• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!
  • Welcome to our archives. No new posts are allowed here.

Biden releases 2019 tax returns hours before first presidential debate

JacksinPA

JacksinPA

Supporting Member
DP Veteran
Monthly Donator
Joined
Dec 3, 2017
Messages
26,290
Reaction score
16,771
Gender
Male
Political Leaning
Progressive
thehill.com

Biden releases 2019 tax returns hours before first presidential debate

Democratic presidential nominee Joe Biden and his running mate, Sen. Kamala Harris (D-Calif.), released their 2019 federal and state tax returns on Tuesday, hours before the former vice president m…
thehill.com thehill.com

Democratic presidential nominee Joe Biden and his running mate, Sen. Kamala Harris (D-Calif.), released their 2019 federal and state tax returns on Tuesday, hours before the former vice president meets face-to-face with President Trump in the first debate of the 2020 presidential race.

The release comes days after a bombshell New York Times investigation showed that Trump paid just $750 in federal income tax in both 2016 and 2017 and paid no taxes in 10 of the 15 previous years. The newspaper detailed questionable tactics that the president reportedly used to lower his tax bill over multiple years.

Biden and his wife reported an adjusted gross income of $985,233 and paid a total of $299,346 in taxes, for an effective tax rate of about 30 percent.
=============================================================
The subject of Trump's taxes is bound to come up tonight.
 
Biden posted his tax returns for 2016 - 2018 on his website long before this.
 
Moot said:
Biden posted his tax returns for 2016 - 2018 on his website long before this.
Click to expand...
The Bidens paid a lot more than $750.
 
JacksinPA said:
thehill.com

Biden releases 2019 tax returns hours before first presidential debate

Democratic presidential nominee Joe Biden and his running mate, Sen. Kamala Harris (D-Calif.), released their 2019 federal and state tax returns on Tuesday, hours before the former vice president m…
thehill.com thehill.com

Democratic presidential nominee Joe Biden and his running mate, Sen. Kamala Harris (D-Calif.), released their 2019 federal and state tax returns on Tuesday, hours before the former vice president meets face-to-face with President Trump in the first debate of the 2020 presidential race.

The release comes days after a bombshell New York Times investigation showed that Trump paid just $750 in federal income tax in both 2016 and 2017 and paid no taxes in 10 of the 15 previous years. The newspaper detailed questionable tactics that the president reportedly used to lower his tax bill over multiple years.

Biden and his wife reported an adjusted gross income of $985,233 and paid a total of $299,346 in taxes, for an effective tax rate of about 30 percent.
=============================================================
The subject of Trump's taxes is bound to come up tonight.
Click to expand...
Wouldn’t that be below his fair share? I’m not a taxman but I thought at that level the rate should be 37% for that year.
 
Pretty sure I saw something about Burisma in those returns?!?!? HA, no I didn't
Overitall said:
Wouldn’t that be below his fair share? I’m not a taxman but I thought at that level the rate should be 37% for that year.
Click to expand...

Biden deducted hair stylists and porn stars...Oh wait thats the other guy, but he probably has some deductions....
 
Finch said:
Pretty sure I saw something about Burisma in those returns?!?!? HA, no I didn't


Biden deducted hair stylists and porn stars...Oh wait thats the other guy, but he probably has some deductions....
Click to expand...
I wouldn’t know what’s deductible. I’ve always used the 1040A. (Although I once heard a stripper tried to deduct her boob job as a work related expense).

Whatever Biden was legally entitled to deduct is fine with me.
 
Overitall said:
Thanks Air, but that’s above my grasp. Like I said I fill out a1040A and that’s my speed. Did he pay his fair share?
Click to expand...
Its really simple. Put in the amount made and filing status and any dependents. I used the figures provided at the Hill link and used a joint filing status. Wala!
 
Overitall said:
Wouldn’t that be below his fair share? I’m not a taxman but I thought at that level the rate should be 37% for that year.
Click to expand...

see, this post, right here (and thousands of similar ones), have been pissing me off for almost 60 years. when are our citizens gonna actually figure out HOW THE TAX BRACKETS ACTUALLY WORK?????????????????????

