Once the Republicans get started on their agenda, assuming they are not distracted by impeachment hearings on Cheeto Satan Mussolini, they are going to fuck Generation X hard – with no lube or the common courtesy of a reach-around.
Obviously everyone is going to suffer, but it is Generation X who will be caught in the middle of all of it. Our parents will have their retirement benefits cut, in the form of social security and Medicare; our children will be forced into private schools we have to pay for, because we won’t qualify for school vouchers, but our public schools will certainly suffer because of them.
Add to that, we are most likely to be in the income bracket to pay the highest taxes that are passed down to us because some thin-skinned tweeter-twat has decided to put a 30% tariff on everything.
Willem Buiter, chief economist at Citi, wrote in a note to clients before the report of the new tariff that protectionist trade policies might spark a global trade war, “which could easily trigger a global recession.”
An increase in tariffs could be passed through to individual Americans by companies in the form of higher prices.
Parts for consumer items are made abroad, so increasing tariffs could make it more expensive to import these parts for goods. To protect corporate profits and margins, companies could hike prices – which is not ideal for consumers. (bus insider)
You think? If costs go up, companies will pass them down. Period. We will pay them.
Generation X’ers are the least likely to see any tax savings, qualify for any tax breaks, and although we are pouring money into the system, we sure as hell won’t be getting any back out at retirement. It is up to us to fund separate accounts at the same time to make sure we can afford to retire someday.
We are eyeing colleges for our children, trying to determine what we can afford; if we put money aside, was it enough to cover these insane prices? Even if we can swing it, will we have enough extra to help Mom and Dad with their prescription costs? Do I need to give up and just get a second job?
We might actually see a tax increase, definitely if we are single parents.
Many in the middle class will even see their taxes go up, Batchelder wrote in a report. By collapsing the current tax schedule from seven rates, which range from 10 to 39.6 percent, to three rates of 10, 20 and 25 percent, Trump would raise rates at some income levels.
Trump’s tax plan would hit single parents the hardest because he would eliminate the head-of-household filing status. “By itself, that boosts tax rates for single parents at most income ranges,” the TPC’s Robertson C. Williams wrote in an analysis. Trump would also eliminate personal and dependent exemptions, hurting single parents who don’t itemize. (Reuters)
For the Generation X’ers who have made it into the rich leagues already, or who were born into the Lucky Sperm Club, they will see significant cuts. The Estate Tax, Alternative Minimum Tax, and gift tax will be eliminated. The capital gains tax will be lowered. These few folks will have nothing to worry about; hopefully they can loan the rest of us some money!
This promises to be great fun! I can hardly wait.