I did my taxes over the weekend using, unfortunately, TurboTax. The fascinating backstory is that I had mistakenly subscribed to some kind of yearly plan, it auto-renewed, and I figured I’d use it again.
Two things about that. First, if we lived in a reasonable world, every re-subscribe notification would include a large red button labeled “I Fucked Up” that would let you un-subscribe during the mandatory 10 day grace period. Second, boy those bastards at TurboTax are feeling their oats. Their new schtick is constantly nagging you to pay for some human help with your taxes. What the hell I would get for $50 to pay for a human “expert” is something I can’t imagine. Still, their mediocre tax preparation software jammed some kind of upsell in my face at every turn. In a just world, I’d be able to log in to a government website and do my taxes for free, but that’s one of the first things DOGE killed off when Elon went wilding through the government.
Moving on to tax policy in general, what the hell are Booker and Van Hollen thinking:
Senators Chris Van Hollen (D-MD) and Cory Booker (D-NJ) have each introduced new tax plans that would cut income taxes for lower- and middle-income taxpayers and raise them for the highest-income taxpayers and corporations, further increasing the progressivity of the federal income tax.
Senator Van Hollen’s plan would slightly reduce federal tax revenue, losing $86 billion over the 10-year budget window on a conventional basis. Taxpayers in the middle quintile would see the largest increase in after-tax income of 3.9 percent, while taxpayers in the top 1 percent would see a 9.7 percent decrease.
Senator Booker’s plan would significantly reduce federal tax revenue, losing up to $6.7 trillion over the 10-year budget window on a conventional basis without accounting for the unspecified business tax increases. In 2027, taxpayers in the bottom quintile would see the largest increase in after-tax income of 11.4 percent, while taxpayers in the top 1 percent would see a decrease in after-tax income of over 2 percent.
Let’s get real about taxation and spending in the next few years. We’re going to have to spend money to fix the mess left by Republicans, plus we’re going to have to spend money to fund social programs that will lift Democratic popularity above the level of chronic diarrhea and strep throat. Because the current Republican trifecta is ruining our reputation as a safe harbor for funds, borrowing money (issuing T-Bills) will become more expensive. So, we’ll have to raise taxes.
The only way to raise taxes without committing political suicide is to tax the rich in a way they haven’t been taxed in this century, at least. The Booker and Van Hollen plans don’t do that. They’re essentially dead on arrival because, for once, we will have to worry about where the revenue is coming from to fund our social programs. I don’t know if these plans are an honest effort or just another “we tried but as usual we couldn’t get it done” non-effort from Democrats in the Senate. Either way, a revenue-negative tax cut is not the way to reverse course after four disastrous years of Republican rule.
In summary and conclusion:
