Warren Buffet Warns That You're Going to Get a Tax Hike
Stephen Green | 11:00 AM on May 06, 2024
Warren Buffett, the billionaire Oracle of Omaha, says that Washington will likely "take a larger percentage of what we own, and we'll pay it," because it's either that or cut spending. And you know how Washington feels about cutting spending.
"I think higher taxes are likely," he warned investors at Berkshire Hathaway's annual shareholder conference on Saturday. "[Washington] may decide that someday they don't want the fiscal deficit to be this large because that has some important consequences."
"So they may not want to decrease spending and they may decide they'll take a larger percentage of what we own, and we'll pay it."
Presidentish Joe Biden has promised as much, too, indicating that he won't push to extend the Trump tax cuts next year if he wins reelection in November. David Winston wrote for Roll Call last week that in April, Biden told electrical union workers that in 2025, the 2017 Tax Cuts and Jobs Act will die. “It’s going to expire, and if I’m reelected it’s going to stay expired.”
According to House Ways and Means Committee Republicans, 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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https://pjmedia.com/vodkapundit/2024/05/06/warren-buffett-your-taxes-will-go-up-to-pay-for-bidens-spending-n4928792
