Biden Tax Increases

[scotchtiger]

Spring is in the air, so it's a good time to start thinking of ways to punish success. The Biden administration is doing just that as it prepares its priority legislation: Taking more money from hard-working Americans. We have these fun things to look forward to according to The Hill:

• Increase the corporate tax rate from 21% to 28%.
  • I'm sure this will be good for jobs/unemployment/costs of goods.
• Increasing the income tax rate on people making more than $400,000
  • Because this arbitrary number surely targets the Billionaires that the democrats love to complain about. It's really those damn upper middle earners getting drilled with the top ordinary tax rates that we need to squeeze for more money.
• Expanding the estate tax.
  • Tax income, tax earnings and then tax again when you die. Yea, that sounds fair.
• Paring back tax preferences on pass-through businesses such as limited-liability companies.
  • Haven't small businesses suffered enough? And now you want to raise their taxes?
• Setting up a higher capital gains tax rate for individuals making at least $1 million.
  • I could actually see adding some scale here. I think $1M is too low though and it needs to be progressive like income tax, not a cut-off at which you pay a new rate on all cap gains.
  • For example, a decently high earner has to pay 20% on every dollar of cap gains instead of 15%. If they implement this the same way, someone earning $1M of ordinary income would then get hit with a huge cap gains rate on everything (Biden has suggested ordinary income tax rates, which would be 37%+).
  • I could see a structure under which your first $500K of long term gains is taxed at 15%, the next $500K is taxed at 20% and the rest ($1M+) is taxed at 25%. Break it off from ordinary income levels.

Biden planning first major tax hike in almost 30 years: report

President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus pack…

thehill.com

 

[TigerGrowls]

Spring is in the air, so it's a good time to start thinking of ways to punish success. The Biden administration is doing just that as it prepares its priority legislation: Taking more money from hard-working Americans. We have these fun things to look forward to according to The Hill:

• Increase the corporate tax rate from 21% to 28%.
  • I'm sure this will be good for jobs/unemployment/costs of goods.
• Increasing the income tax rate on people making more than $400,000
  • Because this arbitrary number surely targets the Billionaires that the democrats love to complain about. It's really those damn upper middle earners getting drilled with the top ordinary tax rates that we need to squeeze for more money.
• Expanding the estate tax.
  • Tax income, tax earnings and then tax again when you die. Yea, that sounds fair.
• Paring back tax preferences on pass-through businesses such as limited-liability companies.
  • Haven't small businesses suffered enough? And now you want to raise their taxes?
• Setting up a higher capital gains tax rate for individuals making at least $1 million.
  • I could actually see adding some scale here. I think $1M is too low though and it needs to be progressive like income tax, not a cut-off at which you pay a new rate on all cap gains.
  • For example, a decently high earner has to pay 20% on every dollar of cap gains instead of 15%. If they implement this the same way, someone earning $1M of ordinary income would then get hit with a huge cap gains rate on everything (Biden has suggested ordinary income tax rates, which would be 37%+).
  • I could see a structure under which your first $500K of long term gains is taxed at 15%, the next $500K is taxed at 20% and the rest ($1M+) is taxed at 25%. Break it off from ordinary income levels.

Biden planning first major tax hike in almost 30 years: report

President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus pack…

thehill.com

We knew this was coming along with all the other crap going on. I am very concerned for the future at this time.

 

[scotchtiger]

Frankly, I think it's terribly embarrassing to want something, not be willing to pay more for it and ask someone else to foot the bill for you. That's effectively what 99% of democrat voters did.

 

[PawPride]

Spring is in the air, so it's a good time to start thinking of ways to punish success. The Biden administration is doing just that as it prepares its priority legislation: Taking more money from hard-working Americans. We have these fun things to look forward to according to The Hill:

• Increase the corporate tax rate from 21% to 28%.
  • I'm sure this will be good for jobs/unemployment/costs of goods.
• Increasing the income tax rate on people making more than $400,000
  • Because this arbitrary number surely targets the Billionaires that the democrats love to complain about. It's really those damn upper middle earners getting drilled with the top ordinary tax rates that we need to squeeze for more money.
• Expanding the estate tax.
  • Tax income, tax earnings and then tax again when you die. Yea, that sounds fair.
• Paring back tax preferences on pass-through businesses such as limited-liability companies.
  • Haven't small businesses suffered enough? And now you want to raise their taxes?
• Setting up a higher capital gains tax rate for individuals making at least $1 million.
  • I could actually see adding some scale here. I think $1M is too low though and it needs to be progressive like income tax, not a cut-off at which you pay a new rate on all cap gains.
  • For example, a decently high earner has to pay 20% on every dollar of cap gains instead of 15%. If they implement this the same way, someone earning $1M of ordinary income would then get hit with a huge cap gains rate on everything (Biden has suggested ordinary income tax rates, which would be 37%+).
  • I could see a structure under which your first $500K of long term gains is taxed at 15%, the next $500K is taxed at 20% and the rest ($1M+) is taxed at 25%. Break it off from ordinary income levels.

