Posted originally on Oct 24, 2024 By Martin Armstrong |
The Internal Revenue Service (IRS) released new tax bracket information for 2025. Most tax thresholds increased by 2.8% compared to 2024. The report, released ahead of the election, claims these changes will prevent “bracket creep” where inflation propels taxpayers into higher brackets. However, the tax breaks imposed under former President Donald Trump come to an end after 2025 if no action is taken and this could be the lowest tax season for many years to come.
The bottom 10% level now applies to those earning up to $11,925 for single filers and $23,850 for married couples filing jointly. The top 37% rate covers incomes over $626,350 for single filers and $751,600 for married couples filing jointly. The standard deduction has risen to $15,000 for single filers, up from $14,600 in 2024, while married couples can claim $30,000, up from $29,200.
The 2.8% modification for 2025 is less than the inflation adjustments made in recent years when we saw an adjustment of 5.4% in 2024 and 7.1% for 2023.
Now, the Tax Cuts and Jobs Act (TCJA) of 2017 enacted by Trump will expire next year if Congress fails to take action. If this legislation expires, we will revert to pre-2017 tax levels. The media highlights that the dreaded rich would be forced back into a 39.6% tax bracket compared to the 37% they now pay, but everyone could see a sharp rise in the money they owe Uncle Sam.
The state and local tax (SALT) deduction would also expire. This program currently places a $10,000 cap on state and local tax deductions. State and local governments would have the ability to raise taxes if this is repealed. Some agencies estimate reversing this measure would up federal revenues by $1.1 trillion over the next decade – they’re eager to destroy this provision.
A reversal of TCJA would bring standard deductions down to $16,525 for joint filers and the personal exemption rate would be $5,272. Small businesses were awarded a 0% deduction under TCJA for S-corporations, sole proprietorships, and partnerships. Twenty percent is significant for small businesses that are largely struggling to stay afloat in this economy.
Trump’s tax plan actually increased the child tax credit, doubling it from $1,000 to $2,000 not adjusted for inflation. Brookings Institute believes that repealing this measure would make the real value of this credit 25% lower than 2017 due to inflation.
Estate tax exemptions doubled under Trump’s tax plan. If this measure dies the exemption will be about $14.3 million for married couples and $7 million for individuals.
The government will become more totalitarian as it sees costs rise significantly in the face of war. Per usual, the people of the United States will be expected to foot the bill. The last revolution began through taxation. It is a matter of time before we see how the next one begins.
Marginal tax brackets for tax year 2025
Single filers
The table shows the income brackets for married couples filing jointly for the 2025 tax year.
Taxable income
Tax rate
$11,925 or less
10%
$11,926 to $48,475
$1,192.50 Plus 12% of amount over $11,925
$48,476 to $103,350
$5,578.50 Plus 22% of amount over $48,475
$103,351 to $197,300
$17,651 Plus 24% of amount over $103,350
$197,301 to $250,525
$40,199 Plus 32% of amount over $197,300
$250,526 to $626,350
$57,231 Plus 35% of amount over $250,525
$626,351 and above
$188,769.75 Plus 37% of amount over $626,350
Source: IRS
Marginal tax brackets for tax year 2025
Married filing jointly
The table shows the income brackets for married couples filing jointly for the 2025 tax year.
Posted originally on Oct 22, 2024 By Martin Armstrong
The core reason that the establishment is suddenly interested in climate change comes down to one main factor – money. More specifically, the establishment is hunting down YOUR money through taxation. A second motivator is limiting our freedom of movement by demonizing fossil fuels and limiting our ability to travel. The European Union is now seeking to punish those who fly more than once per year with a frequent flyer tax.
The EU has already implemented an aviation tax, but the new proposal is designed to punish the pesky “rich,” but per usual, everyone will suffer. “A frequent flying levy would be a fair aviation measure, reducing excessive flights for wealthy passengers, while raising revenues – including to expand and provide affordable railways and public transport,” the Stay Grounded network told Euro News.
The new levy would target everyone flying from the European Economic Area (EEA) and the UK. The standard aviation tax would apply for the first two flights taken per year, but an additional 50 euro surcharge would be applied to medium-haul flights while long-haul, first-class, and business flights would cost an additional 100 euros. Then they are adding an additional 100 euro fee after the fifth flight on top of the initial surcharge. People will be expected to pay an additional 200 euros for their seventh flight and 400 euros for the ninth.
Lawmakers believe this tax would increase current EU aviation taxes six times over and cover 30% of the overall budget, the budget that those same lawmakers can never adhere to. Some organizations believe authorities can collect up to 64 BILLION euros per year.
But that is never enough for those in government. There are also rumors that aviation will no longer be exempt from VAT and fuel taxes, which would automatically raise the cost of flying for everyone.
If government restricts the freedom of movement with respect to people, trade, ideas, communication, and good and services, the world economy cannot possibly survive and this places us at risk of a frightening Dark Age all because governments fear losing power and are desperate to hunt money for confiscation.
Posted originally on the CTH on October 11, 2024 | Sundance
After initially seeing this on social media without context, I had to go look at the originating source material.
At first blush, it looks creepy, weird and ridiculous. After going to the source to see the reasoning for it, even with context it is creepy, weird and ridiculous.
I have come to the researched conclusion that “Leftism” is factually a mental disorder, requiring adherents to be part of a tribal mentality. If the tribe does stupid stuff, the individual does stupid stuff; that’s how modern Democrats operate, including their voting patterns. The arc of this modern slope goes from the self-centered, narcissistic “we are the world” stupidity (early 1980’s), all the way to today.
This video with Gretchen Whitmer is a small case study example. WATCH: (mute your sound)
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The podcaster is a troubled and typical millennial known as Liz Plank. Together with Governor Gretchen Whitmer it does appear they decided to mock Holy Communion using a Dorito as the sacrament. Kamala Harris previously said Doritos chips (diabetes fuel) were her favorite snack.
The podcast is in full below. You only need to watch 20 seconds to get the context of the interview. The uptalking millennial is the epitome of a Kamala Harris supporter. Liz Plank is like many millennials, an adult child. Unfortunately, Plank is also what people currently call an “influencer.”
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