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re: If this analysis is accurate, the biden tax plan DOES hit middle and upper middle class
Posted on 9/15/20 at 2:07 pm to HailHailtoMichigan!
Posted on 9/15/20 at 2:07 pm to HailHailtoMichigan!
Every single tax that old coot is talking about will be dramatically different when Chuck and Nancy see about sticking it up the rear end of the working and middle class
1
Posted on 9/15/20 at 2:18 pm to Jimmy2shoes
This is a trojan horse for DC to get their hands into individual retirement plans.
Once they do, the retirement tax will only go up.
Once they do, the retirement tax will only go up.
Posted on 9/15/20 at 2:20 pm to TigerStripes30
quote:
Every democratic "tax plan" hits the middle class.....every single time
and not by accident.
by artifice.
Posted on 9/15/20 at 2:31 pm to HailHailtoMichigan!
quote:
Sure enough, most of Biden's proposed tax hikes — limited deductions and higher rates, for example — apply only to those earning $400,000 or more.
I never understand why this is considered a good thing. High earners like this are already paying a disproportionate amount of taxes. Taking away more of their income only decreases investment opportunity for these earners. Punishing financial success seems backwards to me.
Posted on 9/15/20 at 2:58 pm to TigerStripes30
quote:
Every "tax plan" hits the middle class.....every single time
Lets be completely honest here.
Posted on 9/15/20 at 3:09 pm to David_DJS
quote:
Jeff Bezos
You seem rather obsessed with Bezos. I bet most republicans couldn't care less if they set a new tax bracket at 42% for all income $1B+.
Most republicans can see at least these 3 things:
1. Democrats absolutely don't care about taxing the rich and they use it as a cover to raise all taxes. They want more tax money and understand you can't get the type of money they want by only taxing billionaires.
2. There is a level of understanding that you can't tax your way into prosperity. It is impossible. A certain level of economic freedom is required. Even those European countries that the left love so much generally have similar or more economic freedom.
3. This is probably an offshoot from #2. There is a need for successful people to drive the economy. I think ideally many republicans want everyone taxed equally but if you are going to have a progressive system it needs to be within reason. Taxing billionaires to death has consequences down the line. It will affect more people than just billionaires.
Posted on 9/15/20 at 3:21 pm to bod312
This post was edited on 9/15/20 at 4:08 pm
Posted on 9/15/20 at 3:57 pm to cahoots
quote:
So what is your solution? We just spent $3 trillion dollars we don't have. And we were already running a deficit in excess of $1 trillion.
quote:
You also can't grow your way out of our current debt. That is also impossible.
Easy, spend less. That is the one thing I have been disappointed under Trump is the total spend hasn't decreased. I was not a big fan of Trump in 2016 (just knew I wasn't voting for Hillary) but have become a big fan because almost everything else he has done has been great under Trump (not a fan of him personally still). I just wish overall spending would decrease. It also helps a lot if you keep those federal $ in house versus giving it all to other countries.
I would have loved to not need to spend $3T and arguably it still wasn't needed. If there were no Democrats we probably wouldn't have printed so much. This also is extraordinary times. The Democrats love taxes every year not just when we have the greatest pandemic in a century or whatever they are spouting.
There is no fixing the debt quickly as it will need to be a slow climb. You absolutely can grow your way out of current debt but you need more than just growth. You need responsible spending and responsible taxes. I know that may be a fairy tale but thinking that the rich can cover the current spend let alone what the Democrats want is insane.
Posted on 9/15/20 at 5:51 pm to bod312
quote:
You seem rather obsessed with Bezos. I bet most republicans couldn't care less if they set a new tax bracket at 42% for all income $1B+.
What I'm obsessed with (and obsessed is a bit strong) is how limp-dicked the Right is. We are getting worked by the ultra-wealthy, but will fight to the bitter end to protect them from the very policies they pay to be thrust upon us. I think that's stupid. I think conservatives are useful idiots in the same way blacks are.
quote:
This is probably an offshoot from #2. There is a need for successful people to drive the economy. I think ideally many republicans want everyone taxed equally but if you are going to have a progressive system it needs to be within reason. Taxing billionaires to death has consequences down the line. It will affect more people than just billionaires.
