DW_a_mom wrote:
Crack pot.
Income taxes have been going down for my entire adult life. We have more "economic liberty" now than when I entered the work force.
Fact.
I concur. I paid more taxes at $25,000 than I did at $50,000. I kept thinking to myself this is nice but, where is all this money coming from. One of my favorites was the retirement tax credit; hit the right taxable income bracket and get back $1000 for saving $2000 for retirement. And now $800 tax credits for working, all in addition to the average $6500 a year reduction a person with an AGI of $250,000 sees from the reduction in the tax brackets.
In ten years I padded my savings account by $20,000 from those tax cuts. I was not rich by any means, but $20,000 in my savings account is economic liberty provided by the government in the way of tax cuts.
Taxes really haven't been historically high since after the Reagan tax cuts. I benefited from those as well.
Does any free market Capitalistic Country have individual Government income tax rates that are lower?
She is assuming something is going to happen in the future that is not happening now. Many people that enter the workforce now pay nothing in federal income tax on their wages.
After saying all that though, we really do need to raise taxes, along with cutting spending, in an efficient manner to get control of the budget, but I don't think it is going to significantly impact anyone, anytime soon that enters the workforce, as long as it is done soon, and is not delayed until we have a crisis.