WHO WILL PAY FOR THE $2 TRILLION INFRASTRUCTURE PROJECT?
Dr. Glenn Mollette
If you are making less than $40,000 a year then you probably don’t care that single people making over $523,601 pay 37% of their income in federal taxes. Married people filing jointly making over $628,301 also pay 37%. These people make it and can afford to pay it we often say. What affects someone else doesn’t bother us that much when it comes to income and taxes.
Let’s say you are making $35,000 this year but next year you have an opportunity to make $45,000. Suddenly your federal tax rate increases from 12% to 22%. This is a big jump. You have the opportunity to make more but more of what you make goes to taxes. You start calculating the hours and time worked versus how much more you have to pay in taxes and you start wondering if it’s worth what it will take to earn the extra income. If a great job comes your way to earn $209,426 then you start calculating maybe it would be better to figure out how to make $208,000 and stay in the 32% tax bracket. Most likely if you are making $209,426 dollars a year you are probably working very hard for it and turning over $70,000 plus a year to the government doesn’t feel very good.
Our government is hungry for money. The $2 trillion infrastructure project that is on the table will mean our government will desperately need lots more money for many years to come. Our grandchildren will be saddled with this debt for most of their lives.
We need infrastructure updates. Roads, bridges, new water lines, better energy sources, internet and more. The project will create a lot of jobs. However, don’t be fooled into thinking someone else will pay for the project. We hear reports that the debt will be passed onto America’s 600 billionaires. Do you really think Jeff Bezos, Elon Musk, Bernard Arnault, Bill Gates and Mark Zuckerberg are going to pay for this $2 trillion-dollar infrastructure deal?
America’s billionaires should pay their fair share like all Americans but a nation that penalizes prosperity is unfair. I don’t feel sorry for billionaires but a billionaire shouldn’t have to pay 40% of his/her earnings to the government. Also, America’s billionaires have the resources to move to another country if they choose to. Their tax rate should be fair but we shouldn’t run them out of the country.
If your income grows from $30,000 a year to $60,000, that is no reason for you to be penalized by your country. Congress needs to push for a flat tax and tax everyone including billionaires. A tax rate of 12% to 15% on all individuals and corporations would encourage people to make more and America would have more money to cover our infrastructure costs. Plus, more manufacturing would come back to America. Instead, our nation discourages prosperity by penalizing those who make more.
Every American will pay for the infrastructure project. We will be paying for a long time. Every American’s tax burden will increase. Don’t let Washington fool you into thinking somebody else will pay for this project. It’s going to be all of us and for a very long time.
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Glenn you should of started complaining about 40 years ago too late now. It’s out of control now
Factually stated and well said. But this isn’t about infrastructure at all, it’s about building a socialist nation where America now stands. A ‘nanny’ state of Karl Mark’s dream. 1984, although poorly written and comical in some ways, is the sort of government we are headed for. The ignorance of the Democrat party shines brightly in the likes of slow mind, saggy Nancy, AOC and her squat and many more. The only hope America has is removing these wannabe Communists from office…by any means necessary.
Charley nothing about the $7.8 Trillion the last president borrowed. It’s funny the only time you Republicans complain about the debt is when a democrat is in charge but not a whisper of a sound when a republican is in charge.
I complained. To be honest it was my only complaint with Trump for signing those bills. Republicans are just as much to blame as Democrats for our debt. That’s why we need more people like Thomas Massie and Rand Paul. They should be forced to balance the budget, live within the collected taxes, and be forced to be subjected to the same laws they pass for the rest of us. They put Obama care out there then they should only be able to have Obama care. You would see a lot less of this crap.
Would have to disagree with you Masse and Paul voted to over throw the election and to this day still believe Trump won there NUTS. Never in the history of this country after the Civil War have we not had a peaceful transfer of power to this day Trump has never concede. I am afraid the party of Trump has started something that’s going to be hard to stop.
Trump did win, and yes we wont only be hard to stop, it wont happen! How did you like what happened in deep blue VA Tuesday? Wait till you see what happens in 22 then 24. Americans are not going to let Communists destroy a nation of, by and for the people. Welfare trash and the 13% are NOT going to run this great nation into the ground!
The prosperity that the billionaires have is not derived from working wages that the vast majority of Americans. They are becoming prosperous on the backs of the working class. Those billionaires expect their employees to carry more of the tax burden than they do. Please don’t be fooled into thinking that you need to protect the wealth of the billionaires. The GOP has tricked Americans into thinking everyone can be millionaires and billionaires if they just work hard enough…. The vast majority of the GOP Congress have become millionaires on your backs. Why do you think they would not support themselves and their buddies? The last trillion dollar deficit that Trump created gave the “prosperous” folks a TAX CUT! He wasn’t going to make his buddies pay for that!
And so how did those liberal congress folks get rich? Biden wants 3.5 trillion in addition too 1.5 trillion for nothing but a welfare state, how about that. You are opposed to hard work but I’ll bet you support that!
You do know the last president borrowed $7.8 trillion did you complain then ?
Couldn’t say it any better. We have tried the GOP way for 40 years now and it’s worse time to try trickle up.
Oh please do tell me exactly how “trickle up” economics works?
It’s simple give more money to the consumer now try to keep up. When the consumer has more money guess what they buy more then they have to produce more guess what they will hire more it’s not rocket science.
We are a consumer driven economy you have to agree with that.
You are retarded ain’t you? Where in the hell do you think that money comes from? And don’t say the rich, they earned theirs. What have you earned?
It is interesting that those who are jealous of the risk takers ignore the fact that the billionaires and millionaires employ lots and lots of people. Mark Zuckerberg helped cofound FACEBOOK, which has grown because everyone who buys his product loves it. Kanye West became a billionaire because people like his music and sneakers. These people would not be billionaires if we, the people, did not like their products.
These people did not become billionaires in a Marxist socialist economy. They became rich because they had the freedom to hang tough and create products that we all love in a capitalist economy.
Follow the Jack Ma story in China. See how he ended up by taking risks and building one of the biggest enterprises in the world. Then the Chinese government stepped in.
The only pro for a socialist society is that the “elite” have all the benefits of wealth while those they consider beneath them are placed in subjection to their every whim. Look at the socialist countries of this world. Any one want to live in China?
Very well said Diane!
Don’t matter what you say, Kag is going to respond with something stupid. He has not yet responded to the issues I mentioned in other articles. The demonrats platform is basically abortion, same sex marriage, schools teaching immorality, gender changing, race division, taking our guns, etc. Their daddy is the devil. God is opening the eyes of the people. There is going to be a change. Kag had better wake up.
Yes I agree! But kag’s brain is dead so he can’t wake up.
Phil Shivley the money comes from the consumer without the consumer and the workers their are no rich people now are you retarded ?
You know as much about economics as I do about rocket science. And you are stupid as well.
So now you want the consumer to add money to your account? You seriously need to be put in a home.