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Biden’s tax plan could create a tax rate of as much 62% for New Yorkers and Californians, studies show

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joko104

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Biden’s tax plan could create a tax rate of as much 62% for New Yorkers and Californians, studies show

High earners in New York and California could face combined federal and state tax rates of 62% under Democratic presidential nominee Joe Biden’s tax plan, according to experts.

Biden's tax plan could create a tax rate of as much 62% for New Yorkers and Californians, studies show

While Americans earning less than $400,000 would, on average, receive tax cuts under Biden's plan, the highest earners would face double-digit increases in their official tax rates, according to nonpartisan analyses.
www.cnbc.com

Do you get to keep 38%% of your income? No, of course not.

You also have to pay 7.25% sales tax. You have to pay property taxes directly or indirectly thru rent. There are taxes on your utility bill. A tax on every gallon of gasoline. Recycle tax on a car battery and on new tires. Taxes on your phone bill and water bill. You pay a fee for your license plate. You pay a tax at toll roads. You pay to enter government parks.

If you get to keep 20 cents on the dollar it would be a miracle. Do you think ANYONE with a lot of money will actually be paying those taxes - either by tax exemptions or leaving the USA with their money? To deal with upper and middle class people fleeing their states, the federal government will force people in other states to pay the budgets of California and New York.

And there are things they want to force you to buy - like insurance. Force everyone to do so. You must buy from only one insurance company - the government - under the Democratic Party's nationalization of health insurance plan.
 
No one pays the highest stated rates. I'm not saying high taxes aren't a problem, just disputing the ridiculously high numbers being thrown around. If anyone *actually* pays 62% (which they do not ... as in, no one, none, nobody ever), I'll happily represent them for 50% of the savings I get them from their claimed 62%.
 
The top 1% will have to pay more taxes....boo hoo.

Who are the top 1%? They're mostly corporate CEO's, lawyers, doctors and investment managers. The other 99% are still waiting to get trickled on.

The Top 1 Percent: What Jobs Do They Have?

Explore the occupations and industries of the nation's wealthiest households.
archive.nytimes.com
 
So I'm supposed to feel bad that these people are only able to take home a little more than half of only a little portion of these amounts?

Cglytics Redirect

cglytics Redirect Landing Page
cglytics.com

Elon Musk earns $2B a year. He would still be taking home over a billion dollars even with such tax rates. Pretty much all these guys would be still earning more than my family (including adding in my inlaws' earnings, since they do live with us) makes in 10 years (and my husband and I earn well above the median income) in single year. Most people, most families won't earn anywhere close to these amounts in their lifetimes.

Or these people I'm supposed to feel bad for having to pay that?

Highest-Paid CEOs | AFL-CIO

CEO pay at S&P 500 companies increased more than $340,000 a year in the past decade to an average of $14.8 million in 2019. View the highest paid CEOs.
aflcio.org
 
swing_voter said:
If you make less than $400,000 a year, you won't be taxed.

Joe is just reversing Trump's tax cuts for the rich.
Click to expand...

That, of course, ignores Joe’s desire to raise the FICA payroll tax cap from about $137K/year and to consider income from all sources as being subject to it. Another problem with Joe’s “10 year” plan is that he wants to raise federal revenue by about $2.8T and raise federal spending by at least $4T.
 
Source? And how is this exactly a problem?

Trump vs. Biden: Whose tax plan makes for good tax law?

This article looks at a few key components of the presidential nominees' tax positions.
www.accountingtoday.com
 

Hmm... how could increasing federal spending more than federal revenue be a problem?

Biden budget policies would grow deficits by $2 trillion, study says - Roll Call

Joe Biden’s tax and spending policies would increase deficits by $2 trillion over the coming decade, according to an analysis released Monday.
www.rollcall.com
 
My bad. Let me clarify. I was referring to the first part of the claim, about payroll taxes, not the second part.

His spending plan is based on a long term proposal for prosperity, actually planning and being proactive, rather than reactive to situations.

Biden proposes $5 trillion in new spending, undaunted by Trump's massive deficits

The nation's deficits and outlays have hit post-World War II highs thanks to tax cuts under President Donald Trump, but Democratic presidential nominee Joe Biden is proposing adding to that, at least in the near term, with a $5.4 trillion spending plan.
www.cnn.com

 

The Biden idea now seems to be to create a donut hole (break) in FICA payroll taxation between the SS cap (which increases annually) and $400K.
 
dex4974 said:
Most people don't understand how tax brackets work.
Click to expand...

Most do not know that the bulk of the (80K pages of?) federal income tax code applies to how and upon who that income was later spent.
 
ttwtt78640 said:
The Biden idea now seems to be to create a donut hole (break) in FICA payroll taxation between the SS cap (which increases annually) and $400K.
Click to expand...
I have no idea what you are talking about. Please try to speak in layman terms, as what is posted above makes no sense to why his plan is going to be a problem. Pretty much it appears that you simply grabbed that word from the ThinkAdvisor article and ran with it as a description. When I open up that page, I get flooded with popups. Not going back.

Biden's Plan Would Create Payroll Tax 'Donut Hole'

The tax, which funds Social Security, would be expanded to the highest earners under Biden's tax plan.
www.thinkadvisor.com

Fraser Institute - Wikipedia

en.wikipedia.org

Fraser Institute - Bias and Credibility

RIGHT-CENTER BIAS These media sources are slightly to moderately conservative in bias. They often publish factual information that utilizes loaded words
mediabiasfactcheck.com

Here is what other, less choppy sites say, using words people can actually understand and don't have to lookup because someone is being pompous in writing that article.

