Our friends on the Senate side of Congress have passed a budget resolution which will--just like the last several of them--put the US further into debt. By about another trillion dollars or so.
To make up for this, Congress will be reducing income taxes!! That way, we can all pay less against a debt-load which is near equivalent to the country's GDP. See?? Makes sense, huh?
But wait!! There's more!!
People who live in high-tax States and cities (like anyone in Wisconsin) will not be able to deduct State and local taxes as we have forever...meaning that your "taxable income" will be going up, even as the tax rates go down (we think.)
And there's even more than that!!!
The smart-boyz in Congress (and their staffers)--all of whom are given fixed-amount pensions no matter what they save--have determined that YOU cannot save too much money for retirement any more. So that 401(k) you've been furiously stuffing like a mad squirrel?? Fuggedaboutit!! They think that you're entitled to save only $2,400.00/year of your own money. (Yes, it used to be $15,000.00. But you don't NEED all that money, you see.
Here's my thoughts on tax reform: starting tomorrow, the US Government will abrogate all its pension promises to all Congressmen--active or retired--and all their staffers, active or retired. That, my friends, will reduce that $1 Trillion deficit and help those jackwads understand "saving for retirement."
What say you???
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