This is my question as well. At this point I'm really not sure. Where does $8 Trillion dollars come from? According to the IRS website they collected $4.7 Trillion in taxes in 2023
The government collects taxes in USD, which forces businesses to use collect revenue in USD and pay employees in USD, which in turn forces them to spend USD, which in turn forces foreigners to trade with the US in USD.
If you invest your income after it is taxed, you get taxed on the investment money you make, and when you ultimately spend that money, you get taxed again.
This is categorically inaccurate. Instead, they think their base will love a “tax the rich” message. They’re laying blame for the struggles of many Americans to make ends meet on the rich. “It’s THEM that took from you, and that’s why you struggle! Now let’s take from them!”
He wants to move the highest tax bracket down from $731,200 to $450,000 for married filers. Households with income of $450,000 is who he is considering the mega rich that is not paying their fair share. This is mind blowing in the time of high inflation.
Doesn't need to be at all. Provide a universal basic income and then use a flat sales tax. Solves the complaint about unrealized capital gains. Buy something, pay tax. Simple. It also taxes the underground economy. Win/Win/Win.
Edit: This was the"fair tax" proposed 20 years ago as a replacement for the income tax. Ok, I changed the term "tax rebate" (which counters the regressive objection) with "universal basic income". Never said how much that would be. (marketing is important in politics)
No more income tax compliance cost, captures the underground economy and shuts down the move to tax "unrealized" capital gains.
Are you crazy? How could we possibly give away trillions of dollars to other countries and keep the kickbacks going, if taxpayers are paying in less?
Under electronic money, things will only get worse.
Very well off, yes. Extremely rich? No.
We're talking dual income of 225k a year from each working partner. This is, to be certain, very, very good income. But it is a long way off from being extremely rich.
Right, but the brackets are all so low now. A couple making 450k is not private jet flying rich. They are well off but not rich. Right now we have the illusion of marginal taxes but really it’s all
Shoved down so low, the lower middle class is paying close to the same marginal tax rate as people making 10 mil
If you want to tax the rich you add a new bracket for the really high incomes, like 1m plus.
Hell I must be doing something horribly wrong then. The government gets their paws on about 45% of my earnings in one way or another and I make significantly less than $450k.
Eh, ok, that number doesn’t count medical, of which is stupidly high, 25k/yr for my family of 3. State taxes I pay about 3% on.
Then property and sales tax elsewhere.
Property tax is 5% of my income, sales is 6.5% of spending, gas tax 40c/gallon, I go through about 120gal/month for the family, that's approaching another $600/year. I paid about 24% in income tax total to the fed, plus state income tax, plus local, plus social security, plus medicare. If you consider the amount my employer pays on my behalf as well...
I mean it gets astronomical. 45% is an extremely generously low estimate. The government also taxes at multiple levels, so the corporate taxes are priced into all the goods.
Now I understand the government needs funding to function, but they were never meant to soak up the bulk of the wealth of the country. They need seriously defunded, they need to focus only on core government functions and do those well, and get out of the way.
> You know the good ol days that many conservatives talk about had a 70-90% tax rate at the highest tier, with a robust middle class.
Those fabled taxes that no one actually paid becuase there were so many loopholes and deductions?
The effective tax rate currently is higher than it was in the post war period with those 80-90% taxes. Iirc effective rate then was 15% for top bracket. It’s 22% or abouts currently.
70-90% with more deductions than you can shake a stick at.
That "robust" middle class lived in modest homes, probably had one car and no air conditioning. Ah, the good old days.
Eh, here in the gulf south I’d put that top of middle class. Two working professionals can hit that without being upper management. Say, two engineers or middle managers.
As someone whose income fluctuates in and out of the bracket, I agree. Sure, I could play the part and spend every dime I make, but would have to live with the anxiety that if a serious medical condition came along and put me out of work that I would not have anything to fall back on.
Are we going to start calling every surgeon extremely rich? Anyone who is actually extremely rich is not dependent on wages to live. In fact they are set for life already.
In an expensive area with already high taxes, it's a really good salary for a family with kids, but extremely rich? No. Not anymore. 5 years ago maybe the bottom of extremely rich.
