Category: Taxation

Tax Day Comes And Goes

Sorry to be a bummer but I just had to say something.

April 15th was a couple of days ago…..did you go through the agony of preparing your taxes only to learn you owed the government?

Will it be a burden on your finances?

Well do not worry for no one will take up the slack for our ‘saviors’, big business, has gotten a swell deal from the government…..did you?

Dozens of America’s most profitable corporations avoided paying any federal income taxes in 2025, according to an analysis out on Tuesday from the Institute on Taxation and Economic Policy.

The 88 companies—which include Tesla, Southwest Airlines, Live Nation, Palantir, Citigroup, and many others listed in the S&P 500—brought in a collective $105 billion in pretax income last year.

ITEP found that 2025 saw a spike in corporate tax avoidance, enabled in part by new loopholes created by the One Big Beautiful Bill Act signed by President Donald Trump and by his 2017 Tax Cuts and Jobs Act, which reduced the corporate tax rate to 21% from its previous 35%.

The One Big Beautiful Bill Act is expected to hand the wealthiest 1% of Americans $117 billion in tax cuts this year, while those in the bottom 95% are set to pay more in taxes while facing across-the-board cuts to social safety net programs like Medicaid and the Supplemental Nutrition Assistance Program.

It also allowed multimillion- and billion-dollar corporations to find new ways to avoid paying taxes. More than half of the tax-avoiders listed in the report used a provision in the new tax law allowing companies to immediately write off capital investments, reducing their collective taxes by $11.4 billion.

Pharmaceutical and tech companies, meanwhile, were able to take advantage of tax write-offs for research and development, exempting them from approximately another $4.4 billion.

In total, the corporate tax avoidance documented in 2025 by the researchers helped to rob the public coffers of yet another $26.7 billion, enough to give every public school student a free lunch for a year, according to a University of Missouri analysis of the National School Lunch Program.

https://www.alternet.org/big-beautiful-bill-taxes/

I am so proud of this country for making the hard working public pay all the goddamn bills while the robber barons sit on their fat asses smiling like that fat cat from Alice in Wonderland.

I am starting to like this NYC mayor more4 these days……he sees what I see….I wish others did…..

New York City Mayor Zohran Mamdani is using Tax Day to remind Americans that the nation’s tax code is “rigged” to protect the superrich while making the case for a more equitable system.

In a Guardian op-ed co-written with Nobel laureate in economics Joseph Stiglitz and Paris School of Economics professor Gabriel Zucman, New York’s democratic socialist mayor lamented that the world is living with greater wealth inequality than ever before, with just 0.0001% of the global population holding the equivalent of 16% of global wealth—more than the bottom half of humanity.

Mamdani and the economists attributed the global surge in inequality in large part to America’s “regressive” tax system, which has grown dramatically more favorable to the wealthy over the past half-century.

Compared to 1960, when the 400 richest Americans paid roughly half their incomes in taxes, they now pay about 24%—helped by a combination of lower marginal tax rates and loopholes that allow billionaires and corporations to shield their wealth and effectively pay a smaller share of their incomes than everyone else.

https://www.commondreams.org/news/zohran-tax-day

Ain’t capitalism great?

I Read, I Write, You Know

“lego ergo scribo”

Taxation Without Representation

An old bitch but holds true today as it did in the 18th century.

What the Hell am I going on about?

Tariffs.  Remember those half ass ideas?

I have tried to get people thinking about this stupidity…..all tariffs are paid for by the consumer (that would be you)….

A new study of President Trump’s tariffs will not please the president: The research finds that Americans are footing nearly the entire cost of them, reports the Wall Street Journal. Specifically, the study from the Kiel Institute for the World Economy in Germany finds that US consumers and importers are paying about 96% of the costs tied to the tariff hikes, with foreign exporters absorbing the remainder. That runs counter to Trump’s frequent assertion that tariffs function as a kind of tax paid by other countries, and it suggests Washington may have less leverage than advertised in ongoing trade tensions with Europe.

“Foreign exporters did not meaningfully reduce their prices in response to US tariff increases,” reads the report, per Bloomberg. “The $200 billion surge in customs revenue represents $200 billion extracted from American businesses and households.” The researchers examined roughly $4 trillion in shipments between January 2024 and November 2025, concluding that the tariffs have effectively operated as a consumption tax on Americans, pushing up prices over time.

