Election 2024 puts $6 trillion in taxes on the November ballot

[libertybele]

Election 2024 puts $6 trillion in taxes on the November ballot

If the upcoming election in November is reminiscent of the 1993 movie "Grumpy Old Men" with Jack Lemmon and Walter Matthau, you might want to also rewatch "The Bad News Bears" with another four years governed under what we colloquially call Bidenomics. It isn’t a dollar’s worth of difference between the two parties, it’s more like $6 trillion at stake when you pull the lever in November.

Embedded within this discourse between the two parties lies some potential deception when you peel back the artichoke and really analyze the numbers. You should never be fooled by percentages and always look at the real dollars coming out of your pocket. 

Consider, for instance, a purported 5% increase in capital gain rates for 20% to 25% — a seemingly modest adjustment. However, a deeper examination reveals that this type of tax change would translate to a 25% increase in taxes in actual dollars and not 5% as might be reported. This basic arithmetic underscores the gravity of the electoral choices right around the corner...........

................As a retrospective glance, the "Tax Cuts and Jobs Act of 2017" ushered in a sweeping paradigm of pro-growth tax reforms, marked by several pivotal provisions. Noteworthy among these were the reduction of top marginal tax rates from 39.6% to 37%, a significant expansion of the standard deduction, and the implementation of State and Local Taxes (SALT) for itemized deductions, among others. 

Yet, these beneficial measures are poised to expire by the end of 2025, wiping out $4 trillion in tax relief. Moreover, if the current administration's proposed tax reforms materialize, an additional $2 trillion of burden may be imposed upon Americans already grappling with inflationary pressures. ..................

https://www.foxnews.com/opinion/election-2024-puts-6-trillion-taxes-november-ballot

[Bigun]

Election 2024 puts $6 trillion in taxes on the November ballot

If the upcoming election in November is reminiscent of the 1993 movie "Grumpy Old Men" with Jack Lemmon and Walter Matthau, you might want to also rewatch "The Bad News Bears" with another four years governed under what we colloquially call Bidenomics. It isn’t a dollar’s worth of difference between the two parties, it’s more like $6 trillion at stake when you pull the lever in November.

Embedded within this discourse between the two parties lies some potential deception when you peel back the artichoke and really analyze the numbers. You should never be fooled by percentages and always look at the real dollars coming out of your pocket. 

Consider, for instance, a purported 5% increase in capital gain rates for 20% to 25% — a seemingly modest adjustment. However, a deeper examination reveals that this type of tax change would translate to a 25% increase in taxes in actual dollars and not 5% as might be reported. This basic arithmetic underscores the gravity of the electoral choices right around the corner...........

................As a retrospective glance, the "Tax Cuts and Jobs Act of 2017" ushered in a sweeping paradigm of pro-growth tax reforms, marked by several pivotal provisions. Noteworthy among these were the reduction of top marginal tax rates from 39.6% to 37%, a significant expansion of the standard deduction, and the implementation of State and Local Taxes (SALT) for itemized deductions, among others. 

Yet, these beneficial measures are poised to expire by the end of 2025, wiping out $4 trillion in tax relief. Moreover, if the current administration's proposed tax reforms materialize, an additional $2 trillion of burden may be imposed upon Americans already grappling with inflationary pressures. ..................

https://www.foxnews.com/opinion/election-2024-puts-6-trillion-taxes-november-ballot

Thank you @libertybele I doubt this will be read by many but it IS very important.

[Hoodat]

Being rich is no fun if other people can become rich too.  In order to maintain exclusivity for the club, rich politicians put these 'progressive' [sic] tax laws in place to make it nearly impossible for anyone else to become rich.

There would be a lot more rich people if everyone paid the same tax rate across the board.

[Bigun]

Being rich is no fun if other people can become rich too.  In order to maintain exclusivity for the club, rich politicians put these 'progressive' [sic] Marxist tax laws in place to make it nearly impossible for anyone else to become rich.

There would be a lot more rich people if everyone paid the same tax rate across the board.

As amended, I fully agree.

[libertybele]

Everyone paying the same tax rate, what a concept.