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Biden said several times in his speech that taxes on incomes less than $400,000 yr. will be unchanged from where they were set during the Trump administration.
He's concentrating strictly on the upper-echelon taxpayers with all of his new tax programs.
And you're delusional if you don't think that will affect you. And you're seriously delusional if you think individuals making more than $400k a year are earning it $600 at a time on Venmo.
ANY tax increase results in a drag on the economy.
Last edited by albert648; 06-03-2023 at 03:28 PM..
Biden said several times in his speech that taxes on incomes less than $400,000 yr. will be unchanged from where they were set during the Trump administration.
He's concentrating strictly on the upper-echelon taxpayers with all of his new tax programs.
But they were also looking at Venmo transactions over $600. I dont consider that to be upper echelon.
Biden is counting on his voting base to not understand the word "revenue". Dem voters are convinced that "revenue" is analogous to "magic money tree". They're not the sharpest tools in the shed.
But they were also looking at Venmo transactions over $600. I dont consider that to be upper echelon.
BUSINESS TRANSACTIONS OVER $600. And a business has always been required to report and pay taxes on transactions over $600. The only difference is that Venmo will send my corporation a 1099 at the end of the year so there will be less opportunity for tax cheats.
I'm a business owner in a high tax bracket. I pay a lot in taxes because I make a lot of money. With the help of my CPA, I write off everything that I can legally and I will continue to do so. I have ZERO tolerance for tax cheats.
Biden said several times in his speech that taxes on incomes less than $400,000 yr. will be unchanged from where they were set during the Trump administration.
He's concentrating strictly on the upper-echelon taxpayers with all of his new tax programs.
...and then when they figure out that's not near enough money
upper-echelon is a sliding scale
face it....other than cutting spending....the only way they can raise revenue is by taxing the people that pay taxes
Obama incurred more debt than any other president....and that includes Trump
"At the end of fiscal year 2016 − three months before Trump took office − the debt was about $19.5 trillion, according to historical fiscal year debt data from the Office of Management and Budget. That number increased to about $26.9 trillion at the end of fiscal year 2020 three months before Trump left office, marking a $7.4 trillion increase."
"However, at the end of fiscal year 2008 before Obama took office, the debt was about $10 trillion and increased to about $19.5 trillion at the end of fiscal year 2016 before Obama left office, netting approximately a $9.5 trillion increase, according to the data."
You know what is funny is how you failed to mention that both Obama & Biden had to SPEND more because of the RECESSIONS both Dubya & TRUMP left the Nation in!
Every Single recession we have had for the past 40 Years have started & been under a REPUBLICAN President!
When can the government expect your check with extra money, since you seem to be in a giving mood? You do know that not everyone can afford to have their taxes raised, right? - FordBronco1967
Foregoing is a rep comment I received which should be addressed on this thread.
Reading comprehension matters. Comment addresses tax cuts for the rich in the post to which I responded. Those tax cuts for the wealthy were irresponsible and criminal - tantamount to robbery.
Quote:
Originally Posted by Ariadne22
This is so true. Keep starving the beast and then say there isn't enough money to pay for anything. The UNNECESSARY tax cuts were outright theft from the US Treasury because the money to keep the govt functioning then had to be BORROWED causing an increase in the national debt to cover the loss of revenue. Tantamount to stealing. Never should have happened.
Ironically, tax cuts for the lower income went away, but those for the superrich remain. Some things never change.
And, yet, people keep voting for those who promote this insanity designed to undermine the proper functioning of government.
Last edited by Ariadne22; 06-03-2023 at 04:14 PM..
BUSINESS TRANSACTIONS OVER $600. And a business has always been required to report and pay taxes on transactions over $600. The only difference is that Venmo will send my corporation a 1099 at the end of the year so there will be less opportunity for tax cheats.
I'm a business owner in a high tax bracket. I pay a lot in taxes because I make a lot of money. With the help of my CPA, I write off everything that I can legally and I will continue to do so. I have ZERO tolerance for tax cheats.
How is Venmo differentiating between business and personal transactions in a non.business account?
I imagine some folks will try to cheat and not open a business account. Does that mean Venmo will default to reporting every transaction over $600.in any account and it will be the taxpayer's responsibility to prove what the transaction was for?
And you're delusional if you don't think that will affect you. And you're seriously delusional if you think individuals making more than $400k a year are earning it $600 at a time on Venmo.
ANY tax increase results in a drag on the economy.
The economy will do quite fine even with those making over $400k paying slightly more in taxes. I wish they would have rolled back the 2017 Tax cut to the original levels.
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