“There is no such thing as foreigners transferring wealth to the US in the form of tariffs,” co-author Julian Hinz of Germany’s Bielefeld University tells the Journal. He added, however, that foreign exporters might eventually absorb more of the tariffs if American companies find other sources of products. Earlier studies from Yale’s Budget Lab and Harvard Business School reached similar conclusions, though Harvard economists found that only about 20% of the tariff costs had fully shown up in consumer prices after six months, with much of the hit initially borne by US importers and retailers.

If that is not enough info then maybe this will help….

https://www.commondreams.org/news/trump-tariffs-impact-study

Why taxation with representation?

The cost of tariffs are a hidden tax that we all MUST pay…..plus it was foisted upon us without the use of Congress (our representation)…..ergo we are taxed without representation.

Do you get it now?

I Read, I Write, You Know

“lego ergo scribo”

What If Billionaires Paid Taxes?

I know a fanciful idea that probably will go nowhere….as much as I dislike AI the author of this piece asked AI that very question and here is what it responded…

The tax system feels upside down sometimes. You work a regular job, and a big chunk of your paycheck goes to taxes. Meanwhile, you hear stories about billionaires paying almost nothing. So, I asked ChatGPT: What would actually happen if the ultra-wealthy paid the same tax rates as everyone else?

It turns out, at least according to ChatGPT, the current system isn’t just unfair. More than that, the country could be getting hundreds of billions of dollars every year if things changed.

ChatGPT started with some shocking numbers about current tax rates. According to research from the National Bureau of Economic Research, the top 400 wealthiest Americans paid an effective tax rate of about 23.8% between 2018 and 2020.

Meanwhile, the average American paid around 30%, and high earners who mostly rely on wages paid closer to 45%. In some years, the richest 400 families actually paid less than the bottom 50% of households.

The most extreme example ChatGPT cited was from Oxfam, which found that in 2021, the wealthiest 400 families paid just 8.2% in federal individual income tax compared to a national average of 13%.

So, the people with the most money are paying the lowest rates. ChatGPT explained this happens because of capital gains preferences, tax loopholes and sophisticated tax planning that regular people can’t access.

When I asked ChatGPT to run the numbers on what equalizing tax rates could raise, the amounts were, quite frankly, staggering.

The most conservative estimate suggested that making billionaires pay taxes at the same rate as working-class Americans could generate $500 billion to $1 trillion per year in additional revenue.

Other scenarios were even more dramatic. If the top 1% paid just 10 percentage points more in taxes, that could raise $300 billion annually or $3 trillion over 10 years.

A more aggressive approach like raising billionaire tax rates by 25 percentage points could yield $800 billion or more per year. Yes, you read that number correctly.

ChatGPT also looked at specific policy proposals. Sen. Elizabeth Warren’s wealth tax could generate $113 billion annually, while Sen. Ron Wyden’s billionaire income tax might add $56 billion per year.

https://www.gobankingrates.com/taxes/tax-laws/asked-chatgpt-what-would-happen-if-billionaires-paid-taxes-at-same-rate-as-working-class

A fascinating answer…..

Personally I think that everyone should pay the same taxes regardless….since corporations are considered humans now they too should pay the same tax as we on all income.

Any thoughts?

I Read, I Write, You Know

“lego ergo scribo”

 

Is Elmo Crapping In His Moccasins?

By now we all know what a douche bag Musk is….even the allegations of drug use….but while in DC he snuggled up to Donny’s crotch and did all the stuff that was needed to make sure that all his enterprises would be very profitable and then he split while the going was good.

Now that Elmo was left the world of Donny he has started bad mouthing the “One Big Beautiful Bill”, tax tax cut bill that is being sold as something good for us all (a steaming pile of horse manure is the best way to describe it)…..

Elmo is rubbing the cobra’s butt with irritant about this bill….

Last week, as he prepared to exit his DC role, Elon Musk told CBS News that he was “disappointed” in the Big Beautiful Bill that passed the House to pay for President Trump’s domestic agenda. That comment was restrained compared to the criticism he leveled on Tuesday:

  • “I’m sorry, but I just can’t stand it anymore,” he wrote on his X platform, reports CNBC. “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.”
  • Musk’s big complaint is that the bill would add to the budget deficit, and he cited a figure of $2.5 trillion. The nonpartisan Congressional Budget Office has estimated that the spending package—now under consideration in the Senate—would add $2.3 trillion to federal budget deficits over the next decade, reports Fox Business. GOP Sen. Rand Paul, meanwhile, puts the figure at closer to $5 trillion. It’s why he’s promising to vote against the measure in the Senate, per Fox News.

