The bill does not raise taxes on those making under $400,000.
Nobody here has posted anything from the bill or even from the Joint Committee report that says otherwise.
It's just Republican lies.
Surely the right wing posters can do better than this. Maybe they could read the report and break it down so we can all see these tax hikes they are talking about.
And no, if you make over 400k in a year, I don’t feel bad for you in the slightest. I would consider it an honor/achievement to make it into one of the highest tax brackets.
And really, almost everyone making over 400k per year won't see a tax rate increase.
As far as I can tell, the only individuals targeted in this bill are tax cheats and those who take advantage of the carried interest loophole.
So unless you are a criminal or a hedge fund manager, your individual tax rate doesn't go up.
"The only ones getting a tax increase are certain corporations and hedge fund managers. Americans will save on prescription drugs, ACA premiums, electric cars, home solar, and other items. The new taxes collected will be more than the spending. Therefore, it saves the government money and reduces the deficit."
Fat Hurts - you are just flat out wrong. The nonpartisan Joint Committee says the new bill will raise taxes on 6 or 8 income categories below $200,000.. Please admit you were wrong.
"We have to agree to disagree, a difference of opinion," Manchin, D-W.Va., said when asked by Fox News Digital about an analysis from the nonpartisan Joint Committee on taxation showing his bill would hike middle class taxes. The committee's analysis said Manchin's bill, officially titled the "Inflation Reduction Act," would raise 2023 taxes on six of eight income categories lower than $200,000.
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Manchin and I are both correct.
The bill does not raise taxes on those making under $400,000.
Nobody here has posted anything from the bill or even from the Joint Committee report that says otherwise.
It's just Republican lies.
You are lying, Fat Hurts.
the nonpartisan Congressional Joint Committee on Taxation (JCT) released data over the weekend.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023, the report said. By 2031, when the new energy credits and subsidies are set to provide an even greater benefit to wealthier Americans, those earning below $400,000 are projected to pay as much as two-thirds of the additional tax revenue collected that year, Republicans on the Senate Finance Committee said in a press release Saturday, citing the JCT report.
Studies suggest that the Democrats' "Inflation Reduction Act" will have very little impact on reducing inflation while bringing tax hikes to middle-income earners.
Surely the right wing posters can do better than this. Maybe they could read the report and break it down so we can all see these tax hikes they are talking about.
And no, if you make over 400k in a year, I don’t feel bad for you in the slightest. I would consider it an honor/achievement to make it into one of the highest tax brackets.
And really, almost everyone making over 400k per year won't see a tax rate increase.
As far as I can tell, the only individuals targeted in this bill are tax cheats and those who take advantage of the carried interest loophole.
So unless you are a criminal or a hedge fund manager, your individual tax rate doesn't go up.
The bill does not raise taxes on those making under $400,000.
Nobody here has posted anything from the bill or even from the Joint Committee report that says otherwise.
It's just Republican lies.
You are lying, Fat Hurts.
the nonpartisan Congressional Joint Committee on Taxation (JCT) released data over the weekend.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023, the report said. By 2031, when the new energy credits and subsidies are set to provide an even greater benefit to wealthier Americans, those earning below $400,000 are projected to pay as much as two-thirds of the additional tax revenue collected that year, Republicans on the Senate Finance Committee said in a press release Saturday, citing the JCT report.
There is no tax rate increase on those making under $400,000 per year.
Here is one way you can tell Republicans are lying. For those making less than $10,000 per year, there is no way their taxes can go up because those making that little don't owe any federal income taxes at all.
Also, this bill says the new energy tax credits run out in 2031. So I have no idea what they are talking about there. It sounds like they are just making stuff up.
the nonpartisan Congressional Joint Committee on Taxation (JCT) released data over the weekend.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023, the report said. By 2031, when the new energy credits and subsidies are set to provide an even greater benefit to wealthier Americans, those earning below $400,000 are projected to pay as much as two-thirds of the additional tax revenue collected that year, Republicans on the Senate Finance Committee said in a press release Saturday, citing the JCT report.
There is no tax rate increase on those making under $400,000 per year.
Here is one way you can tell Republicans are lying. For those making less than $10,000 per year, there is no way their taxes can go up because those making that little don't owe any federal income taxes at all.
Also, this bill says the new energy tax credits run out in 2031. So I have no idea what they are talking about there. It sounds like they are just making stuff up.
