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Who is prepared for the tax hike?

Discussion in 'American Politics' started by 98cwitr, Jan 20, 2021.

  1. 98cwitr

    98cwitr Lord forgive me Staff Member Red Team - Moderator Supporter

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    As with most GOP presidents, 146 million Americans have been able to enjoy a bit of relief the past 4 years of not having the fruits of their labor taken from them in as much as the previous administration. In my own personal case, it amounts to about $300/mo. Considering Biden promised to cancel the Trump tax cuts, and thus raise taxes on not just the wealthy, but the rest of us as well, are you making any financial changes or preparation in the losses that are to be expected from this incoming administration?
     
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  2. Desk trauma

    Desk trauma Atheist Capitalist Supporter

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    Trump cut the tax rate during deficit spending and thereby increased the taxes we will need to pay in the future to service the debt that covered the short fall that was cerated. Just like Bush did before him.

    I am in favor of higher taxes and reduced spending once we are in better economic times but I have no hope for those actions taking place.
     
  3. hislegacy

    hislegacy Always in His Presence

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    The last four years with the combination of lower taxes (I make 51k a year) and no longer paying the penalty (3K) for not being able to afford health care, we have built a rather nice nest egg.

    Early on we chose to live below our means. We should be ok - just a smaller amount going into savings.
     
  4. The IbanezerScrooge

    The IbanezerScrooge I can't believe what I'm hearing...

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    I am perfectly willing to pay higher taxes if it means a better situation for everyone. I can make adjustments as needed. Trumps tax cuts barely affected me at all as I am just on the "poor" side of the cusp of the income margin where the tax rates started really making a difference. In Trump's plan my taxes will start to go up next (this?) year if no changes are made to it.
     
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  5. GreekOrthodox

    GreekOrthodox Psalti Chrysostom

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    Ive gotten several raises between 2017 and now. From what I can tell, my tax liability should be similar. I'm not too concerned as I'm doing very well, somewhere of the high side of of middle middle class. For me, isn't the tax rate but what are our taxes going towards. Nationally, I'd like to see more investment in our infrastructure, both physical (roads, water, electric) and electronic (broadband, although I know that we still consider internet access a luxury, sigh...)
     
  6. pescador

    pescador Newbie Supporter

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    Of course not. trump increased (past tense) the US deficit by a huge amount, plunging not only us but future generations into extreme debt.

    GOOD RIDDANCE!!
     
  7. Akita Suggagaki

    Akita Suggagaki Well-Known Member

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    I like to see it in graphs.[​IMG]
    [​IMG]
     
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  8. GreekOrthodox

    GreekOrthodox Psalti Chrysostom

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    We need to stop seeing taxes as evil. Now I agree there is waste and abuse of our spending. I work in a federal facility and see good projects that get started and then cut while bad projects go forward. As a project manager, this does happen just as a matter of business. However, we have a lot of general waste across the board for just pet projects that don't make any business sense except to say "well I spent all my budgeted money so I can get funding for next year". That's one thing that drives me and co-workers nuts.
     
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  9. lasthero

    lasthero Newbie

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    I didn’t see any change in the money I made since Trump became President - in fact, I don’t think I’ve gotten a raise since he took office. I made a lot of money this past year,
    but ironically it was because COVID had me working so hard and long hours to make up for the chaos caused. I finally made enough money to get a nice apartment, but wow, did I work for it.

    So...thanks, Trump?
     
  10. essentialsaltes

    essentialsaltes Stranger in a Strange Land

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  11. GreekOrthodox

    GreekOrthodox Psalti Chrysostom

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    Thanks for the graphs. We should simply recognize that Covid 19 is black swan event and adjust accordingly. I seem to recall a story in Genesis about 7 years of good harvest followed by 7 years of bad ones. I think this guy advised this and maybe just maybe we should have a government that does the same.

    "Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance. They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine."
     
  12. 98cwitr

    98cwitr Lord forgive me Staff Member Red Team - Moderator Supporter

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    Unfortunately, Biden is set to undo Trump's tax cuts on the middle class as well. So, at least for me and my family, that means $300/mo at a minimum. We'll be okay, but considering that under state-level shutdowns we don't use interstates, and our military has been pulled from most active foreign areas, isn't it time to downsize and keep 146 million Americans in better financial shape instead of taking more from them?
     
  13. SimplyMe

    SimplyMe Senior Veteran

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    To be fair, you can blame Trump and the Republicans for that, as they didn't make those tax cuts permanent. My recollection is that Biden will not "cancel" them, he just won't make them permanent and let them expire.
     
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  14. Albion

    Albion Facilitator

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    You cannot blame Trump for that. The only way he could get enough votes to pass the legislation in the face of Democratic opposition was to make them temporary. The Democratic opposition was hoping to kill the tax cut legislation by claiming that a permanent cut would be fiscally irresponsible, run up that national debt, etc. etc. That was perfectly hypocritical of them, yes, but that was what the President faced in trying to get the tax cuts approved in Congress at all.
     
  15. SimplyMe

    SimplyMe Senior Veteran

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    Yes, both the House and the Senate had Republican majorities, but it was "the Democrats." Also, for some reason, they made the tax cuts for corporations permanent despite that same opposition by Democrats. No, this is completely on the Republicans and Trump. It was a cynical political move, with the idea that if Trump had won they would have extended the tax cut but now they can claim "the Democrats are raising your taxes" as you are wanting to do.
     
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  16. 98cwitr

    98cwitr Lord forgive me Staff Member Red Team - Moderator Supporter

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    Like Obama did with the Bush cuts. That's rather not the point though, as Biden has the power to extend them, and is choosing not to, thus raising taxes on the middle class (like he said he wouldn't do).
     
  17. Vylo

    Vylo Stick with the King!

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    Can't be worse than the one Trump gave me. At least this time it might not go to billionaires.
     
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  18. essentialsaltes

    essentialsaltes Stranger in a Strange Land

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    When did Biden "promise" to do that?
     
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  19. Albion

    Albion Facilitator

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    We can be sure that he won't tax the super rich, since they are largely responsible for financing the Democrats' campaigns in 2020, and Big Tech is now leading the effort to squelch all political opposition to the candidates they did so much to put into office.
     
  20. essentialsaltes

    essentialsaltes Stranger in a Strange Land

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    The Trump tax cuts expire in 2025. We'll have another election before then.
     
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