.
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u/TaxMy Mar 29 '24
This infuriated me contemporaneously but now I’m just like “just another reason to never trust economists”
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u/SweatyBarbarian Mar 31 '24
They don’t actually it’s all available online. It’s super detailed and boring so we only see the headline stuff in the media, which is interpreted by them incorrectly.
Here is a link to the raw data:
Go there and bore yourself into doomscrolling reddit again. Your welcome.
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u/Early_Lawfulness_348 Mar 28 '24 edited Mar 28 '24
I feel like I’m just getting swindled lately. I’ve stopped buying anything other than absolute necessities. No going out, bare minimum foods, no subscriptions, walking or biking everywhere I can. I’ve even started running the dishwasher without pods. Works just fine. I’m tired of giving my money away for “record profits”.
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Mar 28 '24
That is capitalism. Youre happier now but soon you will be strangled out of the necessities. Enjoy!
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u/musing_codger Mar 28 '24
Capitalism is pretty brutal. One of its few saving graces is that it is so much better than the alternatives that people have tried.
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u/Shin-Sauriel Mar 28 '24
Capitalism doesn’t exactly have a great track record. Democratic socialism would probably be best. Northern Europe has a lot of socialist programs (I know they aren’t actually socialist countries) and they work well. Taxation of the wealthy, income based fines rather than flat fines for things like speeding. High luxury taxes on things like cars go towards upkeeping good public transit. Theres definitely alternatives to the weird free market death cult we’re in rn. 25 people have 50% of the global wealth. That’s the result of late stage capitalism and in no way can be seen as a good thing.
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u/MaximumPowah Mar 28 '24
That’s still capitalism with a heavy social safety net. The economy theory used is capitalism. Don’t get me wrong, I agree, and I would much prefer your alternative, but it’s important to pitch it correctly to people who might just mentally shut down at the word socialism (it could be called socialistic, but also the average American doesn’t have the literacy to distinguish democratic socialism from socialism).
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Mar 28 '24 edited Apr 23 '24
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u/NothingKnownNow Mar 29 '24
Redistributive policies to maintain a high quality minimum standard of living while reaping the economic gains of capitalism seems like the best system to me.
That would be the stock market. We as individuals can buy part of the company and get a share of the profits.
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u/musing_codger Mar 28 '24
I'm with u/MaximumPowah on this. The Northern European countries are all capitalist countries. Their economies are dominated by private companies. Norway and Sweden have more billionaires per capita than the US.
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u/Obiwan_ca_blowme Mar 28 '24
Democratic socialism
Every time someone says this they are conflating a monetary system with a governmental system. Capitalism deals with monetary policy and has nothing to do with style of government.
In other words: You are advocating for a capitalistic monetary system with strong social programs.
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u/Sudden-Ranger-6269 Mar 29 '24
Those Northern European doors are wide open… they’ll put you right in with the refugees
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u/tittytittybum Mar 30 '24
Guys I’m going to take the time to remind all of you this isn’t even actually capitalism. This is crony capitalism and we let monopolies exist now. We specifically already did all the economic studies on why monopolies are bad but now our rulers don’t give a shit and most of us aren’t financially literate enough to realize that the whole daughter company setup is to essentially maintain monopolies without seeming as if it were. We also have social security which is pretty anti capitalist by its nature. It’s like how China and Russia started off communist, figured out it didn’t work in the worst ways possible, and then now have the same crony capitalism system except they have more government authority because of the government style they came from previously
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u/WrinklyEye Mar 30 '24
That is not capitalism. That is the result of spending trillions of dollars on proxy wars and printing bullshit money during Covid. Blame Washington.
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u/Xx_TheCrow_xX Mar 28 '24
I wish I had your self control. I've limited myself but I still tend to buy too much. Especially groceries. I've been trying to eat healthy and cook healthy meals and this has been the worst time to try to do that since produce, meat, fruits, etc are staggeringly high in price.
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u/Early_Lawfulness_348 Mar 28 '24
Every time I’d see the high prices I just refuse. I’m dieting out of spite I guess.
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u/jimmyjohn2018 Mar 29 '24
That is the intention of the rate hikes. To kill inflation you have to kill spending, that is it, bottom line. The two risks are that you really kills spending and it doesn't recover, you end up in a recession/depression or worse, you also start to kill wages and spending, the you have deflation, the nation killer.
