Tip of the Day
Always beware of the politician that tells you they’re only raising taxes on “the rich”. They ALWAYS will find a way to eventually pass them to lower and middle income workers. There’s a reason tax/spending bills are thousands of pages. It’s so they can hide the details. Here are just some of the examples of ways taxes hit lower income individuals: 1) Not indexing the income levels for inflation so lower tax brackets hit the income threshold eventually (this technique was part of the AMT tax system), 2) Setting the tax hikes to kick in at some future date, usually right after an election cycle (e.g. Obamacare), 3) Gradually introducing rate increases so you hardly notice (e.g. cell phone and cable taxes that go up a few cents per month), 4) Calling the charge something different than a tax (e.g. a fee, a license, a toll, etc.), 5) Taxing a business which passes the increase to the consumer as higher prices. I could go on, but you get the idea.
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Quote of the Day
Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. — Ronald Reagan