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

That's a bad question, the average person isn't sheltering large sums of money. And the original premise was about reducing one's tax burden. The "sheltering" element you only added in your last question.

No, I’m pretty sure the theme has been about Biden’s tax plan, how he’s nerfing 401(k) retirement accounts, and how people are going to end up paying more in taxes. That’s the gist. All this other nonsense, like donating your salary to negate increased taxes under Biden’s plan was all you.

Then you don't know enough well-to-do people or the right type of such people.
I asked you to tell me how the average person is supposed to easily shelter as much money. Not sure what this has to do with the “right type of well-to-do people.”

As this conversation goes on, you're moving further and further from your original point - which is that changes to the 401(k) plan means a tax increase for people. I think we've established that it doesn't
It will be a tax increase for almost everyone who is earning a normal wage and saving for retirement.
 
No, I’m pretty sure the theme has been about Biden’s tax plan, how he’s nerfing 401(k) retirement accounts, and how people are going to end up paying more in taxes. That’s the gist. All this other nonsense, like donating your salary to negate increased taxes under Biden’s plan was all you.


I asked you to tell me how the average person is supposed to easily shelter as much money. Not sure what this has to do with the “right type of well-to-do people.”


It will be a tax increase for almost everyone who is earning a normal wage and saving for retirement.
Now, you're simply cutting out the parts of what I wrote that directly answered your questions.

People use charities to shelter money from the government. They reduce their tax burden by strategic giving. If the goal is to reduce your taxes, charitable giving works extremely well. Especially if you create the charity for something that matters to you and fund it yourself. That reduces your tax burden. And you can prepare for retirement in lots of ways, not just via a 401(k).

You don't know enough well-to-do people or the right type of such people and the average person isn't sheltering large sums of money. Also, I didn't say that the income had to pass their working years income, only that they're in the same tax brackets. Some people will certainly pass their working years income but otherwise, you just need to hit the same bracket.
 
Now, you're simply cutting out the parts of what I wrote that directly answered your questions.

People use charities to shelter money from the government. They reduce their tax burden by strategic giving. If the goal is to reduce your taxes, charitable giving works extremely well. Especially if you create the charity for something that matters to you and fund it yourself. That reduces your tax burden. And you can prepare for retirement in lots of ways, not just via a 401(k).

You don't know enough well-to-do people or the right type of such people and the average person isn't sheltering large sums of money. Also, I didn't say that the income had to pass their working years income, only that they're in the same tax brackets. Some people will certainly pass their working years income but otherwise, you just need to hit the same bracket.
Yeah, so you made a bunch of nonsense comments and now can't back them up.

In summary, my comments were

1. Biden's plan redistributes wealth by essentially reducing taxation at lower income levels and increasing it at higher levels.

2. People earning a normal income (something like $80k+, definitely less than $400k) who contribute to a 401(k) style account will lose tax benefits and pay more in taxes.

3. There is no easy way for the average person making $80k+ to avoid this increased taxation.

In summary, panamaican's rebuttals:

1. The right type of well-to-do people can make more in retirement than they did while working, so that negates the benefits of a 401(k) account for 99.99% of everyone else.

2. You can avoid increased taxes under Biden by donating your salary to charity. (Another equally useful solution would be to quit your job and become a homeless person)
 
Yeah, so you made a bunch of nonsense comments and now can't back them up.

In summary, my comments were

1. Biden's plan redistributes wealth by essentially reducing taxation at lower income levels and increasing it at higher levels.

2. People earning a normal income (something like $80k+, definitely less than $400k) who contribute to a 401(k) style account will lose tax benefits and pay more in taxes.

3. There is no easy way for the average person making $80k+ to avoid this increased taxation.

In summary, panamaican's rebuttals:

1. The right type of well-to-do people can make more in retirement than they did while working, so that negates the benefits of a 401(k) account for 99.99% of everyone else.

2. You can avoid increased taxes under Biden by donating your salary to charity. (Another equally useful solution would be to quit your job and become a homeless person)

It’s 80k+ married, 40k+ single.

So some single person making $20hr votes for Biden and then ends up paying more in taxes because he is doing the right thing and contributing into his 401k.

I would be so pissed.

The Dems have always talked about taxing the rich, but the middle class always gets hit.
 
I think you are overestimating the average progressive. They don't understand a phrase like "try harder."

I guess I’m overestimating a conservative ability to think with logic and reason. Conservatives like your self seem to not understand “thinking , logic”
 
Yep, it doesn’t change a thing at all because the wealthy and corporations are going to eat those increased taxes. They will not pass those costs down to the consumers and poor folks.


yeah because there is no competition by startups and small business who don't have the same basis. You should stop talking about tax policy.

Put simply, if Amazon was taxed at 90% marginal rates small business would boom if they tried to raise prices to realise same margins as before. Tax policy is about a hell of a lot more than trying to get money.
 
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