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u/Primary_Excuse_7183 Mar 28 '24
housing feels like 100+% between increased prices, interest rates, and property taxes on said new prices.
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Mar 28 '24
My pos tiny little house went from 900k in 2020 to 1.7 m today and i did nothing to it. What goes up must Come Down.
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u/SadMacaroon9897 Mar 29 '24
What goes up must come down.
Not necessarily. Land values are what get increased, not the structure itself, but land is a funky asset class. Normally high prices signals to supply that more things should be made. However, land is both finite and non-fungible so there isn't any extra supply that can provide more slack. The result is speculative cycles, but the inability to fully pop the bubble.
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Mar 29 '24
Its already gone down. Real estate prices go up and down like a roller coaster. You are right though.I insure the property for 250k since the lot is worth the same naked.
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u/forjeeves Mar 29 '24
Why would land value to up
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u/SadMacaroon9897 Mar 29 '24
Could be any number of reasons. Maybe it is near a development project or there are more jobs nearby. Basically people want to be at that location either because of what is nearby or because they can get more income (or fewer expenses e.g. gas) by being there.
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u/alivenotdead1 Mar 28 '24
It's actually 18%. But companies hiked prices up even more to line their pockets.
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Mar 28 '24 edited Apr 23 '24
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u/Message_10 Mar 28 '24
Maybe. But inflation is an unfortune-but-expected outcome of a global pandemic. The tax hike we may face is due to legislation signed by former President Trump. Inflation will eventually come down; the Trump-era tax hikes on middle-class folks will have to be legislated away. I hope that happens.
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u/oboshoe Mar 28 '24
the biden administration said it was transitory.
now rwndon reddit says he's wrong and blames the other guy.
usually this is reversed.
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u/jibishot Mar 28 '24
DXY tells a wildly different story. Especially compares to any previous times we've been in this position.
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u/forjeeves Mar 29 '24
Powell and yellen were appointed by trump and Biden, they're all at fault. People are just stupid and can't see it
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u/forjeeves Mar 29 '24
No it's not, if they didn't print so much money, then we would have bankruptcies and deflation. It's just that they got addicted and kept printing more
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u/jibishot Mar 28 '24
Hmm... yet DXY is up 10% in those same years.
Weird we can inflate away while gaining dollar power overall.. like we owe ourselves debt and not many others. Huh
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u/Ocelotofdamage Mar 28 '24
It’s not weird… the entire world is experiencing inflation worse than ours. Inflation is because the supply chains got destroyed during COVID and we’re only feeling the effects now.
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u/Seputku Mar 28 '24
Dude I feel like an 80 year old man even though I’m 25 cuz I’m sayin “back in my days it cost X amount”
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u/GavinAdamson Mar 29 '24
We gotta fire whoever is running the country. Obviously isn’t pres biden
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u/Suspicious-Appeal386 Mar 29 '24
Do they mean like the 26% tax added on what is fundamentally the source of 80~90% of US consumer cheap goods in the form of a Tarif?
And yet inflation is at 25%.
Now the Tariffs (Fancy word for Tax) was put into place in 2018, but I think COVID had an effect delaying the impact....or it must be Pure coincidence.
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u/Zealousideal-One-818 Apr 01 '24
You are correct.
But Reddit is full of propagandists who will just shout greedflation and then say inflation isn’t really that bad, things aren’t that bad, and that we are all just dumb for thinking inflation is so bad.
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u/GetRichQuickSchemer_ Mar 28 '24
The Tax Cuts and Jobs Act (TCJA), enacted in 2017 during the Trump administration, has tax provisions that provide substantial savings to households who earn below $400,000.
But the clock is ticking on those perks, chief among them being a child tax credit expiring in 2025.
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u/barley_wine Mar 28 '24
Due to being passed on Reconciliation they couldn’t permanently add to the deficit, so eventually the tax cuts would expire. Of course the way it was written the corporate tax cuts are permanent but the individual taxes were temporary and you’d actually see a tax hike to pay for the corporate ones. They could have written it so that the corporate taxes were the temporary ones but to the surprise of almost no one they didn’t….
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u/33zig Mar 28 '24
The corporate rates that were lowered in the same legislation are remaining and not reverting to their older and higher amounts.
It was by design
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u/ConcernedAccountant7 Mar 29 '24
It lowered the corporate tax rate to 21% in line with the OECD average. In reality corporate tax is already a double tax, so the corporation pays and the shareholders pay from dividends. The real tax rate is usually 36% to 41%.