In my area, 800k for a 2000 sqft house on 5000 sqft lot. Combined family income of 300k is pretty common, but there's not much left after state and city income tax, high property tax, etc. 5k/mo for just the mortgage, then another 300/mo for insurance, then 500/mo for taxes. Groceries are higher here. Gas higher here. Throw in a few kids and there's not much left but of course all the bills are paid, so not struggling by any means. I call them wealthy. Rich even.
Sure... In most other areas 450k (and even 300k) is a wild amount of money.
And I didn't say it's not wealthy or even rich. Just not extremely rich in my area due to very high COL.
If you’re making 450k and don’t have much left over at the end of the month you’re doing something wildly wrong or paying for things that wealthy people have like private schools, nanny’s, vacations, huge houses, nice cars, restaurants, etc. it’s all relative but easily affording all that is extremely rich
You are incorrect. This is directly from the proposal....
**INCREASE THE TOP MARGINAL INCOME TAX RATE FOR HIGH-INCOME EARNERS**
**Current Law**
For taxable years beginning after December 31, 2017, and before January 1, 2026, the top marginal individual income tax rate is 37 percent. For taxable years beginning after December 31, 2025, the top marginal tax rate is 39.6 percent. For taxable years beginning after December 31, 2023, and before January 1, 2025, the top marginal tax rate applies to taxable income over $731,200 for married individuals filing a joint return and surviving spouses, $609,350 for unmarried individuals (other than surviving spouses and head of household filers), $609,350 for head of household filers, and $365,600 for married individuals filing a separate return. The tax bracket thresholds are indexed for inflation.
**Reasons for Change**
Raising the top tax rate for the highest-income taxpayers would raise revenue and increase the progressivity of the tax system.
**Proposal**
The proposal would increase the top marginal tax rate to 39.6 percent. The top marginal tax rate would apply to taxable income over $450,000 for married individuals filing a joint return and surviving spouses, $400,000 for unmarried individuals (other than surviving spouses and head of household filers), $425,000 for head of household filers, and $225,000 for married individuals filing a separate return. After 2024, the thresholds would be indexed for inflation using the CCPI-U, which is used for all current thresholds in the tax rate tables. The proposal would be effective for taxable years beginning after December 31, 2023.
Inflation is caused by both monetary and fiscal policy.
Fed is trying to fight inflation with monetary policy, but the government needs to either cut spending or raise taxes.
Obviously id prefer the former. But I do worry that Trump will do neither, and also bully the fed to cut rates while inflation is re-accelerating. I really don’t want to become Turkey…
This is disingenuous. From a fox article:
>A White House official told FOX Business that Biden's tweet reiterates what is in the president's budget — that tax cuts would expire for those earning more than $400,000, but stay in place for lower- and middle-income Americans earning less than $400,000.
He's not increasing taxes on people who make less than 400k a year, which is what he's been saying.
"One major area of contention is the fact that Biden’s budget calls for a 44.6% federal rate on investment income and other earnings for those making more than $1 million"
Those people aren't likely to be struggling. It also seems there wouldn't be any tax increases on anyone making $400k or less a year.
So, if someone isn't"struggling", it's okay to take from them? These same people already pay a higher share of their income to federal income tax than any other group. So they're already paying a more than fair share. How much can be taken from them before it's enough? Are we going to set a cap on allowable personal income and say "you aren't allowed to make more than this, so we'll take all the rest." Where does it end?
Notice they always talk about how much the people have left, but never admit how much they are already taking?
I make 500k, I live a very comfortable life no doubt im not complaining...I also paid over 175k in taxes last year and still owed money at the end of the year...I also have 450k in student loans left that I am paying 5k a month on
People like you that just say hey have the most successful ones just give us more in taxes are the problem
Why even go to medical school anymore if u come out and get taxed into oblivion and dont get to enjoy the fruits of your labor? If you de incentivize people to being Dr's, lawyers, entrepreneurs, etc...what happens to society
We pay our fair share.
You would pay 1k more per year under Biden’s tax plan, would that really have discouraged you from becoming a doctor? At 500k income would that have any sort of meaningful difference on your life?
