{"id":43322,"date":"2021-09-29T13:03:51","date_gmt":"2021-09-29T17:03:51","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=43322"},"modified":"2021-09-29T13:03:51","modified_gmt":"2021-09-29T17:03:51","slug":"the-hidden-taxes-in-the-bill","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=43322","title":{"rendered":"The Hidden Taxes In The Bill"},"content":{"rendered":"

The Western Journal<\/a> posted an article today about the tax-and-spend bill the Biden administration is trying to push through Congress.<\/p>\n

The article reports:<\/p>\n

According to a media release<\/a> from the Republicans on the House Ways and Means Committee<\/a> on Tuesday, the Joint Committee on Taxation \u2014 a non-partisan congressional tax scorekeeper \u2014 found that almost every income level below the threshold the Biden administration said would be immune would take a hit.<\/strong><\/p>\n

Furthermore, the committee\u2019s analysis found the vast majority of taxpayers<\/a> would see no benefit from the plan in its current form.<\/strong><\/p>\n

According to the analysis<\/a>, by the calendar year 2023, nearly 5 percent of those making between $40,000 and $50,000 would see a tax increase. Nine percent of those making between $50,000 and $75,000 would see an increase, 18 percent earning between $75,000 and $100,000 would see their taxes go up and 35 percent of those earning between $100,000 and $200,000 would be subject to a hike.<\/strong><\/p>\n

The media release also noted that the benefit most people see will pretty much be nil.<\/strong><\/p>\n

In 2023, two-thirds of all taxpayers won\u2019t get see any kind of real benefit from the legislation, either seeing their tax bill changed by less than $100 or getting a tax increase.<\/strong><\/p>\n

By 2027, this number would balloon to 85.5 percent, with huge swaths of the middle class seeing a sizable tax increase; these numbers are projected to stay mostly steady until 2031.<\/strong><\/p>\n

The article concludes:<\/p>\n

And yet, in March of 2020, MarketWatch<\/a> reported that \u201cAmericans paid almost $64 billion less in federal income taxes during the first year under the Republican tax overhaul signed into law in late 2017 by President Donald Trump, with some of the sharpest drops clustered among taxpayers earning between $25,000 and $100,000 a year, even as the overall number of refunds dropped during a turbulent tax season\u201d in 2019.<\/strong><\/p>\n

Biden plans on taking that away. In return, he\u2019s offered nothing of substance \u2014 except, as promised, he\u2019s soaking the rich. And the upper-middle class. And some people in the middle class, too. But mainly the rich. See, priorities!<\/strong><\/p>\n

Biden may not be giving people in towns like Scranton<\/a> \u2014 the folks he grew up with \u2014 a break the same way Trump did. But at least they can watch as his administration takes (and then squanders) Park Avenue\u2019s money. He\u2019ll be squandering Scranton\u2019s money, too, but at least they get the joy of class-based schadenfreude out of the deal.<\/strong><\/p>\n

Any Congressman who votes for President Biden’s economic proposals needs to be voted out of office as quickly as possible. I am not sure we can afford the current President.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Western Journal posted an article today about the tax-and-spend bill the Biden administration is trying to push through Congress. The article reports: According to a media release from the Republicans on the House Ways and Means Committee on Tuesday, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[14050,9336,4473,11490,11827],"class_list":["post-43322","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-biden-administrations-economic-policies","tag-marketwatch","tag-tax-increases","tag-taxpayers","tag-the-western-journal"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43322"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43322\/revisions"}],"predecessor-version":[{"id":43323,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43322\/revisions\/43323"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}