Biden planning first major tax hike in almost 30 years: report

President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus pack…

thehill.com

1.8% of the US population makes over 400k/year. taxing them an additional 9% on every dollar earned over $400k isn't going to cripple them. agreed with estate tax, back taxes, and higher capital gains tax takes though.

 

[valley92]

I work in private equity and we're currently seeing a huge spike in deal flow as business owners are rushing to sell before the cap gains tax hike goes into effect. 2021 will be a big year for M&A, but I'm also concerned about the long-term economic ramifications.

 

[jakefest]

I work in private equity and we're currently seeing a huge spike in deal flow as business owners are rushing to sell before the cap gains tax hike goes into effect. 2021 will be a big year for M&A, but I'm also concerned about the long-term economic ramifications.

I just had coffee with some folks from Blackstone and they said the same thing. The market is about to be flooded with medium sized businesses and many will sell off the premium they probably would have gotten before Covid. This is going to fuel the SPAC market, which is looking like the next big meltdown.

 

[scotchtiger]

1.8% of the US population makes over 400k/year. taxing them an additional 9% on every dollar earned over $400k isn't going to cripple them. agreed with estate tax, back taxes, and higher capital gains tax takes though.

How do you know how a tax hike will affect families that are not your own? And the measure of impact surely isn't "crippling" a family.

When dems talk about doing this because Billionaires, what exactly does that have to do with the family of 4 with two hard-working parents being forced to pay for programs they don't want?

 

[PawPride]

How do you know how a tax hike will affect families that are not your own? And the measure of impact surely isn't "crippling" a family.

When dems talk about doing this because Billionaires, what exactly does that have to do with the family of 4 with two hard-working parents being forced to pay for programs they don't want?

because i'm anecdotally using my own situation to realize that a 9% increase on every dollar i make w/ my fiancee over $400k isn't going to hurt us. if losing 9c per dollar earned over $400k is going to really hurt a family, then they're living outside of their means.

and to the second bolded section - please, just because the proposed plans don't directly help a well off family of 4 doesn't mean they don't see indirect benefits from them. when discussing the proposed tax plan, people always conveniently leave off the tax breaks that the remaining 98.2% of the american population are going to receive from his proposed tax plan. These include incentives for first-time home buyers and family caregivers, an expansion of the child tax credit to $3,000 from $2,000, at least for 2021, larger credits for young children and changes that make more of that break available to low-income families.

 

[jakefest]

How do you know how a tax hike will affect families that are not your own? And the measure of impact surely isn't "crippling" a family.

When dems talk about doing this because Billionaires, what exactly does that have to do with the family of 4 with two hard-working parents being forced to pay for programs they don't want?

This ^^^^

That 1.8% of the population is already paying the majority of the taxes for the country so how can you justify asking them to do more?

These tax hikes don't factor in location which is criminal. Someone making $400k in say Manhattan, that has a family of 4 or 5 is likely living pretty month to month if they are a single income family. The same can be said for Chicago, San Fran, LA, Washington DC, etc etc.

Sleepy Joe and team liberal are ignoring some pretty indicative signs that this would be insanely bad timing to consider a substantial tax hike. 75% of the country isn't even opened back up yet.........and likely won't be until H2 of this year.

 

[nytigerfan]

Frankly, I think it's terribly embarrassing to want something, not be willing to pay more for it and ask someone else to foot the bill for you. That's effectively what 99% of democrat voters did.

How is this different than Trump's tax cuts? They are sure as shit not paying for themselves.