**** **** **** **** ****
 
CaughtInThe said:
see, this post, right here (and thousands of similar ones), have been pissing me off for almost 60 years. when are our citizens gonna actually figure out HOW THE TAX BRACKETS ACTUALLY WORK?????????????????????

**** **** **** **** ****
Click to expand...
You must be a tax accountant. What really pisses you off is I don’t need you.
 
JacksinPA said:
The Bidens paid a lot more than $750.
Click to expand...

Do you not understand how tax liability works? Nobody pays more taxes than they are required to pay, not even the Bidens. If you can write off a lot of taxes, all that means is that the IRS has been satisfied under the tax codes and laws that the government has received your share of liability in other ways.

But if you want to talk about charity then that is a different subject. How much salary has Donald Trump waived in payment over the last 47 months in office compared to what Sleepy Joe has taken over the last 47 years? HELLO!
 
CaughtInThe said:
have you never looked at your own tax return? the first dollar you make is taxed at 10 frigging %.
Click to expand...
I can see you’re really upset. Chill.
 
There's zero way that the income tax thing won't come out tonight. We'll see how it all goes down, but likely it's just going to be the nominal deflection and denial from Trump.
 
Overitall said:
I can see you’re really upset. Chill.
Click to expand...

oh, it's the same crap that Rush and Sean have been lying about for decades (which then gets repeated ad nauseam). it's the main tactic they use to say that wealthy people are OVER taxed (as we see huge corporations and the most wealthy not pay federal taxes at all).

so, next time you hear the 37% lie (or the 37% mistake), correct the person. it'll make everyone smarter.
 
CaughtInThe said:
oh, it's the same crap that Rush and Sean have been lying about for decades (which then gets repeated ad nauseam). it's the main tactic they use to say that wealthy people are OVER taxed (as we see huge corporations and the most wealthy not pay federal taxes at all).

so, next time you hear the 37% lie (or the 37% mistake), correct the person. it'll make everyone smarter.
Click to expand...
I’m not that interested. Since I don’t know I thought I’d ask. Is that a crime (to ask)?
 
Overitall said:
Wouldn’t that be below his fair share? I’m not a taxman but I thought at that level the rate should be 37% for that year.
Click to expand...

Ummm.... no, that is not how taxes work in the states.

Being in the top bracket does not mean you pay 37% on all your income. It means your marginal rate is 37% only for the portion in that bracket, which is adjusted by whatever your various deductions, credits, and the like are. Your marginal rate for each bracket is different.



Marginal Tax Rates

Marginal tax rates refer to the rate you pay at each level (bracket) of income. Increments of your income are taxed at different rates, and the rate rises as you reach each of the seven “marginal” levels in the current system. This means you may have several tax rates that determine how much you owe the IRS.

Effective Tax Rates

The actual percentage of your taxable income that you owe to the IRS is called an effective tax rate. To calculate your effective tax rate, take the total amount of tax you paid and divide that number by your taxable income. Your effective tax rate will be much lower than the rate from your tax bracket.

Putting It All Together: Calculating Your Tax Bill

To calculate how much you owe in taxes, start with the lowest bracket. Multiply the rate by the maximum amount of income for that bracket. Repeat that step for the next bracket, and continue until you reach your bracket. Add the taxes from each bracket together to get your total tax bill. For example, the individual with $80,000 in taxable income would pay the lowest rate (10%) on the first $9,700 ($970) they make; then 12% on anything they earn from $9,701 to $39,475 ($3,572); then 22% on the rest, up to $80,000 ($8,915) for a total tax bill of $13,458. Effectively then, you are paying a tax rate of 16.8% (13,458 ÷ 80,000 = .168), which is less that the 22% tax bracket you’re actually in.

www.debt.org

2022-2023 Tax Brackets & Rates For Each Income Level

Tax rates for individuals depend on their income level. Learn which bracket you fall into and how much you should expect to pay based on your income.
www.debt.org www.debt.org

tax brackets.png
 
You must log in or register to reply here.
Back
Top Bottom