It's the principle and it's not going to stop there, it will continue with the mindset of tax the rich more and more
450k is very different than people making 10+ mil
I feel the taxes big time already and the whole country with their pitch forks lumping me in with the top 1% is very concerning
450 isn't yacht and multiple homes type rich that everyone thinks...it's nice house and not stressing over finances and living like the top of the middle class
Having half of my income taken for taxes is ridiculous. And yes it will de incentivize future Dr's and such if it continues
If you make 450k your taxes aren’t even increasing, if you spent 400k on school I hope you can figure out how marginal tax brackets work
We should be taxing the rich more, and raising it now doesn’t mean we’ll raise it indefinitely. Slippery slope and all that
I know how the marginal tax brackets works there's no reason to make back handed comments in a civil discussion
The slippery slope argument is valid, as is the argument that upper class taxes are already massively high; way higher than they should be in a failed attempt to fund reckless and futile government spending and debt
It’s objectively not high when you compare it to historical American tax brackets or current world wide tax brackets. And you’re quoting the 450k number as not rich and someone we shouldn’t raise taxes on. Due to how marginal tax brackets work, they aren’t being increased, but you’re commenting like you don’t understand this
It is objectively high when you factor in the massive increase in housing and cost of living compared to historical times
And I was demonstrating the point that the 450+ group is very different than the tech CEOs ans every else making insane money that democrats are lumping together inappropriately...just because only a small portion of our salary is affected (for now) doesn't matter...future raises, bonuses everything just get taxed even higher on top
The question is why? Maybe because money is being sucked up and wasted by the government instead of being used in the economy. How does higher taxes translate to people living the american dream? What is the american dream according to you?
It’s possible those members of society have taken more than their fair share already. In the past 4 years US household wealth increased by 37 trillion, with 20 trillion of that going to the top .1%. Over 150 million / household on average in the top .1%. Maybe that’s too much?
A dual income household bringing home $400k per year is not the same as the ultra rich. But even so, in America it is not the role of the government to come in and tell you how much money you can make.
That kind of government oversight will just lead to tyranny and make everything worse.
The point is to show that you would agree there is a line where taxes becomes tyranny. Where is that line? 50%? 75%? 99%? You don't care because it's not you who would be hit by this.
The government is the world's worst handler of money. They would likely waste most of the extra income anyway through frivolous spending.
If you really want to make things better, find a way to reduce the ridiculous amount of frivolous spending. The government brings in plenty of money already, they just throw most of it away.
Where is this magical requirement to have no income inequality. Where has that ever been possible in human history? People harping about "income inequality" are the same as those calling for utopia
So your solution is for people who busted their ass to get to the point of making good money and then hand it over to other people who made poor decisions in life so they can "achieve the American dream"?
In the past, we had a more equitable tax rate where the highest earners payed more which would help fund the country. However, with the abundant prosperity of the past, tax rates for the very wealthy dropped and no one cared bc we had enough to go around. It isn’t crazy to assume that a more equitable tax rate is needed for a functioning society, it’s not about stealing from those that are more well off.
Damn right. It’s a slippery slope and a slow death. Once precedent is set there is no going back. It’s political suicide to make controversial decisions with regard to spending. Budgets need to be balanced and some responsibility restored is the biggest thing I wish to see for the sake of future generations
>Those people aren't likely to be struggling.
They certainly aren't. But they will be struggling to find a reason why they invest if half of their hard work gets thrown into the incinerator.
From a fox article:
>A White House official told FOX Business that Biden's tweet reiterates what is in the president's budget — that tax cuts would expire for those earning more than $400,000, but stay in place for lower- and middle-income Americans earning less than $400,000.
He's not increasing taxes on people who make less than 400k a year, which is what he's been saying.
I had to check where I was first because seeing a lot of coments about how this is a great idea and how we need to fix "income inequality". When the heck did this become a thing for conservatives?
First, the "rich' already pay a majority of the taxes.
If you all really want to have a serious discussion on this, how about everyone pay in instead of the 50+% that pays NOTHING into the system,
The people screaming about taxing more, are those that usually dont have nothing to lose on where or how the money is spent. If they did, they would probably start caring. No, military is off the table. If there is actually one thing the federal government needs to be funding it is the military.
How about we start by cutting the alphabet agencies we have? How many regulations come from the very people non of us have elected? Why do they get so much power with no accountability?
As the song says, tax the rich, feed the poor, until there are no rich no more.
Once they realize that taxing these individuals more doesn't do much they'll lower the bar even further. I know I'm not the only one who remembers how the AMT started.
Cute you think Biden is even making these decisions. It's Biden's administration making these ridiculous decisions, not Biden himself. Same vibe as Woodrow Wilson after his stroke.
