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. 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. Increase the corporate income tax rate from 21 percent to 25 percent. Up until this year, the United States labored under the highest corporate income tax rate in the developed world. As a result, jobs and capital were fleeing America for more normal tax rates that could be found in tax havens like France and China (saracasm font very much activated). Finally, after many years of bipartisan consensus that the U.S. corporate rate had become an impediment to attracting new jobs and investment, Congress cut the rate all the way from 35 to 21 percent. Even doing that only puts us in the middle of the pack of developed nations, but that's a heck of a lot better than dead last. Not content to endanger all that good news, the Democrat tax increase goes on to call for the following:.....snip~ https://www.forbes.com/sites/ryanellis/2018/03/09/democrats-release-tax-hike-plan/#3bc8a4e7b9ef Ahahahahaha.....The Demos just guaranteed the Repubs the House. Coming out now with this. Is a major mistake. What say ye?
Vote for Democrats, they will steal your taxcuts and mandate OBAMANOMICS by force! And it will really be Venezuela-style BERNIENOMICS! Bernie Sanders is winning the Dem civil war, and the establishment is terrified: Bernie Sanders will not endorse his longtime California Senate colleague Dianne Feinstein in her re-election bid. Sanders says it's an issue for the "people of California" to decide. AOL: The former presidential candidate has publicly endorsed other Democrats on the campaign trail. On Thursday, he announced his support for liberal candidate Marie Newman in her Illinois primary challenge against a seven-term Democratic incumbent. Feinstein, who's served five consecutive Senate terms, failed to secure an endorsement at California's state Democratic convention last month with nearly two-thirds of the party's delegates voting against her, according to the LA Times. Feinstein was one of Hillary Clinton's biggest supporters, urging Bernie Sanders to drop out of the presidential race. As of late January, the Sanders organization, "Our Glorious Revolution," has endorsed 113 candidates at all levels of government, and 44 have won. Jim Geraghty: In the 2017 elections, Our Glorious Revolution endorsed 113 candidates, of whom 44 won. (In order to be endorsed by Our Glorious Revolution, a candidate must be nominated by a local group, agree with Our Glorious Revolution's platform, and pledge to run "a positive campaign" and "reject money from corporate interests.") The group also supported a winning Maine voter referendum to expand Medicaid coverage in the state. These were mostly low-profile races for state legislatures, mayoralties, city councils, and school boards. Some were in predictable parts of the country – four of the wins came on the Cambridge, Mass., city council, and another five candidates were elected to local offices in Somerville, Mass. And as Todd notes, off-year local races have the lowest turnout of any elections in the four-year cycle, and are thus the lowest-hanging fruit for a band of committed ideological Marxist activists. Some of those candidates were extremely well funded but ended up losing. No matter how much money and enthusiasm a Sanders clone can generate to win a Democratic primary, his chances in the general election against a Republican are greatly reduced due to the wild-eyed radicalism. Establishment Democrats like Feinstein find themselves in trouble this election cycle not because they necessarily disagree with Sanders on a lot of issues – they don't – but because they are insufficiently radical on issue like the economy, the "1%," and especially health care. And Democrat primary voters, crazed with anti-Trumpism, want to go all in with the Berniecrats. There are going to be enough primary victories for Sanders clones to radically alter the make-up of the Democratic Party. Sanders doesn't have to win the presidency to take over the party. George McGovern was slaughtered by Nixon in the 1972 election, and two years later, more than 50 of his acolytes entered Congress in the Watergate class of 1974. The establishment Democrats aren't stupid about politics. They know that in order to take over the House in November, there can't be a bunch of radical Marxist socialists on the Democrat ticket. But the Democrat base prefers the candidates who can stir their blood and carry the hammer and sickle fight to Washington. It will be interesting to see if the Dems shoot themselves in the foot and run a bunch of candidates who can't win in the general election.
They're definitely not smart coming out with this as part of their platform. They have the infighting going on and they have nothing to offer the country.
Wtf are those crazy leftists thinking? We just barely got some money in our pockets and now they want to take it? How on earth will they sell that? just ignore the fact they are taxing the middle class 3% and say they want to tax the rich?
A bustling economy means fewer 'victims' of the 'oppressive white cis-gender capitalist patriarchy'.... in other words, less government dependency, and we all know less government dependency is not in the left's best political interest.
Actually a lot of people want or dont mind a tax hike on the highest earners. Unfortunately there are also a lot of people who want to tax corporations instead the actual benefactors of the corporation directly.
