Posted on 10/30/2020 7:18:14 PM PDT by Rinnwald
Former Vice President Joe Biden says he won't raise taxes on anyone with annual income of less than $400,000. Meanwhile, President Donald Trump has tweeted, and stated in the second debate, that his Democratic rival would raise taxes to a level never seen before in America.
Both candidates can't be correct. But neither is entirely wrong, either.
Biden's tax increases are focused on the wealthy and target three key areas: raising the top income tax rate to 39.6% for those making above $400,000; hiking the rate on capital gains to 39.6% for investment income above $1 million; and imposing a 12.4% payroll tax on income above $400,000. Payroll taxes currently only apply to the first $137,700 of an individual's income.
(Excerpt) Read more at cbsnews.com ...
They admit the "average wage earner" will pay $200 more a year under Biden's plan. Not "average taxpayer", mind you. The average wage earner includes a lot of people that pay no taxes at all.
At least CBS chortles with communistic glee, proclaiming that rich people will pay $50,000 more a year, as if that is a good thing, and balances out the average poor sucker getting hit for 20 extra sawbucks.
...Keep less of what you have earned"
.
The latest radio ad I heard for Biden this afternoon declared ‘if you make less than $400,000, you won’t pay a penny more in taxes — “full stop”’.
The heat from his pant legs being constantly aflame must really be painful.
See BS believes Lyin Biden, I dont.
I wouldn’t trust the snake to keep one single campaign promise..
Hell, he wont remember what he said about the, ya know the thing. How convenient
How much tax will we be paying when the minimum wage is $150.00 per hour?
When producers (businesses, manufacturers, employers) are taxed higher, any added cost of production is passed on to consumers, so it has a negative effect on lower income customers and may even reduce the number of jobs. The left never grasps this very basic concept.
the hidden Biden tax will be the states thinking they have the right to raise taxes, too. So it will be a double-whammy.
Otoh, Trump gives us a tax-break, which energizes people to demand that their states also put the kibosh on any state tax increases.
Clever word parsing. He wont
take
A Penny
It will be in Dollars.
Love how the article excuses Trumps desire to extend the tax cuts in 2022 by saying “but he will be congressional approval to do that”.....and then flaunts Biden’s tax hikes and first time home buyers credits like they will magically appear and without also saying he will need congressional approval.
Soak the rich we’re all rich
I do know this, that 10k cap on SALT is going away.
That pissed Nanners off to no end.
Au Contrariety The Left knows this very well, the intent is to strip away the wealth for themselves
Po folks are much easier to control. Its all about Control
You better ask Heels-up-Harris what her tax plan is, because she is the one that will be sitting in the oval office.
CBS Fact Check: Under the Biden plan, everyone gets a pony.
They left out the part about reversing tax easing. Hard to call them cuts some times.
Clever word parsing. He wont
take
A Penny
It will be in Dollars.
—
“I never took a penny from China.”
VOTE Trump and lets avoid such a disaster!
They are clearly not factoring in his proposed gun and magazine tax.
When is Joe and the rest of his family planning on paying the taxes they owe for all their “funny money?”
Or likely a mule.
Just like the freed slaves were told they would 40 acres and a mule, which is a hybrid animal that can’t breed.
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