Fox News, Rupert Murdoch’s Wall Street Journal, and other Republican outlets are playing Chicken Little over President Biden’s $2 trillion infrastructure plan and proposed tax hikes.
Oh my god! We knew it. Elect a socialist commie-hugging tax-and-spend liberal like Joe Biden, and taxes are going to go up. We told you so. Now, we’re all going to rue the day! “Rue” means you look back on the past and it’s often used with regret. For example: I rue the day I contributed to the Trump Campaign because they keep those donations recurring and all my shit bounced.
But if we’re going to rue, let’s rue on tax cuts. Ronald Reagan gave huge tax cuts to corporations and rich bastards. The idea was that giving rich people tax cuts would make them spend more. They’d hire more poor people. The rich would take that extra income and invest it into their businesses. They screamed it allowed hard workers and earners to keep more of their own money and it got government out of their pockets. Rich people having more money meant more people would have more money. They called it “trickle down.”
As we rue on that, we wonder, were Republicans merely wrong or were they lying? “Trickle down” never happened. Shockingly, greedy rich bastards didn’t trickle shit. They would normally take that money and put it into stocks, their savings, or into off-shore bank accounts. It didn’t make them hire more.
In 2017, Donald Trump and Mitch McConnell told us their tax cuts for billionaire assholes would trickle down and rich bastards’ investments into the economy wouldn’t hurt the federal budget because they would pay for themselves; we knew they were lying. We knew they were lying when George W. Bush tried to finance two wars with tax cuts for billionaire assholes.
When Donald Trump gave tax cuts to you and corporations, only those to corporations were permanent. The tax cuts he gave you expire. But all the Republican mofos giving out dire warnings about what this will do to the federal debt were silent on that shit when they were giving billionaires tax cuts. They were silent about the deficit when Donald Trump gave himself a tax cut. They were silent when they eliminated the inheritance tax for trust-fund babies like Ivanka, Tiffany, Don Jr, and Eric. There should be a fucking tax for naming your kid “Ivanka.”
Republicans are good at convincing poor whites tax cuts for billionaires will help them, even though we’ve had over 40 years of that not happening. President Obama gave the poor and middle class tax cuts, but most of the white people who received the Obama tax cuts don’t recall them, despite the fact they were bigger cuts for them than the ones Trump gave them. That’s a fact. Now, they’re going to freak out because President Joe Biden is going to raise taxes.
Except, President Biden is not raising their taxes. Unless you are a big corporation or an individual making over $400,000 a year, you’re going to be OK. But honestly, if you are a big corporation or making over $400,000 a year, you’re still going to be OK.
Here are the facts: President Biden is NOT raising your taxes. He’s raising the top individual tax rate from 37 percent to the pre-Trump rate of 39.6 percent. That’s a 2.6 percent increase for people who make an obscene amount of money. The corporate rate would rise from 21 percent to 28 percent. A 15 percent alternative minimum tax would apply to corporate book income of $100 million and higher. If you don’t know what “corporate book income” means, you’re going to be OK from this tax hike. I’ll tell you what it means though: All those corporations making profits but find ways not to pay any federal taxes, like Amazon, will be forced to pay taxes. Go, Joe Biden!!!!
People making over $400,000 will pay additional payroll taxes. The estate tax exemption would drop by about 50 percent. Taxpayers whose income exceeds $1 million would pay the same rate on investment income as applies to wages. The carried interest “loophole,” claimed by many private-equity and hedge-fund managers, would be eliminated.
Also, the maximum Child and Dependent Tax Credit would rise from $3,000 to $8,000 ($16,000 for more than one dependent). Tax relief would be offered for student debt forgiveness and the first-time homebuyers credit would be restored.
I’ve heard it explained before that the reason poor people vote for Republican policies is because they believe they’re also rich. They just haven’t gotten their money yet. That investment is going to happen, or an inheritance will hit, or they’ll win the lottery, or maybe win a major liability lawsuit after slipping in the KY-jelly aisle at Walmart. Stop wearing your fucking house slippers to Walmart, assholes.
The majority of people receiving welfare benefits are white. Most of them vote Republican. I doubt a lot of them are reading Murdoch’s Wall Street Journal, or any newspaper, but they’re watching his network that’s scaring them over tax cuts that won’t hit them. If anything, their paychecks are going to increase. Here’s another fact: President Joe Biden just gave each of them an additional $1,400. There is a fine art to screaming about the federal debt while cashing in $1,400 from the government. By the way, Rupert Murdoch is worth somewhere between $13 and $19 billion. If you’re crying for Rupert, come over here so I can hit you in the face with nunchakus.
With Joe Biden’s tax hikes, you’re going to be OK. Rupert Murdoch will be OK. He will not have to pawn any of his private jets, so don’t lose any sleep over that.
Don’t get angry over tax hikes on the rich. What should have been making you angry are the corporations that don’t just get huge tax cuts, but often receive their own welfare checks from the government. Our government spends double on corporate welfare for companies like Exxon than it spends on social welfare that provides milk to babies.
I have an entirely separate angry rant over motherfuckers who scream about social welfare but are silent over corporate welfare. If you are one of them, you might be a racist.
What should make you angry is that 91 corporations paid zero in federal taxes in 2018. Companies like Netflix, Amazon, Delta, Chevron, Gannett (motherfuckers!), IBM, Haliburton, General Motors, Good Year, Jetblue, Whirlpool, Honeywell, Coors, etc, etc.
IBM made $500 million and got a tax rebate of $342 million. Coors made $1.3 billion and got a rebate of $22.9 million. What about Amazon? They made over $11 billion. That’s “billion” with a “B.” They got a rebate of $129 million. My question: How can I get one of their tax lawyers to do my taxes? These companies are reporting millions and billions in profits and getting rebates.
If you’re getting angry over President Biden forcing these corporations to actually pay taxes, then you’re probably never going to be a millionaire because you are too stupid. The only way stupid people become millionaires is if it’s given to them. Look at Donald Trump, who by the way, has had years where he paid less than $700 in income tax.
I’m a freelancer which means I don’t get a tax refund. Even though I don’t make much, I send the United States Treasury money every year. When I’m sending money and see that Amazon is getting a rebate and a guy boasting he’s worth over $5 billion only paying a few hundred, I get angry.
I haven’t done my taxes for 2020 yet. Why? Partly because I procrastinate, it’s a lot of work, and I know I’m going to get angry.
Stop getting angry at the wrong people.
Note on trailers: I don’t mean to be an elitist snob to people who live in trailers. Who am I to be a snob when I live in a studio apartment over a taco restaurant? I do not make a lot of money. I’m poor. Plus, I have lived in trailers, as a kid and a young adult. But, I seriously doubt there’s anyone living in a mobile home making over $400,000 a year. Sorry to play the stereotype of lower-income white Republicans in trailer parks but I thought it was the best way for me to make my point. I do know some liberals who live in trailers and it’s for them I’m writing this note.
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