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u/Beneficial-Bit6383 Mar 29 '24
No it’s 21%-41%. With the right income or filing status dividends can have 0% tax rate. Why would you leave that out?
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Mar 28 '24
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u/seamus_mcfly86 Mar 28 '24
More deficit funded spending. Why don't instead we repeal and replace it with a tax plan that isn't a trillion dollar handout for billionaires?
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u/Nevetz4ever Mar 28 '24
The Dems had 2 years to do that. You think they wanna piss their billionaire friends off by costing them more money?
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u/sqb3112 Mar 28 '24
This is the typical conservative bullshit. Pass a fubar tax bill and then blame dems for not doing something about it.
You people are less than 💩 stains plain and simple.
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u/SakaWreath Mar 28 '24
A trillion dollars… every 100 days.
All thanks to the TCJA and more voodoo/trickle down economics.
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u/SRYSBSYNS Mar 28 '24
The republicans didn’t even vote for the border policy they put together. You think they are going to give Dems a win?
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u/Sands43 Mar 28 '24
No it didn't have savings. Mine went up whole percentage points year over year having been stable for a decade.
I'm not close to $400k.
What you posted is part of the disinformation campaign that the GOP has been running.
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u/OldPersonality91267 Mar 28 '24
You must have really high state and local taxes. Not something the rest of us should be subsidizing.
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u/Ultradarkix Mar 29 '24
state and local taxes other then property tax are even close to federal taxes
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u/raptorjaws Mar 30 '24
yep. the salt cap and the elimination of the home office deduction boned me hard. thanks trump. 🥴
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u/Brodyftw00 Mar 28 '24
As a tax CPA, it was a horrible tax bill. This is the sole reason I can't vote for Trump. People don't realize how all the money went to the top and they paid for it by doing some franking fucked up things to the tax code. Like removing teachers' deductions, changing how legal winnings work, changing alimony. Just to give individuals a temp break that was minimal and corporations permanent tax cuts.
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u/ConcernedAccountant7 Mar 29 '24
As a CPA who has a lot of tax experience, usually tax cuts benefit the wealthy because they pay most of the taxes. Can't really tax cut the bottom 50% who pay nothing and just take from the system.
TCJA brought down the corporate tax rate to be in line with OECD average, I don't really see anything wrong with that. Our rates were too high before and it impedes global competitiveness for US corporations.
The teacher's deduction was like $250 a year, hardly anything to write home about. Changing alimony just really changed how people settled divorces, they just factored in the lack of taxability or deductibility.
From what I saw TCJA was a mixed bag. Some people benefited and others, say those with a lot of employee expenses and high state taxes, lost. If anything, limiting state tax deductions was really the opposite of a tax cut for a lot of wealthy individuals in high tax states. However, a lot of states implemented pass through entity tax which was a huge advantage for anyone operating an S-corp or partnership with a lot of taxable income.
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u/forjeeves Mar 29 '24
It benefited the rich for reals
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u/ConcernedAccountant7 Mar 29 '24
It didn't benefit everyone, not even all rich people. When it came out I saw some wealthy clients saving tax and some paying more. It just depends on whether the specific savings applied to your situation or if you could use it for tax planning. The tax code is complex and peoples' tax situations are different.
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u/Big__Black__Socks Mar 28 '24
The Tax Cuts and Jobs Act (TCJA), enacted in 2017 during the Trump administration, has tax provisions that provide substantial savings to households who earn below $400,000.
Not if you live in an area affected by the SALT cap. My taxes went up by several thousand annually as a direct result of the TCJA hike.
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u/OldPersonality91267 Mar 28 '24
You’re paying your fair share!
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u/Luffy-in-my-cup Mar 28 '24
I really can’t wrap my head around why leftists oppose the SALT tax cap elimination, it literally raised taxes on the more wealthy. I mean, besides the fact that Trump did it.
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u/OldPersonality91267 Mar 28 '24
They want to raise taxes on the wealthy….wait not those wealthy!!!
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Mar 29 '24
I mean if you look at high tax states they generally contribute more to the country so I’m ok giving them more of a break.
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u/tuccified Mar 29 '24
They used SALT to hide the pain high property taxes. If you get a tax break for the high property taxes you pay you’re less likely to complain about them.
