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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (21209)	11/4/2024 11:31:06 AM
From: robert b furman	Respond to of 26780

Hi Kirk, I stand corrected. It was the 1993 tax bill that was for the first time made retroactive in 1993: Understanding the Tax Reform Act of 1993 The Tax Reform Act of 1993 contained several major provisions for individuals. It created a 36% and 39.6% marginal tax bracket for filers, eliminated the tax cap on Medicare taxes, increased taxes on Social Security benefits, and raised gasoline taxes by 4.3 cents per gallon. It also curtailed itemized deductions and raised the corporate tax rate to 35%.3?? The Act was also one of the first bills to retroactively raise taxes, effectively making the increases apply to taxpayer incomes from the beginning of the year.3?? By 1998, the effects of the bill helped the U.S. government to produce a budget surplus, its first since 1969.2 Clinton's presidency started in January of 1993. It can be done again! 2026? Of course it will not happen if the Republicans get control of the Senate and keep the House. Then we can hope for making Trumps growth/increased Tax plans permanent. Our deficits could benefit by having a lower rate on Corporate income coming back to the US. That plan was successful before. It fits well with higher tariffs being applied to foreign production of goods not made in America. It will prompt foreign Corporation to onshore production for the US market. That plus US firms also onshoring production would be a huge boost to all of the US. A good plan! .