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this post was submitted on 14 Aug 2024
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It's worth repeating again that the middle class Trump tax cuts expire next year. The Trump tax cuts for the wealthy have no expiration date and are permanent.
Also, they're not "Trump" tax cuts but Republican tax cuts, but at this point the distinction doesn't really mean anything anymore since Trump has completely taken over the party.
I remember when this was signed. My jaw dropped when I read it while I knew it would get swept under the rug and forgotten about. I specifically said to myself, this is a ruthless attempt to set up the democrats to look bad after his first term.
This shouldn't be a surprise to anyone. We should be taking a very hard look at why it is.
I just wish the exemption caps would also expire. While I never did the math, I think people like me paid more because of the stupid cap, regardless of the lower tax rate. It’s not just the wealthy who pay a ton of state and local taxes, but also many of us in high cost of living states. I’ve still been able to itemize, but now I can’t exempt state and local taxes so it doesn’t get me much. And I pay tax on the taxes I pay. Yay, double taxation /s