Biden wants to Raise Taxes on those making 400k or more !

[Turveyd]

Well roughly half of America pays zero taxes...

Soon stop that, when they ban cash and then you either have to use your Covid RFID chip to pay for things so everything is trackable or you have to exchange for goods.

I've nicked a TV, so if you buy me 24 cans or lager and bag of chips I'll give it you, as can't exchange money without being traceable.

I mean because the virus can be spread on money LOL although they haven't mentioned that recently.

 

[VEGASDESERT]

You can have a progressive tax system that's fine whatever, but here's the problem it's just a marketing gimmick.

You can tax the hell out of incrementally high earnings but it's not going to get you any more revenue maybe a smidge.

Tax rates are just a talking point for stupid people and fluff for political commercials.

There's a bracket that seems to make sense tax wise for the government to finance operations and for people to have incentive to work hard if you go outside that bracket, it gets out of whack and will quickly correct when the idiots are voted out of office.

That's income tax.

I'm not talking about other types of taxes that encourage or discourage behavior or destroy industries or prop them up

 

[TrailerParkTed]

Get a grip dude, if your lifestyle is impacted then fark off, you were too greedy.

There is no way he needs to worry, Destiero would laugh his ass off if he read this!

 

[VEGASDESERT]

Since Joe Biden is running for Senate again and not the presidency no one should worry.

 

[Sig]

That idiot wants to raise taxes on those making 400k or more. Great way to reduce the incentive of those making 300k to try and make 400k ! How ignorant. Kamala Harris who is a full blown racist endorses this economic expansion crushing idea.
400k isnt that much money.

I will have absolutely zero problem with incentives to grow my business and make more money if my marginal rate goes from 37% to 40%. Not would it impact my incentives in any way if it went to 45% or 50% as it was in 1986. Heck in the 1950s, when the U.S. had some of its fastest growth, top marginal rates were 91%!
I understand that it's hard for you to imagine what life is like when you're contemplating earnings going over $400k, but trust me, a couple percent change in your marginal rate is pretty much almost the last thing on your mind. I have literally never heard someone actually say they plan to stop trying because it will move them to the highest marginal rate, and I have a pretty big sample size. Have you? The concept is pretty much absurd if you're looking at it from actually being in that position versus the shrilling on fox aimed at a bunch of people who are quite a few steps below the top marginal rate and absent winning the lottery will never, ever have to worry about it.

 

[Trader200K]

Only 2% of all Americans make more than $400,000 a year. Less than 2% of all Americans. So 98 % is not affected.

https://dqydj.com/household-income-percentile-calculator/

View attachment 241445

Only 2% of all Americans make more than $400,000 a year. Less than 2% of all Americans. So 98 % is not affected.

https://dqydj.com/household-income-percentile-calculator/

View attachment 241445

The 16th Amendment gave us a 3% flat tax on all over $800 (1861 US Dollars).

Consider where the bureaucracy took us and the likelihood of this not ending up as broadly, progressively taxed as before.

https://www.ourdocuments.gov/doc.php?flash=false&doc=57

 

[Sig]

Well roughly half of America pays zero taxes...

Well roughly half of America is also under 18 or over 65, so what was your point again? That those lazy bastard 3 year olds all need to get to work and pay taxes? 2012 just called, they want Romney for President's failed talking points back.

 

[Sig]

The 16th Amendment gave us a 3% flat tax on all over $800 (1861 US Dollars).

Consider where the bureaucracy took us and the likelihood of this not ending up as broadly, progressively taxed as before.

https://www.ourdocuments.gov/doc.php?flash=false&doc=57

The inverse correlation between people who claim the Constitution gives them the right to..... and people who have actually read the Constitution is always stunning. I'll paste the 16th in it's entirety here so you don't even have to follow a link (you clearly couldn't be bothered to read the link you yourself posted) and you can point out where you got 3% and $800 from?

"The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."

BTW the 16th Amendment was passed in 1909 and ratified in 1913, so you're also a half century off on your timing. Could you really be any more ignorant about something you're pontificating on?

 

[easymon1]

https://en.wikipedia.org/wiki/Constitution_of_the_United_States

 

[Market_Diver]

The problem here is not those who pay taxes and didn't pay enough, but those who don't pay taxes and there are lots of them.