Posted on 04/04/2021 10:45:41 AM PDT by SeekAndFind
When Joe Biden unveiled his $3 trillion infrastructure bill, he told the American people that no one making less than $400,000 a year would have their taxes raised. He said, “No one making under $400,000 will see their federal taxes go up, period.”
In the immortal words of Independence Day Defense Secretary Albert Nimziki, “That’s not entirely accurate.”
On Friday, the president said that a two-partner family would be impacted if their combined income crosses $400,000. He also claimed that jacking up corporate and business taxes right at the beginning of the recovery from the pandemic “will not slow the economy at all.”
Does anyone else get the feeling that Biden and his advisors are just a bit delusional?
“It is a once-in-a-generation investment in our economic future, a chance to win the future — paid for by asking big corporations, many of which do not pay any taxes at all, just to begin to pay their fair share. And it won’t raise a penny of tax on a family making less than $400,000 a year, no federal tax, no addition,” he said.
The president’s description of the tax hike as applying to any “family” that makes more than $400,000 per year is a significant change from his earlier remarks, and could mean families on the cusp of affluence in areas with high costs of living are impacted.
[…]
In an interview last month with ABC News, Biden said, “If you make less than $400,000, you won’t see one single penny in additional federal tax.”
The number of families with two incomes exceeding $400,000 is a lot more than single taxpayers earning that amount. And if you have two children and a house and live in an expensive real estate market, even $400K doesn’t make one “wealthy.”
(Excerpt) Read more at pjmedia.com ...
With the price of everything going up, especially gas prices, everybody will be paying more. The ‘hidden taxes’ are killers of the economy. Everybody pays more, including those getting government assistance.
Buttpegg’s gas tax will affect EVERYONE
“No one making under $400,000 will see their federal taxes go up, period.”
Which actually means single or joint income, i.e. husband and wife filing joint return. But it might be better to file two individual returns if either party has taxable income over 400K.
Mark Levin and other shows had experts on 2-3 years ago who said the proposed AOC New Green Deal regulations, and the preposterous Medicare For All (which means Medicare for none-—after all of us paid taxes to keep it going all these decades) plus increased illegals to take care of would cause a total collapse of the taxation and government program funding systems within fewer than six months.
All the wealthy would pay all their new taxes and still the bill would be much higher. So, the middle class and lower class would have to pay much higher taxes. Then, the dollar collapses and good bye America.
All so some moronic suburban women wouldn’t have to read nasty Tweets from a man with the hairstyle they didn’t like?
Well, they got their socialist Kamala (I mean Biden) President.
Just confiscate the earnings of people who work for a living and give it to people who don’t.
You know you want to.
What I meant to say was, “If both husband and wife each have taxable income under 400K if their income together totals over 400K.
From each according to their abilities, to each according to their needs.
So we can “win” the future.
And the future is the late 19th century.
RE: Just confiscate the earnings of people who work for a living and give it to people who don’t.
That’s essentially a bill that Ilhan Omar is proposing - the Rent and Mortgage Cancellation Act, a bill that would institute a nationwide cancellation of rent and home mortgage payments through the duration of the COVID-19 pandemic ( when the “end” will be nobody knows ).
The traitorous kakistocrats of ChiComjoe plan to steal from everyone including their gullible supporters.
Lowest threshold will be set slightly north of the average world income of US$10,000. Once that is achieved over the next 15 years the Regime’s tax scheme is predicated on, all wealth will be taken, all property taken and there will still be a deficit.
The increase in corporate tax affects everyone. Corporations do not pay taxes, consumers do since corporate taxes are paid by consumers in the form of increased prices of goods and services. The idea that business pay their fair share is the typical single dimension thinking of leftists and their followers with below average IQs. Thus, everyone is taxed when business taxes are increased.
This kind of shenanigans really hits families with stay at home moms. If dad’s salary is above $200K, and his wife stays at home with the children, then he gets a tax hike. But if both parents work $200K each, and have their kids in childcare, then they escape the tax hike. Doesn’t seem family oriented at all.
They already pulled a “sneaky one” in Trump’s upping the standard deduction and doing away with a lower standard deduction, and then a deduction for each individual in the family. Any advantage zeros out at people with 3 children, and works just the opposite in causing more tax to be paid, due to lower deduction, if you have more than 3 children, and paid the previous standard deduction and deduction for each of your children, the wife, and the taxpayer.
Total anti family bills, both Trump’s higher standard deductible (24K) that diminishes more deduction than the previous standard deduction of $12K and then a deduction for each dependent, and Biden’s with the $400K for double income families.
Taxed
Enough
Already
$50,000 is my guess
I wouldn’t mind paying higher taxes as long as the money went to something necessary and worthwhile.....like an escalator for Air Force 1.
How bout those not paying anything at all step up to the plate?
Oh, that would be racist!
The lowest threshold for direct tax increases will be about $40,000 for individuals. Everybody else will be assessed the “hidden tax” of inflation, and the pass-throughs of the higher rates the producers of goods and services will be forced to pay, then roll into the wholesale price of their product.
The Steve Forbes version of the flat income tax, with no exceptions and allowing a certain minimum amount to be exempt for individuals. and applied to corporations and individuals at large, would make it possible to file your income tax on a post card.
Hmm...”nobody” now means “no family”. And “$2000” actually means “$1400 from me, $600 from the other guy”. I’d accuse Beijing Joe of going back on his word but then he doesn’t remember what his word was.
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