 

Why the change in heart from this tool?

These Tax Cuts Will Pay For Themselves

That is the common lie told whenever someone wants to cut taxes….they never pay for themnselves and in most cases have contributed to the rise in our deficit.

And now Donny and his ‘One Big Beautiful Bill is spreading the same manure always spread when taxes are considered….but is it manure?   Will they truly pay for themselves?

The answer is a resounding ….NO!

An analysis released Thursday by the nonpartisan Joint Committee on Taxation found that the tax cuts at the center of Republicans’ massive reconciliation package would do little to boost economic growth—and would not come anywhere close to paying for themselves.

The JCT report, published hours after Republicans pushed the bill through the House, estimates that the tax cuts would boost the nation’s average annual economic growth by 0.03 percentage points over the next decade—hardly the explosion of growth that GOP lawmakers and President Donald Trump have promised.

Economic activity spurred by the tax breaks—which are largely an extension of soon-to-expire provisions of the 2017 Trump-GOP tax cuts—would increase federal revenues by roughly $103 billion between 2025 and 2034, according to JCT.

That would barely put a dent in the overall projected cost of the tax cuts, bringing it down to $3.7 trillion from $3.8 trillion.

…

A separate analysis published Thursday by the Institute on Taxation and Economic Policy (ITEP) shows that the benefits of the Republican bill’s tax provisions would flow disproportionately to the wealthiest Americans.

“The $121 billion in net tax cuts going to the richest 1% next year would exceed the amount going to the entire bottom 60% of taxpayers (about $90 billion),” said ITEP, whose analysis did not factor in the impact of the legislation’s unparalleled cuts to Medicaid and federal nutrition assistance, which would deliver a major blow to the household resources of lower-income Americans.

https://www.commondreams.org/news/jct-republican-tax-cuts

But not to worry…..the GOP has found a way to make this problem more palatable to the more ignorant out there…..the bill that would make tips tax free….what little help that would bring will not offset the bigger deal of massive tax cuts for the wealthy.

Tax cuts does little to help the deficit so they must attack the programs that assist people in trouble….just so people like Bezos gets a free hand.

Stop believing the BS and start looking at the larger picture these tax cuts will do you no good.

I Read, I Write, You Know

“lego ergo scribo”

Is The “Liberation Day” Unraveling?

Trump’s tariffs…..chaotic, confusing and incomprehensible.

Yes, I write a lot about tariffs.  I am no economic expert but the training I have had leads me to write about the ill-conceived economic plans around tariffs.

The end game of tariffs is that the consumer foots the bill imposed by idiots that use tariffs to further their own wallet expansion.

In the first few weeks of his administration Donny arbitrarily hit almost every country with some sort of tariffs, ranging from 125% to about 19%, and sine those awful days he has steadily walked back some those tariffs and now he has a new plan….

President Donald Trump has declared that the U.S. will be independently setting new tariff rates on several trading partners, bypassing the need for individual agreements.

What Happened: Trump announced during a meeting with business executives in the United Arab Emirates that new tariffs would be introduced within the next two to three weeks. Trump stated that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will be informing the relevant parties by “sending letters” about the new tariffs and the associated costs for conducting business in the United States, reported the Financial Times.

Trump noted that while there were “150 countries” interested in striking deals, it was not practical to meet with all of them. His administration has already reduced many of the tariffs announced on April 2 to 10% for a 90-day period.

(benzinga.com)

So the “Liberation Day” plan is a bust and now they are rethinking their stupidity and coming up with a new plan…..

On Friday, Trump claimed about 150 countries would soon receive letters “essentially telling” them of new US duty rates on their exports. Many learned of similar rates last month, only for the plan to change in a matter of days.

A new chapter, without pomp or ceremony, is now under way. What this one will entail – or how long it lasts – is anyone’s guess.

https://www.theguardian.com/us-news/2025/may/17/trump-liberation-day-tariff-walk-back

We wait for the release of this generic letter to see how it will effect our economy and as usual they details are kept from the public for we do not need to know where our income will go….we should just take the word of proven liars….well you may but I refuse to do so.

I Read, I Write, You Know

“lego ergo scribo”

More Tariff Stuff

I know I spend a lot of time writing about the tariffs and their effects on this country that is because there is a wealth of misconceptions about these lame economic moves….for one no country pays these tariffs….YOU pay for them every time you go shopping.

