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 ...
LOl yep not a Penny.
Never, that money was just loaned from China
When businesses are taxed more, they pass those taxes on to their customers, meaning that, the corporations won’t be paying those taxes and the consumers will.
Ditto for the ‘wealthy’.
When the wealthy are taxed higher, they’ll have less money for investments, meaning that, corporations won’t have those investments to grow their businesses and will be having to employ fewer people and/or fire people and/or pay their employees lower wages. The fewer people working because of the lack of investments, the fewer wage earners paying taxes to the government, and the fewer taxes that the government collects, the fewer dollars that government will have to ‘invest’ in social programs and other necessary government mandated projects (fewer police, as an example).
Government TAKES money that is always best kept and best spend by the consumers and businesses.
What kind of idiot would believe CBS when they refuse to talk about the Joe Biden corruption scandal.
Well, he says that, but he’s being dishonest. He’s taking the Obama rates as the baseline, so the honest description is “Only if you make over $400K am I gonna stick you worse than even Obama. Everyone else will get smaller tax hikes.”
Simple. Any Democrat. They’ll believe anything.
So calculate NYC tax after Biden.
39.6% federal +12.4% payroll SS + 2.9 % payroll medicare + 8.001 tax on medicare/ss taxes + 8.82$ state + 3.876 City = 75.597% top tax rate!
Heck even in no state tax Florida one would pay
39.4% +12.4% +2.9 % + (12.4+2.9)*39.4% = 60.7% !
That worse than tax rate before Reagan, probably one of the highest tax rates anywhere in the world!
What do you think? Who will give three quarters of his money to the government. I hope Bloomberg will?
The very rich were leaving USA for quite a while, especially Obama was chasing them away.
I would expect mass exodus. To Bermuda or Ireland.
If the Tax Cuts and Jobs Act is repealed, as Biden has promised:
Well, if that is true, it’s only true for a short while at best.
“that 10k cap on SALT is going away.”
Several alternatives were proposed in 2019:
1. A permanent removal
2. Incease to $20k
3. A two year “holiday” with no cap.
Where do you get your info? I haven’t seen any change to the 10k limit on SALT
I’m still waiting for my $2,500 savings from Obamacare.
Good point about mules.
It was early with Pelosi.
I don’t have a link.
Maybe that is Biden’s goal. Crush the economy, take away freedom, disarm the citizens and subjugate the masses.
As soon as the Al Capone income tax evasion forensic accounts get through with auditing The Biden Crime Family books.
What? You say that crack forensic team has all passed on? What a shame.
That article said it was going to be proposed back in March 2020. But I don’t think it was ever passed. I believe the $10k cap remains on the books with no change.
Anyone who thinks the Wall Street and the other wealthy elitists backing Biden are going to pay more are morons.
The other day on a local conservative talk show, a nurse called in and talked about a group of doctors, all specialist, sitting together, talking. They were talking about supporting Biden. The nurse politely asked, if Biden was going to increase their taxes why were they voting for him.
They told her, their taxes wouldn’t be going up, they already have their accountants working on ways to pay about the same as they have been paying. The accountants explained there are all kinds of options they can move money around, etc.
The Wall Street guys & gals have their accountants doing the same thing. The tax code is thousands of pages long, because it’s jammed with ways to help the wealthiest people pay as little as they can
Of course it is “on the books”.
If slo-joe wins it is gone.
Post 11 is where this started.
I am stating a fact. Nanners WILL get rid of it.
To put it lightly, the rich democrats are bitching loudly that their State and Local Taxes write-offs are capped at 10k.
It was unlimited.
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