Biden is proposing the largest tax hike in human history. 45%

[bsrkoacar2]

It's a 44.6% capitol gains tax on those who sell for $400,000+ and I think like a 40% ordinary tax on those making 250k a year. That likely won't affect you yet... But remember a middle class income in 1990 was like 25k. It's going to hit more and more people as inflation and incomes rise in the coming decades. It's gonna prevent the average people from "making it" or starting profitable small businesses.

[bsrkoacar2]

https://www.forbes.com/newsletters/a...h=30c7f4ba1ff6

[LuigiMiami631]

It's already over for many people. Right now I think we are seeing YOLO becoming in full force.

Economy is fuked? Guess what? Going to live the lifestyle.

People are in bliss right now and living in bubbles. Who are we to burst it.

[JayJ350]

Keep voting democrat!

Vote blue no matter who!

Orange man bad!

[JT11RTR]

Dems have to keep giving their slug voters free chit. Better pay up for the faqqots that don't want to work.

[Shortfuze]

No amount of tax increase will make any difference unless tax loopholes are plugged.

[JeepBruh]

So is this a big ask where they will compromise for a measly 5% increase after fierce negotiations?

Or is this a situation where they know inflation will rip extraordinarily high and $250K will be considered lower middle class thus raising the taxes on everyone?

[FAPhaggot]

Good!

I am all for raising taxes, even on poors. We have $9T extra dollars injected into this economy and a $34T deficit to pay. Let's soak some of that excess back up.

With that being said, higher taxes have to be paired with lower spending, or this is all for naught. I don't trust Biden on that second part.

[bsrkoacar2]

No amount of tax increase will make any difference unless tax loopholes are plugged.

What tax loop holes are you talking about? Like offshore bank accounts accessable for the top 0.001% or politicians getting paid off using non profits like the clinton foundation? There really aren't many loopholes for 99.9% of people. It's not about taxes, it's about controlling wealth and restricting resources. They don't use tax money for chit like social security or sending billions to Ukraine. The federal reserve just digitally prints it.

[bsrkoacar2]

So is this a big ask where they will compromise for a measly 5% increase after fierce negotiations?

Or is this a situation where they know inflation will rip extraordinarily high and $250K will be considered lower middle class thus raising the taxes on everyone?

It will get to be that way. They push it in by claiming you won't be affected. But it will expand to more and more people.

[AlfBundy]

Corporations are woke vermin. Fuk em

[Shortfuze]

What tax loop holes are you talking about? Like offshore bank accounts accessable for the top 0.001% or politicians getting paid off using non profits like the clinton foundation? There really aren't many loopholes for 99.9% of people. It's not about taxes, it's about controlling wealth and restricting resources. They don't use tax money for chit like social security or sending billions to Ukraine. The federal reserve just digitally prints it.

That's what I mean; on paper it looks like "yay, we're taxing the rich!" yet without plugging loopholes that the ultra rich and - dare I say - members of Congress take advantage of, the tax hike will be passed on to middle class.

[bsrkoacar2]

Corporations are woke vermin. Fuk em

Lol it won't affect them 100% guaranteed. Like when California passed the house sales tax but excluded the wealthiest areas like Malibu and Beverly hills.

[bsrkoacar2]

That's what I mean; on paper it looks like "yay, we're taxing the rich!" yet without plugging loopholes that the ultra rich and - dare I say - members of Congress take advantage of, the tax hike will be passed on to middle class.

Yup. 100%

[MajorTendonitis]

The industrial military complex ain’t going to fund itself you know.

[JeepBruh]

That's what I mean; on paper it looks like "yay, we're taxing the rich!" yet without plugging loopholes that the ultra rich and - dare I say - members of Congress take advantage of, the tax hike will be passed on to middle class.

I am a high income earner and would be considered rich in the eyes of voters Biden is trying to appeal to. There are not tax loopholes. Please list them because I've paid thousands on tax accountants and lawyers for this and get hosed every single year.

[tendies]

[guest89]

They'd make more money if they'd just do a flat 10% tax for everyone and close all tax loopholes.



But as it is the ultra wealthy typically pay little to no taxes. By far and large the middle class are the hardest hit.

[JeepBruh]

They'd make more money if they'd just do a flat 10% tax for everyone and close all tax loopholes.

But as it is the ultra wealthy typically pay little to no taxes. By far and large the middle class are the hardest hit.

Which is probably why a flat tax won't happen. Democrats want the issue because it sounds good on a campaign trail and doesn't actually fix the underlying issue people are upset about.

Until we start listing what the tax loopholes actually are, the term “loophole” will continue to be used on the campaign trail to justify tax rate hikes. Ultimately on those who don’t use them.

[guest89]

I am a high income earner and would be considered rich in the eyes of voters Biden is trying to appeal to. There are not tax loopholes. Please list them because I've paid thousands on tax accountants and lawyers for this and get hosed every single year.

The 'tax loopholes' are typically business or real estate related. People can deny they exist. But remember Trumps tax returns was such a hot button issue. Because of it.



If you are a high income earner. You are not rich. You are just upper middle class at best. I know a few small business owners that make 1-3 million per year. These are just upper middle class people as well. Far from being 'rich.


The way I understand it from my friends. The key is spend everything or nearly everything on business related expenses.

[Lefticle]

Just absolutely fkn LOL if you think every single member of congress would fuk themselves over by passing this.

[N0rds]

Absolutely brain-dead idea by the dumbfuk dems.



Unless you realize the democrats HATE americans

[JeepBruh]

The 'tax loopholes' are typically business or real estate related. People can deny they exist. But remember Trumps tax returns was such a hot button issue. Because of it.

If you are a high income earner. You are not rich. You are just upper middle class at best. I know a few small business owners that make 1-3 million per year. These are just upper middle class people as well. Far from being 'rich.

Agreed. And this is sort of the point I am trying to make. The category of "loopholes" is an incredibly small subsection of tax category. The problem is people see this small subsection, call it a loophole, and then use it as justification to raise taxes on a huge range of tax brackets.

It is a language trap I wish people would remove from their lexicon.

[bsrkoacar2]

Just absolutely fkn LOL if you think every single member of congress would fuk themselves over by passing this.

Nope it makes perfect sense. The politicians will get to hand select the people who become wealthy.

[LtGoose]

Imagine paying taxes

[JUSA]

Keep voting democrat!

Vote blue no matter who!

Orange man bad!

I for one plan to vote straight ticket Republican, that way I know hundreds and hundreds of billions more will definitely be on their way to Ukraine. Go GOP!

[JayJ350]

I for one plan to vote straight ticket Republican, that way I know hundreds and hundreds of billions more will definitely be on their way to Ukraine. Go GOP!

Yeah, because the democrats totally aren't all for big spending projects.

[JUSA]

Yeah, because the democrats totally aren't all for big spending projects.

They are pure chit. Yet, you know it from the getgo. The GOP on the other hand, they get up there and yell about small limited government and then get into office and bend the American people over to the MIC, special interests, big pharm, big agriculture and the Jews and various intelligence agencies who have blackmail material on all of them. Fuk them. Fuk the Democrats, fuk the GOP. They're both trash.

[LargePeter]

Must keep Ukraine alive!!

[JayJ350]

They are pure chit. Yet, you know it from the getgo. The GOP on the other hand, they get up there and yell about small limited government and then get into office and bend the American people over to the MIC, special interests, big pharm, big agriculture and the Jews and various intelligence agencies who have blackmail material on all of them. Fuk them. Fuk the Democrats, fuk the GOP. They're both trash.

Cool but fence sitting doesn't work anymore. The dems have become too authoritarian and extreme, either you're with them or against them.