Who is prepared for the tax hike?

[Pommer]

Adequately addressing the wrongs of the past is to set the laws to be racially neutral, as you state. That's done. Playing field is level, IMO. Everyone is equal in that we are all made in God's image and thus deserving of human rights afforded to us by Him, yet we are not all equal in ability. Some people are more mentally/physically fit than others, and that's at an individual level, not some arbitrary immutably-charactered collective. It's why I'm not playing for the 49ers right now.

We have strayed far from the topic and I daresay that we will have ample opportunity to hold this discussion in a thread for where it is more appropriate.
Have a great day.

 

[grasping the after wind]

Biden's proposed tax plan raises taxes only on people making at least $400,000.

I do not make at least $400,000. I was hurt by Trump putting a cap on the SALT deduction. One can surely understand why so many middle class people were very enthusiastic in support of Biden.

One must make a household income of around $200,000 /year in New York State to have been harmed by the cap. NY State median household income for 2020 was $68,486. New York State has the largest income gap in the country so let's make sure the really rich get another huge tax break as only being allowed to deduct $ 10, 000. 00 was too big a burden on the poor oppressed rich of New York State.

 

[gaara4158]

Adequately addressing the wrongs of the past is to set the laws to be racially neutral, as you state. That's done. Playing field is level, IMO. Everyone is equal in that we are all made in God's image and thus deserving of human rights afforded to us by Him, yet we are not all equal in ability. Some people are more mentally/physically fit than others, and that's at an individual level, not some arbitrary immutably-charactered collective. It's why I'm not playing for the 49ers right now.

People don’t instantly bounce back after having their legs broken just because their assailants eventually stop battering them, and you shouldn’t expect oppressed groups to bounce back instantly after the oppressive laws are taken off the books, either. It’s not a level playing field if one player is suffering from the lingering effects of past traumas and another isn’t. It’s not level until all people have equal opportunities and support systems. It has never been a level playing field in the US, and to believe otherwise is the definition of white privilege.

 

[disciple Clint]

Those people are also taxpayers. The gall of people to claim other people are freeloaders. The hypocrisy is dizzying, especially considering how silent folks like you were when farmers were getting welfare due to Trump's trade policy mismanagement. But par for course I guess, we know the deficit and complaining about people getting "free stuff" is the usual complaint when a Democrat is in the White House.

if those people are tax payers why is it that the federal government cannot find them.

 

[Pommer]

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!!

That is nothing compared to what the taxes are going to have to be to bail out the cities and states that have been poorly managed, provide free medical for all illegal aliens and everyone else, provide free college and all those other free things that help people get elected but have to be paid for by someone.

Those people are also taxpayers. The gall of people to claim other people are freeloaders. The hypocrisy is dizzying, especially considering how silent folks like you were when farmers were getting welfare due to Trump's trade policy mismanagement. But par for course I guess, we know the deficit and complaining about people getting "free stuff" is the usual complaint when a Democrat is in the White House.

if those people are tax payers why is it that the federal government cannot find them.

I’m not sure I’m following...?

 

[FireDragon76]

Obsessing about income tax from the right is often about being penny wise, pound foolish. Unless investments are made in America now, the next decade is projected to have minimal economic growth, and with that comes increased political and social instability. And investments aren't free. But that doesn't mean they aren't necessary. Shared rights must come with shared responsibilities.

 

[GreekOrthodox]

Obsessing about income tax from the right is often about being penny wise, pound foolish. Unless investments are made in America now, the next decade is projected to have minimal economic growth, and with that comes increased political and social instability. And investments aren't free. But that doesn't mean they aren't necessary. Shared rights must come with shared responsibilities.

Agreed, there is the multiplier effect. If you tax people to build a new road, you are going to get taxes and income from the new residents or businesses that are on that road.

 

[Belk]

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?

So using Forbes tax calculator between the Trump and Biden tax proposal it appears you are earning somewhere around a half million a year in order to have a $300 per month increase (assuming you are filling married). Somehow I think you will survive.

Biden Tax Calculator: How Might Your Taxes Change?

 

[essentialsaltes]

One must make a household income of around $200,000 /year in New York State to have been harmed by the cap.

You are probably not including property taxes. If you own a house in California, you're halfway to the cap, even taking Prop 13 into account. If you bought a median house this year, you're 75% of the way to the cap.

(The situation in New York is similar. Googling suggests median home price $290K, average effective property tax rate of 1.69% = $4,900 half way to the cap)

But at least you've stopped talking about the imaginary harm to other taxpayers from removing the cap.

