Posted on 10/30/2020 7:18:14 PM PDT by Rinnwald
Tax reform act 1986 lowered top tax rate to 28%, while eliminating a lot of deductions.
Since then, we are seeing interesting trend.
Bush the elder, Clinton, Obama and Biden rising taxes on the “rich”. Demagogued: “Let them chip in a little bit! They have the money!
Bush the younger and Trump lowered taxes on everybody!
Demagogued: “They cut taxes for the benefit of the rich!”
In result we have a situation when half of the people do not pay any taxes, while the rich will be supposed to chip in 60-70% of their income. Basically the “rich” tax rates will more than double relative to 1986, while the “poor” rates are actually quite lower than in 1986.
We are already having too progressive tax, and Biden will trump that! It is not healthy! Getting back to “malaise”?
The tax code is written by congress critters. There is always a loophole written in for them and their “friends”.
Nanners WILL get rid of it...IF SLO JOE WINS.
Cannot disagree with that. But that will be the smallest of our worries if the communists take over.
Well, that was my point.
Thanks :^)
Sorry, I didn’t figure that out in your #11.
I read a different report that said just the opposite.
“Payroll axes” only apply to first $137,000 you earn....
Not so sure about that:
IIRC, that portion of the payroll tax threshold is FICA-—Social Security==6.2%...
The threshold on Medicare was lifted completely & that 1.45% is deducted on every penny you make.
Income tax is also certainly a “Payroll tax”, and that has NO threshold.
Biden has NEVER clearly stated whether he is referring to $400,000 GROSS income or Net taxable income.
This isn’t a zero sum game. When you tax the rich, which I call generally call business owners, they make up for it in other ways. It is certainly fair to say that a lot of middle- and low-income wage earners won’t be paying more taxes. In fact, many won’t be paying taxes at all because they don’t have jobs.
I am more worried about the Kamalala tax plan.
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