The Democrat Party loves to claim they are the only political movement that supports the working class, yet they have no problem slapping low-income Americans with an exorbitant tax bill to pay for foreign wars and endless social spending.
According to a Thursday budget analysis, the U.S. Treasury is expected to rake in the dough this year. Income taxes have surged by 28% giving the federal government a windfall of cash to send to Ukraine.
An additional spike in revenue is expected to occur once Trump’s Tax Cuts expire in 2025 as well.
The latest Congressional Budget Office report revealed expectations of $2.6 trillion in individual income taxes this year, up from $2 trillion last year.
These figures represent the highest ever revenue laundered by the federal government in the form of involuntary taxation.
“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 authorized the federal government to begin collecting income taxes,” said the agency.
Total federal revenue is expected to reach $4.8 trillion in 2022, a 19% one-year increase.
Are you paying attention yet?
The numbers were higher than the agency predicted last year, and as the economy recovers following the virus crisis, they are expected to go further.
What’s more, the CBO suggested that if the Internal Revenue Service receives the budget hike sought by Joe Biden, its collections will rise even further.
People are now paying more in total income taxes than ever, even considering the 2017 tax cuts signed by former President Donald Trump. And they will be paying significantly more when elements of those tax cuts expire in 2025, said the CBO.
Now, remember, this is the party that sells working-class ideals to the American public yet simultaneously saddles them with the most expensive tax bill they may ever receive.
If this doesn’t tell you everything you need to know about the state of liberalism, then we’re afraid nothing will!
Author: Nolan Sheridan