Everyone already knows that the pack of jackals fighting each other for the Democrat Party’s 2020 presidential nomination are promising everyone tons of free stuff.
Proposals for new wealth taxes, new VAT taxes, new financial transactions taxes, new carbon taxes, new 70 percent taxes, new 90 percent taxes, etc, etc.
And let’s not forget about the much ballyhooed “Medicare-for-all” promise that’s been vowed by every Democrat from Oakland’s Kamala Harris, to San Antonio’s Julian Castro, to Cambridge’s Elizabeth Warren.
But in an eye-opening article penned by New York’s former-Lt Gov Betsy McCaughey (R), she cites (by way of the Congressional Budget Office revenue tables) that the cost of Medicare-for-all will reach way down the tax scale, hitting the middle-class right in the gut.
As reported by The New York Post;
A single guy earning $82,500 a year, and currently paying a 24 percent marginal rate, would be hit with a 60 percent tax rate instead. A couple reporting $165,000 in income would also see their marginal rate soar to 60 percent from 24 percent. No more dinners out or family trips. Goodbye to your standard of living.
Just keep in mind that the 60 percent tax rate that McCaughey cited is just federal tax. Tack on state, city and county on top of that.
Don’t forget about all those brand-spanking-new taxes aimed at everyone, not just the “tippy top” rich that Alexandria Ocasio-Cortez so eruditely warned us of.
Of course, the total percentage anyone forks out in taxes depends on the specific city, county and state one lives in, it’s more than conceivable that the middle-class could be saddled with (if the Democrats get their way) a tax rate if upwards of 75 to 90 percent.
Can you, in your wildest imagination, see yourself going to work Monday morning, and realizing that you don’t start making any money of your own until mid-afternoon Thursday of early morning Friday?