Biden: Your Taxes Will Be Raised, NOT CUT. (Congress, illegal, lawyer)

[TMSRetired]

Originally Posted by natalie469

His tax increase is only for those making $400,000 or more. I'm sure none of us here fall into that category. So why would we care.

Right..just like that AMT tax was only for "the rich" which ended up hitting people making $50K until it finally got changed

[natalie469]

Originally Posted by BentBow

That won't be the case if he reverses Trump's Tax cuts.

Trump's cuts benefited the wealthy and corporations more than they benefited the middle class. And these are the ones who need it most.

[itshim]

Originally Posted by Elliott_CA

I don't consider repealing Trump's tax cuts to be a tax increase. Pre-Covid Trump's tax cuts were not sustainable, they were causing near $1 Tril deficits.

The top tax rate for the wealthy should go back to 39.6%.
The corporate tax rate should be raised from 21% to 26%, to match what the EU has.
The estate tax should be reinstated back to $5 mil where it was.

Under the previous tax law the tax rates (single filer) were:
10%
15%
25%
28%
33%
35%
39.6%
Under the new tax plan the rates were:
10%
12%
22%
24%
32%
35%
37%

Everyone but the absolute poorest saw a tax cut under the new plan, but Dems sold it as "tax cuts for the rich" and as a result will raise taxes across the board to increase to support more social and socialized welfare programs. There is no way it stops at 400k; everyone's taxes will go up substantially under Biden GuAN-rAN-tEEd.

[TMSRetired]

Originally Posted by natalie469

Trump's cuts benefited the wealthy and corporations more than they benefited the middle class. And these are the ones who need it most.

The standard deduction got doubled and the child tax credit got doubled.
Filers (joint/single) making less than $100K a year paid less taxes while above $100K paid more taxes.


https://www.policygenius.com/taxes/w...-and-jobs-act/

[BentBow]

Originally Posted by natalie469

Trump's cuts benefited the wealthy and corporations more than they benefited the middle class. And these are the ones who need it most.

At least you now acknowledge that Biden's Tax increases would harm those making under $400,000
Thanks for walking that back.

[TexasLawyer2000]

Originally Posted by natalie469

His tax increase is only for those making $400,000 or more. I'm sure none of us here fall into that category. So why would we care.

Why is it so low?

Also, $400k isn't that much in high COL areas.

[GreenBouy]

Originally Posted by natalie469

Trump's cuts benefited the wealthy and corporations more than they benefited the middle class. And these are the ones who need it most.

I get there is a fine line, but you can’t ignore where growth is important and where jobs are created from.

[Ralph_N_1962]

Originally Posted by desertdetroiter

So. We need to reverse the tax cuts anyway.

lol jesus

[itshim]

Originally Posted by natalie469

Trump's cuts benefited the wealthy and corporations more than they benefited the middle class. And these are the ones who need it most.

The more you pay--the bigger the cut. What's unfair about that?

[Ralph_N_1962]

Anyone who wants to raise taxes on someone else and not themselves is a pos