Trumps Tax Cuts Expiring Capital Gains Taxes To Go Up Inflation Is Crazy Middle Class Is Over

➡ People are worried about the high cost of living and the upcoming expiration of Trump’s tax cuts. They fear that Biden’s new capital gains tax rate will make things worse. This concern is especially prevalent in swing states like Michigan, Wisconsin, and Pennsylvania. If the tax cuts expire, many Americans, including those with middle incomes, will have to pay more taxes, which could worsen their financial situation.
➡ This text talks about the struggles of people earning around $200,000, who feel burdened by taxes, family demands, and societal pressures. It criticizes the idea of increasing taxes on corporations, arguing that it would hurt middle-class Americans who are consumers, workers, or future retirees. The text also criticizes Biden’s plan to raise the capital gains tax rate, arguing that it would discourage investment. It suggests that instead of raising taxes, the government should be more responsible with spending.
➡ This text is about the frustration some people feel when they sell a business they’ve worked on for many years, only to have a large portion of the profit taken as taxes. The author argues that it’s unfair for the government to take so much of what they’ve earned, and criticizes those in power for making decisions about their money. They also express skepticism about promises from the Biden administration regarding future financial security.

Tax cuts out here in a building. So there’s a worry and there’s a concern out here in these streets. There’s a worry and there’s concern out here in these streets first, because we have inflation and costs are high and people are complaining every single day. And they say we don’t have enough to live. We don’t have enough to do what we do on a regular basis. We don’t have enough to do on a regular basis.

And I said, okay, I get it, I get it. But they now are saying that, listen, those Trump Trump tax cuts that he gave us back when he was in office, those are going to expire. And on top of that, somebody told me that Biden has a new capital gains tax rate that he’s trying to implement. Make sure y’all hit a like for the algorithm. Subscribe to the channel and turn on your notifications.

Let’s rock. I’m gonna go get my little hat while we looking at this, y’all. This week I spoke to voters in swing states of Michigan, Wisconsin, and Pennsylvania. And one issue that kept coming up was this one. Who thinks the number one issue is the economy, raise your hand. I would say inflation. Definitely the economy. Everything’s just too much expense, too much to go eat. Every time you go to buy food, bread, eggs, milk, everything has gone up so high, gas prices are ridiculous.

Who do you think is best fit to handle the economy? Donald Trump. Everybody was doing well financially, and now it is turned upside down. But things could get a lot worse in 2025 because President Trump tax cuts are set to expire and President Biden won’t do anything to stop it, meaning tax hikes are on the horizon for many Americans. Here to break it all down is Charles Payne, host of making money on Fox Business 02:00 p.

m. Eastern time every single day. So let’s look at the big pitch. How y’all think that we supposed to pay for all of this stuff that’s going on? How y’all think that we supposed to pay for this? Which I thought that we was just gonna get rid of all of these student loans and that we was just gonna not pay for nothing, that we was gonna send all of this money over to Ukraine, we was gonna send a bunch of money over to Israel, we was gonna send a bunch of money over to Taiwan, that we was gonna be doing all of this stuff and we wasn’t gonna pay for it? What did you think was gonna happen? You gonna pay for it? Who you middle America to right here a lot of criticism of Donald Trump’s America tax cuts.

But you have a famous saying, well, here’s the thing. President Biden can’t have it both ways. You can’t tell the world we’re the best economy ever without acknowledging it’s happening under Donald Trump’s taxes. Would you assume that the same vibrancy that he says America has would exist if we shot taxes higher? Lawrence, let me just read one thing real quick. The Hill, this is from the Hill, 2021.

Not really big Donald Trump fans, right? Our IR’s data proves Trump tax cuts benefited middle working class americans most. So if you unwind that, guess who’s going to hurt the most? So when we look at the numbers, this is just single people, no kids. If you’re making $30,000 a year, you’re going to be paying $253. If you’re making 52,000 a year, $1,400. No. Uh oh. Wait a minute, wait a minute, wait a minute.

You paying more money. That, if you see this is one of the things that Trump don’t get credit for. Oh, man. We trying to figure it out. We doing better. All of this other side, while you’re doing it under the exact same tax code that Donald Trump implemented that you never wanted to give him credit for, for all of y’all that ain’t got no kids and you making a lot of money, it’s your turn.