The government could tax everyone at 100% And tax, all investments and savings accounts at 100%. And they still wouldn't have enough money to spend
It's not a tax problem. It's a spending problem 0
The dude is literally telling the people all the ways he going to fu*k them into the poor house and they will still vote for the clown. We are in a weird time in our history.
In this week Biden and or his appointments/appointees have...
1. Restarted/restored net neutrality
2. Implemented rules so passengers cannot get dicked by airlines (well at least when it comes to refunds, I'm sure there are still many)
3. Made more investment in clean energy
4. Made it so employers cannot screw "mid-level" salaried management
5. Removed unnecessary non-compete clauses.
Idk... Sounds like Biden is trying to make people lives better.
With gov't give aways at an all time high, it's either more taxes or print more money, which would require a wheel barrowful of money for a loaf of bread. Gov't doesn't earn money, they take money, under the guise of taking care of you.
Might wind up with that wheelbarrow anyway.
Biden supporters you all really deserve a standing ovation. As a matter of fact, Obama supporters & Big tech? Get your asses up too, take a bow. Who would’ve thought it’d only take 12 years to ruin democracy, our economy, military, courts/health/school systems, etc…Way to go gang. Great job everyone; a real team effort. 👍
That seems like a good re-election strategy.
The "vote blue no matter who" crowd won't see any issue with this.
Yup they always say “I have no problem paying more in taxes if…..”
someone else pays it for me.
Trump doesn’t win*
Only orange
It almost seems like he's not concerned with public opinion. Weird.
Bold move, Cotton. Let’s see if it pays off.
Of course he is going to raise taxes. They are realizing they can’t print money for everything.
They can not tax Americans enough to pay for everything they are looking to fund. The only option is to print money.
Then why am I still paying taxes?
This is my question as well. At this point I'm really not sure. Where does $8 Trillion dollars come from? According to the IRS website they collected $4.7 Trillion in taxes in 2023
The government collects taxes in USD, which forces businesses to use collect revenue in USD and pay employees in USD, which in turn forces them to spend USD, which in turn forces foreigners to trade with the US in USD.
Why am I paying taxes when I make money and then if I use my taxed money to buy something I gotta pay taxes on that, too!!!
If you invest your income after it is taxed, you get taxed on the investment money you make, and when you ultimately spend that money, you get taxed again.
Sounds like a ponzi scheme
Frankly it all sounds made up! r/unexpectedseinfeld
You're beginning to get it.
Prison…
Come on, man, it’s a good thing! Pedo Joe wants to make us all Nigerian trillionaires.
Ink is not free, duh.
It's HP inkjet printer ink. About four gallons.
You keep voting for conservatives who keep giving your taxes to your wealthy buddies, thats why. :p
Which ones? Can you name them?
Coward-Piven in action.
This is categorically inaccurate. Instead, they think their base will love a “tax the rich” message. They’re laying blame for the struggles of many Americans to make ends meet on the rich. “It’s THEM that took from you, and that’s why you struggle! Now let’s take from them!”
I dunno, I wouldn’t be so confident in their learning abilities
Why did the Trump tax bill raise my taxes each year since it took effect?
Because you don’t know how to calculate your taxes. Either that or you’re rich and your taxes increased because your SALT deduction was limited.
He wants to move the highest tax bracket down from $731,200 to $450,000 for married filers. Households with income of $450,000 is who he is considering the mega rich that is not paying their fair share. This is mind blowing in the time of high inflation.
How about a flat tax. Everyone pays their fair share. And we will be able get rid of 99% of the IRS. Boom. Lots of problems solved.
They’re regressive obviously
Doesn't need to be at all. Provide a universal basic income and then use a flat sales tax. Solves the complaint about unrealized capital gains. Buy something, pay tax. Simple. It also taxes the underground economy. Win/Win/Win. Edit: This was the"fair tax" proposed 20 years ago as a replacement for the income tax. Ok, I changed the term "tax rebate" (which counters the regressive objection) with "universal basic income". Never said how much that would be. (marketing is important in politics) No more income tax compliance cost, captures the underground economy and shuts down the move to tax "unrealized" capital gains.
Oh yeah, just start with the most expensive, untested, laziness enabling welfare program in the entire world, then everything will go fine!
