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Spot on in calling out the stark contrast in the philosophy of Dems and Republicans! Why on earth do Democrats automatically assume that the government owns everyone's income, and you have no right to keep your own money, the fruits of your own labor? Are they still that hardup that their beloved slavery ended in the US in the 1860s?
We r truly in a taxation without representation situation right now. And i DON'T mean that in a revolution kind of way (don't cancel me City Data!), just an observation. Not one politician gives a ****e about my income group and we pay the largest percentage of tax as wage earners.
The problem is that it's not going to just be people making over $400k. Guaranteed.
From the article:
Note the weasel words.
Your income tax is going up under Biden, if you pay any. Guaranteed. There's not enough money at the top - the cash cow is the middle class, or what's left of it. Do the math.
That was quick. I didn’t expect to be proven right this fast.
Quote:
Psaki said at her daily press briefing that the proposed $400,000 threshold for tax increases applies to “families” rather than individuals.
The clarification significantly lowers the tax-hike threshold announced by Biden in an ABC News interview that aired Wednesday.
I mean, as a tax attorney I can tell you this has been a loud and annoying part of my life for 15 years. I can also tell you that despite having read the article, I think we all know that what legislation intends to do and what it actually does rarely overlap. Who knows what this will even look like if some aspect of it even passes the House.
There is no reason why capital gains, or unearned income, should ever be taxed at a rate lower than wage income. Earned income. We already have a crapton of ways to handle income in retirement.
So yes. Raise the capital gains tax. Please dear god. At least double it for stocks held for less than either 6 months or the reasonable amount of time one would expect to recoup the initial price in dividends.
As for corporate taxes, they don't pay taxes now. Corporations did not pay taxes "then", whenever "then" happens to be.
That, and prices are not passed along to the consumer anyways. Do you think corporate America, which has kept wage growth stagnant for fifty years, can afford to raise prices? Please. They wish they were in that situation. Go ahead, raise your prices after 40 years of flatline wages. In the middle of a pandemic. I'd love to see it.
I mean, as a tax attorney I can tell you this has been a loud and annoying part of my life for 15 years. I can also tell you that despite having read the article, I think we all know that what legislation intends to do and what it actually does rarely overlap. Who knows what this will even look like if some aspect of it even passes the House.
There is no reason why capital gains, or unearned income, should ever be taxed at a rate lower than wage income. Earned income. We already have a crapton of ways to handle income in retirement.
So yes. Raise the capital gains tax. Please dear god. At least double it for stocks held for less than either 6 months or the reasonable amount of time one would expect to recoup the initial price in dividends.
As for corporate taxes, they don't pay taxes now. Corporations did not pay taxes "then", whenever "then" happens to be.
That, and prices are not passed along to the consumer anyways. Do you think corporate America, which has kept wage growth stagnant for fifty years, can afford to raise prices? Please. They wish they were in that situation.Go ahead, raise your prices after 40 years of flatline wages. In the middle of a pandemic. I'd love to see it.
duh, you are seeing it. Have you bought gas recently? Heading for $4 a gallon by summer...Enjoy fantasyland.
duh, you are seeing it. Have you bought gas recently? Heading for $4 a gallon by summer...Enjoy fantasyland.
Exactly. Lumber and building materials prices have been skyrocketing, too. Corporations can and do increase prices when their costs escalate. Those increased costs include higher corporate taxes, Biden-style.
I mean, as a tax attorney I can tell you this has been a loud and annoying part of my life for 15 years. I can also tell you that despite having read the article, I think we all know that what legislation intends to do and what it actually does rarely overlap. Who knows what this will even look like if some aspect of it even passes the House.
There is no reason why capital gains, or unearned income, should ever be taxed at a rate lower than wage income. Earned income. We already have a crapton of ways to handle income in retirement.
So yes. Raise the capital gains tax. Please dear god. At least double it for stocks held for less than either 6 months or the reasonable amount of time one would expect to recoup the initial price in dividends.
As for corporate taxes, they don't pay taxes now. Corporations did not pay taxes "then", whenever "then" happens to be.
That, and prices are not passed along to the consumer anyways. Do you think corporate America, which has kept wage growth stagnant for fifty years, can afford to raise prices? Please. They wish they were in that situation. Go ahead, raise your prices after 40 years of flatline wages. In the middle of a pandemic. I'd love to see it.
Great points particularly on capital gains and corporations. Just arguing on the merits of the proposal in it's present form I don't see this as having much impact.
duh, you are seeing it. Have you bought gas recently? Heading for $4 a gallon by summer...Enjoy fantasyland.
Inflation is hitting basic necessities, too. In 2019, I bought a 20 lb bag of basmati rice for $17. Today, the price for a 15 lb bag (yes, the size has been reduced) is $27.50. 3/4 the amount for a 62% price increase. Inflation.
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Why on earth do Democrats automatically assume that the government owns everyone's income, and you have no right to keep your own money, the fruits of your own labor? Are they still that hardup that their beloved slavery ended in the US in the 1860s?
