Economy Biden's tax plan doesn't change anything for those under 400K

[Octavian]

Most landlords making 400k net income off rentals would own $6-10 million worth of rentals.

Thats not a mom and pop.

And if they’re on the Trump level Fraud program, they’d be depreciating said property enough each year to offset the tax hike.

 

[cincymma79]

Most landlords making 400k net income off rentals would own $6-10 million worth of rentals.

Thats not a mom and pop.

Some people have a bit of everything

 

[Lubaolong]

You mean you didn't understand how deductions work in general, how your 401(k) is a tax deferral so you still owed the taxes, that deductions are elective, etc. and can't/won't admit it. Which is why you cut out the rest of my post explaining why it's not semantics.

Of course the absurdity of trying to discuss taxes and tax deductions but then claiming that the details are "semantics" is how we got here in the first place.

Does the money you are paying in taxes increase, yes or no? Is your take home pay less because of the money you are giving Uncle Sam? If the answer is yes, then the bottom line is Biden's proposed policies result in tax increases on people earning less than $400k. There are direct increases and indirect increases that are going to affect people earning less than $400k.

 

[Lubaolong]

Here is another tax increase on people making less than $400k:

https://joebiden.com/gunsafety/

More firearms are going to be subject to the National Firearms Act, which imposes hundreds of dollars of taxes on weapon registration.

 

[Kowboy Karl]

Anyone defending biden tax plan deserves being beaten into a living death

 

[Lubaolong]

All this will hopefully be moot after January when Republicans win the Senate.

 

[Cubo de Sangre]

https://www.investopedia.com/explaining-biden-s-tax-plan-5080766

"Higher taxes on corporations and the wealthy, no increase under $400k"

Taxing corporations more means less money for everyone who owns stocks. Pretty sure most of the 401(k)s out there belong to people making well under 400k. It's probably no coincidence that my company gave out employee bonuses for the first time ever during the first two years of the lower tax rates.

 

[Saaciid]

That is simply not true if Biden raises tax on employers making over 400k the workers too will share some of the tax burden. So poor people making less than 400k will see less of their paycheck due to slightly raised tax.

 

[HeffDoesWant]

Some people have a bit of everything

Irrelevant, you make 400k taxable a year you are making big money.

 

[cincymma79]

Irrelevant, you make 400k taxable a year you are making big money.

And?

But honestly the president has no power here so he might as well premise ponies for the homeless

 

[chardog]

Irrelevant, you make 400k taxable a year you are making big money.

a california 400K is good, but far from big money. You'd have a hard time buying off corrupt officials in california, and there are plenty of them.

 

[Oeshon]

If I pay 30% income tax.. fucking everyone should.

No way commie.

 

[grimballer]

chad Mitch

Vs

Virgin lefty warroomer

 

[High Altitude]

All this will hopefully be moot after January when Republicans win the Senate.

I am all for neither party ever having a super majority.

 

[iwannabeadored]

So, no surprises for the working class in all of Biden's tax plan eh?

seano, you are broke under trump. You will continue being broke under Biden. There’s no change for peasants

 

[Lubaolong]

chad Mitch

Vs

Virgin lefty warroomer

Mitch has done well in life. Incredibly rich. Powerful. Rich, successful Taiwanese wife. He's definitely super alpha.

 

[Hellowhosthat]

So you think someon who makes 400k. Should give half of their salary to the government?
Why should successful people be punished by having to part with half of their earnings.

Talk about a way to absolutely crush business and inovation and really crushed your drive when you do succeed. That somehow you making 400k a year. Should give away half of all of your time and energy.

you would have to be really spiteful and entitled
To get behind this.

Is it 50% of everything or 50% of everything after a certain amount. If you get taxed at the same rate as the same income brackets then I don't see an issue really (eg no one pays any tax on the first $10k, then 5% to $20k, then 10% to $30k etc)

 

[Mcountry]

What's Biden's exact presidential salary again?

Holy shit that's hilarious

 

[Mcountry]

Listen, Trump's tax cuts had sunset provisions in them. They are going to expire anyway.

So whether Joe does something or not, your taxes are going to go up. I'm assuming your "fuck you" is now directed at Trump?

In seven fucking years. By your own words. Plenty of time for someone else to implement something better or continue them.

Jesus

 

[Mcountry]

In seven fucking years. By your own words. Plenty of time for someone else to implement something better or continue them.

Jesus

Here is another tax increase on people making less than $400k:

https://joebiden.com/gunsafety/

More firearms are going to be subject to the National Firearms Act, which imposes hundreds of dollars of taxes on weapon registration.

Is that gonna hurt those street gangs hobo! Just you wait!