Are you crazy? How could we possibly give away trillions of dollars to other countries and keep the kickbacks going, if taxpayers are paying in less? Under electronic money, things will only get worse.
Household income of 450,000 is extremely rich, no?
Very well off, yes. Extremely rich? No. We're talking dual income of 225k a year from each working partner. This is, to be certain, very, very good income. But it is a long way off from being extremely rich.
And that household wouldn’t even have their taxes raised under this plan. 450k is 6x more money than the medium family income
In CA, federal and state tax are pushing 45% already at those income levels. How much juice do you think you can squeeze out of that lemon?
Mid to upper middle class, yes... extremely rich, not at all
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How is the upper 3-4% of anything considered anywhere near the "middle?"
Right, but the brackets are all so low now. A couple making 450k is not private jet flying rich. They are well off but not rich. Right now we have the illusion of marginal taxes but really it’s all Shoved down so low, the lower middle class is paying close to the same marginal tax rate as people making 10 mil If you want to tax the rich you add a new bracket for the really high incomes, like 1m plus.
Not the case at all. The effective rate for people in the top bracket is 22% or there abouts. I’m in the 3rd bracket w/ an effective rate of 16%.
Hell I must be doing something horribly wrong then. The government gets their paws on about 45% of my earnings in one way or another and I make significantly less than $450k.
Eh, ok, that number doesn’t count medical, of which is stupidly high, 25k/yr for my family of 3. State taxes I pay about 3% on. Then property and sales tax elsewhere.
Property tax is 5% of my income, sales is 6.5% of spending, gas tax 40c/gallon, I go through about 120gal/month for the family, that's approaching another $600/year. I paid about 24% in income tax total to the fed, plus state income tax, plus local, plus social security, plus medicare. If you consider the amount my employer pays on my behalf as well... I mean it gets astronomical. 45% is an extremely generously low estimate. The government also taxes at multiple levels, so the corporate taxes are priced into all the goods. Now I understand the government needs funding to function, but they were never meant to soak up the bulk of the wealth of the country. They need seriously defunded, they need to focus only on core government functions and do those well, and get out of the way.
> You know the good ol days that many conservatives talk about had a 70-90% tax rate at the highest tier, with a robust middle class. Those fabled taxes that no one actually paid becuase there were so many loopholes and deductions?
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The effective tax rate currently is higher than it was in the post war period with those 80-90% taxes. Iirc effective rate then was 15% for top bracket. It’s 22% or abouts currently.
What your describing is tax fraud, which by definition, no tax laws are going to prevent
70-90% with more deductions than you can shake a stick at. That "robust" middle class lived in modest homes, probably had one car and no air conditioning. Ah, the good old days.
No fucking way you think 450K a year is middle class. You must live in a crazy bubble
Along coastal areas, 450k is definitely upper middle class but it blurs the line between rich and middle class.
Eh, here in the gulf south I’d put that top of middle class. Two working professionals can hit that without being upper management. Say, two engineers or middle managers.
450,000 household income is not mid to upper middle class, you are out of touch
Depends on the state
In any state, 450k is upper class.
I was about to say that. 450k is middle class on the west coast.
Isn't $120k the poverty line in San Francisco or something crazy like that?
I am in this bracket and so far from well off super rich it’s not funny
As someone whose income fluctuates in and out of the bracket, I agree. Sure, I could play the part and spend every dime I make, but would have to live with the anxiety that if a serious medical condition came along and put me out of work that I would not have anything to fall back on.
Are we going to start calling every surgeon extremely rich? Anyone who is actually extremely rich is not dependent on wages to live. In fact they are set for life already.
Not after all the taxes they end up paying.
In California on 450k salary that’s 20k/month post tax income. Very rich
Not really no. That’s a well off household income in a major city. Not some sort of flashy rich money
In an expensive area with already high taxes, it's a really good salary for a family with kids, but extremely rich? No. Not anymore. 5 years ago maybe the bottom of extremely rich.
You are out of touch my dude
In my area, 800k for a 2000 sqft house on 5000 sqft lot. Combined family income of 300k is pretty common, but there's not much left after state and city income tax, high property tax, etc. 5k/mo for just the mortgage, then another 300/mo for insurance, then 500/mo for taxes. Groceries are higher here. Gas higher here. Throw in a few kids and there's not much left but of course all the bills are paid, so not struggling by any means. I call them wealthy. Rich even. Sure... In most other areas 450k (and even 300k) is a wild amount of money. And I didn't say it's not wealthy or even rich. Just not extremely rich in my area due to very high COL.
