Posted on 10/13/2020 5:26:50 AM PDT by karpov
No one can doubt that Joe Biden plans to raise taxes on households earning over $400,000. The question is how the Biden-Harris tax plan, if implemented, would affect households earning less than $400,000. On cue, during last Wednesday’s debate, Senator Harris and Vice President Biden sparred over the subject.
The answer? Most households would face a tax increase under the Biden-Harris tax plan. In fact, as the chart shows, unless your household income is less than $45,600, there is more than a 90 percent chance that the Biden-Harris plan, if enacted, will raise your taxes. In the exact middle of the household income distribution, over 95 percent of households can expect a tax increase if the Biden-Harris plan becomes law. Overall, 82.6 percent of American households can expect a tax increase.
These estimates come from the Penn Wharton Budget Model at the University of Pennsylvania’s Wharton School of Business, not exactly a friend of President Trump’s economic agenda.
When I was at President Trump’s White House Council of Economic Advisers, in fact, we explicitly criticized the Penn Wharton Budget Model’s estimates of the effects of the 2017 Tax Cuts and Jobs Act. If the Penn Wharton Budget Model produces estimates inconvenient for the Biden-Harris agenda, then, they’re likely to be inconvenient truths. Not results of cherry-picked assumptions.
These estimates — produced in March 2020 as part of an analysis of the Biden-Harris tax agenda — were updated in September 2020 with a comprehensive look at the entire Biden-Harris economic agenda. The “updated” analysis, however, did not include estimates specifically of how many households in each income quintile faced tax increases. At least none that the public can see.
(Excerpt) Read more at nationalreview.com ...
The problem with “hard dollar” threshholds is what we saw with the AMT (Alternative Minimum Tax), which kicks in at a low level by today’s standards, but only applied to the “rich” when implemented.
When the price inflation kicks in from all the trillions being rained down on our economy kicks in, $400,000 will just be the minimum wage.
Whatever you think the “Rich” should pay, there is an economical objective fact.
Before Trump cuts, the corporate tax rate in the US was the highest in the world! The corporations were moving out of the US as much as they could. Mostly by willingly getting taken over by small foreign companies. The jobs were flying out of the country.
The corporate tax cut was a must to stop the bleeding!
Somehow, with all the discussions, who saved and who did not, how fair is to give rich tax cuts, etc., nobody is getting this point across.
Corporations will always find some escape route if the must, Biden tax policy will resume the exodus.
Say goodbye to your 401 K, health care and Social Security.
“If you like your tax bracket, you can keep your tax bracket.”
Why does National Review accept - on its pages to be read by who it knows are its readers, an advertisement for the Dims in the form of a video of the actor Dwayne Johnson announcing his support for Joe Biden???
Is the article a snarky way for the traitors in National Review to use as to help propagate the ad from Dwayne Johnson around the internet?
I would have shared the article on FB were it not for that ad.
$400,000 GROSS INCOME -——
OR $400,000 NET TAXABLE INCOME ?????
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