Yay for that. This is a good thing.
Problem:
The cost of gas, and groceries, and other goods is increasing (inflation is up around 3.3% now), and that means we're going to pay more in sales taxes.
That's kinda how percentage works.
At a total Sales Tax Rate of 6% (a low-ish average nationwide), my usual $110 in groceries costs $116.60.
Inflation pushes the cost of my groceries to $113.63, which is $120.45 with tax.
If that new total of $116.60 is what I spend every 5 or 6 days, then the $6.40 in extra tax means I'll spend almost $390.00 more this year than I did last year, and - obviously - that eliminates any gain in my tax refund, and equates to a hit on my $65,000 average income of almost a full percent.
So a "tax cut", (minus inflation, minus tariffs) means my annual income goes down - and that's just looking at the food that I can't not buy. Wanna talk about clothing? Wanna talk about having a child or two? How 'bout maintenance on your car and your house?
Meanwhile, people making over the magic threshold of $400,000 will likely not see any discernible change at all.
And don't get me started on Parasite Billionaires.