Is your turn. Remember when they was only saying, listen, guys, no new taxes for anybody that’s making under $600,000 a year, married and $250,000 a year combined. No new taxes. And everybody was like, let me tell you what everybody said during the State of the union. No new taxes. No new taxes. Yeah, yeah. So if you, you are a person with no kids, meaning that you’re responsible, or you are a person with kids, meaning that you’re taking care of your children, guess what? You get a tax raise.

You get a tax raise and you get a tax raise. Absolutely. Most people don’t even have $1,000, $1,000 in an emergency, but you get to pay more taxes. God bless you, kids. Again, $75,000 a year, you’re going to be paying additional $1,700. And this is after coming to the worst, dealing with the if you make $75,000 a year and you don’t have any kids, let me say that again.

If you make 75,000, because you see, everybody was saying, oh, man, the tax cut only benefit the rich. No, it benefited you. You just didn’t want to acknowledge it. You just didn’t want to. Acknowledgement. Hold on. Wait, wait, wait. Who timed out slimmy. Who timed out slimmy? Your car. Text me. Let me know who timed out slimmy. I need to know who time dog. Slimmy. What the heck? Slimy is untouchable.

Is slimy banned or is he timed out? No, no, no. We don’t. We don’t do that. Slimy is untouchable. What the heck is going on out in these streets? Can we untime our slimy real quick? Is that a way for us to untime our slimy? Come on, y’all. Hold on. All right? The worst inflation in four decades. Okay? This is on top of that, this is adding insult to injury.

And this. Whatever happened to the promise? Remember, no one under 400,000, which is such a. Yeah, that’s what they said. Nobody under 400,000. By the way, since you started talking about it six or seven years ago, inflation really means that’s a number. That’s really 200,670 years ago. The bottom line is that this isn’t an administration. There is a philosophy out there that believes, for some reason, that allowing us to keep more of our hard earned money is giving us something.

You’re not giving me anything by lowering my taxes. I’ve earned that money already. It’s not your money. Government. You just can’t stop spending because you want this giant, huge government that dictates who wins, who loses. And the only way you can fuel that is by confiscating money from people who worked hard there. And, Charles, they’re not just going to start. Stop as single people. If you got kids, you’re a married couple.

Let’s say you’re bringing $85,000. You’re gonna be paying additional $1,600. You got two kids. The dream used to be six figures, bringing in 165,000. As a married couple, you’re gonna pay an additional $2,400. If you got three kids, you’re pulling it. You’re both making six figures. Two hundred k. Seven thousand, four hundred dollars. This is the one. I feel sorry for, people. You done worked your ass. You’re gonna get crushed.

Listen. No, you. Whoa, whoa, whoa, whoa, whoa, whoa, whoa, whoa, whoa. Wait a minute. Let me put some thoughts in it. Wait a minute. You got two kids. You got two kids and you’re making $85,000 a year. You’re gonna be paying an extra $1,600 a month, or sixteen hundred dollars to be six figures, two kids, $165,000. You gotta pay an extra $2,400 a month. And if you got three kids and you make a 600, $200,000 a year, not only are you already paying an egregious amount of taxes, and this is for married people, we already did some of the single people, you paying an extra $7,500.

Come on, man. Come on, man. Stop it, bro. Stop it, bro. This is crazy. Thank you for not timing him out anymore. This is crazy, bro. You know, I see people in the chat saying, tax the people with kids, just like the people without kids. Why are we paying more taxes in the first place? Why are we paying more taxes in the first place? That is the problem.

Y’all don’t see this as a problem? Y’all don’t see this as an issue? Y’all don’t see this as a problem? Y’all don’t see this as an issue? That is the problem in the first place, is that taxes is too high and they trying to raise taxes even more. Not only are you already paying a whole lot of taxes on your income, and this is one of the reasons why we got the Patreon, but we also got to pay more taxes when it comes to property taxes and more taxes on food and more taxes on plane tickets and more taxes, man.

Listen, bro, I went and bought my new MacBook pro. I went and bought my new map work pro. I think it was like an additional $700 in taxes that I had to pay on that thing. I said, man, what? This is crazy. They can bring it in 165,000. As a married couple, you’re going to pay an additional $2,400. If you got three kids, you’re pulling it. You’re both making six figures.