With that said…..

Remember when Amazon stated that they would be labeling their products with the cost to the consumer and Donny went batcrap crazy and called Bezos to have the idea squashed and it was?

Personally I thought it was a good idea but Donny does not want you to know how badly you will be getting screwed….but guess what a majority thinks the Amazon idea is a great one….

YouGov released a new poll this week on Americans’ views of President Donald Trump, his handling of the economy, and their optimism for the future. The poll found a whopping 75% of Americans believe that Trump’s tariffs will increase prices, and a strong majority wants those additional costs explained to them on the packaging.

The poll of 1,850 adult U.S. citizens, conducted between May 2nd and 5th, also found that “Majorities of Democrats and Republicans think Trump’s tariffs will lead to price increases. Among Republicans, the share who think tariffs will raise prices ‘a lot’ has increased 8 percentage points in the past two weeks, to 22% from 14%.”

Additionally, 46% of respondents said they believe that Trump’s tariffs “are harmful to the economy and consumers, with no real long-term benefits” – as opposed to 38% who said the tariffs “may cause short-term economic pain, but lead to long-term economic growth.”

But yet there are those that want to idolize Donny and his ignorance and defend these ‘taxes’ on the rest of us.

Donny has waffled on several of his tariffs and what did that achieve?

While the various tariff rollbacks and pauses have been welcomed by businesses, the respite has not removed uncertainty entirely. Brief pauses in tariffs are not sufficient for many companies to make longer-term investment or supply chain decisions.

There are fears that the uncertainty is taking a toll on the US economy. A Bloomberg poll of economists put the chances of a recession next year at almost 50-50, the news agency reported on Monday.

The farmer will most likely get hit hard…..plus could endanger our food supply…..

Specifically, while Trump publicly proclaims that he stands with farmers, his tariff war with China stands to rob producers of their markets.  Since Trump’s last term, China has already been looking to countries like Brazil for soybeans as the US has proven an unreliable partner.  Adding insult to injury, unexpectedly cancelling government contracts with thousands around the country early in his term placed undue stress on farmers who already have to contend with what extreme weather events throw their way.

Now, with the details of the UK-US trade deal becoming known, the signal – that is, the truth – of the Trump administration’s vision for agriculture is coming into view. To the point, not unlike how US agriculture has been directed for the past few decades, it is becoming clear that this administration will prioritize exports. The problem with this vision is that, even if it generates short-term profits, it endangers our long-term national food security by dangerously further internationalizing our agricultural system.

…

Trump’s efforts to undo the previous administration’s policies set up our food system for disruption and crisis, subjecting farmers to the uncertainties of international markets and developments elsewhere. If there is a signal with the noise that Trump is making with our food system, then this is it – farmers better get ready for a volatile next few years and more bailouts, as operations will continue to go under. Overall, Trump’s nationalist rhetoric amounts to little, as our food system becomes more global, increasingly made vulnerable to dynamics outside our control.

https://www.counterpunch.org/2025/05/15/trumps-trade-deals-endanger-farmers-and-our-food-system/

Prices will head up….Walmart has made a statement and the prez has leveled his ire on the company….

President Trump’s tariffs are just “too high,” according to Walmart, which says it will raise prices, including on some food items, in response. Walmart CEO Doug McMillon said Thursday that tariffs on China are pushing up the costs of electronics and toys, while tariffs on Costa Rica, Peru, and Colombia are increasing the costs of some foods, reports CNBC. “The higher tariffs will result in higher prices,” McMillon said on an earnings call, per CNN. “We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins.”

Customers should expect price hikes beginning later this month, per CNN. “You’ll begin to see that, likely towards the tail end of this month, and then certainly much more in June,” Walmart CFO John David Rainey tells CNBC. He admits this is “not good for consumers,” per Reuters, but stresses the US is dependent on certain imports, whose prices have climbed dramatically under Trump’s tariffs. “The magnitude and speed at which these prices are coming to us is somewhat unprecedented in history,” he tells the Wall Street Journal. Though Walmart welcomed the recent deal to lower tariffs on Chinese imports from 145% to 30%, it said the remaining level is still “too high,” per CNBC.

