Posted originally on Oct 25, 2024 By Martin Armstrong
Bill Gates has come out to offer his endless support to Kamala Harris, providing her campaign with $50 million. The same news agencies praising Gates for supporting Harris have condemned the likes of Elon Musk for supporting Donald Trump. Gates has been CIVILLY CHARGED in the Netherlands and is perhaps buying favor with the DOJ. If he refuses to show up to testify or be deposed, he could be charged with contempt in the Netherlands, and it would be up to the DOJ if they extradite him or not. Tim Walz even accused Musk of attempting to “buy” the election, but now it’s (D) different.
Musk’s $75 million investment into a GOP super PAC made headlines as most billionaires vote blue. Yes, the same party that touts it must hunt down the rich happen to be supported by the same people. No one has significantly risen taxes on the billionaire elite class. All of those promises and talks of “fair share” are utter propaganda.
The New York Times stated that Bill Gates is primarily concerned about Trump’s global health programs. Gates, who has been in cahoots with foreign labs, creating new vaccines, buying up farmland, and investing in alternative food sources is concerned about global health. Get real. Everyone is acting on the invisible hand in their best interest.
Jamie Dimon, CEO of JPMorgan Chase, has offered Kamala his full support. He has a lot riding on the Ukrainian Reconstruction Fund with Blackrock. There are talks of Dimon becoming a Treasury secretary under Harris as well.
Former Dallas Mavericks owner Mark Cuban has been insufferable in his demonization of Trump. “Elon, there will come a time when you need something from Donald Trump. You will think you will have earned the right to ask and receive. You have been a loyal, faithful soldier for him. You have supported him politically with 10s of millions of dollars. Then, at the point you need him the most, you will find out what so many before you have learned, his loyalty is only to himself,” Cuban wrote online.
“I think part of why Kamala’s getting so much support is that if Trump wins, that Epstein client list is gonna become public,” Musk said. “And some of those billionaires behind Kamala are terrified of that outcome.” Musk firmly believes LinkedIn founder Reid Hoffman and Bill Gates are on Epstein’s client list. Yet, the motive is far deeper as the billionaire elites have backed the Democratic Party for quite a long time.
Tech billionaires Reed Hastings, Sheryl Sandberg, Dustin Moskovitz, Ron Conway, Vinod Khosla, and Ron Conway all support Kamala Haris. We know Mike Bloomberg despises Trump and has already pledged $19 million to the Harris-Walz campaign. Laurene Powell Jobs, Sam Altman, and David Ellison have also donated to Haris. Of course we cannot forget the Soros family. Over 76 billionaires currently support Kamala Harris over Donald Trump. One must ask – WHY? Gates has a very clear and sinister motive that no one wants to see carried out. Truly astonishing that the Democrats still position themselves as the class of the working man (or genderless taxpayer).
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.
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