Done discussing anything with you. i showed you what the nonpartisan Congressional taxation committe said about the bill. Like discussing stuff with a 5-year-old. Fat Hurts- when you grow up come back. But you are an embarrassment now.
There is no tax rate increase on those making under $400,000 per year.
Here is one way you can tell Republicans are lying. For those making less than $10,000 per year, there is no way their taxes can go up because those making that little don't owe any federal income taxes at all.
Also, this bill says the new energy tax credits run out in 2031. So I have no idea what they are talking about there. It sounds like they are just making stuff up.
Done discussing anything with you. i showed you what the nonpartisan Congressional taxation committe said about the bill. Like discussing stuff with a 5-year-old. Fat Hurts- when you grow up come back. But you are an embarrassment now.
You didn't show anything from Joint Committee. You showed Republican spin on what the report actually said.
Sure, isn't it great that the left has triggered a war in Russia, isolated us from allies in Israel and Saudi Arabia by cozying up to Iran, and are now fomenting discord in China. Truly masterful statecraft. Almost as brilliant as their economic policies that have resulted in inflation levels not seen since theCarter Administration. Brilliant!
The table of historical inflation rates displays annual rates from 1914 to 2022. Rates of inflation are calculated using the current Consumer Price Index published monthly by the Bureau of Labor Statistics (BLS). BLS data was...
In 1976 when Carter took office, Inflation was at 5.74%. When he left office in 1980, it was at 13.55%. When Reagan took office, it was at 13.55%, when he left office in 1988, it was at 4.08%. Draw your own conclusions.
No they don't. And it's definitely not a tax on individuals making under $400,000.
According to my goddam accountant, I made $412k last year. Why should I be penalized for being better than other mere mortals who can’t develop my impressive arsenal of skills? I feel like the protagonist in the Stones’ song Luxury. You feel me?
The Stones were blasphemous in SFTD. Jagger got even more blasphemical in Saint of Me, but few noticed in our venal culture of filth and swill. There are few true Christians left in America, Trump being one of the aforementioned true Christians. I can’t stand the guy, but you got to give him credit for wearing his Christianity on his sleeve. Just a balls out Christian, that Trump. Balls out Christian (BOC).
If you believe Trump is a "true Christian" no one should believe anything you write.
In 1976 when Carter took office, Inflation was at 5.74%. When he left office in 1980, it was at 13.55%. When Reagan took office, it was at 13.55%, when he left office in 1988, it was at 4.08%. Draw your own conclusions.
There's no question that inflation came down during the Reagan years. No question. (Paul Volcker was the primary architect of that. Jimmy Carter appointed him, specifically to tame inflation.)
But what you had *said* was that the last time we saw inflation at the current rates was when Jimmy Carter was president. That was false. I corrected it.
I found this an interesting analysis of the situation back then:
The bill does not raise taxes on those making under $400,000.
Nobody here has posted anything from the bill or even from the Joint Committee report that says otherwise.
It's just Republican lies.
You are lying, Fat Hurts.
the nonpartisan Congressional Joint Committee on Taxation (JCT) released data over the weekend.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023, the report said. By 2031, when the new energy credits and subsidies are set to provide an even greater benefit to wealthier Americans, those earning below $400,000 are projected to pay as much as two-thirds of the additional tax revenue collected that year, Republicans on the Senate Finance Committee said in a press release Saturday, citing the JCT report.
I don't yet know who to trust on this, but Manchin is saying that the analysis Sally is citing came from just the Republican members of the JCT and was not an actual product of the bipartisan committee. The Dems had no input. So says Manchin. I don't know.
I'd trust Manchin on this over just about any lying Republican but I don't really know.
Just one more piece of the puzzle.
Would be so great if Republicans didn't lie about everything. then we could trust what they say. but sadly they think lying is 100% dandy and fine, so we can't trust a word they say.
In 1976 when Carter took office, Inflation was at 5.74%. When he left office in 1980, it was at 13.55%. When Reagan took office, it was at 13.55%, when he left office in 1988, it was at 4.08%. Draw your own conclusions.
