The Uniparty Tax Grab No One’s Talking About
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Shadooby-Doo Shattered, tax rates shattered. That was a great song by the Rolling Stones around 1978. Shattered was actually a song about them when they were living in New York City. There’s a line in that song. Don’t you know the crime rates go in up, up, up, up, up, up. Well, we can change it. Don’t you know your tax rates are going up, up, up, up, up. Again, we’ve discussed this and I’ve come to the realization that
the current administration, they basically, you big, beautiful bill and look at the income tax rates. everybody be happy. They’re, they’re in full out raise revenue tax the bejesus out of everyone mode. That’s what it is. And we’re seeing more of this. Before we get to the federal stuff, I want to talk about, you know, states.
right now. More and more blue cities and states across the country, Washington, Rhode Island, looking for ways to bring in more revenue happening across the board, Minnesota, as well. Another higher tax rate for joint filers making over a million dollars a year. They’re basically using Massachusetts.
as a guide there. implemented an income surtax on those earning more than $1 million a year. Connecticut proposed a bill that would raise income tax rates on couples making at least $500,000 and individuals making $250,000 to offset expected federal funding losses from the big, beautiful bill. State of Washington, increasing the capital gains.
tax. Maryland, their governor signed into law his tax proposal includes higher income tax rates for state residents making more than $500,000 a year. Rhode Island. Yep, they call it the Taylor Swift tax because she bought a big house there. Not far from Newport. New tax on vacation homes valued at $1 million or more. And again, more of this
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tax the rich stuff is coming soon to a theater near you. 19 states are projecting deficits right now. 19 states are projecting deficits and again, they’re gonna be going after people. I certain states that’ll, you you’ll have a mass exodus, other ones you won’t.
Other ones, they’ll just they’ll go ahead and they’ll deal with that. But let me tell you some of the other things that are happening on the federal level. The Republicans are putting together because big, beautiful bill. They they got guys like Ron Johnson and others to sign off on it because they were going to say they were going to have a second reconciliation bill, reconciliation bill, basically.
Big beautiful bill 2.0. Not really. The second bill, and the reason why they got these Republicans to sign off on it was supposed to include real deficit reduction because the first bill didn’t even come close. The Republican Study Committee has put together a reconciliation 2.0 working group. And obviously they’re looking at ways of saving money on Obamacare, Medicaid.
Medicare spending, the House Freedom Caucus wants to get rid of more of this green energy giveaways, handouts, whatnot. Well.
The current GOP is not really the GOP that I’m really familiar with. It is what it is. I mean, no way to put around it. Again, I’m not a member of the Republican Party. I left ages ago. Ages ago. Now, again, they’ve many of the things that they’re proposing are going right now. It’s just uniparty stuff. know, funny thing is, if you take a look at their policies, for the most part, outside of, know, woke stuff.
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and immigration, it’s different here, okay? It’s not about spending reform for many of members of the GOP. They talking about all sorts of new handouts, more industrial policy, money to their district, protecting home state interests. And like most bills, this reconciliation 2.0 will turn into a grab bag. Now,
Here’s one I don’t seem to understand. Donald Trump is floating a new Washington DC security fund. Now, again, I pay high enough property taxes where I am, so now I gotta pay more taxes, more of my tax dollars have gotta be used to police Washington DC. Yeah, yeah. Anyway, that would come on an appropriations bill. You need 60 votes for that. Democrats won’t sign off on that.
So they’re going to end up sticking it into a reconciliation bill like the big, beautiful bill. All it needs is 51 votes to pass. Well, you got a lot of Republicans out there and actually you get columns. Column by a guy by the name of Henry Olson, National Review, giving a litany of things where you can tax, they’re calling, tax the rich more, tax the rich more. And again, they failed to understand.
that this rich that they talk about is also small business owners and how they file taxes sub-chapter S pass-through companies. He wants to get rid of the mortgage interest deduction. That’s what they’re talking about. Getting rid of the mortgage interest deduction altogether. The $500,000 exemption in capital gains after the sales of your primary residence.
Your health insurance. Your employer gives you health insurance, you make over a certain amount of money, they want to get rid of that, they want to make that a something that’s taxable. Currently, you get that you don’t pay payroll and you don’t pay income tax on that. He wants to deny higher income senior citizens the Social Security and Medicare perks that they paid into. They also
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Republicans right now talking about raising the top individual tax rate, creating a new bracket for millionaires. Money, money, Republicans want money. Yeah. I mean, this is this is your Republican Party at this point in time.
What do you think? What do think? You excited? You excited? Aren’t you excited that your tax rates going up, up, up, up, up? Don’t want to tell you people, this is the world we’re living in right now. This is the reality of our terrain. Suggestions? Well, again, I always try to tell people, try.
Try to, you know, you gotta utilize the tax code to the best of your ability, meaning that what? Have a side gig, own a business, figure out what you can write down, a myriad of different things, be smart. Even little side gigs and whatnot can save you a fortune. They’re coming after you, kids. I mean, we’re $37 trillion in debt and nobody wants to cut any spending. You’re talking about those green things that they wanna get away from? No, no, no. Chuck Grassley and all these people, they don’t wanna get rid of nothing.
They wanted to get rid of it. They could have gotten rid of it in a big beautiful bill. They’re not getting rid of the spending. But guess what? They have no problem taxing you more. Watchdogonwallstreet.com.
