Staff Reports
Warren Buffett, a billionaire from Omaha, is warning people that taxes might go up. He says that Washington might take a bigger part of what people have because they don’t want to cut spending. Washington doesn’t like to cut spending, he explains. President Joe Biden has also talked about not extending the tax cuts made during Trump’s time if he wins again.
If the tax cuts aren’t extended, then families making $75,000 could see a $1,500 increase in taxes. Businesses on Main Street could face a 43.4% tax rate, and parents may get less Child Tax Credit. Biden had promised not to raise taxes for people making less than $400,000, but people are seeing taxes go up anyways. It’s like they’re turning a wheel, and taxes keep going up.
Warren Buffet Warns That You're Going to Get a Tax Hike https://t.co/r1LDP7Fym8 . #Trump2024 pic.twitter.com/Ay9Yu2WSH2
— NahBabyNah (@NahBabyNah) May 6, 2024
Biden has been spending a lot of money and making new rules for the economy. The IRS has been focusing audits on the middle class mostly, not the very rich. Biden is giving more money to the IRS to find the rich people, but they are still looking at regular folks more. They are going after those who don’t have fancy accountants.
Buffett’s warning about tax hikes is becoming a reality with things like inflation, more audits on regular people, and the end of tax cuts. Biden’s promises about taxes have not all come true, and it looks like taxes are going up for many Americans.
