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“The taxpayer – that’s someone who works for the federal government but doesn’t have to take the civil service examination.” – Ronald Reagan
With the almost-certain passage of the Manchin-Schumer Bill, it appears they are raising our taxes again. But don’t worry, the new taxes will only be paid by people making more than $400,000 annually and corporations. Except it does not work that way. Those making more than $400K each year generally got there because they are smart. They will hire accountants and tax preparers to find ways to shelter that money and make less than $400K/year. As for corporations? They will pass the costs of the extra taxes to their customers in the form of increased prices. That results in inflation.