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The President & the Executive Branch Discuss Here's How Biden's Proposed Tax Increases Will Affect You at the Political Forums; The tsunami of executive orders and decrees blindly tearing down previous administration policies with no thought about the consequences just ...

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Old 04-01-2021, 10:28 AM
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Default Here's How Biden's Proposed Tax Increases Will Affect You

The tsunami of executive orders and decrees blindly tearing down previous administration policies with no thought about the consequences just Orange man bad was just a preamble to the Biden administration passing off Bernie Sanders tax plan as their own. But don't worry the objective is government enforced economic equity by redistribution.

Quote:
He'd increase the top corporate rate to 28 percent. That's more than the current 21 percent, but still less than the 35 percent that applied between 1993 and 2017.

He'd increase the top individual income tax rate to 39.6 percent. That's up from the current 37 percent, but it's a rate that applied from 1993 to 2000 and again from 2013 to 2017, so it's not exactly unknown ground.

The two most extreme aspects of the Biden tax plan each have political pitches behind them that are at least plausible. The 12.4 percent payroll tax for Social Security's Old-Age, Survivors, and Disability Insurance is capped for 2021 on a wage base of $142,800. Biden would apply the tax to income above $400,000. That, not the increase to 39.6 percent from 37 percent, would be the real hit to high-income earners in the Biden plan. The combined effectó39.6 percent plus 12.4 percentówould be that at the margin, the federal government would take 52 percent, or more than half, of dollars earned over $400,000. There's an additional Medicare tax of 3.8 percent, which would take the top federal marginal tax rate up to 55.8 percent.
I
Democrat political elites like Bernie and Biden have their millions tucked away safe from the confiscatory taxation they propose to keep rising entrepreneurs down. Yes, we have
had these rates before but punishing people making over $400,000 per year under the guise of equity simply discourages ambition foreign investment. Combined with Bidenís open border policies creating a permanent underclass of low to no skilled workers this portion of Bidenís tax plan will increase the gap between rich and poor.

Biden is selling his tax plan on the claim that anyone making less than $400K per year will not pay a penny in additional Federal taxes. Like most everything else that he recites that is a risible lie.

Quote:
The other big piece of the Biden tax increase is a plan to bring the capital gains tax rate up to the earned income tax rate. Biden campaigned on that: "I think it's about time we start rewarding work in this country, not wealth," he said. "I think it's time working families get a break and the super wealthy and big corporations pay their fair share. They're still going to be doing just fine."
There is no income test for the increased capital gains tax so investors making less than the magical $400K will pay more. Supposedly rewarding work not wealth is straight out of Obama's you didnít build that philosophy. To career politicians like Biden who became wealthy selling influence or Bernie Sanders seduced into believing his book royalties are pure and clean, capital formation and investment aren't work they are exploitation and so therefore don't need encouragement from the tax code. Raising capital gains tax rates makes it more difficult to escape wage slave status living paycheck to paycheck. With no accumulated wealth as a backup People are susceptible to the Democrat socialist promise of comprehensive government care.

https://reason.com/2021/03/29/heres-...seJFpEl8Nk&amp
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Old 04-01-2021, 11:33 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

His plan will drive small business owners that are already struggling with the ScamDemic, to bankruptcy as a majority of small business owners file individual tax returns and will be subject to the higher rates.

If one were to devise a plan to kill off small business and expand the wealth of the truly wealthy by eliminating their competition, this would be a huge step in doing so.
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Old 04-01-2021, 11:41 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

Quote:
Originally Posted by AZRWinger View Post
The tsunami of executive orders and decrees blindly tearing down previous administration policies with no thought about the consequences just Orange man bad was just a preamble to the Biden administration passing off Bernie Sanders tax plan as their own. But don't worry the objective is government enforced economic equity by redistribution.


I
Democrat political elites like Bernie and Biden have their millions tucked away safe from the confiscatory taxation they propose to keep rising entrepreneurs down. Yes, we have
had these rates before but punishing people making over $400,000 per year under the guise of equity simply discourages ambition foreign investment. Combined with Biden’s open border policies creating a permanent underclass of low to no skilled workers this portion of Biden’s tax plan will increase the gap between rich and poor.

Biden is selling his tax plan on the claim that anyone making less than $400K per year will not pay a penny in additional Federal taxes. Like most everything else that he recites that is a risible lie.



There is no income test for the increased capital gains tax so investors making less than the magical $400K will pay more. Supposedly rewarding work not wealth is straight out of Obama's you didn’t build that philosophy. To career politicians like Biden who became wealthy selling influence or Bernie Sanders seduced into believing his book royalties are pure and clean, capital formation and investment aren't work they are exploitation and so therefore don't need encouragement from the tax code. Raising capital gains tax rates makes it more difficult to escape wage slave status living paycheck to paycheck. With no accumulated wealth as a backup People are susceptible to the Democrat socialist promise of comprehensive government care.

https://reason.com/2021/03/29/heres-...seJFpEl8Nk&amp
no, grasshopper. he's raising it BACK to 28% where it WAS which was low to begin with.
if your middle rate goes up it would be the previous admin and mitch who have a delay in increasing middle class taxes. (I told you about it already)
Biden said he wants to eliminate those increases.
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Old 04-01-2021, 11:54 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

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no, grasshopper. he's raising it BACK to 28% where it WAS which was low to begin with.
if your middle rate goes up it would be the previous admin and mitch who have a delay in increasing middle class taxes. (I told you about it already)
Biden said he wants to eliminate those increases.
That is a flat out lie that was pointed out on another thread that you abandoned once it was pointed out.

