You know one thing that’s not a winner? Inflation reduction. No one is mentioning inflation reduction now
Winners and Losers in Democrats’ Signature Tax and Energy Bill
President Joe Biden and Senate Majority Leader Chuck Schumer are the biggest winners now that a huge piece of Democrats’ economic agenda is hurtling toward enactment.
That remains to be seen come the elections in November. Will Republicans take advantage of the terrible bill? Who are the winners (there are more at the link)
- The Wealthy
- Electric Carmakers (that most Americans cannot afford)
- Renewable Energy (that will increase the price of energy for middle and lower class Americans in a time of skyrocketing energy prices)
- Oil Companies (in theory, but, not practice, as the Biden admin will not allow more drilling, nor will the activist groups)
- The IRS
That last one should be fun
Supercharged IRS Will Audit Lower- and Middle-Income Earners
“Congress wants more tax revenue because it can’t control its appetite for spending. That’s why it wants a tax agency in beast mode,” writes the Editorial Board of the Wall Street Journal in a new op-ed.
The new Manchin-Biden Build Back Better bill allots $80 billion in new funding for the IRS – more than six times the agency’s current annual budget.
Included in the $80 billion is funding to send 87,000 new IRS agents after you and your family-owned business on the belief that everyone is a tax cheat. The IRS has already been targeting lower and middle income earners, yet Democrats want to hire new IRS agents to audit individuals and small businesses. They’ve also promised to revive their invasive bank surveillance scheme.
If anyone thinks all these extra IRS agents will target The Rich, well, sure, some, but, they have lots of accountants and lawyers to be used to fight the IRS. The mom and pop running the nail salon, burger joint, and other small businesses don’t. Nor individuals. The IRS can simply come for your bank account and make you prove you didn’t make a mistake. And there is almost no way to stop this unless the GOP has the House, Senate, and White House come 2025. Will they balk in making sure 87,000 IRS employees are promoted to private citizen?
Who are the losers
- Republicans (will see how that plays out in the mid-terms)
- Pharmaceutical Companies (until they figure out ways around this. I’m not against lower prices, but, there are always unintended consequences when Congress plays these games)
- Tech Companies (this is about a minimum tax and stock buybacks. I doubt many of us care about them paying more, but, again, unintended consequences, plus, you know there must be a loophole, since they mostly donate to Democrats)
- The SALT Caucus (bummer, Democrats in Dem states cannot write off more due to high state taxes)
- Bernie Sanders (yeah, he wanted more spending).
Not mentioned was the middle class, liberty, freedom of choice, and affordable products. Things like air conditioning units and furnaces had already been slated to go up thousands of dollars next year. You can bet refrigerators, washers and dryers, and so many other products will, too. Windows, insulation, wood, you name it.
The losers? The working-class Americans, the Americans living paycheck-to-paycheck, the ones already 4% poorer, in real terms, than they were last year.
The Democrats claim that they are for working Americans, but they show exactly zero knowledge about how working Americans actually live.
Face it, this is NOT about the rich paying their fair share: Dems PROTECT those making $400k or more from being targeted by 87,000 new IRS agents
Remember when Biden promised if you make $400k or less you wouldn’t pay a penny more in taxes? That the rich would pay their fair share? We do.
Welp, it looks like Sen. Crapo tried to make sure the 87,000 new IRS agents Democrats want to bring in won’t be targeting the middle and lower class … and Democrats voted that down. So the next time anyone on the Left or a Democrat claims they care about the middle class you can use this to call BULLSHIT.
BTW, every single tax bracket will see an increase under the new BULLSHIT ACT they call The Inflation Reduction Act. The fact they named it that either prooves how economically ignorant they are or they just like fucking Americans and letting them know it.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcmsHFFDWyYczo3Aqsa1P94FaBYmtO5aESRpDO4hZHojida99JFFgsX0074sMWLVCBDs5zC2-zkH_HOqiKYB0BnwT5u-a4ud_954_r66jE6IMTAO7vJGLi5ZJwmVFAeywbIYZ2AHddIuO6Id3dP5RZl8zq5Miy4vaFVJrgX7ImiSduycLbl-TRwybn3Q/s16000/h%20ghdfghfhfdhf-800.jpg
FJB and the entire democrat party.
Simple, ambush the agents. Once you turn to evil and tyranny, you are no longer human. Give them a solid 50% chance of returning home after work. See how productive they are.
Here are some ideas to help the working class.
Stop taxing Social Security benefits.
Stop taxing unemployment benefits.
Reduce FICA taxes (Social Security – 12.4% of earned income on the first $147,000; Medicare – 2.9% of earned income)… OK half that is paid by employer… but who really pays?
Reduce state and local taxes.
Universal healthcare.
Tax fraud costs the US over $0.5 trillion/year. (That does not include tax avoidance, e.g., offshore accounts etc about $0.2 trillion/year).
Working class men and women who get a paycheck don’t commit a lot of fraud, so there’s not much use in going after them. On the other hand companies and the wealthy do cheat to the tune of billions per year (as do drug lords). That’s why Mr Reagan gutted the IRS so long ago, so that it was easier for the actual fraudsters to cheat! The excuse was to keep those “jackbooted thugs” from checking your $20 a week donation to the church!
If the wealthy pay what they are supposed to the working class can pay less.
The highest top marginal income tax rate was 94% during WWII and stayed over 90% until 1964, then 70%, until 1982 then 50%, 28% in 1988, 39.6% in 1993, 35% in 2003, 39.6% in 2013, 37% in 2018. The federal debt started rising in the early 80s, and except for the fiscal conservative years under Clinton, the debt continued to rise.
Always remember: Republican (and some Dem) policies are intended to succor the wealthy at the expense of the working class.
Assassinating IRS agents seems a very bad idea.
How about hiring 87,000 otherwise unemployable people and give them a badge and a gun along with the authority to come and empty your bank account?
#LetsGoBrandon
#NothingToHide
Bwaha! Lolgfy