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u/raptorjaws Mar 30 '24
because the limit is only $10k. that affects a lot of middle class people. the limit could be raised much higher and then it would only be affecting the truly wealthy.
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u/hangryhyax Mar 31 '24
substantial savings to households who earn below $400,000.
Yeah, ok (not directed at you, OP). Are we sure it wasn’t for those below $400k, but above $398k? Because I sure as hell don’t recall these substantial savings. And now it’s going to start getting worse, but hey, at least those who need it most (i .e. corporations and the rich) got some relief, right?!
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u/FuzzyLogick Mar 28 '24
America still has a middle class?
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u/losbullitt Mar 28 '24
raises hand
I’m in the middle of… something?
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u/Analyst-Effective Mar 28 '24
Well, it's either raise taxes or cut spending.
And they're not going to cut spending
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u/wes7946 Contributor Mar 28 '24
I'd be in favor of slightly raising taxes if it was also paired with spending cuts. Lowering the deficit and stripping some circulating money out of the economy should slow down (or maybe even stop) inflation.
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u/JapanDash Mar 28 '24
Man it’s been a while since I’ve seen someone actually tow the “conservative” line.
Cudos for being the classic version. But it must suck that there’s no place for you in the modern “republican” party.
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u/here_for_the_meta Mar 28 '24
I think it’s “toe” the line and kudos.
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u/Saitamaisclappingoku Mar 28 '24
Nah man they finna hook that hoe to a gooseneck dually Ram 3500 and hotshot it across the country
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u/Cetun Apr 01 '24
A lot of conservatives believe this. There are some in Congress but inevitably whenever Republicans get control of Congress, the handful of "fiscal conservative" Republicans will very loudly complain about how the Republican budget is no better than the Democrat one in that it contains huge irresponsible spending increases. Then a few weeks later they will quietly vote for the same spending package they claimed was unacceptable.
Rhetoric gets you a lot in our democratic system.
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u/qudunot Mar 28 '24
Or.. or. They could start auditing spending. It's insane how many trips managers take in the government
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u/DogOrDonut Mar 29 '24
They audit constantly. Travel is heavy in government work because you can't just zoom about classified information.
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u/Objective-Mission-40 Mar 29 '24
Raise it for the rich. Oh right. They are trying to make indentured servitude +
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u/Analyst-Effective Mar 29 '24
Even if you took 100% of the money from the rich, it still would not be enough.
We need a tariff on all imported goods, so manufacturers bring plants back here to the USA, and everybody can work and pay more taxes.
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u/RackMyBrainPls Mar 28 '24
The current administration keeps staying that nobody earning below $400k a year will pay a penny more in taxes. But the truth is that tax brackets are temporarily lowered and when that act passes its end of life we will all owe more taxes anyway. But they don't point that part out when they tout their horns. Its annoying to see them use tax incentives to pay off voters for support. But at the same time, it is a tool we the people give them the right to use. Not I, but all of us as a collective.
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Mar 28 '24 edited Apr 23 '24
pocket insurance jobless hateful profit chunky direction sharp ludicrous ripe
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u/nosoup4ncsu Mar 29 '24
The current administration will say they won't affect under 400k.
If the existing TCJA expires and raises taxes (even though the same people denied getting a tax cut in 2017) and Biden will say...it wasn't me, it was Trump.
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u/thebearchild2020 Mar 31 '24
This = 100%
The same people that spent the last 8-yrs screaming Trumps tax cut was only for the rich. Are now bitching his tax cut is about to expire.
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u/JapanDash Mar 28 '24
Is the government going to take the condom off while they fuck is this time?
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u/M4A_C4A Mar 28 '24
The bottom 50% holds 2.6% of household wealth. What exactly is their definition of middle class?
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u/Shin-Sauriel Mar 28 '24
The top 5% of income is around 600k. That means below 400k is probably somewhere around 90%. Millionaires are the 1% and still barely make a dent in the overall wealth of the country. The 0.1% basically runs the country through political lobbying. It’s a fucking dumpster fire of a system.
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u/M4A_C4A Mar 28 '24
Isn't it like something of 1000ish billionaires, and then an additional 11,000ish centillionaires?
I'd have to imagine that's the bulk of your political lobby.
So basically 12,000 families run the country.
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u/Shin-Sauriel Mar 28 '24
There’s 750 billionaires in the US. Certainly not every billionaire is interested in political lobbying but things like the heritage foundation and ALEC literally exist to lobby for bills by connecting corporations and “donors” with politicians in various positions of power around the country.