Such statements risk Trump’s ire. The White House attacked Amazon’s reported plan to show the added cost of tariffs on some items as a “hostile and political act,” while Trump threatened a 100% tariff on Mattel’s toys after the company announced it would raise prices in response to tariffs last week. Walmart appears confident in its position, however. Of the trade war, Rainey told analysts, “We are equipped to manage this as well or better than other retailers,” per Investing.com. Walmart continues to expect annual sales to climb between 3% and 4% for the fiscal year ending in January, per Reuters.

He be pissed!

Will he threaten Walmart and make them change their tone as he did with Amazon?

You decide.

I Read, I Write, You Know

“lego ergo scribo”

When Did Taxation Begin?

You guys know how much I like history and will take any opportunity to bring it to the forefront.

I apologize this was suppose to be posted on 15 April, the day we file our taxes with the IRS.

We all bitch and moan about paying taxes but the idea of imposing taxes has a very early history…..for now we believe the idea of taxation began in Mesopotamia around 3300BC and has continued until today.

Taxes are a familiar part of modern life, showing up in paychecks, receipts and annual filings. Yet even in our digital era, traces of older systems persist. When archaeologists recently uncovered a 2,000-year-old pyramid-shaped structure in the Judean Desert—believed to be a Ptolemaic tax collector’s post—they weren’t just digging up the past. They were brushing dust off a blueprint of ancient governance.

“Most governments were quite highly motivated to extract as much revenue as possible within perceived political constraints,” says Taisu Zhang, a professor of law at Yale Law School.

What remains today, such as stone inscriptions, clay tablets and bamboo records, tells a story far beyond administration. These tax relics reveal how early states governed, what they valued and how they balanced power with the burden on taxpayers. From Sumer to China, civilizations devised ingenious, and sometimes bizarre, ways to track, collect and enforce taxes, leaving behind vivid clues of how they funded their ambitions—and proved that even in the Bronze Age, nothing was certain but death and taxes.

The clay tablets of ancient Sumer represent some of the earliest examples of economic record-keeping. In the city of Uruk, scribes used reed styluses to press proto-cuneiform symbols into wet clay, documenting grain, livestock and labor owed to temples. Each mark stood for a tangible asset—a bundle of wheat, a head of cattle or a day’s work. By around 2,600 B.C., in the city of Lagash, the system had grown more sophisticated, with some tablets recording instances of tax evasion and penalties for non-payment.

The Standard of Ur, a wooden box inlaid with lapis lazuli, shell and red limestone, offers a striking visual of early resource distribution. One side shows nobles at a feast; the other, soldiers and laborers—an implicit hierarchy supported by the upward flow of goods. Though not a literal tax record, the artifact reflects a redistributive economy likely sustained by tribute or taxation.

https://www.history.com/articles/tax-artifacts

Taxation is nothing new….while it can be a burden to those that are unfortunate to be taxed while others get a free ride (thinking the US wealthy)….they are a needed revenue for any government to continue to ‘serve’ the people they represent.

It would not be such a burden if EVERYONE paid their taxes but unfortunately there are some that do not and that is okay for some.

I hope you made the deadline for the IRS.

I Read, I Write, You Know

“lego ergo scribo”

Worried About Those High Food Prices?

Consequences of a mindless vote.

I know that everyone has had sticker shock when they go grocery shopping…..but we have a new president and that will soon change, right?

Let’s start with fresh produce….do you buy such items as…. Corn, beans, tomatoes, squash, cotton, vanilla, avocados, cacao, and various spices….or maybe such items as….fresh cucumbers, eggplant, lettuce, squash, and strawberries….

Those items are grown and brought into the US in Mexico and Canada…and in 2025 those and other items will be hit with tariffs….

President-elect Donald Trump vowed Monday that on his first day in office he would impose a 25% tariff on all products coming into the United States from Mexico and Canada.

“As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before,” Trump wrote in a post on his social media platform Truth Social.

Trump said that on Jan. 20, in one of his first executive orders, he would sign all the necessary paperwork to levy a 25% tariff on all products arriving from the U.S.’s North American neighbors.

“This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” he wrote. “Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem. We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!”

Trump said in another Truth Social post that he also would levy an additional 10% tariff on top of existing tariffs on Chinese products coming into the United States.

(usatoday.com)

The key to that statement is the word ‘ALL’….

That means that YOU will be paying higher prices for your fresh veggies and fruit.

Let me help you understand…..the cost of the tariffs will be paid by the importers not the nations affected….and that means YOU will pay for the tariffs because importers will stick you with the extra cost.