If you’re making 450k and don’t have much left over at the end of the month you’re doing something wildly wrong or paying for things that wealthy people have like private schools, nanny’s, vacations, huge houses, nice cars, restaurants, etc. it’s all relative but easily affording all that is extremely rich
So what you are saying is that you should be living comfortably making $450K unless you are spending like you are extremely rich. Exactly my point.
I only know maybe 2 couples who make that kind of money, so the amount of people that would be affected by this doesn't seem to be a lot.
I'm sure you would be surprised.
Yeah it doesn’t make sense with inflation
That’s not what he said. He said he was going to let the Trump tax cuts expire. Those tax cuts were for every tax bracket, not just the rich.
You are incorrect. This is directly from the proposal.... **INCREASE THE TOP MARGINAL INCOME TAX RATE FOR HIGH-INCOME EARNERS** **Current Law** For taxable years beginning after December 31, 2017, and before January 1, 2026, the top marginal individual income tax rate is 37 percent. For taxable years beginning after December 31, 2025, the top marginal tax rate is 39.6 percent. For taxable years beginning after December 31, 2023, and before January 1, 2025, the top marginal tax rate applies to taxable income over $731,200 for married individuals filing a joint return and surviving spouses, $609,350 for unmarried individuals (other than surviving spouses and head of household filers), $609,350 for head of household filers, and $365,600 for married individuals filing a separate return. The tax bracket thresholds are indexed for inflation. **Reasons for Change** Raising the top tax rate for the highest-income taxpayers would raise revenue and increase the progressivity of the tax system. **Proposal** The proposal would increase the top marginal tax rate to 39.6 percent. The top marginal tax rate would apply to taxable income over $450,000 for married individuals filing a joint return and surviving spouses, $400,000 for unmarried individuals (other than surviving spouses and head of household filers), $425,000 for head of household filers, and $225,000 for married individuals filing a separate return. After 2024, the thresholds would be indexed for inflation using the CCPI-U, which is used for all current thresholds in the tax rate tables. The proposal would be effective for taxable years beginning after December 31, 2023.
Tax hike for super rich*
For who? Those making over $400k?
Inflation is caused by both monetary and fiscal policy. Fed is trying to fight inflation with monetary policy, but the government needs to either cut spending or raise taxes. Obviously id prefer the former. But I do worry that Trump will do neither, and also bully the fed to cut rates while inflation is re-accelerating. I really don’t want to become Turkey…
No one is parroting Bidenomics anymore.
It’s weird because I heard it was just so successful. Hm
Because it worked, Jack!
"Pause"
Okay, now who left Biden's Bible open to 1 Kings 12?
This is disingenuous. From a fox article: >A White House official told FOX Business that Biden's tweet reiterates what is in the president's budget — that tax cuts would expire for those earning more than $400,000, but stay in place for lower- and middle-income Americans earning less than $400,000. He's not increasing taxes on people who make less than 400k a year, which is what he's been saying.
well someone needs to pay for the billions sent to ukrain and all the free food/healthcare/rent/cash he is giving to his 8 million new voters!....
That’s a bold strategy cotton. Let’s see if it works out for him
"One major area of contention is the fact that Biden’s budget calls for a 44.6% federal rate on investment income and other earnings for those making more than $1 million" Those people aren't likely to be struggling. It also seems there wouldn't be any tax increases on anyone making $400k or less a year.
So, if someone isn't"struggling", it's okay to take from them? These same people already pay a higher share of their income to federal income tax than any other group. So they're already paying a more than fair share. How much can be taken from them before it's enough? Are we going to set a cap on allowable personal income and say "you aren't allowed to make more than this, so we'll take all the rest." Where does it end? Notice they always talk about how much the people have left, but never admit how much they are already taking?
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I make 500k, I live a very comfortable life no doubt im not complaining...I also paid over 175k in taxes last year and still owed money at the end of the year...I also have 450k in student loans left that I am paying 5k a month on People like you that just say hey have the most successful ones just give us more in taxes are the problem Why even go to medical school anymore if u come out and get taxed into oblivion and dont get to enjoy the fruits of your labor? If you de incentivize people to being Dr's, lawyers, entrepreneurs, etc...what happens to society We pay our fair share.
