Biden tax plan

[Crazyhole]

https://www.cnbc.com/2020/07/21/heres-what-a-biden-presidency-might-mean-for-your-taxes.html


If he wins, December through March are going to be a huge reshuffling of assets.

 

[UCFKnight85]

So Biden's pitch as a centrist is to team up with a socialist to draft a tax hike plan?

 

[Crazyhole]

So Biden's pitch as a centrist is to team up with a socialist to draft a tax hike plan?

Didn't you get the memo? Centrist means the highest tax rates in the world. Thank god he isnt an extremist.

 

[fried-chicken]

I expected more, this is pretty mild

 

[AAC6800]

So Joe and Bernie formed a "unity task force"?

 

[fried-chicken]

These numbers are for individuals so double them for filing jointly:

If you earn 140k or less you see no change

140-450 you pay $60.00 more per thousand above 140k for social security.

Every thousand in income above 400k would cost $30 more.

If you make more than 1MM per year your capital gains might be taxed as income.

Thats all i saw. Who exactly is devastated by this?

 

[UCFKnight85]

These numbers are for individuals so double them for filing jointly:

If you earn 140k or less you see no change

140-450 you pay $60.00 more per thousand above 140k for social security.

Every thousand in income above 400k would cost $30 more.

If you make more than 1MM per year your capital gains might be taxed as income.

Thats all i saw. Who exactly is devastated by this?

Uncapping the Social Security limit on higher earners may be worthwhile for one reason only, to prove once and for all that SS is not a "retirement fund" that someone pays into and then draws upon, but merely another form of welfare with trillions of dollars is unfunded liabilities. That way we could finally start having an honest discussion on welfare and debate from a truthful basis that SS is essentially a government run ponzi scheme where the workforce pays welfare to older Americans that has absolutely nothing to do with what was "paid in" during their lifetime.

 

[Crazyhole]

https://thehill.com/opinion/white-h...x-increases-will-take-your-money-and-your-job

Another overview.

 

[fried-chicken]

A family of 4 with a good tax plan can make 400k before they feel any hit here. Seems fine to me.

 

[UCFKnight85]

A family of 4 with a good tax plan can make 400k before they feel any hit here. Seems fine to me.

Literally not true since he wants to totally eliminate the 2017 Tax Relief bill which means everyone in this country will see a higher tax burden overnight.

 

[fried-chicken]

https://thehill.com/opinion/white-h...x-increases-will-take-your-money-and-your-job

Another overview.

Opinion not overview.

 

[fried-chicken]

Literally not true since he wants to totally eliminate the 2017 Tax Relief bill which means everyone in this country will see a higher tax burden overnight.

When that bill came out most middle class people saw like 6 bucks in their checks or something.

 

[fried-chicken]

As long as you don't work for someone making $400k. That can't spend like they could before.

If you work for someone and your job is not essential enough to their income that $30 per thousand is what makes them fire you then they would have already fired you long ago.

 

[UCFKnight85]

When that bill came out most middle class people saw like 6 bucks in their checks or something.

Also literally not true.

I'd also remind you that you have an insanely warped view of what "middle class" actually is, as evidenced by the fact that you think $1M in cash savings at retirement is "middle class".

 

[fried-chicken]

Owners will pay you the lowest that they can and keep as much as they can. Their job is to maximize the gap between what they pay you and what they retain.

Those are two different and non-connected goals. If they retain less it doesnt mean they will pay less. If they could pay less and have you still work there they already would be doing that even at a 0% tax rate.

 

[fried-chicken]

Also literally not true.

I'd also remind you that you have an insanely warped view of what "middle class" actually is, as evidenced by the fact that you think $1M in cash savings at retirement is "middle class".

1M in retirement account is should be a middle class goal and is attainable pretty easily. If youre struggling there I would suggest cutting back on your unnecessary purchases and contributing more to your 401k.

 

[UCFKnight85]

1M in retirement account is should be a middle class goal and is attainable pretty easily. If youre struggling there I would suggest cutting back on your unnecessary purchases and contributing more to your 401k.

I love when you talk on this topic since it so easily reinforces how out of your mind you are on most everything.

Here's reality:

https://www.cnbc.com/2020/01/23/her...e-saved-for-retirement-at-different-ages.html

I guess 88% of retirement aged Americans missed the memo that $1M is "attainable pretty easily".

 

[KNIGHTTIME^]

I love when you talk on this topic since it so easily reinforces how out of your mind you are on most everything.

Here's reality:

https://www.cnbc.com/2020/01/23/her...e-saved-for-retirement-at-different-ages.html

I guess 88% of retirement aged Americans missed the memo that $1M is "attainable pretty easily".

You can literally give people tons of money and most won't save. They will be spend at bars, vacations, etc. Most aren't going to save. Pedo Joe Biden that can't complete a sentence can't fix that.