This falls directly in the laps of Trump and the RepublicansSo mass layoffs of middle class govt employees to reduce costs and then a tax cut package that benefits the top end... All while blowing out the deficit. And zero reform to SS/Medicare.
In 2034, we estimate the bottom 40 percent of households would see tax increases, on average, with after tax income falling by 0.6 percent for the bottom quintile and by 0.4 percent for taxpayers in the 20th to 40th percentile. Middle income taxpayers would see very slight tax cuts on average, with after-tax income increasing by 0.3 percent in 2034. The top two quintiles would see the largest increases in after-tax income, ranging from 1.4 percent for taxpayers in the 60th to 80th percentile to 3.1 percent for the top quintile. Increases for the top 1 percent are even larger, reaching 4.1 percent in 2034.
Trump’s Tax and Tariff Ideas: Details & Analysis
We estimate Trump’s proposed tariffs and partial retaliation from all trading partners would together offset more than two-thirds of the long-run economic benefit of his proposed tax cuts.taxfoundation.org
Rejoice lefties Speaker Johnson’s new spending bill
- Thread starter TyWebbIU
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I agree he will continue. They have 9 trillion to roll over this year in debt. I don't think they have an option unless they want to pay 5 or 6 % on their debt. Also, this why I think stable coins are coming quickly. They need to create more demand for U.S. debt. A crazy stat, Tether, was more profitable than BlackRock last year. I wouldn't be surprised to see banks getting in on the action as well. Old.....Jamie Dimon shilling stable coins.....lol
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Another tax cut for top earners that no where near being funded. That's f*king brilliant. And when the next recession or catastrophe happens the only lever to pull will be to print more money and hand out stimulus checks. Rinse and repeat. The guys here hammering Biden the past four years should be up in arms about this.
Make significant cuts to SS/Medicare too quickly and you're going to end up collecting less tax receipts. And, no, this is not the reason they won't touch them.So mass layoffs of middle class govt employees to reduce costs and then a tax cut package that benefits the top end... All while blowing out the deficit. And zero reform to SS/Medicare.
In 2034, we estimate the bottom 40 percent of households would see tax increases, on average, with after tax income falling by 0.6 percent for the bottom quintile and by 0.4 percent for taxpayers in the 20th to 40th percentile. Middle income taxpayers would see very slight tax cuts on average, with after-tax income increasing by 0.3 percent in 2034. The top two quintiles would see the largest increases in after-tax income, ranging from 1.4 percent for taxpayers in the 60th to 80th percentile to 3.1 percent for the top quintile. Increases for the top 1 percent are even larger, reaching 4.1 percent in 2034.
Trump’s Tax and Tariff Ideas: Details & Analysis
We estimate Trump’s proposed tariffs and partial retaliation from all trading partners would together offset more than two-thirds of the long-run economic benefit of his proposed tax cuts.