I think you're mistaken about this. It'll be interesting when someone tries to make sense of the argument when we're talking about the ultra-wealthy.
Posted on 9/15/20 at 5:55 pm to HailHailtoMichigan!
Don't believe the fact that there will not be upper income tax breaks...the Dems will repeal the cap on state income tax deduction limits
Posted on 9/15/20 at 6:13 pm to David_DJS
The issue is the Democrats aren't interested on taxing the ultra wealthy. They are content just raising all tax brackets and having the top income bracket around $500k. Yes, lets put the $500k guy in the same bucket as Bezos. At the same time they complain about them not paying near the % that aligns to their income. So lets go for the "loopholes". I am all for that.
I personally would get rid of all income tax and go the sales tax route. Why be taxed for contributing to society? We should be taxed when we pull from society.
If I was developing a progressive tax system it would be based on orders of magnitude.
0-$10k - 0%
10-100k - 10%
100k-1M - 20%
1M-10M - 30%
10M-100M - 40%
100M-1B - 50%
1B-10B - 60%
10B+ - 70%
With minimal to no deductions and I am sure after a detailed study that would need to be tweaked. I don't know what that would due to revenue but orders of magnitude are where you really start to differentiate a quality of life difference.
I am against a wealth tax.
I personally would get rid of all income tax and go the sales tax route. Why be taxed for contributing to society? We should be taxed when we pull from society.
If I was developing a progressive tax system it would be based on orders of magnitude.
0-$10k - 0%
10-100k - 10%
100k-1M - 20%
1M-10M - 30%
10M-100M - 40%
100M-1B - 50%
1B-10B - 60%
10B+ - 70%
With minimal to no deductions and I am sure after a detailed study that would need to be tweaked. I don't know what that would due to revenue but orders of magnitude are where you really start to differentiate a quality of life difference.
I am against a wealth tax.
Posted on 9/15/20 at 6:26 pm to bod312
quote:
The issue is the Democrats aren't interested on taxing the ultra wealthy.
About 75% of the ultra-wealthy support liberals/Dems. This is a 180 degree change from 30 years ago.
quote:
If I was developing a progressive tax system it would be based on orders of magnitude.
0-$10k - 0%
10-100k - 10%
100k-1M - 20%
1M-10M - 30%
10M-100M - 40%
100M-1B - 50%
1B-10B - 60%
10B+ - 70%
For political reasons, I'd be more aggressive. If we want all the bullshite to stop (BLM, antifa, virus, bent media, whacko education, etc., etc.), take the money fueling it all away.
quote:
I am against a wealth tax.
I am or am not depending on the details.
Today, if I had $1 billion (let alone $100 billion) in unrealized capital gains, I'd borrow against my holdings and pay interest of 2% rather than capital gains taxes from liquidating assets. Moreover, I'd keep my assets tied up to my death, at which time their cost basis is stepped up to current market. Add the use of my charity to shelter certain spend and project my influence, and the federal government will never get its hands on any of my vast fortune.
Here's something to consider. In 2019 Bill Gates made a big deal about how he had paid more in income taxes than any other American in history. He had paid $10 billion. Just for fun, estimate what percent that is of all the wealth he has accumulated over time.
Posted on 9/15/20 at 6:29 pm to Sooner5030
quote:
My sole focus here is what happens to my Roth. Based on the rules at the time I accepted paying taxes on that income.....investing it in a requirement account so that my cap gains on that investment would not be taxed. If
if what I read a few weeks ago is true, you could be double taxed under his plan. it is really brutal
Posted on 9/15/20 at 6:30 pm to HailHailtoMichigan!
They will first tax contributions, but the ultimate goal is to raid the balances themselves. Once they pass taxing contributions, that won’t be enough and they will tax “gains” or “balances” of those wealthy millionaires
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