How do stocks and acquisitions help the middle and lower classes? The middle class boom for this country occurred when taxes for the rich were much higher. Now the middle class is vanishing. |
I get a bunch of GOP newsletters after emailing them my objections. This is what Sen Lankford wrote in his latest, fyi:
“Over the weekend and into today, the Senate worked nonstop to finalize President Trump’s One Big Beautiful Bill Act. The final product prevents a devastating tax hike at the end of this year, strengthens the southern border, reduces deficit spending, makes several government programs more efficient and modernizes our air traffic control system. This is one of the most significant bills in a generation. It is now headed to the House of Representatives for their approval. Here are some of the great things the bill does: To help hardworking families, no federal tax on tips or overtime $2,200 per child, $1,000 baby savings accounts, and an expanded adoption tax credit $6,000 higher standard deduction for working seniors Freezes tax brackets for every American so no one sees the scheduled tax increase next year Gives a new tax credit to people who donate to charities, even if they don’t itemize their taxes Updates the farm programs that are long overdue Planned Parenthood is defunded for the next year Increases the efficiency of our social safety net programs Boosts domestic energy production for all base load power and it repeals Biden’s oil and gas tax penalty Allows small businesses to write off big equipment purchases in the same year they buy their new equipment which encourages more jobs and investment $160 billion to finish the wall, hire Border Patrol and ICE, and secure the border $12.5 billion to modernize air traffic control, which is critical for Oklahoma’s aviation workforce I recorded a video after the bill’s passage in the Senate to highlight some of the big wins and to give some facts to all the fiction being spread on social media about the One Big Beautiful Bill. The bill is certainly not perfect, but it does make significant progress and is a great first step to the long road back to balance. CLICK HERE to watch my video discussing the final bill and why I voted to support it. CLICK HERE to read more about why I voted in favor of the bill. CLICK HERE to read about some of the energy wins I helped secure in the One Big Beautiful Bill Act.” |
In the real world, insurance companies change doctors all the time. I negotiate our companies benefits and they haven't gone up substantially. I am expecting a huge increase this year. Someone must pay for the uninsured and it's going to be with increased premiums. The BBB bill never passed. |
Most middle class and working class people rely on companies for employment, and as the value of shares increase, companies have more capital for investment in expansion. So, more jobs, higher paying jobs, etc. It's the reason the US economy can have things like high tech vs places like Bangladesh where selling fruit on a corner is a normal job. |
Yes, 100%.
My brother is a bartender and a Republican. He voted for Trump. He initially thought the no tax on tips or OT would start immediately and was dismayed to find out those don't start until he files taxes for 2025. He literally thought this would be done at the restaurant level, not IRS level. Laughable. Even after I told him time and time again it wouldn't be instant money in his pocket, but instead come as a refund. He feels lied to but is going to trust the process because Trump is such a smart businessman. I roll my eyes because he'll never see any of that money. He owes back taxes for like 4 years at the federal level and 3 years at the state level. He also owes like $4k in back child support. I tried to tell him that he wouldn't see any refund but because he got refunds during the covid years, he thinks he'll get them again. |
You’re wrong. Federal income tax, state and local income tax, property tax, vehicle taxes, sales tax — and that’s just what I thought of quickly. Lower incomes are actually hit harder by certain kinds of taxes — like sales taxes — because the sums that the taxes represent are a relatively higher percentage of their income. |
We’ve had some very necessary infrastructure work in my county because of Build Back Better. Obamacare meant I could actually GET medical insurance that my previous plan had kicked me off, because of a ‘pre-existing condition’ And, now I had/have a choice of doctors because I actually have insurance! THAT was meaningful legislation. This is cruel and so so wasteful |
I'm referring to federal income tax. The other taxes you listed to not go to the federal government. The bottom 50% of earners collectively make up 3% of the overall income tax revenue for the nation. So effectively nothing. The upper 50% pays the remaining 97%. I know it's been repeated so many times that the rich don't pay taxes that people believe it, but the data is clear that most of the middle, working, and poor classes do not pay taxes while the rich pay a ton. I don't even buy the idea that the poor are hit harder than the rich once sales tax is included because they pay no income tax, they spend less as an absolute value, etc. On its face, it makes no sense that we could get billions in tax revenue from people folding clothes at retail stores yet this myth goes unquestioned. The data show the rich pay the vast majority of taxes. So of course a tax cut will help the rich-- you can't make the bottom 50% pay less than zero. |
Also I believe there are income limits and you lose the option to take the standard deduction. |
Taxes are the price everyone pays to live in a civilized society. Even the poor should contribute as part of living and benefiting from these things. |
So glad I can write off 100% of a private jet now. That will come in handy. This will really help all the blue collar MAGA voters too. |
They’re poor: they don’t HAVE money to take. They’re spending every penny the DO have to get by. |
Wow, that whole up to $25k is going to change the lives of your children? |
As a black person, I can tell you that he has sent us back decades. I promise you that he would lose the vast majority of black and brown people. |
Until you need one. |