Posted on 10/29/2020 11:42:46 AM PDT by SeekAndFind
Presidential candidate and former Vice President Joe Biden has said that he wants to lower taxes for the middle class.
His plan would raise the corporate tax rate to 28%, require a true minimum tax of 21% on all foreign earnings on U.S. companies, levy a tax penalty on corporations that move jobs overseas, place a 15% minimum tax on book income, raise the top individual income tax rate to 39.6% (the current maximum is 37%), and require those who make more than $1 million annually to pay the same rate on investment income as they do on their wages.
Biden’s plan would generate over $289 billion in tax revenue, according to research from the Institute on Taxation and Economic Policy (ITEP). About 1.9% of the U.S. population would see an increase in taxes.
The ITEP data broke down the impact by state. Population has a major impact on the overall total in tax increases.
Who actually pays With its massive population of over 39.5 million people and median income of $71,228, it’s no surprise that California would see the highest tax increases under Biden’s plan.
On Biden’s campaign website, it states that “he won’t ask a single person making under $400,000 per year to pay a penny more in taxes.”
Here’s what the ITEP research shows.
On average, the bottom 95% in California will see no change in their taxes, even though collectively their tax bill may increase or decrease, according to ITEP. It’s those in the top 5% that will see a higher bill, with those making $347,200 to $948,300 a year paying $5,310 more on average each year. Those in the top 1% would see their tax bill increase by $279,300 on average.
In total, the state would see a $54.6 billion more in tax revenue.
(Excerpt) Read more at finance.yahoo.com ...
So then Biden in lying about “repealing the Trump tax cuts”, because to do that would increase taxes on the middle and lower income taxpayers. Instead, he is just going to drive business overseas again...
All my life whenever Dims promise to raise taxes on only the rich they wind up raising my taxes too — even back when I was making $25K to $30K a year.
California, New York, Florida, and Texas really get hosed in this theft.
Only the rich. Guess what, we all just became rich.
The ghost of FDR returns.
I think you mean the Harris/Biden tax plan. Every person getting a paycheck will have their taxes increased. I’m willing to bet all SS recipients will see a 20% reduction in SS benefits. Senior citizens and middle income workers will be hit the hardest. I don’t care that you hate Trumps style, wake up, the alternative is disaster.
Wake up people, a Harris/Biden regime will make Venezuela look like paradise.
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