 

[Dackel]

Spring is in the air, so it's a good time to start thinking of ways to punish success. The Biden administration is doing just that as it prepares its priority legislation: Taking more money from hard-working Americans. We have these fun things to look forward to according to The Hill:

• Increase the corporate tax rate from 21% to 28%.
  • I'm sure this will be good for jobs/unemployment/costs of goods.
• Increasing the income tax rate on people making more than $400,000
  • Because this arbitrary number surely targets the Billionaires that the democrats love to complain about. It's really those damn upper middle earners getting drilled with the top ordinary tax rates that we need to squeeze for more money.
• Expanding the estate tax.
  • Tax income, tax earnings and then tax again when you die. Yea, that sounds fair.
• Paring back tax preferences on pass-through businesses such as limited-liability companies.
  • Haven't small businesses suffered enough? And now you want to raise their taxes?
• Setting up a higher capital gains tax rate for individuals making at least $1 million.
  • I could actually see adding some scale here. I think $1M is too low though and it needs to be progressive like income tax, not a cut-off at which you pay a new rate on all cap gains.
  • For example, a decently high earner has to pay 20% on every dollar of cap gains instead of 15%. If they implement this the same way, someone earning $1M of ordinary income would then get hit with a huge cap gains rate on everything (Biden has suggested ordinary income tax rates, which would be 37%+).
  • I could see a structure under which your first $500K of long term gains is taxed at 15%, the next $500K is taxed at 20% and the rest ($1M+) is taxed at 25%. Break it off from ordinary income levels.

Biden planning first major tax hike in almost 30 years: report

President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus pack…

thehill.com

A financial transaction tax will be next. A major redistribution of your brokerage accounts could cost you many $1000s. I haven't read whether this would include 401ks/IRAs but I would speculate it will.

 

[Willence]

Fortunately for Biden most people don't very well understand economics and the regressive nature of all these measures. I'm sure they'll be able to get away with most anything they want unfortunately. It's hard to fathom how anyone wants to turn away from the economy we had going. It wasn't perfect but it was a significant number of steps in the right direction for all Americans. Now it'll be back to a life under the thumb of the elites.

 

[firegiver]

Ah yes those poor 1.8%ers. Of course they don't want taxes to go up on their 400,001 dollar.

 

[scotchtiger]

Ah yes those poor 1.8%ers. Of course they don't want taxes to go up on their 400,001 dollar.

I think you are looking for the words, "thank you" since you are asking us to pay for the policies you support.

 

[DW4_2016]

I think you are looking for the words, "thank you" since you are asking us to pay for the policies you support.

technically you're just paying down the debt from previous administrations.

 

[Willence]

I think you are looking for the words, "thank you" since you are asking us to pay for the policies you support.

Folks are always happy to spend other people's money for what they think is important. It is absolutely disgusting. In an age of so-called Justice it amazes me that people don't realize how unjust that is.

 

[scotchtiger]

because i'm anecdotally using my own situation to realize that a 9% increase on every dollar i make w/ my fiancee over $400k isn't going to hurt us. if losing 9c per dollar earned over $400k is going to really hurt a family, then they're living outside of their means.

and to the second bolded section - please, just because the proposed plans don't directly help a well off family of 4 doesn't mean they don't see indirect benefits from them. when discussing the proposed tax plan, people always conveniently leave off the tax breaks that the remaining 98.2% of the american population are going to receive from his proposed tax plan. These include incentives for first-time home buyers and family caregivers, an expansion of the child tax credit to $3,000 from $2,000, at least for 2021, larger credits for young children and changes that make more of that break available to low-income families.

You are using words like cripple and hurt to describe the impact. Sure, my family isn't going to suffer debilitating financial injury, but that's not really the point. Somehow we have transitioned from money belonging to those who earn it to this bizarre concept that a political party can decide at which point you are well off enough to fund big government entitlement programs.

 

[scotchtiger]

technically you're just paying down the debt from previous administrations.

Technically, unless you are paying $15K in federal taxes per person in your household, you aren't paying your share ($4.8T / 330M). That means a family of 4 paying less than $60K should really just be saying "thank you" to the people carrying them rather than voting to increase their taxes. Technically, of course.

 

[scotchtiger]

Folks are always happy to spend other people's money for what they think is important. It is absolutely disgusting. In an age of so-called Justice it amazes me that people don't realize how unjust that is.

Can't like this enough. It amazes me that people on this board are completely okay taking money from someone's family to fund big government programs that they support, while supporting a structure under which they don't contribute any more. It's honestly just gross. I would be ashamed to find myself in such a a place.

 

[firegiver]

I think you are looking for the words, "thank you" since you are asking us to pay for the policies you support.

Yah um thank you? Also, you are welcome since I also pay a shit load of taxes. I'm not going to respect your appeal to sympathy, its kind of silly. If you want to argue about what the tax money is getting spent on so be it, but nah, I'm not going to weep for the 1%.

 

[okclem]

I fully support these tax increases on the wealthy. It's time they started paying their fair share.

 

[TheValley91]

Weird thread looking for sympathy OP.

