Biden wants big tax hikes

[carcrazy67]

Originally Posted by Winter_Sucks

Someone needs to pay for trump’s massive deficits.

And the debt run up prior to his administration....right?

[bu2]

Originally Posted by TexasLawyer2000

Capital gains and dividends are taxed differently. What are you talking about? Why are you lumping them together?

1) The article lumped them together; and
2) You aren't up to date on dividend taxation. Qualified dividends get capital gains rate.

[bu2]

Originally Posted by FatBob96

We didn't have any meaningful competition on a global scale in the 50's and 60's.

Outsourcing wasn't a thing then either.

Technology hadn't advanced to the point of making many jobs obsolete due to automation at the time either.

We literally needed more people working then than we do now.

We didn't import cheap labor then ....we actually enforced our immigration laws then and didn't have H1-B visa holders taking higher wage jobs.

It was a different world then.

And the 50s weren't viewed as a great boom period. It was really viewed as a stagnating period-except in babies!

[legalsea]

Originally Posted by beach43ofus

~55% of Americans pay NO net federal income tax....yep, its now more than 1/2 ofus are takers...not makers.

I am for making the 55% pay something, and leaving the rates for the top 45%, who are like Atlas carrying the World in his back, alone.

Every wage earning American should be paying something in federal income taxes.

Somehow, I don't think this is what Joe Biden has in mind.

Has ANYONE seen Joe Biden's 2021 proposed budget? If he does jack taxes, where wil the money go exactly?

I want to see precise numbers, not wide platitudes. Trump's budget is out there for all to see.

Don't they pay payroll taxes? I think they do.



Anyway, let's peek at the National Debt Clock:



https://www.usdebtclock.org/


My. 26.7 trillion.



Didn't President Trump promise to eliminate the national debt in 8 years?



Wasn't the Tax Cuts passed by the Republicans suppose to bring in more money to the treasury?


I have not seen Trump's budget plan. I wish you would link to it.

[InformedConsent]

Originally Posted by legalsea

Don't they pay payroll taxes? I think they do.

27% of all US 1040 filers get so much in refundable tax credits that not only do they pay no federal income tax whatsoever, the refundable tax credits offset whatever they pay in payroll taxes, as well. And some even still get money FROM the federal government on top of having all those taxes offset.

The problem with that is obvious... Even though they pay no payroll taxes, they'll still be eligible for SS and Medicare as long as they worked the required minimum (equal to approximately 10 years of full-time employment).

If anyone's wondering why SS and Medicare are in funding trouble, that's why. Way too many people not paying a dime in SS and Medicare tax but still eligible for full benefits, anyway.

[Rachel976]

Why is that whenever it is pointed out to a liberal that more than half the country doesn’t pay federal income tax, he comes back with.....but, but, but...payroll taxes!

They’re not the same thing. Federal taxes are to run the government, from national defense to medical research. Payroll taxes are payment toward a benefit program that one gets directly: SS and Medicare.

We DO need to make changes to the tax code, but not in the direction Biden wants. We need to see that everyone has skin in the game: $100 minimum “government funding” fee” for every adult over 18.