The Democratic Party likes to pretend that they are the only political party that favors the working class, but they have no qualms about slamming low-income Americans with a hefty tax bill to fund foreign wars and endless social spending.
The US Treasury is anticipated to make money this year, as per a budget report released on Thursday. Income taxes have risen by 28%, providing the federal government with a cash windfall to transfer to Ukraine.
When Trump’s tax cuts expire in 2025, there is projected to be another surge in revenue.
Household tax rates are expected to total $2.6 trillion in the year and, up from $2 trillion last year, according to the latest Congressional Budget Office study.
These data indicate the biggest amount of involuntary taxes revenue ever collected by the federal government.
“In 2021, receipts from individual income taxes totaled $2.0 trillion, or 9.1% of GDP. Under current law, and on the basis of receipts observed through late April of this year, CBO expects individual income tax receipts to rise by 28% in 2022, to $2.6 trillion. At 10.6% of GDP, that total is expected to be the highest amount of individual income tax receipts recorded since 1913, when ratification of the Sixteenth Amendment authorised the federal government to begin collecting income taxes, ” according to the agency.
In 2022, federally collected revenue is predicted to exceed $4.8 trillion, up 19 percent from the previous year.
Are you still paying attention?
The figures were greater than the agency forecast last year, and they are projected to rise even more as the economy rebounds from the virus crisis.
Furthermore, the CBO predicted that if the Internal Revenue Service gets the budget increase requested by Joe Biden, collections will increase even higher.
Even with the 2017 tax cuts approved by Donald Trump, people are now paying more in overall income taxes than they have in the past. And, according to the CBO, when some of those tax breaks expire in 2025, they will be paying much more.
Remember, this is the party that sells working-class ideas to the American public while simultaneously imposing the most expensive tax bill the country has ever seen.
We’re worried nothing will teach you everything you need to know about the condition of liberalism if this doesn’t!