Two hundred k. Seven thousand, four hundred dollars. This is the one. I feel sorry for people. You done worked your ass off. You gotta get crushed. Listen. No, you worked your ass off. You’re about 42 years old right now. You’re making it. Your kids know you’re making it. They don’t care what the taxes are. They want this, they want that. They want this. They want to go to this school.

So you’ve got Uncle Sam taking it on this part. You got your kids who want it. You’ve got your relatives who say, I heard you were doing really well and you’re trying to keep up with the Joneses. This 200,000 area, that’s where the pain really begins. You wonder why people make a 200,000 and miserable. They don’t have any money, Charles. Folks have. And that’s the truth. A lot of people think that just because you get you gross, 200, that that’s what you taking home.

It’s not true. That’s not true. And the more you allegedly repopulate, like you tried to tell me to do, the more that they gonna kick your butt, the more that they gonna. Hey, no more family vacations, no new cars, no nothing. No nothing. I’m telling you, no nothing, man. Look, when you get your paycheck and you see the amount of taxes that’s taken out, and they didn’t even have to do anything to earn it, yo, at least give me some.

Let me be quiet. At least give me something to go home feeling happy about so I don’t feel like I’m getting wasted. Yo, you, look, think about it. You’re telling me, you’re telling me to pay a whole lot of money for nothing. The only time that I ever see people get away with that is if you a woman that got. Let me be quiet. Let me be quiet.

Because they don’t want me to talk about it. The only time I see people get away with that is modern women. Women are the only ones that can get away with giving you something for nothing. And that’s the suckers that get that. You telling me they ain’t got to do nothing for my money. The only thing that they got to do is just sit there and take it.

And you could just take my bag, and that’s the end of it. I’ll get nothing in return. I don’t get no companionship. I don’t get a new car. I don’t get a thank you. They don’t even say thank you. They say you better than pay more than your fair share, and then we’ll give you a refund if we made a mistake. Otherwise, we gonna come after you and we’ll put you in jail.

And we’ll put you in jail if you don’t pay your taxes on money that you earn. You going to jail, dog. And they gonna charge you interest on that junk if you don’t file in time. You giving them a free loan all year long in order for them to come back and say, if you don’t pay enough, we coming back and get all of that. And they hiring more agents to make sure that they do it for more on this, let’s bring in Americans for tax reform.

President Grover Norquist. Grover Norquist. Joe Biden tweeted this. Of course he didn’t write it, that that Trump tax cut is going to expire. If I’m reelected, it’s going to stay expired. And he has always said it’s benefited the wealthy and biggest corporations. And that is just pig potatoes. Two thirds of american households thereabouts got a tax cut and the biggest beneficiaries were middle class Americans, full stop. But they hate Trump.

Oh my God. I hate them from putting more money in my pocket. I hate them for doing a tariff war with China. I hate them for negotiating the North American Free Trade Agreement. I hate them for funding spending more money, giving it over to HBCUs and any president before them. I hate them. I hate them. I hate them. I can’t believe that we got this guy that like to get boxed inside of the White House.

Oh my God, he’s so corrupt. I hate him. For record, unemployment was lower than ever before, especially amongst the black community. I hate it. I can’t stand it. I want to pay more taxes. I want to make sure that our universities is underfunded. I want to make sure that we continue to be under duress. I want it. I want to defund the police. I want these american cities to fail.

I want our borders open so everybody can just come on in and say and do whatever it is they want to do. And we want to do it. I want it. Look, Trump’s tax cut, the republican tax cut, reduced marginal tax rates for everybody who pays income taxes. Everyone who pays income taxes saw their tax rates go down instead of us paying more taxes. We need to be more fiscally responsible as a nation.

This is the only business as far as politics and these cities and these states and these governments where you can go in and overspend and just go and get some more money from the people. Amen. I overspent this year. Let me go and get some more money. That’s, let’s do another millage. This is the only business in the world where you can overspend, be fiscally irresponsible, and nobody can hold you accountable as a result of it.

Think about that for a minute. The answer is not to over tax. The answer is to be more fiscally responsible. Why are we continuing to put more money into these social programs y’all spent. California spent $28 billion on homelessness and didn’t even put a dent into it. Chicago just borrowed another $70 million in order to support migrants. You got the child tax credit. And what Biden said all during the campaign when he ran was he was going to get rid of all of the Trump tax cuts.