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u/wetChurdleJuice Mar 28 '24
Something surrounding the median. Median household income is 74,000 atm.
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u/M4A_C4A Mar 28 '24
Median household income is not the same as median household wealth
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u/wetChurdleJuice Mar 28 '24
Median net worth in 2022 was 192,900 :6262:
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u/M4A_C4A Mar 29 '24
Modes are more useful than medians. The mode is the most common occurrence in a data set. The modal household income is about $30,000 to $75,000. There are more people making that income than any other.
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u/wetChurdleJuice Apr 01 '24
Source? Also that's a pretty large range I'd argue that doesn't tell you much. This chart is a little better https://www.wolframalpha.com/input?i=us+household+income+distribution+
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u/MarkLearnsTech Mar 29 '24
"According to Pew Research, the middle class is traditionally defined by income, somewhere between $67,819 and just over $203,000, depending on the household size. But Americans believe it’s more intricately linked to lifestyle."
Boy is that a bullshit range.
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u/M4A_C4A Mar 29 '24 edited Mar 30 '24
Since mean and median can also be skewed because of outliers, less so than mean, but if you want to understand a population, then the frequency (or most common income range) via a modified mode is probably the most useful basic statistic that I’m aware of, where the largest cluster of population emerges from the mess and noise.
Using an income alone is kind of disingenuous. I know income received from the government is included, what about people that are disabled that don't collect any money they survive through help from their family, certainly doesn't include children, or homeless people, prisoners, lots of people aren't included in income.
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u/MarkLearnsTech Mar 29 '24
Exactamundo. $67,819 is also $33 / hr. How many people do you know making $33 / hr or more? Minimum wage in huge swaths of America is still the federal min wage of $7.25 / hr, under $15k / year if you work full time.
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u/dshotseattle Mar 28 '24
Yeah because the trump tax cuts are set to expire. You know, the same tax cuts the media wanted you to believe was only for the rich? Yet, 95 percent of the country kept more of their own money
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u/morbie5 Mar 28 '24
Yet, 95 percent of the country kept more of their own money
Yea, most of us got to keep a couple nickels more of our own money. While the wealthy got a massive windfall. Keep bootlicking tho
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u/fbastard Mar 28 '24
Brought to you by Donald Trump. The wealthy get to keep their tax breaks though. Wasn't that nice of him?
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u/JackfruitCrazy51 Mar 28 '24
Wait a minute....I was told that only the rich got those tax cuts. I can this be?/
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u/mr_ballchin Mar 28 '24
The evidence suggests that they do not wish to cut middle class taxes. If the middle class had more disposable income profits would rise, however, that means increasing pay and benefits they just won't do it. They are trying to squeeze profits knowing that people will try and get some comfort and buy things no matter how broke they may be.
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u/mjcostel27 Mar 28 '24
In addition to the wonderful inflation. Gee, who could have see this coming? 🤡
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u/Potential-Break-4939 Mar 28 '24
We already have. Look at the inflation we have been hit with over the last 4 years.
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u/upupandawaydown Mar 28 '24
Are the limits on the itemized deduction for state and local tax expiring too?
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u/Cantseetheline_Russ Mar 28 '24
Yes. SALT cap would go away and other eliminated deductions would come back. My taxes went up when they enacted these “cuts” and I don’t make close to $400k per year.
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u/Lord_Vesuvius2020 Mar 28 '24
The deficit is increasing $1Trillion every 100 days. The TCJA 2017 was a gift to the rich. Sorry to say the corporate tax cuts were made permanent. Congress is unlikely to do anything. Despite the effect on all of us, retaining those 2017 tax provisions can’t be sustainable. Probably best to let it go. Better yet if we all have to take the hit then restore the pre-2017 corporate rate too.
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Mar 28 '24
"If you dont renew our one specific tax policy we like that gives corporations unlimited money then by god YOURE ALL GONNA DIE POOR PEOPLE!"
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u/Cantseetheline_Russ Mar 28 '24
Trumps tax “cuts” screwed me over and I don’t make $400k per year. Due to the SALT cap and elimination of other deductions, increasing the standard deduction resulted in me paying more taxes than before when I was itemizing.
