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What? Billionaires are going to see their taxes go up under Biden. The top tax bracket is going back to 39% and the cap on earnings for SS withholding is going away.Billionaires are plowing money into Democratic Party candidates ever since Biden promised a group of billionaires he would not raise their taxes or change anything else that affects them negatively.
Making high earners pay
Social Security is funded through a 12.4% tax on the first $137,700 (in 2020) of workers’ annual wages (half is paid by the employer, half by the employee). A blue-collar worker making $50,000 will have his entire income taxed at 12.4%, while a CEO making $10 million will have nearly $9.9 million exempt from taxation.
Unsurprisingly, most Americans pay more in payroll taxes than in income taxes. Based on the structure of the Social Security payroll tax, poor and working-class people actually pay higher rates than the rich.
Biden has proposed that earnings above $400,000 become subject to taxation. With this change, our aforementioned CEO would see his effective tax rate jump from 0.2% to 12.1%.
Biden then reinvests these revenues in higher Social Security benefits for the poor. As a result, hundreds of thousands of seniors would be pulled out of poverty — without a single dime being spent by the middle class.
https://www.marketwatch.com/story/l...-that-goes-after-the-indolent-rich-2020-07-02