re: what's up with biden choosing $400,000 as the cutoff for tax increases?

They can raise taxes on that top 1% all the way to 95% and it won’t matter a bit if they don’t remove all the loopholes and write offs. The super wealthy pay a fraction as it is. Taxes and insurance both are the biggest jokes.

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400k is a killer to small business owners.

That's the intent.

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^^^This^^^

He hasn't clarified whether this would apply to personal W2 income only or the gross income of an LLC. Could be small business killer, like those dim fricks give a shite until it crushes their tattoo parlor business.

While I agree with you, I wouldn’t be surprised if thousands of these small business start earning 385-390k to prevent themselves from paying some ridiculous rate. It’s already asinine to pay both sides as a small business owner.

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$400k income isn't rich these days.

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It's top 1%

One thing to keep in mind is most people who make $400k do not do so over and over. Thomas Sowell has a good examination of this fallacy. Many people assume the top 1% of income earners do so every year on end. It may be because a retirement couple sells their business after 30 years or a second rental property is sold after years of building equity. My point is you can not assume those individuals are “rich” from one year of top 1% earning. They aren’t in the poor house but most have put in a lot of hard work for their payday.

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Paying for all that shite with money only from $400K+ earners is going to be a neater trick than the loaves and fishes.

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If he took all of it, we would still be running a deficit.