You'll Have Less And The NYT Says You Should Be Happy For The Scraps
Today's Gaslighting by the Bu$h League Times: You might not be able to afford to live, but your tax rate will be lower! Fixin' To Tax Rag?
“The rapidly rising cost of food, energy and other daily staples could allow many Americans to reduce their tax bills next year, the I.R.S. confirmed on Tuesday.
Tax rates are adjusted for inflation, which in typical times means incremental movements in the thresholds for what income is taxed at what rate. But after a year that saw America’s fastest price growth in four decades, the shift in rates is far more dramatic: an increase of about 7 percent.”
At least the article points out that the wealthy will benefit more:
“In dollar figures, the shift will be largest at the highest end of the income spectrum. The top income tax rate of 37 percent will apply next year to individuals earning $578,125 — or $693,750 for married couples who file joint returns. That is up from $539,900 for individuals this year. The difference: Nearly $40,000 worth of individual income is eligible to be taxed next year at a lower rate of 35 percent.”
But the peasants get something, right? Not much, certainly not anything close to offsetting or even meaningfully mitigating the savage beating they're getting from Bidenflation:
“The rapidly rising cost of food, energy and other daily staples could allow many Americans to reduce their tax bills next year, the I.R.S. confirmed on Tuesday.
Tax rates are adjusted for inflation, which in typical times means incremental movements in the thresholds for what income is taxed at what rate. But after a year that saw America’s fastest price growth in four decades, the shift in rates is far more dramatic: an increase of about 7 percent.”
At least the article points out that the wealthy will benefit more:
“In dollar figures, the shift will be largest at the highest end of the income spectrum. The top income tax rate of 37 percent will apply next year to individuals earning $578,125 — or $693,750 for married couples who file joint returns. That is up from $539,900 for individuals this year. The difference: Nearly $40,000 worth of individual income is eligible to be taxed next year at a lower rate of 35 percent.”
But the peasants get something, right? Not much, certainly not anything close to offsetting or even meaningfully mitigating the savage beating they're getting from Bidenflation:
“Further boosting filers, the standard deduction will rise to $27,700 for couples, an increase of $1,800 from this year. For individuals, it will be a $900 increase, to $13,850.”
Tucked halfway into the ninth paragraph of the article is the bit of silliness quoted below. Anyone who has bought groceries during the past several months knows the real impact is a lot more than four percent:
“Inflation-adjusted weekly earnings declined nearly 4 percent from September last year to this September, the Labor Department reported last week.”
But back to The Important Class:
“And heirs of wealthy individuals who die in 2023 will not need to pay estate taxes on the first $12,920,000 they inherit — an increase of nearly $1 million from the exclusion for the estates of people who die this year.”
Tucked halfway into the ninth paragraph of the article is the bit of silliness quoted below. Anyone who has bought groceries during the past several months knows the real impact is a lot more than four percent:
“Inflation-adjusted weekly earnings declined nearly 4 percent from September last year to this September, the Labor Department reported last week.”
But back to The Important Class:
“And heirs of wealthy individuals who die in 2023 will not need to pay estate taxes on the first $12,920,000 they inherit — an increase of nearly $1 million from the exclusion for the estates of people who die this year.”
posted by TLC's Place at 6:00 PM
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