Republicans, Not Biden, Are About to Raise Your Taxes
In an Op-Ed today in the New York Times, Nobel Prize and Columbia University professor Joseph Stiglitz (yeah, I know another left-wing liberal elite) argues,
“The Trump administration has a dirty little secret: It’s not just planning to increase taxes on most Americans. The increase has already been signed, sealed and delivered, buried in the pages of the 2017 Tax Cuts and Jobs Act.”
Stiglitz goes on to say,
“President Trump and his congressional allies hoodwinked us. The law they passed initially lowered taxes for most Americans, but it built in automatic, stepped tax increases every two years that begin in 2021 and that by 2027 would affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under — that’s about 65 percent of taxpayers — will face a higher tax rate in 2027 than in 2019.”
“At the same time, Trump has given his peers, people with annual incomes in excess of $1 million dollars, or the top 0.3 percent in the country, a huge gift: The Joint Committee on Taxation estimated the average tax rate in 2019 for this group to be 2.3 percentage points lower than before the tax cut, saving the average taxpayer in this group over $64,000 — more than the average American family makes in a year.”
He ends his piece with this,
“The problem now is that unless the Democrats win a majority in the House and the Senate and clinch the presidency, these Republican tax increases, already legislated, are likely to go into effect. The increases, unfairly aimed at the vast majority of Americans who are disproportionately suffering in the pandemic, will cause even more hardship.
“They must be stopped.”
Now, let’s be clear, the folks who regularly read Around the Block either already knew this or, at the very least, suspected it. But, as the headline indicates, you’re not the target of this column or Stiglitz’s Op-Ed. The audience for this should be the Trump voter. So, in the spirit of public service, I urge you to pass this post on to any Trump supporters or voters you know. (The link and PDF of the Stiglitz column are included below). Although many have already voted and others will just dismiss this as “fake news,” at the very least it may open their eyes to the lying, duplicitous, cynic they’re supporting; a man who’s not in it for his adoring MAGA-hatted crowds, but for his cronies, his benefactors and himself!
Oh yeah, one last thing: If you do pass this on, I take no responsibility for the slings and arrows that will be aimed your way, the dissolution of any friendships, or the breaking of any family bonds.