So people get ready….bend over and spread ’em….

But not to worry the wealthy will be making lots more money while you spend more just to feed your family….

Trump is not even president yet and already the wealthy has made a killing….and that does not include the proposed tax cuts they will be getting…

An analysis released Wednesday showed that the United States’ 815 billionaires have seen their combined wealth surge by roughly $280 billion since Donald Trump’s victory in the 2024 presidential election earlier this month, a finding that came as Republicans continued to lay the groundwork for another massive tax giveaway for the rich.

Citing Forbes data, Americans for Tax Fairness (ATF) noted that the collective net worth of the nation’s billionaires jumped $276 billion between November 4—the day before Election Day—and November 12. Elon Musk, the world’s wealthiest man and a Trump confidant, accounted for 20% of the total billionaire wealth surge, with his net worth growing by $57 billion in just a week.

ATF found that U.S. billionaire wealth is now at an all-time high of $6.7 trillion—a fact that hasn’t deterred Republican lawmakers from pursuing additional tax cuts for the wealthiest Americans, which they want to pay for in part by slashing Medicaid and federal nutrition assistance.

(commondreams.org)

Something for us all to look forward to in the coming Trump administration…

But not to worry the GOP will blame the Dems or immigrants for their screwing of the American people and the humorous thing is morons will believe the bullshit.

This is what YOU voted for….merry christmas.

I Read, I Write, You Know

“lego ergo scribo”

2024 Issues: Taxes

The election is less than 2 months away and the perfect time to learn about the issues and what your candidate has to say about them….

Financebuzz has broken it down very simply for easy understanding…..

As voters wait on both presidential candidates to unveil more details on their economic agendas, Trump and Harris are calling for tax changes that could impact millions of people in the United States. Both have proposed tax cuts and increases that would require congressional approval.

Trump on tax cuts

It may be no surprise that Trump plans to preserve at least some of the individual and business tax cuts put in place via his TCJA. According to the Trump campaign, those tax cuts benefited millions of Americans and can help the millions of people who are dealing with the impacts of inflation and higher prices.

The campaign said the individual tax cuts and business tax reforms would help spur economic growth and confront higher costs of living without inflationary government spending.

Harris on tax cuts

Though Harris herself may not have directly addressed TCJA extensions so far on the campaign trail, there has been some Democratic support. In fact, President Joe Biden’s top economic advisor voiced support for partial extensions. According to the Tax Foundation, Harris has a record of favoring steeper tax hikes on businesses and people than President Biden.

Harris on tax increases

Trump and Harris have both said they will address the budget deficit. They have both proposed plans to raise revenue. Again, keep in mind tax law changes require approval by Congress.

According to the Harris campaign, she will push to increase the corporate tax rate to 28%, up from the 21% put in place through the TCJA. That could potentially reduce the deficit by $1.3 trillion over a decade, according to the Treasury Department.

She also proposes to raise taxes on high-income people, raising the top marginal income rate to 39.6% from 37%. She also proposes taxing investment gains of $1 million or more at the ordinary income rate instead of the lower capital gains rate.

Trump on tax increases

In a pitch that seems to find great support from his base, Trump has called for sweeping tariffs, which are taxes levied on imported goods. Further, the former president suggested he’s looking at putting in place a policy of tariffs that would lead to the elimination of the federal income tax.

Trump on tip taxes

The Trump and Harris campaigns have both talked about the idea of eliminating income tax on tip income. Trump made the proposal well before Harris. In fact, his pitch drew a mixed reaction.

The former president has also called for no taxes on Social Security income. Social Security has been a hot issue this election season amid fears of the finances for the program and related ones.

Harris on tip taxes

In a more recent move, Harris also talked about the idea of eliminating taxes on tip income. She said it’s part of her commitment to fight for working families, which she said also includes a plan to raise the minimum wage.

I do not see where either candidate will improve low income workers’ lives.

Former President Donald Trump wants to increase tariffs, while his Democratic opponent, Vice President Kamala Harris, wants to raise the corporate income tax rate. They say you need not worry about the consequences of these tax hikes because someone else will pay the tab.

Don’t believe them. Both proposals would impair economic growth and impose substantial costs on ordinary Americans, extending far beyond the advertised targets.

Trump and Harris Both Favor Tax Hikes That Would Hurt Ordinary Americans

Vote for the best person to improve your life not the one that feeds your petty biases.

I Read, I Write, You Know

“lego ergo scribo”