Biden and the Democrats screw the little guy again

https://www.msn.com/en-us/money/mark...w6Z?li=BBnb7Kz



What was the greatest trick ever pulled? Was it the devil convincing the world he didn’t exist, as Charles Baudelaire said and Keyser Söze repeated? Or maybe it was Soviet Socialists and their acolytes persuading the world that National Socialists were right wing? Perhaps it was one of those. But in America for several decades, it is surely Democrats tricking people into believing they’re on the side of the little guy.
© Provided by Washington Examiner President Joe Biden touts his proposal for another $5.5 trillion of welfare spending, saying it’s “an ambitious plan to create jobs, cut taxes, and lower costs for working families — all paid for by making the tax code fairer and making the wealthiest and large corporations pay their fair share.”

The White House website makes the president seem like Robin Hood taking from the rich to give to the poor. The claim is so laughable that there should also be a picture of shrunken Joe in forest green doublet and hose just to make the joke clear.
The idea that Biden’s policies help ordinary people by digging deeper into the pockets of the wealthy is a crock. As Phil Gramm, former chairman of the Senate Banking Committee, and Mike Solon wrote in the Wall Street Journal recently, Democrats want the wealthiest to be able again to deduct the sky-high taxes levied by the profligate governments they elect in blue states and slough them on to other federal taxpayers and into public debt. If Biden really planned to prevent the best-off taxpayers using sophisticated accounting to avoid liabilities, he’d have proposed restoring the Alternative Minimum Tax rather than lifting the cap from State and Local Tax deductions.







Not that I’m a fan of the AMT; I’m not, partly because wealthy Americans already contribute a bigger share of tax revenues than their counterparts do in any other country. The problem with our tax code is not that rates are too low, but they’re too high and discourage wealth creation and job growth. It’s galling to see glaringly false advertising by Biden and his colleagues as they try to fool voters into believing they’re looking out for the poor and downtrodden.
The tirelessly and tiresomely repeated claim that the president’s plan would increase taxes only on people earning more than $400,000 is false. It is already dipping deeper into the pockets of everyone in this country, right down to those living below the poverty line.
Here’s how. By handing out unnecessary federal checks, supposedly to stimulate the economy, and by pressing for the biggest increase in further spending in history, Biden is stoking inflation. Because of him, more and more dollars are chasing goods that are in shortening supply in part because there are a record 10 million job vacancies nationwide.
Prices are rising faster than wages — 5.4% year over year and more than 6% so far this year — which means that unless you get a 6% pay raise, the value of your take-home check is falling. As many economists — for example, Thomas Sowell — have pointed out, inflation is essentially a tax and one that falls disproportionately on the poor.
Federal taxes take buying power out of everyone’s pocket and put it into the Treasury to pay for welfare programs. Inflation, likewise, takes buying power out of your pocket to pay for federal spending. What’s the difference? Only that that former is official and the latter stealthy. But both intentionally do the same thing.
Inflation is the most regressive tax of all. The “wealthy” — those well off enough to benefit from SALT, for example — spend a smaller proportion of their incomes on food and energy than the poor do. They have capital investments, such as in homes, the prices of which are rocket-boosted by inflation as the value of a dollar collapses. Inflation is the borrower’s friend because it reduces the value of debt, whether that be the debt piled up in Treasury paper by Biden & Co. or the mortgage debt of the upper-middle and wealthiest classes.
Inflation doesn’t benefit people who live hand to mouth or those who don’t have investments. Little guys do not own their own homes, or second homes, and spend far more of their income on goods and services needed for day-to-day living. So inflation hits them hardest. A government that lets inflation rip, as Biden’s administration has, is not on the side of the poor. It is taxing them even though it keeps insisting it isn’t.


Comment - teh DPST party administration Lies, Lies, and Lies
and teh DPST party minions and sheeples still lap up the Lies they are fed by teh LSM
So SAD - for America



Buck fiden
from my cold dead hands!

Are you kidding? The Trump tax cuts only helped the one percent. The democrats just want to help more people get into the middle class. Don't worry Bezos, Gates, Oracles (Larry Ellison), Zuckerberg, The Testla guy, The Google boys and Kim Kardiashan won't mind paying 40% tax rate on their income instead 39%. They will still be able to eat restaurant food for breakfast, lunch and dinner everyday.

I have said this before and I will say it again. Anyone in the USA can become a millionaire. Just put 8% of your income into a 401k, or a Roth IRA. Compound Interest is beautiful thing!

Are you kidding? The Trump tax cuts only helped the one percent. The democrats just want to help more people get into the middle class. Don't worry Bezos, Gates, Oracles (Larry Ellison), Zuckerberg, The Testla guy, The Google boys and Kim Kardiashan won't mind paying 40% tax rate on their income instead 39%. They will still be able to eat restaurant food for breakfast, lunch and dinner everyday.

I have said this before and I will say it again. Anyone in the USA can become a millionaire. Just put 8% of your income into a 401k, or a Roth IRA. Compound Interest is beautiful thing! Originally Posted by adav8s28

Well, We almost always agree on COVID, but not this. You mischaracterize the Ryan/McConnell/Trump tax cuts. The corporate tax cuts helped lower unemployment, hold down inflation, and boost hourly wages, at least until COVID. And they made American companies more competitive on the world stage. We had the highest headline corporate tax rates in the world before the tax cuts. Obama wanted to cut corporate taxes but never did, probably because he decided to put politics over what he thought was best for the country.

I read the other day that the tax cuts made the tax system MORE progressive. I'm not sure that's true, but they raised my effective tax rate by capping the deduction for state income taxes, and as a result of another change that's too technical to describe. And I do pretty well.

As to Democrats wanting more people to get into the middle class, I believe that's true. But I'm not sure the Democratic POLITICIANS want that. Some, maybe the majority, believe that by keeping people poor and dependent on government, they'll get more votes.

... Nice post there, Tiny ... Except for way you claim
was the "Ryan/McConnell/Trump" tax cuts. That's a royal
joke of the Highest Order!

Twas the TRUMP tax cuts - that McConnell and Ryan
both grudgingly supported. Surely needed Trump to
push them on-accounte that ol' Mitch has no backbone
and Paul Ryan was not much better than a simpering RINO.

... But surely the Tax Cuts worked!

### Salty

... Nice post there, Tiny ... Except for way you claim
was the "Ryan/McConnell/Trump" tax cuts. That's a royal
joke of the Highest Order!

Twas the TRUMP tax cuts - that McConnell and Ryan
both grudgingly supported. Surely needed Trump to
push them on-accounte that ol' Mitch has no backbone
and Paul Ryan was not much better than a simpering RINO.

... But surely the Tax Cuts worked!

### Salty Originally Posted by Salty Again

I'd give Ryan first billing Salty. He was the brains behind it and had been working on tax reform for years. Actually he would have preferred a change in the tax code that would have converted the corporate income tax to something like a value added tax. And exporters would have gotten refunds of the tax, which is legal under World Trade Organization (WTO) rules. That would have supercharged our exports. As it was, the lower corporate tax rates, and de-regulation which you can give Trump credit for, helped us regain competitiveness anyway.

https://www.businessinsider.com/paul...-house-2017-12

... Hmmmm... okay. Fair enough, mate.

### Salty

Thank you tiny
As usual - 'a' mis-characterizes after teh liberal cultists agenda and ideology.

Uber alles!

Now (AP today) medicare dental ,,(income test) Hmm sound lot like prices going up Zero LOL