Conclusions drawn: Rs used to at least to pretend to like the Constitution, and Reagan. Yes, as Sam suggests, perhaps jer*** off to both. Then, a hell of a lot of them decided, "Nah, who needs a guy like Reagan? (e.g., like Liz Cheney?) We'll take Trump!! (and his imitators)"
And a subset of them went farther, and said, "Who needs that old-fashioned Constitution, let's go for something crafted by the religious right !"
Of course, even those NOT in the second group are still enabling that group. They're looking the other way from a man and a party trying to destroy foundational elements of the Constitution.
And it just occurred to me today that, at least in one respect, it seems to be getting worse, not better. It used to be when you thought of the tiny group of Rs resisting Trumpism, Cheney, Kinzinger, Romney, and Sasse came to mind. I'm not a news junky, but the amount resistance or criticism of Trumpism coming from the Senate these days seems lower than ever. I imagine the first two would appreciate some help. Alas......
82 year old Pelosi has completely triggered all of China. Masterful statecraft. You love to see it.
Sure, isn't it great that the left has triggered a war in Russia, isolated us from allies in Israel and Saudi Arabia by cozying up to Iran, and are now fomenting discord in China. Truly masterful statecraft. Almost as brilliant as their economic policies that have resulted in inflation levels not seen since the Carter Administration. Brilliant!
The left did not trigger a war in Russia lol. That's Putin-loving cope. Get real.
the nonpartisan Congressional Joint Committee on Taxation (JCT) released data over the weekend.
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023, the report said. By 2031, when the new energy credits and subsidies are set to provide an even greater benefit to wealthier Americans, those earning below $400,000 are projected to pay as much as two-thirds of the additional tax revenue collected that year, Republicans on the Senate Finance Committee said in a press release Saturday, citing the JCT report.
There is no tax rate increase on those making under $400,000 per year.
Here is one way you can tell Republicans are lying. For those making less than $10,000 per year, there is no way their taxes can go up because those making that little don't owe any federal income taxes at all.
Also, this bill says the new energy tax credits run out in 2031. So I have no idea what they are talking about there. It sounds like they are just making stuff up.
When you tax corporations, gas, etc. all the products that they sell increase in price to consumers. I'm guessing most of the tax increase in the JCT analysis is tied to taxes on coal and natural gas (and the minimum tax will hit a lot of manufacturers and those taxes will be passed through to consumers). Manchin is supporting it because he gets a natural gas pipeline out of it.
There is no tax rate increase on those making under $400,000 per year.
Here is one way you can tell Republicans are lying. For those making less than $10,000 per year, there is no way their taxes can go up because those making that little don't owe any federal income taxes at all.
Also, this bill says the new energy tax credits run out in 2031. So I have no idea what they are talking about there. It sounds like they are just making stuff up.
When you tax corporations, gas, etc. all the products that they sell increase in price to consumers. I'm guessing most of the tax increase in the JCT analysis is tied to taxes on coal and natural gas (and the minimum tax will hit a lot of manufacturers and those taxes will be passed through to consumers). Manchin is supporting it because he gets a natural gas pipeline out of it.
well geez if you want to start talking about how making companies pay taxes is actually a tax hike on individuals....well that just sends you off down into the rabbit hole . I'll reject that as impossible to calculate and not a valid criticism of the bill.
But sure, Rs don't want rich people and corporations to pay taxes. So Rs will be against this bill.
In the meantime, Dems will have to be the only responsible party and actually try to raise the money we need to subsidize rural america and the rest of our spending.
remember how under united D government the deficit is plunging at a record pace. Rs can't manage the national fisc with any restraint, as you are demonstrating.
note how the Ds are showing the nation how to be a responsible steward of the nation. And of course the D actions to slow government spending and cut deficits are slowing the economy and hurting D chances in midterms. But Ds do it anyway. You know why? Because it's the right thing to do. Rs would be cutting taxes and increasing spending and ballooning the deficit again.
But the country doesn't care - it will toss out Ds for being responsible and bring back the Rs will will AGAIN run the country into the ground with tax cuts and huge deficits. Then the Ds will come back and fix the R mess.
Go America.
JPM:
Despite some movement on long-stalled legislation, fiscal drag remains severe. The Congressional Budget Office now projects that the federal deficit will fall from 12.4% of GDP in fiscal 2021 to 3.9% in fiscal 2022. While this is positive from a fiscal stability respective, it represents a huge decline in government spending relative to revenues and is thus reducing aggregate demand within the economy.
