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Yes. All pension funds, 401Ks, IRAs, etc. trade stock equities, bonds, and even derivatives (under the proposal, ALL would be taxed). In fact, US workers and retirees have $28 trillion worth of such investments held in their pensions and/or retirement accounts. Dems just can't wait to get their hands on that $28 trillion of untouched money that US workers/retirees count on being there when they need it in their retirement, to tax it.
71% of those age 55+ have a pension and/or some form of a retirement account.
As for that tax, it's even worse than it seems at first glance. Each TRADE is taxed. Therefore, each investment is taxed TWICE. Once when it is bought for the pension/retirement account portfolio, and then AGAIN when it is sold to provide liquidity for pension/retirement account draws/payouts.
I'll need a link. And, please, not a faux-like one. I did look, and I did not find any reliable information on that, the details of an actual implementation are not described.
Assuming the basic premise of the thread title is true... at least she's honest enough to tell the middle class they'd have to pony up too instead of promising them that "millionaires and billionaires" will pay for everything.
100% correct, and this is the point most people are missing. Collectively, the middle class earns the bulk of the income. There are not enough 1%-ers, and they do not earn enough to pay enough in taxes to foot the bill for all 327 million in the US.
The total of my family insurance premiums (both employer and employee contributions) is about 18k a year.
If the total income were 100k (random number, inclusive of employer contributions to premiums), that's equivalent to a 18% tax, if the total income were 200k, that's a 9% tax.
So, currently the equivalent burden is huge on the middle class, if we assume that 100k is middle class, and 200k is middle class. There is not even a point in discussing the situation with low incomes.
So, everything is in the implementation. What the percentages are, and what the income cutoffs are (floor, if any; maximum, if any).
So how does Kamala Harris intend to pay for her Medicare For All plan? Tax households making $100k or more (which is squarely middle class in most HCOL areas) and charge taxes on stock trades which is again arbitrary theft from many hardworking middle class folks who are diligently trying to save in their 401k and other accounts for retirement. Disgusting and despicable!
"Harris’ rollout is a 3-part plan covering all medical essentials exempting households below $100,000, a higher income threshold for middle-class families living in high-cost areas"
$100,000/yr is NOT high income in high-cost areas!! Is this woman on drugs?
"To pay for these changes, she will tax Wall Street stock trades at 0.2%, bond trades at 0.1%, and derivative transactions at 0.002%."
Yeah, let's become another Europe where the government just steals and pillages from private enterprises and business, look how well it's worked for them... record unemployment, record negative business activity, horrible economies that they have not been able to jumpstart in decades.
Once again, the middle class tries to do the right thing... pay their own way through life, save and invest to take care of themselves when they get older and along comes a politician who sees money and wants to take it.
I'm annoyed at paying taxes for people that aren't even here legally. The amount of pandering that the Dem party is doing to the Hispanic crowd is nauseating. I know a Mexican guy and even he is starting wonder what is up with that.
It's like the Dem have just given up on the middle class white voters. They pander to everyone but white people.
I'll need a link. And, please, not a faux-like one. I did look, and I did not find any reliable information on that, the details of an actual implementation are not described.
You need a link to know that pensions and retirement accounts are invested in stocks, bonds, and derivatives? Really? Where do you think they're keeping that $28 trillion? Stuffed under a mattress?
No, it's invested in stocks, bonds, and derivatives, all of which would be taxed twice. Once when a certain stock, bond, or derivative was bought for the pension fund's or retirement account's investment portfolio, and then again when that investment is sold to provide liquidity for pension/retirement account payments/draws.
Mcconnel allowed the middle class to be taxed in perpetuity to pay for Trumps tax cut for the rich.
Harris or whoever must work to abolish that.
Mcconnel and Paul Ryan jump ahead of Trump in the traitor category.
It's obvious you've been letting the liberal media educate you on taxation and they are wrong.
The rich always find a way to reduce their taxable income regardless of tax law. They plan with taxation in mind, they are what is called tax proficient. The mid class can't be as tax proficient and why politicians like Harris will nail them (make them poorer) every time.
Trumps tax cut benefits the middle class more than I've seen in my lifetime of earning money. It's also helped retirees. I've been a bit of a tax nerd all my life because I want to know how to legally keep more of my money. And when you have a pretty decent grasp on taxation you know who is BSing you. Obama was the biggest BSer in my lifetime and those of you who do not understand taxation bought the lie hook and sinker.
The total of my family insurance premiums (both employer and employee contributions) is about 18k a year.
If the total income were 100k (random number, inclusive of employer contributions to premiums), that's equivalent to a 18% tax, if the total income were 200k, that's a 9% tax.
So, currently the equivalent burden is huge on the middle class, if we assume that 100k is middle class, and 200k is middle class. There is not even a point in discussing the situation with low incomes.
So, everything is in the implementation. What the percentages are, and what the income cutoffs are (floor, if any; maximum, if any).
Again, you're missing the point. There's not enough 1%-ers and they don't earn enough money to pay enough in taxes to fund health care for all 327 million people in the US. The middle class earns the bulk of the income, and therefore they'll have to pay the bulk of the tax revenue required to fund it.
Again, you're missing the point. There's not enough 1%-ers and they don't earn enough money to pay enough in taxes to fund health care for all 327 million people in the US. The middle class earns the bulk of the income, and therefore they'll have to pay the bulk of the tax revenue required to fund it.
True but many in the middle class doesn't understand tax law or can't use the tax law legally to shield their money from the gov't grab like the rich can. The only way they know is contributing to a 401K or IRS. The rich are tax proficient and will always adjust to reduce their taxable income no matter what the tax law is.
So when a politician says "tax the rich" they, who are rich themselves, know better and are lying. They are using people's lack of knowledge against them. Tax the rich translation = tax the middle class.
Knowledge is power, lack of knowledge and you will buy BS from a snake oil salesman.
Democrats say they’re for the middle class, Lol.
They are "for" the middle class........................"for" destroying the middle class.
The middle class is a major impediment to the spread of socialism, thus it has always been a target of the left. It is not surprising that Clinton ushered in NAFTA and China trade policies, both of which have had a major negative impact on the middle class.
The dems need to destroy the middle class to consolidate power, and they are doing a damn good job if it .
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