If you can't be honest with yourself, that's your problem. But don't show up here and continue to spout lies that have been proven false. If you can't be honest with this community, what is the point of you being here?
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Old 04-01-2021, 12:07 PM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

Quote:
Originally Posted by GetAClue View Post
His plan will drive small business owners that are already struggling with the ScamDemic, to bankruptcy as a majority of small business owners file individual tax returns and will be subject to the higher rates.

If one were to devise a plan to kill off small business and expand the wealth of the truly wealthy by eliminating their competition, this would be a huge step in doing so.
I always thought the left was supposed to be FOR the little guys, and against big corporation.

Actually, I always knew that was a lie. The reason Trump's base grew was because he actually helped the little guy as much or more as the big guys.
And the left hated that. The lefts strategy is to pretend to help the little guy, while pretending to hurt the big guys.
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Old 04-01-2021, 12:09 PM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

It took me a few mins, but I found it Salt. If you wish to continue your false statements, return to the thread and respond to this post:

Political Wrinkles - View Single Post - President Biden's recent stumbles
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Old 04-03-2021, 10:03 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

Quote:
Originally Posted by AZRWinger View Post
The tsunami of executive orders and decrees blindly tearing down previous administration policies with no thought about the consequences just Orange man bad was just a preamble to the Biden administration passing off Bernie Sanders tax plan as their own. But don't worry the objective is government enforced economic equity by redistribution.


I
Democrat political elites like Bernie and Biden have their millions tucked away safe from the confiscatory taxation they propose to keep rising entrepreneurs down. Yes, we have
had these rates before but punishing people making over $400,000 per year under the guise of equity simply discourages ambition foreign investment. Combined with Bidenís open border policies creating a permanent underclass of low to no skilled workers this portion of Bidenís tax plan will increase the gap between rich and poor.

Biden is selling his tax plan on the claim that anyone making less than $400K per year will not pay a penny in additional Federal taxes. Like most everything else that he recites that is a risible lie.



There is no income test for the increased capital gains tax so investors making less than the magical $400K will pay more. Supposedly rewarding work not wealth is straight out of Obama's you didnít build that philosophy. To career politicians like Biden who became wealthy selling influence or Bernie Sanders seduced into believing his book royalties are pure and clean, capital formation and investment aren't work they are exploitation and so therefore don't need encouragement from the tax code. Raising capital gains tax rates makes it more difficult to escape wage slave status living paycheck to paycheck. With no accumulated wealth as a backup People are susceptible to the Democrat socialist promise of comprehensive government care.

https://reason.com/2021/03/29/heres-...seJFpEl8Nk&amp
none of which will affect anyone on this board.
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Old 04-03-2021, 10:05 AM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

Quote:
Originally Posted by GetAClue View Post
His plan will drive small business owners that are already struggling with the ScamDemic, to bankruptcy as a majority of small business owners file individual tax returns and will be subject to the higher rates.

If one were to devise a plan to kill off small business and expand the wealth of the truly wealthy by eliminating their competition, this would be a huge step in doing so.
Once you have computed your gross business income and deducted your cost of goods sold to arrive at your gross profit, subtract your other business expenses for the year to calculate your net business income. This amount is your net profit for tax purposes.
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Old 04-03-2021, 09:38 PM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

For some (utterly inexplicable) reason, some people appear to think--or, at least, pretend to think--that taxes on companies and corporations are absorbed by those entities; that consumers are totally unaffected by these tax increases.

Of course, the companies (and corporations) that are subjected to increased taxation will either (1) go out of business; (2) fire some of their current employees; (3) hire fewer new employees; (4) rescind any plans for expansion; (5) pass along the tax increase, to consumers, in the form of higher prices; or (6) pass along the tax increase, to consumers, in the form of a downsized product.

(One or more of these may not be feasible in every circumstance; but at least one will surely be.)
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Old 04-03-2021, 11:49 PM
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Default Re: Here's How Biden's Proposed Tax Increases Will Affect You

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Originally Posted by pjohns View Post
For some (utterly inexplicable) reason, some people appear to think--or, at least, pretend to think--that taxes on companies and corporations are absorbed by those entities; that consumers are totally unaffected by these tax increases.

Of course, the companies (and corporations) that are subjected to increased taxation will either (1) go out of business; (2) fire some of their current employees; (3) hire fewer new employees; (4) rescind any plans for expansion; (5) pass along the tax increase, to consumers, in the form of higher prices; or (6) pass along the tax increase, to consumers, in the form of a downsized product.

(One or more of these may not be feasible in every circumstance; but at least one will surely be.)
That's the gist of it...

Some people (meaning the Left) don't understand the the little guy ALWAYS loses when pretend attacks on the big guy happen...

...and sadly, when it doesn't work out, they double down and make it happen again...and again...and again...
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