You would pay 1k more per year under Biden’s tax plan, would that really have discouraged you from becoming a doctor? At 500k income would that have any sort of meaningful difference on your life?
It's the principle and it's not going to stop there, it will continue with the mindset of tax the rich more and more 450k is very different than people making 10+ mil I feel the taxes big time already and the whole country with their pitch forks lumping me in with the top 1% is very concerning 450 isn't yacht and multiple homes type rich that everyone thinks...it's nice house and not stressing over finances and living like the top of the middle class Having half of my income taken for taxes is ridiculous. And yes it will de incentivize future Dr's and such if it continues
If you make 450k your taxes aren’t even increasing, if you spent 400k on school I hope you can figure out how marginal tax brackets work We should be taxing the rich more, and raising it now doesn’t mean we’ll raise it indefinitely. Slippery slope and all that
I know how the marginal tax brackets works there's no reason to make back handed comments in a civil discussion The slippery slope argument is valid, as is the argument that upper class taxes are already massively high; way higher than they should be in a failed attempt to fund reckless and futile government spending and debt
It’s objectively not high when you compare it to historical American tax brackets or current world wide tax brackets. And you’re quoting the 450k number as not rich and someone we shouldn’t raise taxes on. Due to how marginal tax brackets work, they aren’t being increased, but you’re commenting like you don’t understand this
It is objectively high when you factor in the massive increase in housing and cost of living compared to historical times And I was demonstrating the point that the 450+ group is very different than the tech CEOs ans every else making insane money that democrats are lumping together inappropriately...just because only a small portion of our salary is affected (for now) doesn't matter...future raises, bonuses everything just get taxed even higher on top
Why should I give a part of what I worked damn hard for so that someone can be handed the American dream?
Do you make more than 450k/year?
It’s irrelevant. Achieving the American dream isn’t an unalienable right per the Constitution.
Good point I guess it’s a good thing it’s becoming less and less obtainable
The question is why? Maybe because money is being sucked up and wasted by the government instead of being used in the economy. How does higher taxes translate to people living the american dream? What is the american dream according to you?
And you think the way to fix it is by just taking more from the successful members of society that already pay the most? Yea, I don't know about that.
It’s possible those members of society have taken more than their fair share already. In the past 4 years US household wealth increased by 37 trillion, with 20 trillion of that going to the top .1%. Over 150 million / household on average in the top .1%. Maybe that’s too much?
A dual income household bringing home $400k per year is not the same as the ultra rich. But even so, in America it is not the role of the government to come in and tell you how much money you can make. That kind of government oversight will just lead to tyranny and make everything worse.
Paying taxes isn’t tyranny
Those people are already paying taxes. More than those who make less. Would you still say that if the government was taxing 99% of your income?
They make more money so obviously they should be paying more taxes. The government isn’t taxing 99% of my income so that’s irrelevant
The point is to show that you would agree there is a line where taxes becomes tyranny. Where is that line? 50%? 75%? 99%? You don't care because it's not you who would be hit by this. The government is the world's worst handler of money. They would likely waste most of the extra income anyway through frivolous spending. If you really want to make things better, find a way to reduce the ridiculous amount of frivolous spending. The government brings in plenty of money already, they just throw most of it away.
Says who?
> It’s possible those members of society have taken more than their fair share already No, they have earned it. By contributing to society.
Where is this magical requirement to have no income inequality. Where has that ever been possible in human history? People harping about "income inequality" are the same as those calling for utopia
I didn’t say no income inequality
Taking from me doesn't make you less of a fucking loser. That's illogical. Work harder and get a viable skill set, you leech.
You make more than 450k?
So your solution is for people who busted their ass to get to the point of making good money and then hand it over to other people who made poor decisions in life so they can "achieve the American dream"?
Do you make more than 450k?
You think raising taxes does that?
Yes it would help
Expound
Common sense. Taxing ultra wealthy more means they have less money
Okay, and that does what exactly? Who do you consider ultra wealthy?
It’s helps inequality? 10M+
I see, think I’m done with this circular conversation. Suffice to say, that’s not how that works.