Also I could be wrong but weren't tax increases supposed to happen whether Biden or Trump won?

 

[okclem]

I think you are looking for the words, "thank you" since you are asking us to pay for the policies you support.

Republican playbook: demand credit for everything good and take no responsibility for anything bad.

 

[scotchtiger]

I fully support these tax increases on the wealthy. It's time they started paying their fair share.

Who exactly isn't paying their fair share?

 

[scotchtiger]

Yah um thank you? Also, you are welcome since I also pay a shit load of taxes. I'm not going to respect your appeal to sympathy, its kind of silly. If you want to argue about what the tax money is getting spent on so be it, but nah, I'm not going to weep for the 1%.

Not asking for sympathy or weeping. Asking that you not take more money from hard-working families to pay for big government programs.

 

[TheValley91]

Not asking for sympathy or weeping. Asking that you not take more money from hard-working families to pay for big government programs.

Do you think your income level determines if you are a "hard-working" family?

 

[Willence]

Do you think your income level determines if you are a "hard-working" family?

You said that but he didn't. He simply said that if you're someone who works hard and is successful then it's not automatically the right of the government or society at large to take a higher percentage of what you earn. Half of our country pays a very little to nothing and income taxes. The wealthy few that you're referring to a well beyond what they should. They hey much higher percentage of the total tax revenue then the percentage of the total income that they earn. It's not right!

If all these bozos want to have a European style social welfare system then we need to have European style taxes. There if you make $60,000 a year you're still going to pay about a 25% tax rate. Let's see how that goes over here.

 

[PawPride]

You are using words like cripple and hurt to describe the impact. Sure, my family isn't going to suffer debilitating financial injury, but that's not really the point. Somehow we have transitioned from money belonging to those who earn it to this bizarre concept that a political party can decide at which point you are well off enough to fund big government entitlement programs.

or they're realizing that if you make $400k or more a year you can afford to pay a little bit extra in taxes, unlike the other 98.2% of the population who would likely feel that increase more. that 2nd sentence has been the basis for how taxes work for the entirety of human history so i'm not entirely sure what you're getting at with that statement beyond just taking the piss.

idk how they got to the $400k figure, and i agree that there should be a cost of living qualifier in there, but for the most part the 1.8% of the population that earns over $400k in income can weather the small tax increase more than the other 98.2% of the population.

 

[scotchtiger]

Do you think your income level determines if you are a "hard-working" family?

I didn't say that.

 

[okclem]

Who exactly isn't paying their fair share?

The wealthiest people

 

[scotchtiger]

or they're realizing that if you make $400k or more a year you can afford to pay a little bit extra in taxes, unlike the other 98.2% of the population who would likely feel that increase more. that 2nd sentence has been the basis for how taxes work for the entirety of human history so i'm not entirely sure what you're getting at with that statement beyond just taking the piss.

idk how they got to the $400k figure, and i agree that there should be a cost of living qualifier in there, but for the most part the 1.8% of the population that earns over $400k in income can weather the small tax increase more than the other 98.2% of the population.

But that group already pays more. A lot more. That's when you start getting into the 35% and 37% brackets. And you've lost deductions. Effective rates are significantly more than those in lower tiers.

Maybe, just maybe, we should consider spending less rather than taking more money from families?

Human history? The US had a 0% income tax longer than we've had a progressive income tax structure.

 

[scotchtiger]

The wealthiest people

Well that sure isn't someone making $400K+. Want to target billionaires? Fine, but that has absolutely nothing to do with people making 6 figures or even low 7 figures.

 

[scotchtiger]

If all these bozos want to have a European style social welfare system then we need to have European style taxes. There if you make $60,000 a year you're still going to pay about a 25% tax rate. Let's see how that goes over here.

That's the real "fair share" that nobody wants to talk about. A family making $75K will pay like a 6% effective rate. My family of 4 will pay 25-30%.

Who isn't paying their fair share?

 

[TheValley91]

I didn't say that.

That doesn't answer my question.

 

[TheValley91]

You said that but he didn't. He simply said that if you're someone who works hard and is successful then it's not automatically the right of the government or society at large to take a higher percentage of what you earn. Half of our country pays a very little to nothing and income taxes. The wealthy few that you're referring to a well beyond what they should. They hey much higher percentage of the total tax revenue then the percentage of the total income that they earn. It's not right!

If all these bozos want to have a European style social welfare system then we need to have European style taxes. There if you make $60,000 a year you're still going to pay about a 25% tax rate. Let's see how that goes over here.

