Will Taxes on the Middle Class have to DOUBLE to Save Social Security, Medicare and Medicaid?

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With medicare and social security running out of money, what lengths will the government have to go to keep these programs solvent? Taxing the rich won't be enough so they'll be targeting the middle class. Let me explain...

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For consideration. Some tax professionals have posited that the federal government might also change the law to require an additional tax on Roths in the future. So, Roths might not be safe going forward either. If the federal government wants the money it will figure a way to get it. For example, if lots of people did the roth conversion as suggested, where would the government turn to for additional taxes. This of course is far from certain, but it's a possibility as well. Would you discuss this in a future YouTube, or maybe you have. Please point me to it. Thanks! BTW, great discussion.

gna

As you know, the Tax Cuts and Jobs Act (TCJA) of 2017 rates are scheduled to revert to pre TCJA levels on January 1, 2026. Do you think this will happen in 2025 or 2030? If so, what will Congress do the end of 2025 to extend the rates five more years? If Congress does nothing, they will return to the 2017 tax rates.

ebertjohnandrew

The average American already pays an effective tax rate of over 50% if you consider federal and state income tax, sales tax, property tax, city/municipal tax, fuel tax, inflation tax. Doubling Americans taxes would make Americans tax bill equal to 80-90% of their income. I don't know who will want to start businesses and work hard in that environment.

williammuthee

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