Biden’s Tax Plan: What’s Enacted, What’s Proposed

Here’s how the Biden administration’s recently enacted tax law changes—and new corporate and individual tax proposals—do (or could) affect taxpayers.
www.investopedia.com

Investopedia – Bias and Credibility

LEAST BIASED These sources have minimal bias and use very few loaded words (wording that attempts to influence an audience by appealing to emotion or
mediabiasfactcheck.com
 

The bottom line is that Biden plans to increase federal spending more than federal taxation. Of course, Trump may be worse in that regard, but neither can do much about federal taxing or spending without the support (consent?) of congress critters.
 

I wish I only had to pay 7.25% sales tax. None of those taxes will go away under Trump.
 
ttwtt78640 said:
The bottom line is that Biden plans to increase federal spending more than federal taxation. Of course, Trump may be worse in that regard, but neither can do much about federal taxing or spending without the support (consent?) of congress critters.
Click to expand...
I'm not disagreeing with that. But Trump is worse, especially in that his tax cuts failed. The tax increases will help add money to the coffers. That is a fact. Adding spending should be done carefully, but even businesses see the need to increase spending in a short term to plan for the future, to reduce costs or improve the future outcome or direction of the company. Short term spending for long term savings and benefits.

In my opinion, Trump is also worse in what he wants to spend money on. His goals have been to help the rich. We see that in farm subsidies going to large farming corporations. We see that in trying to get money to build the wall (including rerouting money that was never meant for that but will eventually have to be made up for). It includes spending insane amounts of money at his properties.

Farmers Got Billions From Taxpayers In 2019, And Hardly Anyone Objected

Farmers got more than $22 billion in government payments in 2019 — and most of the money came through a program that Congress never approved. It's the highest level of farm subsidies in 14 years.
www.npr.org

He is taking money from taxpayers to pay for the problems that others said would come from his tariffs.

Mapping The U.S. Farm Subsidy $1M Club

Welfare to wealthy farmers: Over $11 billion in farm subsidies flowed to just 6,618 recipients who received at least $1 million since 2008. Who are they? We mapped them by ZIP Code across America.
www.forbes.com

He is still asking for money for the border wall as well as the money to pay back what he stole from military morale projects.

Trump's budget will ask Congress for $8.6 billion for border wall

The demand is more than six times what Congress allocated for border projects in each of the past two fiscal years, and 6 percent more than Trump has corralled by invoking emergency powers this year.
www.cnbc.com

And here is some info on how much he costs us for his and his family's protection, including for Trump business trips that have nothing to do with the actual Presidency itself.

The Trump family is taking 12x more protected trips than the Obama family - CREW | Citizens for Responsibility and Ethics in Washington

Last fiscal year, the Trump family took more trips that required Secret Service protection than the Obama family took in seven
www.citizensforethics.org

Top Democrat Asks Secret Service How Much It Has Spent Protecting the Trump Family on Trips

Request comes in preparation for the fiscal 2021 budget process.
www.govexec.com

In 2017, Fox reported on Obama's expenses, getting "huffy" over 1.1M being spent. Trump spends more than that on trips to his own resorts each year.

Obama's 2018 expenses will cost US taxpayers $1.1M: memo

Former President Barack Obama will cost taxpayers $1,153,000 next year, according to a Congressional Research Service memo.
www.foxnews.com
 
I can't believe how many shitty people feel entitled to what other people earn. I take my hat off to the rich and say god bless their ingenuity. I get lots don't work that much but then god bless their good luck. Instead of pointing guns at people to take their money, how about throw away the envy, point your eyes at them and emulate what they do.
 
swing_voter said:
If you make less than $400,000 a year, you won't be taxed.

Joe is just reversing Trump's tax cuts for the rich.
Click to expand...

But only partially, half-way, reversing the corp tax rates under which before corp after-tax profits were record high under Obama.
 
ttwtt78640 said:
The Biden idea now seems to be to create a donut hole (break) in FICA payroll taxation between the SS cap (which increases annually) and $400K.
Click to expand...
A shrinking donut hole. His plan isn't indexed. Every year it takes a bigger bite out of the middle class.

In addition, the huge increase does little to nothing to fix social security's funding problem. It extends the solvency date by just 5 years.
 
joko104 said:
Biden’s tax plan could create a tax rate of as much 62% for New Yorkers and Californians, studies show
Click to expand...
One of the first things an all-Democrat Congress would do is force the rest of us to subsidize these high-tax blue state.
 

If we could confine it to those places, it would be awesome. However I don't want to pay 25% more for a third less electricity so I will pass.....
 
You sure do have a lot of complaints for the country you love. Maybe you should move to a place more to your liking?
 
Warren Buffett will be devastated.
 
ttwtt78640 said:
The bottom line is that Biden plans to increase federal spending more than federal taxation. Of course, Trump may be worse in that regard, but neither can do much about federal taxing or spending without the support (consent?) of congress critters.
Click to expand...
I'm not being snotty here, do you think politicians care about our debt? I don't. They just gave a huge tax break to the super wealthy and corporate america without blinking an eye and guess who pays in the end for the shortfall in revenue?
 

I'm ALWAYS amused when the government pencil necks think they will outsmart the folks that got rich by being smarter than the average bear.

OF COURSE people are moving away from usury tax rate states. Thinking people will not is nothing less than astonishing stupidity or astonishing hubris.
 
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