 

[SummerMadness]

Not really. One person may have more experience than another, and thus makes them more qualified. That has nothing to do with race, so why make it about that? Race is an immutable characteristic. There's no reason to judge someone by it.

I never want to hear anyone that supported Trump or the Republican Party talk about qualifications ever again. We spent the last four years watching people wholly unqualified and inexperienced placed in positions they could not handle, yet there was absolute silence. We saw this especially with federal judges. Face it, you never cared about someone being more qualified, all that matters is their ideology.

 

[eclipsenow]

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?

Australia pays 1% more tax per unit GDP than America and yet enjoys a better minimum wage, greater welfare benefits and safety nets and Medicare for all. Trump cut taxes to the rich to get himself elected to waltz around having people adulate him, not because it was good for the American economy or overall national benefit. It was good for him. It got him elected. And then many leading Republicans predicted that if they went with Trump, it would destroy them at the next election, and the Republican party would deserve it. The rest is history.
The pandemic just illustrated how weak and anti-reality the leadership was. "It's 15, going down to nothing." Indeed. At least that party of the story is over. Now America can get on with dealing with this emergency - and that might take raising taxes for a little while. It will be worth it!

 

[trunks2k]

Biden Tax Calculator: How Might Your Taxes Change?

Interesting. According to that I'd save nearly $4000/yr under Biden's plan. That's filing jointly with two kids. So if that's gonna be my tax "hike", I'm not complaining about that; at least on a purely selfish level.

EDIT: When I add in dependent care expenses, that goes up to nearly $6000 in savings under Biden's plan. Though I'm not sure how accurate that portion is because I already do the max $5000/yr pre-tax withholding.

 

[DaisyDay]

One must make a household income of around $200,000 /year in New York State to have been harmed by the cap.

That's not true.

 

[CRAZY_CAT_WOMAN]

They'd rather teach equity instead of equality though...that's going to stifle any meaningful education. Telling black people they can't do something without help, to me, seems extremely insulting,

I've never heard people say black people cant do things, with out help.

 

[Speedwell]

I've never heard people say black people cant do things, with out help.

All we have to do is get out of their way.

 

[Eight Foot Manchild]

Who is prepared for the tax hike?

Considering neither I nor my wife make anywhere near 400k a year, I'd say we're pretty well prepared. I'll do you one better, though - Biden's marginal tax rate should be much higher.

Also, I think all money should have an expiration date, whereby it must be spent in a certain amount of time, with the date renewing whenever it goes through a transaction. This would ensure that capital continuously flows through the economy, rather than say, sitting in an offshore bank account, contributing nothing.

Also, all drugs should be legal, and taxed.

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[CRAZY_CAT_WOMAN]

All we have to do is get out of their way.

Were I live ,I dont have this issue. If you do, than it's your city or state issue. And it should be dealt with.

 

[CRAZY_CAT_WOMAN]

Considering neither I nor my wife make anywhere near 400k a year, I'd say we're pretty well prepared. I'll do you one better, though - Biden's marginal tax rate should be much higher.

Most of the complainers I know don't make that much either. They just worry about the wrong color of people, that have multiple babies getting the entitlements from tax increase . I've heard very racist language, by a few. And they claim there not racist.

 

[loveofourlord]

Most of the complainers I know don't make that much either. They just worry about the wrong color of people, that have multiple babies getting the entitlements from tax increase . I've heard very racist language, by a few. And they claim there not racist.

I think it's also the lie about the American dream, "Some day I will make millions so I don't want to have to pay taxes for that later."

 

[essentialsaltes]

Biden's proposed tax plan raises taxes only on people making at least $400,000.

I do not make at least $400,000. I was hurt by Trump putting a cap on the SALT deduction. One can surely understand why so many middle class people were very enthusiastic in support of Biden.

The Democrats are looking to undo the SALT deduction cap, but tying it to an alternative minimum tax on the wealthy, so that the 1% aren't the primary beneficiaries. This looks like a good compromise to help actual middle class folk. (I thought it could be fixed by just raising the cap to a higher level, but this works too, for me anyway.)

Democrats look at expanding minimum tax on wealthy in exchange for state and local tax break
But senior Democratic leaders have eyed pairing the repeal of the SALT cap with an expanded “alternative minimum tax,” which was effectively gutted by the 2017 GOP tax law, the people familiar with the negotiations said. That would at least partially mitigate the amount that the rich would benefit from the repeal of the SALT cap. The AMT was supposed to prevent people from piling up so many tax deductions that they virtually eliminate all of their tax liability.