I don't see them being able to sell it.....and wont' bring it up in any debates. The GOP can use this against them.
Ok, lets separate small business taxes from personal income taxes and then raise the tax rate. False, corporate tax rate is only the highest tax bracket and the vast majority of businesses don't come close to paying it. And those companies that do have tons of deductions that make their real rates much lower. Here are the effective US business tax rates before Trump's tax cuts compared to other countries: Why is it ok to raise taxes on big business and the rich? Because they can easily afford it: Corporate profits: Rich income vs middle class:
How does that change up the fact that the Demos want to raise Taxes? How are they going to sell this to people? 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......snip~ Then this is what else they want to do. Bring back the alternative minimum tax (AMT) for 4 million families. Up until this year, 4 million upper middle class families had to calculate their income taxes two different ways, and then pay the higher result. This was due to a provision of the law known as the "alternative minimum tax" or AMT. Millions more had to at least pay a tax preparer to run the calculation, even if they didn't end up paying the AMT. The new tax law all but repealed the AMT for 99 percent of these families thanks to a higher AMT "standard deduction." Congressional Democrats would bring back the dreaded AMT, which especially hit hard two-income white collar families with kids in New York, New Jersey, and California. Cut the "death tax" standard deduction in half. Over the past few decades, no tax has proven more unpopular in every single poll than the death tax, the federal tax on estates. 60 to 70 percent of poll respondents consistently call for its full repeal. The new tax law didn't repeal the death tax, but it did the next best thing--it doubled the death tax's "standard deduction" from $5.5 million to $11 million (and twice that for surviving spouses). As a result, far fewer family businesses and farms will be subject to the death tax, and many smaller firms can shed the costly insurance, legal, and actuarial costs of avoiding the death tax. Like the top personal rate, the death tax is not something that really affects the rich, who have plenty of resources to avoid the levy. Rather, it hits hardest those companies profitable enough to worry about it but not profitable enough to not worry about, if you catch my meaning. Democrats have never understood this, which is why it's not surprising they want to reduce the death tax's standard deduction back down to what it was before......snip~ The Majority of Americans support the Tax Reform. How will they go against the majority?
My wife and I both work. I have calculated our 2018 taxes based upon our 2017 income. We’ll save around $2400. I noticed my February pay was up about $150, and that’s just my check, not hers too. MTHA! Yay!
As you can see the majority of our resident leftness around here is ducking and dodging. As they can't even support the Demos with this one. Something must be working, huh?
Now all they need is a flood of illegal immigrants to keep wages depressed. Another great campaign slogan ... Make Wages Low Again! MWLA! Yay!!
It's almost as if Nancy Pelosi knew that would be brought up when they rolled out plans to vacate the 'unpatriotic' tax cuts... beep beep beep....roll it on back, Nancy....beep beep beep... http://www.breitbart.com/big-govern...ktracks-on-crumbs-rebuke-of-trump-tax-reform/
The problem with these tax cuts is that they are paid for with debt spending and will result in our deficit topping 1 trillion again next year which is really really bad if another recession hits. We already spend about 300 billion dollars a year paying interest on our old debt and with the increase in interest rates and the new Trump debt taxpayer are going to be paying a lot more. We need to replace the Trump tax cuts which have given the shareholders over 150 billion in new income but workers only 4 billion in raises with fiscally responsible tax cuts that pay for themselves by cutting wasteful spending and tax cuts that only benefit the non-rich and smaller businesses and greatly simplify our tax code. I don't like the alternative minimum tax because we can easily fix this situation by making the investment tax the same as the income tax. Fixed. The death tax can just be replaced with a tiny increase on the income tax for the rich which will cover all its revenue and not increase the debt. As much as I
It's very confusing, what exactly is their plan? Tax our companies big and small so they can't grow, invest, or bring companies home? Even in the face of all the positive things we have seen since the tax reform? Record low unemployment, slow but increasing wage growth at 2.6%, a jobs growth rate for the last month nearly 100,000 jobs gained than the projected approximately 220k? How can leftists look at all that and propose a tax hike? It's working. It's like this tax cut they are proposing is blatantly just saying FU to your rights to be free we want to force capitalism out entirely and have a 100% special program state. But at the same time allow for huge trade deficits so other countries like us? A guy last night was screaming about Tariffs on a Russian company that's here... That imports two million meters of steel from its mother company in Russia for probably next to nothing then sells us all the crap!! No meaningful tax. Progressive Liberals are insane.
