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Started By
Message
Trump vs Biden Tax Plan
Posted on 8/31/20 at 7:05 am
Posted on 8/31/20 at 7:05 am
Biden vs Trump tax plan
Much as I hate to say it...goodbye Joe, Me gotta go, me-oh-my-oh
quote:
Corporate Taxes
Trump: 21.0%
Biden: 28.0%
Income and Payroll Taxes
Trump: 37.0%
Biden: 52.0%*
Small-Business Taxes
Trump: 29.6%
Biden: 39.6%
Capital Gains and Dividend Taxes
Trump: 23.8%
Biden: 43.4%
From what I can tell, Biden’s proposal would affect a very large swath of the American economy and paychecks — with the largest tax hikes going to high-earning individuals and corporations.
Much as I hate to say it...goodbye Joe, Me gotta go, me-oh-my-oh
6
Posted on 8/31/20 at 7:07 am to TailbackU
Biden will play hell defending those numbers.
Posted on 8/31/20 at 7:08 am to Homesick Tiger
Biden's voters don't pay taxes.
They don't care what the rates are.
They don't care what the rates are.
Posted on 8/31/20 at 7:09 am to bird35
quote:
Biden's voters don't pay taxes.
They don't care what the rates are.
Posted on 8/31/20 at 7:09 am to TailbackU
We better get the Facebook fact checkers on those numbers. 
Posted on 8/31/20 at 7:10 am to TailbackU
Add in the 401k changes he wants to make... That is what I am concerned with the most.
Posted on 8/31/20 at 7:13 am to SEC2789
quote:
Add in the 401k changes he wants to make... That is what I am concerned with the most.
He is wanting to steal our money after we spent a lifetime playing by the rules his fricking government of the last 50 years of his career set up.
I am just wondering how Hunter is going to get his cut.
Posted on 8/31/20 at 7:18 am to Homesick Tiger
quote:
Biden will play hell defending those numbers.
lol from who?
The msm will insulate him from it. He won’t have to defend his tax plan once. If Trump calls him on it at a debate he’ll just say some hack line about Warren Buffett’s secretary.
Posted on 8/31/20 at 7:21 am to TailbackU
Weren't you all about Biden last week?
Posted on 8/31/20 at 7:23 am to bird35
quote:
Biden's voters don't pay taxes.
100% True
Posted on 8/31/20 at 7:24 am to TailbackU
Biden will spin it to saying taxes will be less for working family and only the rich will pay. But those numbers will kill many small businesses and independent contractors.
Some big time left talk shows are now talking about how Trump or Biden (if he wins) should create more government jobs to employ the country. My mom works for the DIA and has worked from home sparingly since March will full pay and benefits. I think the only good thing COVID did is truly show how many people in the GOV are not needed.
Some big time left talk shows are now talking about how Trump or Biden (if he wins) should create more government jobs to employ the country. My mom works for the DIA and has worked from home sparingly since March will full pay and benefits. I think the only good thing COVID did is truly show how many people in the GOV are not needed.
Posted on 8/31/20 at 7:25 am to gthog61
What are the changes he proposes for 401Ks?
Posted on 8/31/20 at 7:28 am to CoachChappy
quote:
We better get the Facebook fact checkers on those numbers.
Facebook Karen doesn’t even know what those numbers mean.
Posted on 8/31/20 at 7:29 am to SEC2789
quote:
Add in the 401k changes he wants to make
Dems have been wanting to get their hands on 401ks for DECADES. They were threatening to do something like a one-time tax on all 401ks, back during Clinton's time.
Posted on 8/31/20 at 7:35 am to skullhawk
quote:
lol from who?
From independents and middle of the road Dems who value their pocketbooks. Everyone else already have their minds made up.
My previous post wasn't funny after all now was it - if you're trying to win an election?
Posted on 8/31/20 at 7:37 am to Tecate
quote:
What are the changes he proposes for 401Ks?
Saw they want to remove the tax-deferment, so long tax advantage for planning ahead....i read that as a set-up for the feds double dipping since any funds will be mixed up at some point removing the pre/post taxed labels. like mixing ROTH and traditional 401K money, it all becomes taxable again.
You know because it's probably racist, and just not fair to everyone if we aren't paying our share of huge taxes on money we save for retirement that he want's to piss away elsewhere.
Posted on 8/31/20 at 8:05 am to Tecate
Posted on 8/31/20 at 8:10 am to SEC2789
quote:
Add in the 401k changes he wants to make... That is what I am concerned with the most.
For TEN YEARS, I've been saying the eventual "saving" of Social Security will be accomplished by seizure of all 401ks and other tax-advantaged retirement accounts, dumping them all into a common fund for SS benefits.
I believe Joe's plans for changing retirement accounts and how they are treated from a tax standpoint is the first step to accomplish that goal.
Posted on 8/31/20 at 8:11 am to SEC2789
To summarize, he wants to get rid of the 401k program completely and instead you get a "tax credit" towards retirement.
Of course the fun part is that *everyone* gets this tax credit, even if you paid zero taxes. So think of it as another EITC for his voters, this time on steroids.
It's a straight-up redistribution of wealth from those who pay taxes to those who do not.
Of course the fun part is that *everyone* gets this tax credit, even if you paid zero taxes. So think of it as another EITC for his voters, this time on steroids.
It's a straight-up redistribution of wealth from those who pay taxes to those who do not.
Posted on 8/31/20 at 8:16 am to Centinel
It will also take away the incentive for small business to match what you are putting into your retirement.
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