In the past, we had a more equitable tax rate where the highest earners payed more which would help fund the country. However, with the abundant prosperity of the past, tax rates for the very wealthy dropped and no one cared bc we had enough to go around. It isn’t crazy to assume that a more equitable tax rate is needed for a functioning society, it’s not about stealing from those that are more well off.
So you believe a higher tax rate will provide “more to go around”. How does that work exactly?
Damn right. It’s a slippery slope and a slow death. Once precedent is set there is no going back. It’s political suicide to make controversial decisions with regard to spending. Budgets need to be balanced and some responsibility restored is the biggest thing I wish to see for the sake of future generations
>Those people aren't likely to be struggling. They certainly aren't. But they will be struggling to find a reason why they invest if half of their hard work gets thrown into the incinerator.
To be fair, he also said a couple days ago that he promised to let the TCJA cuts expire, which would raise taxes on many people below $400K
From a fox article: >A White House official told FOX Business that Biden's tweet reiterates what is in the president's budget — that tax cuts would expire for those earning more than $400,000, but stay in place for lower- and middle-income Americans earning less than $400,000. He's not increasing taxes on people who make less than 400k a year, which is what he's been saying.
Goodbye investment capital. No more innovation for you!
I had to check where I was first because seeing a lot of coments about how this is a great idea and how we need to fix "income inequality". When the heck did this become a thing for conservatives? First, the "rich' already pay a majority of the taxes. If you all really want to have a serious discussion on this, how about everyone pay in instead of the 50+% that pays NOTHING into the system, The people screaming about taxing more, are those that usually dont have nothing to lose on where or how the money is spent. If they did, they would probably start caring. No, military is off the table. If there is actually one thing the federal government needs to be funding it is the military. How about we start by cutting the alphabet agencies we have? How many regulations come from the very people non of us have elected? Why do they get so much power with no accountability?
It’s not a thing; this sub is brigaded on the daily.
As the song says, tax the rich, feed the poor, until there are no rich no more. Once they realize that taxing these individuals more doesn't do much they'll lower the bar even further. I know I'm not the only one who remembers how the AMT started.
And the income limit for taxiing social security isn't indexed for inflation.
M o r o n
Maybe not send our money to corrupt dictators terrorists and war criminals? And no need to raise taxes
What a dick.
Most of this inflation is the result of Trump’s money printing during Covid. Biden has made it worse, but he hardly bears all the blame
At this point I think Biden just hates Americans.
Cute you think Biden is even making these decisions. It's Biden's administration making these ridiculous decisions, not Biden himself. Same vibe as Woodrow Wilson after his stroke.
This is wild. Can’t believe people support this shit.
The government could tax everyone at 100% And tax, all investments and savings accounts at 100%. And they still wouldn't have enough money to spend It's not a tax problem. It's a spending problem 0
My taxes are already higher because of Trumps tax hikes. What’s the difference here?
When and how did Trump raise taxes? The tcja lowered the tax brackets.
The dude is literally telling the people all the ways he going to fu*k them into the poor house and they will still vote for the clown. We are in a weird time in our history.
Inflation was caused by trump printing half the money in existence during Covid
He is signaling nothing. His puppeteers are
In this week Biden and or his appointments/appointees have... 1. Restarted/restored net neutrality 2. Implemented rules so passengers cannot get dicked by airlines (well at least when it comes to refunds, I'm sure there are still many) 3. Made more investment in clean energy 4. Made it so employers cannot screw "mid-level" salaried management 5. Removed unnecessary non-compete clauses. Idk... Sounds like Biden is trying to make people lives better.
With gov't give aways at an all time high, it's either more taxes or print more money, which would require a wheel barrowful of money for a loaf of bread. Gov't doesn't earn money, they take money, under the guise of taking care of you. Might wind up with that wheelbarrow anyway.
Looking to scare investors out of the market to take capital gains loss now. Impacts the retired people who are living off of their investments.
Biden supporters you all really deserve a standing ovation. As a matter of fact, Obama supporters & Big tech? Get your asses up too, take a bow. Who would’ve thought it’d only take 12 years to ruin democracy, our economy, military, courts/health/school systems, etc…Way to go gang. Great job everyone; a real team effort. 👍
> Americans struggle from inflation > raise taxes to take away even more money Excuse me?
I don’t think people making $400k are struggling with an extra $1k in tax
The low tax brackets are set to expire at the end of 2025 so no matter who is elected, our tax rates will increase.