Biden proposes higher taxes

[lauradrops]

Originally Posted by xray731

History has shown that you give them and inch and they take a mile and why those little guys are sweating this. This will trickle down and the middle class and poor will end up paying for this in some fashion.

The little guy will never make enough money to worry about these taxes. As said before you would need an annual income of over 1 million and investment income over $400,000. No trickle down to worry about.

[InformedConsent]

Originally Posted by lauradrops

The little guy will never make enough money to worry about these taxes.

That's what they said about the AMT.

[lauradrops]

Originally Posted by InformedConsent

That's what they said about the AMT.

Tax brackets are adjusted for inflation, the AMT has not been. Not the same, there is a huge difference

[Tom Lennox 70]

It's hard for AOC, Maxine Waters, and Sheila Jackson Lee's voters to grasp concepts like how if taxes go up on their landlord, their rent will go up. Oh wait....they don't actually pay their rent either, WE DO through Section 8!

[InformedConsent]

Originally Posted by lauradrops

Tax brackets are adjusted for inflation, the AMT has not been. Not the same, there is a huge difference

That's my point. The AMT, which was supposed to hit only "the rich." Ended up hitting the middle class because it wasn't adjusted for inflation. The exact same thing is likely to happen with this.

[TMSRetired]

Originally Posted by lauradrops

The little guy will never make enough money to worry about these taxes. As said before you would need an annual income of over 1 million and investment income over $400,000. No trickle down to worry about.

Live long enough through enough Presidents and you will come to realize that it's the "little guy" that ALWAYS ends up paying.

At one point in time AMT hit people making a mere $40K a year before Congress changed it. Did you know that ?
And Congress did nothing for years as more and more middle class got hit with AMT.

Our government has an insatiable appetite for money..YOUR MONEY.

[lauradrops]

Originally Posted by InformedConsent

That's my point. The AMT, which was supposed to hit only "the rich." Ended up hitting the middle class because it wasn't adjusted for inflation. The exact same thing is likely to happen with this.

Tax brackets are always inflation adjusted like I said, not the same.

[lauradrops]

Originally Posted by TMSRetired

Live long enough through enough Presidents and you will come to realize that it's the "little guy" that ALWAYS ends up paying.

At one point in time AMT hit people making a mere $40K a year before Congress changed it. Did you know that ?
And Congress did nothing for years as more and more middle class got hit with AMT.

Our government has an insatiable appetite for money..YOUR MONEY.

Yes because it is not inflation adjusted. Tax brackets are.

[TMSRetired]

Originally Posted by lauradrops

Yes because it is not inflation adjusted. Tax brackets are.

Oh but Biden isn't putting the tax on the "bracket"...just the "rich".

At one point in history $50K was on the upside of middle class. Today $50K is "low income".

[lauradrops]

Originally Posted by TMSRetired

Oh but Biden isn't putting the tax on the "bracket"...just the "rich".

At one point in history $50K was on the upside of middle class. Today $50K is "low income".

It is on those over 1 million in annual income, which is in the top bracket currently 37% but reverting back to 39.6% plus 5% more for investment income over 400,000. That's the 44.6% (39.6 + 5) if approved. No other tax brackets are affected.