Harris Plan Would Bring Tax Increases for Richest 1% and Cuts for the Bottom 99%
Harris Plan Would Bring Tax Increases for Richest 1% and Cuts for the Bottom 99%
"The contrast between Harris and Trump on taxation could not be more clear," said the executive director of the Institute on Taxation and Economic Policy.
But that's not what the sign on the side of the road says...skeptical.
But then what will trickle down???
Unfortunately, the urine based system where richer people pee wealth on less rich people who then pee on poorer people and so on isn't sound economic theory. Call me surprised, and soaked in freedom pee.
The data is in. Trickle down doesn’t work.
(I was being facetious)
Poor people: “Unacceptable!”
But one day I might be in the 1%! And when I am, I'll show people like ME a thing or two.
Problem is a solid 30% of those that vote see themselves potentially attaining that
99%1%, as baffling as that is.Edit
You mean 1%?
I do, yikes, thank you
Strangely enough, most people will be in the top 5% at some point in their life. But just for a year, when they sell their house. So you're getting fucked 75 years of your life for maybe 1 year of benefit?
More like you busted your ass for 75 years then got fucked when you had to sell your house.
I am not from the US so might be wrong, but I think it works the same as in mine. It is because they tax income not wealth (which would be difficult I guess). Elon can probably live on $0 income very comfortably by his standard. More than 1% of income earners will be affected at some point as you age up, inheritance etc. Maybe not 30%
Well hell, sign me up!
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"Hey, I'm in the bottom 99%, I like this promise"
You know who else is in the bottom 99%, your fucking landlord. if you pay 1% less tax you can buy a whole bag of doritos if they pay 1% less tax they can buy your Mum's house.
Government only needs to pay lawyers to go after what the 1% already owe and it would be more than any increase would provide.
You're being a bit obtuse and misleading here, clearly you didn't read the article.
For starters... its not an income level agnostic tax decrease. Its not a flat tax.
Its graduated. Progressive. And it decreases taxes for all but the wealthiest, whose taxes increase.
The group estimated that under Harris' proposals, the poorest 20% of Americans would see an average tax cut of $1,130 in 2026 while the richest 1% would see an average increase of $121,460.
Sad as it is, our political system offers a binary choice.
Would you perhaps prefer the alternative?
EDIT:
If Harris wins, we can also reasonably expect a continuation of the Biden policy of doing that other thing you want, the IRS actually going after people in the 'landlord' brackets for tax evasion.
Has that been as extensive as you or I would prefer?
No.
But the alternative is Trump, who, along with Elon, might just abolish the IRS, or massively defund those efforts.