Posted on 08/01/2020 4:39:34 AM PDT by karpov
Joe Biden is a heavy favorite to be the next President, yet the media have barely paid attention to what he will do if he wins. We’ll try to fill that knowledge gap in the coming weeks, and a good place to start is his proposal for tax increases of more than $3 trillion over a decade. Let’s examine the unfine print:
• Individual incomes: Raise the top marginal rate to 39.6%, from 37%. Repeal the $10,000 cap on the deduction for state-and-local taxes, giving a bigger break to places like San Francisco and New York. But limit the tax benefit of itemized deductions to 28% of face value, hitting higher earners.
• Payrolls: Apply a 12.4% Social Security tax, split between workers and their employers, to all income over $400,000, with no cap. The current payroll tax comes off after $137,700 of income, but under Mr. Biden’s plan the levy would be limitless. No more polite fiction of Social Security as an “earned” benefit.
Economists say the payroll tax falls mainly on workers, even though half is purportedly “paid” by employers. All together, including Mr. Biden’s 39.6% rate on income, the federal government’s top marginal tax on labor would be higher than 50%. Factor in state income taxes—California’s 13.3% top rate or New Jersey’s 10.75%—and the marginal rate would hit the 60s.
• Capital gains: For those earning more than $1 million, tax capital gains and dividends as regular income, at the new top rate of 39.6%. That’s almost double the current top rate of 23.8%, including the ObamaCare surtax. Capital gains haven’t been taxed as heavily as Mr. Biden proposes since the bad old 1970s.
Who knows if it’ll stop there. Last year the ranking Democrat on the Senate Finance Committee, Oregon’s Ron Wyden, suggested taxing unrealized gains
(Excerpt) Read more at wsj.com ...
This sounds like the tax lawyer full employment act.
“Capital gains...$1 million”
Dr. Knife won’t be doing surgeries in December.
Our leading businessmen will become foreigners.
If plugs had proposed raising that revenue with import tariffs he would get a lot of support, and rightfully so. But neither of the two globalist parties protect American workers and promote domestic industry.
We are slaves to this fat, corrupt govt.
[[[Last year the ranking Democrat on the Senate Finance Committee, Oregon’s Ron Wyden, suggested taxing unrealized gains]]]
Insanity.
Effective corporate tax rate in the US is presently below 10%. That’s pretty low.
For those who can’t get in. https://taxfoundation.org/joe-biden-tax-plan-2020/
I wonder who actually wrote this proposal, since #NOJOE can’t add 7+6.
Pretty soon there's going to be a couple of million people left working who pay 98% to the government and support everyone else.
The way I see it if Trump wins CWII starts on Nov. 4th because the left will go mad.
If Biden wins CWII starts on Jan. 21st when Americans find its time to defend America from disintegration.
How in the world did “I’m gonna RAISE taxes!” become a rallying cry for politicians??
I see in OLD movies - made in the 30’s, 40’’s... where taxes has ALWAYS been a bad word.
But they’ve conditioned enough Americans to yell “HOORAY!” when they announce they’re (our MILLIONAIRE politicians) gonna raise OUR taxes.
It’s astounding.
[[[Last year the ranking Democrat on the Senate Finance Committee, Oregon’s Ron Wyden, suggested taxing unrealized gains]]]
Insanity.”””
That was a RE-RUN.
Pelosi proposed that years ago.
Biden and his handlers will walk that statement back if they think they have a shot at winning. After all, Democrats have no hesitation to outright lie when it comes to taxation. Another indicator that suggests that Biden is just a placeholder. The Dems real objective is majorities in both houses of Congress.
Joe Biden is a heavy favorite to be the next President
That’s all I needed to read, LOL
Biden is a senile idiot who spent 50 years in govt and nobody can come up with anything he’s accomplished except enriching his drug addict family members through corruption.
I guess you have to own the right kind of business - our Federal/State tax was more like 25% last year.
(Raises hand)
“Umm, excuse me Mr. Biden? How come Congress is trying to stimulate the economy by giving working people another $1200 and you say you’ll improve the economy by raises taxes and taking that money back?”
Congress is wrong to attempt to stimulate the moribund, heavily regulated economy with many suddenly forbidden sectors and other sectors effectively eliminated or severely diminished under crushing new regulations. Congress is also $26,505,315,299,968.98 in debt, which means that it must raise $80,310.24 per American in the census (including citizens, immigrants, long-term visitors like foreign students, and illegal aliens) just to get broke.
To meet its goals, Congress should raise taxes, reverse Wuhan coronavirus restrictions, dismantle the regulatory state, and drastically slash the bureaucracy and its salaries, contractors, buildings, and other expenses. I still wait to hear the Democrat (or Republican) plan to balance the federal budget and repay the debt.
Oh, I don’t disagree at all (except for the raising taxes part)... I’m just questioning *their* obviously flawed logic.
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