I asked a question based on his posts. I have stated none of my feelings.

You look like a bozo right now.

 

[Willence]

I asked a question based on his posts. I have stated none of my feelings.

You look like a bozo right now.

Hello there! I never said you were a bozo. I am saying that people who want this are when they don't factor these things in. I have no idea if you do or don't.

 

[scotchtiger]

That doesn't answer my question.

Answer is no.

But I think the "impression" people have is that this tax is just hitting a bunch of wall street billionaires (because that's how the dems portray it). But it is going to hit families trying to build businesses, raise children, invest in their communities. Families who pour a ton back into the economy. Working moms and dads who provide critical services like doctors.

That's my point in continuing to type "hard-working families." By drawing the line so low and so far removed from the fictitious "billionaire doesn't pay his fair share" pitch, it's a point worth repeating.

 

[tigerGUY]

This ^^^^

That 1.8% of the population is already paying the majority of the taxes for the country so how can you justify asking them to do more?

These tax hikes don't factor in location which is criminal. Someone making $400k in say Manhattan, that has a family of 4 or 5 is likely living pretty month to month if they are a single income family. The same can be said for Chicago, San Fran, LA, Washington DC, etc etc.

Sleepy Joe and team liberal are ignoring some pretty indicative signs that this would be insanely bad timing to consider a substantial tax hike. 75% of the country isn't even opened back up yet.........and likely won't be until H2 of this year.

Libtard voters knew would happen....and if they didn't they are fvcking dumbasses. They were told.

Look at the crisis at our borders. What are the bleeding heart motherfvckers going to do? Every dollar given these people is yours. Every. Singt. Dollar. For future voters.

You people that voted for Biden, I hope you'll be happy.

 

[tgrharley]

Spring is in the air, so it's a good time to start thinking of ways to punish success. The Biden administration is doing just that as it prepares its priority legislation: Taking more money from hard-working Americans. We have these fun things to look forward to according to The Hill:

• Increase the corporate tax rate from 21% to 28%.
  • I'm sure this will be good for jobs/unemployment/costs of goods.
• Increasing the income tax rate on people making more than $400,000
  • Because this arbitrary number surely targets the Billionaires that the democrats love to complain about. It's really those damn upper middle earners getting drilled with the top ordinary tax rates that we need to squeeze for more money.
• Expanding the estate tax.
  • Tax income, tax earnings and then tax again when you die. Yea, that sounds fair.
• Paring back tax preferences on pass-through businesses such as limited-liability companies.
  • Haven't small businesses suffered enough? And now you want to raise their taxes?
• Setting up a higher capital gains tax rate for individuals making at least $1 million.
  • I could actually see adding some scale here. I think $1M is too low though and it needs to be progressive like income tax, not a cut-off at which you pay a new rate on all cap gains.
  • For example, a decently high earner has to pay 20% on every dollar of cap gains instead of 15%. If they implement this the same way, someone earning $1M of ordinary income would then get hit with a huge cap gains rate on everything (Biden has suggested ordinary income tax rates, which would be 37%+).
  • I could see a structure under which your first $500K of long term gains is taxed at 15%, the next $500K is taxed at 20% and the rest ($1M+) is taxed at 25%. Break it off from ordinary income levels.

Biden planning first major tax hike in almost 30 years: report

President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus pack…

thehill.com

I will always content that if you are a Liberal that you are also economically retarded. My point is proven everytime read a response from one. May just be retarded period.

 

[Willence]

Answer is no.

But I think the "impression" people have is that this tax is just hitting a bunch of wall street billionaires (because that's how the dems portray it). But it is going to hit families trying to build businesses, raise children, invest in their communities. Families who pour a ton back into the economy. Working moms and dads who provide critical services like doctors.

That's my point in continuing to type "hard-working families." By drawing the line so low and so far removed from the fictitious "billionaire doesn't pay his fair share" pitch, it's a point worth repeating.

For me, the bigger issue is there's a belief in society that the government is there to level the playing field and oversee the distribution of wealth in our country. It absolutely is not. We are destroying the pursuit of excellence in almost every area in this country. It's disgusting and it will have disastrous results. The government should have no role in any of these things and any taxation should be a bare minimum for the government to execute its constitutional duties. It is staggering to me that people don't see when you empower government officials to do these things you are just transferring a massive amount of power to people who haven't earned it or deserve it. How's that a solution?

Hence the need for a government to educate its citizens so they become too ignorant to even realize what's going on. We just keep the train moving in the direction of total ruin in this country because people just don't know any different.