And that includes taking our corporate income tax, which used to be higher than China. And thanks to Trump and the Republicans, it went down to below Chinas. He wants to take it either all the way to 35%, which is what he said during the campaign. Hes going to abolish the tax cut, or up to 28%. Higher than Chinas, higher than the european average. He wants your company that you work for to be punished more than the communist chinese tax their own businesses so we wont be competitive.

Biden wants you to have to compete on lower wages against China, not lower taxes. Yeah, lets dig into that a little bit. Because when he talks about the corporations, what hes trying to say is middle class America, I’m not going after you. I’m going after the big rich companies. And of course, what that means, Grover, is that when you go after the company, you’re actually going after middle class Americans, whether you’re a consumer, whether you’re a worker, or whether you’re somebody who wants to retire.

Isn’t that right? Look, absolutely. And here’s the good news for Trump and the Republicans and the american economy. We did focus groups at Americans for tax reform. Do people understand who pays the corporate income tax? And the answer is Americans. Average Americans know that when you tax a grocery store, the prices of the things at the grocery store goes up. The wages of the people who work at the grocery store can’t go up because the government took that money.

And if you have a 401 or an IRA, if you own shares of stock, and Biden’s taxes are so bad that stock prices fall, your life savings decline. So he hits people who are saving for the future, people who are consumers during the day, and people who work. Those are middle class people. 70% or more of the corporate income tax directly hits consumers. People. There is no mister General Motors writing checks.

There are only consumers and workers. I am going to move on. But if you look at Bidens economic agenda, it has been hurt the many to enrich and bail out the few, period. Whether it’s the vast amount of money, like hundreds of billions of dollars that have gone to his corporate cronies, to subsidies, the student loan bailouts, when almost 90% of Americans don’t have any student loan debt, and now this idea about I’m gonna hike corporate taxes and I’m going to get rid of the Trump tax cuts.

All of this only benefits the few and it damages and destroys the livelihoods of so many. But I want to move on to this. The president’s 2025 budget proposal plans to raise the capital gains tax rate to 44. 6%. Big sigh from Grover. That’s the highest rate since its creation in 1922. And according to the Treasury Department, that’s because, quote, preferential tax rates also disproportionately benefit white taxpayers, who receive the overwhelming majority of the benefits of the reduced rates.

So under Biden’s proposed plan, the combined federal state capital gains tax would exceed 50% in a whole bunch of states, with California reaching nearly 60. Grover, that sounds to me like a terrible penalty on investment, which is a good thing, isn’t it? If you and your spouse buy a small business, start a small business, and work at it for 20, 30, 40 years, and then you sell that business, you get a capital gain, okay? And that’s your life savings.

That’s your work. All those 40 years, youve been paying personal income taxes and sales taxes and the FICA taxes for your workers and property taxes and state income taxes tax, tax. Now youre going to sell the business and earn some money. And Biden says, by the way, between the federal government and your state government, theyre going to take half of your life work. Mmm. Now, y’all see why people that got resources, they number one goal is to figure out how they can keep most of it.

Y’all think that they the bad guys because they want to keep most of what they earn and what they work for. Who the bad guy? Who is the bad guy? The bad guy is not the person. Is not the person that ultimately is working and earning a living and trying to get rich. The bad guy is the person that’s trying to take everything that you got as a result of whatever it is that you earn.

Come on, man. You gonna take half my stuff? You gonna take half my stuff? That’s worse than going to family court. At least I got to hit it first. At least I got to hit it first. You gonna take half my stuff? That’s crazy. That’s insane, man. Why would you take half my stuff? He thinks that’s funny. They think they know better. They think these lifelong bureaucrats and these lawmakers who’ve never worked a real job think they make better decisions about your life with your money, about your health, every way, shape, and form than you do.

Yeah. That’s insane, bro. Y’all can thank y’all, y’all daddy Biden for that one. Y’all can thank y’all daddy for that one. Shout out to y’all. Shout out to the Biden administration for making sure that the tax code and all of the stuff that we need to do is gonna be taken care of. He gonna take care of y’all he gonna make sure that we all good. And ain’t nobody gonna have to worry about nothing going forward.

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