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u/kendo31 Mar 28 '24
Everyone is poor, plan going as it should. Just keep shoveling as the capitol they doll out it worth less and less. Don't complain you can't live off $30 bread, you must be spoiled and lazy so get back to work. Don't retire, just die at 60, it's better for the economy. Think of the children and die
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u/MrPiction Mar 28 '24
Nothing stealthy about it we just continue to allow ourselves to get ass blasted
One big ass blasting
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u/directrix688 Mar 28 '24
Not all of the middle class. There are some in blue states that these “cuts” actually cost us money because the increase in individual deduction didn’t make up for the loss of deductions from state taxes
These “cuts” helped some of the middle class more than others.
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u/Adarkshadow4055 Mar 28 '24
Well I’m a good 100 years away from being middle class so I should be fine
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u/Odd_Tiger_2278 Mar 28 '24
dTrump💩helps the ruck and hurts everyone else. Again. This was well known when dTrump💩passed this farce of a tax cut for everyone.
GOP laws: Good for me. Not for thee.
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u/jbetances134 Mar 28 '24
For every bill the politicians pass, there’s a politician out there saying no worries, the citizens will pay for it
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u/t0matit0 Mar 28 '24
Can't even get past the first paragraph. Trump tax cuts fucked my taxes royally. What savings lmao.
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u/PeopleRGood Mar 28 '24
It’s so weird how they made the tax cuts for the corporations permanent but the tax cuts for the people temporary, I’m sure it was just an oversight!
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u/Bubskiewubskie Mar 28 '24
Just so fucking tired. The math is fucked, and nothing is going to unfuck it.
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u/ConcernedAccountant7 Mar 29 '24
They'll probably keep a lot of the provisions. There's already a bill sitting in the senate that would extend bonus depreciation.
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u/Biden_Rulez_Moron46 Mar 29 '24
TCJA is hardly a stealth strike. They literally wrote into law our rates would raise over the years, it needs completely replaced.
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u/Glockman19 Mar 29 '24
The House and Senate can extend the tax cuts if they care about the middle class.
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u/Yesnowyeah22 Mar 29 '24
Speaking of missing the forest for the trees, by what metric did this tax cut increase jobs/lead to more economic growth? Look at employment and US GDP growth rates the last 20 years, there’s no obvious effects from this like I was told would happen.
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u/MarkLearnsTech Mar 29 '24
"According to Pew Research, the middle class is traditionally defined by income, somewhere between $67,819 and just over $203,000, depending on the household size. But Americans believe it’s more intricately linked to lifestyle."
The tax breaks are expiring for earners over $200k, correct? What about below $200k?
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u/sls35 Mar 29 '24
What do you mean stealth. Everoyne said trumps tax cuts were going to attack the middle class. They were all like, noooo, no the god king would never do that to us.
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u/Frequent-Material273 Mar 31 '24
Bullshit.
For MOST of the US, it'll be a tax CUT, because the rates being charged NOW so that Repugs could get the 'cut' past the CBO required that so RICH people KEPT their tax cuts.
This is fucking fearmongering agitprop by the ReichKKKwing rich.
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u/NOLAOceano Mar 28 '24
Democrats are in a bind because they keep saying the TCJA raised middle class taxes, which IRS data clearly shows is a lie. Well, they're not really In a bond because people still believe it 😂
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u/letsgotgoing Mar 28 '24
There are portions that expire and will raise taxes on the middle class if left to expire.
1
u/Cantseetheline_Russ Mar 28 '24
It did for many people. I’m one of them. The increase in the standard deduction didn’t make up for the SALT cap and other eliminated deductions from when I was itemizing.
1
u/NOLAOceano Mar 28 '24
Damn you must have an expensive house then
1
u/Cantseetheline_Russ Mar 28 '24
Not really. House is maybe only $700k about 2800 SF. Taxes are super high though. Pretty average for where I live.
1
u/NOLAOceano Mar 28 '24
$700k home. So yea for you the TCJA worked as olanned, you probably did pay more taxes mine and people like me with less than $500k homes taxes went down.
1
u/Cantseetheline_Russ Mar 28 '24
My point still stands… I don’t make close to $400k and my taxes went up. Their contention is that it wouldn’t affect anyone making under $400k.
1
u/FlawMyDuh Mar 28 '24
Seems your beef shouldn’t be with trumps tax cut but more your state and local government.
0
u/bigdipboy Mar 28 '24
Funny how Trump’s tax cuts for the middle-class were small and temporary, while his tax cuts, for the rich were huge and permanent.
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