What that means is inheritance, investments, sudden windfalls of $1 million will now only get you about $600,00. It's a small increase from what it was but it's now enough to ensure that you will NEVER retire from a lump sum amount of $1 million ($1 million goes very fast). You will need $2 million for a middle age adult to retire. $5 million for the same adult to retire comfortably. About $7 million for someone in their 20s to do the same. Meanwhile, those who earn that much or more regularly will continue to use the same tax loopholes to avoid paying taxes. It leaves them alone and squeezes middle class and prevents you from climbing the income ladder. And the stock market dropped because of this. I wonder why? It's because the smart upper class investors are shuffling assets to avoid it and the middle class... well, they don't have the money to buy in the dip. Bitcoin lost like, what, $8000 overnight? AND PEOPLE ARE PRAISING THIS. If they wanted real change, the tax laws need to be completely revamped. But that's not what it's about. But keep dreaming of that free housing, free college, free whatever, yo. All you're doing when you support this kind of crap is destroy yourself.
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