Biden: No new taxes on anyone making less than $400,000.

[TurtleDude]

Obama raised taxes on the top earners while keeping the cuts for the other brackets. Biden is going to do the same. We cannot afford to keep subsidizing the top 1%'s nest eggs.

the top one percent pays a bigger share of the income tax now than at almost any other time They subsidize your government benefits

 

[iguanaman]

the top one percent pays a bigger share of the income tax now than at almost any other time They subsidize your government benefits

And their rates are the lowest in 75 years or more. Thanks for pointing out that they take the lions share of the income while the 95% can barely afford to pay any income tax. That is what is unsustainable. It was a good ride while it lasted but now we are back to the 1920's in share of income and you know what comes after that.

 

[iguanaman]

I’m firmly in the middle class and my taxes went up when Obama repealed the Bush tax cuts, if Biden is elected they will do the same.

So you and your spouses income was over a half million $? That puts you in the 1% then

When people refer to President Obama's tax cuts, they generally refer to the $858 billion tax cut deal signed in 2010. It extended the Bush tax cuts through 2012 and unemployment benefits through 2011. It cut payroll taxes by 2 percentage points, adding $112 billion to workers' spendable income. It extended a college tuition tax credit. It also included $58 billion in industry-specific tax cuts.
But Obama also cut taxes in 2009 and 2013. In 2009, $288 billion were cut as part of the American Recovery and Reinvestment Act.2 In 2013, Obama approved the permanent extension of the Bush tax cuts for those below a certain income level. This was part of the fiscal cliff package.

Obama Tax Cuts: Facts, List, Who Was Affected

 

[TurtleDude]

And their rates are the lowest in 75 years or more. Thanks for pointing out that they take the lions share of the income while the 95% can barely afford to pay any income tax. That is what is unsustainable. It was a good ride while it lasted but now we are back to the 1920's in share of income and you know what comes after that.

rates are irrelevant to the share of the tax burden The middle class-which uses the most of the governmental services-is paying less of the tax burden than in decades.

 

[iguanaman]

rates are irrelevant to the share of the tax burden The middle class-which uses the most of the governmental services-is paying less of the tax burden than in decades.

Rates are not irrelevant. Depressed wages for the middle class is why those at the top pay a larger share. We cannot keep subsidizing the 1%'s nest eggs. It slows our growth and depresses wages. Like most Americans I support returning the current top rate to 39.5% and also a 10% surcharge on top of that for all income including capital gains for those earning over 1 million a year. Oh and a return of the inheritance tax too. It is what our founders would want and they were right.

 

[TurtleDude]

Rates are not irrelevant. Depressed wages for the middle class is why those at the top pay a larger share. We cannot keep subsidizing the 1%'s nest eggs. It slows our growth and depresses wages. Like most Americans I support returning the current top rate to 39.5% and also a 10% surcharge on top of that for all income including capital gains for those earning over 1 million a year. Oh and a return of the inheritance tax too. It is what our founders would want and they were right.

if the top one percent pay more than ONE PERCENT of the tax burden, no one is subsidizing them. There already is a death tax-and that should be abolished. It is nothing more than a surcharge on people who pay too much of the taxes as it is

 

[iguanaman]

if the top one percent pay more than ONE PERCENT of the tax burden, no one is subsidizing them. There already is a death tax-and that should be abolished. It is nothing more than a surcharge on people who pay too much of the taxes as it is

The top 5% make 50% of the income and are only 5% of the consumer spending. They are being subsidized and are a drag on GDP growth. The founders were adverse to dynasties and we need to limit the transfer of wealth between generations.

 

[TurtleDude]

The top 5% make 50% of the income and are only 5% of the consumer spending. They are being subsidized and are a drag on GDP growth. The founders were adverse to dynasties and we need to limit the transfer of wealth between generations.

wrong again. They pay far more for their citizenship benefits than the freeloaders who are net tax consumers. You appear to be envious and jealous of people who are more productive and industrious than you are. Your existence does not justify you demanding others pay for what you want from the government. If the rich pay more, they should have more say in how the tax dollars are spent.

 

[iguanaman]

wrong again. They pay far more for their citizenship benefits than the freeloaders who are net tax consumers. You appear to be envious and jealous of people who are more productive and industrious than you are. Your existence does not justify you demanding others pay for what you want from the government. If the rich pay more, they should have more say in how the tax dollars are spent.

Sucking up our precious capital to sock it away is damaging our economy. We are a consumer economy and can't afford to have billions taken our of our economy every year by a few selfish people to give to their children. They are nothing but slimy thieves who are bankrupting the middle class and it needs to stop now. We had the answer to this theft in postwar America and those 90% tax rates created our great middle class.

 

[TurtleDude]

Sucking up our precious capital to sock it away is damaging our economy. We are a consumer economy and can't afford to have billions taken our of our economy every year by a few selfish people to give to their children. They are nothing but slimy thieves who are bankrupting the middle class and it needs to stop now. We had the answer to this theft in postwar America and those 90% tax rates created our great middle class.

this sounds like massive government interference with economic freedom. claiming those who work hard and prosper are "Stealing" from others is as idiotic as claiming Jack Nicklaus or Roger Federer are stealing prize money from lesser players.