Republicans, Not Biden, Are About to Raise Your Taxes

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President Trump built in tax increases beginning in 2021, for nearly everyone but those at the very top.

By Joseph E. Stiglitz
Mr. Stiglitz, a university professor at Columbia, is a Nobel laureate in economics.

Oct. 31, 2020

The Trump administration has a dirty little secret: It’s not just planning to increase taxes on most Americans. The increase has already been signed, sealed and delivered, buried in the pages of the 2017 Tax Cuts and Jobs Act.

President Trump and his congressional allies hoodwinked us. The law they passed initially lowered taxes for most Americans, but it built in automatic, stepped tax increases every two years that begin in 2021 and that by 2027 would affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under — that’s about 65 percent of taxpayers — will face a higher tax rate in 2027 than in 2019.

For most, in fact, it’s a delayed tax increase dressed up as a tax cut. How many times have you heard Trump and his allies mention that? They surmised — correctly, so far — that if they waited to add the tax increases until after the 2020 election, few of the people most affected were likely to remember who was responsible.

Looking at the analyses of the nonpartisan Congressional Budget Office and the Joint Committee on Taxation at the time the December 2017 tax bill was enacted, we see very clearly how different income groups are affected by the Trump tax plan. And it’s disturbing.

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https://www.nytimes.com/2020/10/31/opinion/republicans-biden-taxes.html

[TreasonousBastard]

1. This pops up occasionally, and has been well known to those who pay attention. In fact...

it goes along with a bunch of taxes that were "reduced" but were really loans because the reduction gets repaid next year.

We got the House, let's hope we keep it and get the Senate and the White House. Even without the Senate, though, a tough President could push through repeal of this crap.