The Big Beautiful Bankrupt Barbaric Baffling Bullshit Bill: What the hell else is there to say about it that hasn’t already been said millions of times all over the print and online media. Let’s recap: So why the hell are these people trying so hard to pass a bill that sucks ass and will basically mean their eviction from office? You’d probably answer with something like “fealty to Trump” or “afraid of losing the primary” and I guess there’s a certain way you would be correct. But, that’s not the primary reason. The primary reason is: Because...
Continue reading...tax cuts
Finally, doing nothing might actually be a good idea
As has probably been made far more obvious lately, it’s far easier for the Senate to do nothing than anything. They haven’t even been able to pass an unemployment benefits extension for the past three weeks, depriving long-time victims of the shitty economy of at least a modicum of support. Ezra Klein points out that with President Bush’s hallmark tax cuts set to expire this year, it might be better, at least in the long-term, for the Senate to do nothing and let them expire: For the deficit hawks in Congress, the next few months are going...
Continue reading...Tax rates, visualized
From Weather Sealed, a chart showing marginal tax rates from 1910 to the present. To illustrate, Weather Sealed’s infographic team charted the historical U.S. income tax brackets for singles, adjusted for inflation, from 1910 to present. The colors indicate the marginal tax rate: black for low, red in the middle, and yellow for high. The horizontal axis is the tax year, and the vertical represents taxable income, log-scale, normalized to 2010 dollars with the Bureau Of Labor Statistics’ monthly CPI-U figures. The bracket data comes from The Tax Foundation and the IRS, and the effects of Social Security,...
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