Biden's bill will mean Americans earning less than $75,000 will pay no tax this year

[clivesbigbiceps]

Experts estimate the temporary tax cuts approved in the Democrats’ COVID-19 relief package will make it so that Americans earning less than $75,000 will largely pay nothing in federal income taxes this year.

The cuts, which have largely already come in the form of stimulus checks, will also play out in the $3,000-plus Child Tax Credit and expansion of the Earned Income Tax Credit approved in President Joe Biden’s $1.9 trillion American Rescue Plan, Politico reported.

Congress’ Joint Committee on Taxation estimates that even those earning $75,000 to $100,000 will pay less than a 2% average tax rate this year.

Politico noted that unlike the tax cuts initiated by the Trump administration in 2017, this year’s cuts — which Democrats seek to make permanent — are skewed heavily in favor of low- and middle-income Americans.

The committee predicts that wealthier Americans, earning half a million dollars or more, will pay more than two-third’s of the nation’s federal income taxes in 2021.

Howard Gleckman, a senior fellow at the nonpartisan think tank, the Tax Policy Center, argued the move by Democrats “plays against type” because “Democrats are supposed to raise taxes.”

“It was a big honking tax cut for low- and moderate-income people,” Gleckman told Politico.

https://www.masslive.com/politics/20...this-year.html

Now this is a big ****ing deal. President Biden, in stark contrast with his predecessor, is rewarding the hard working, blue collar men and women of America, not the fat cats. The middle class are the backbone of this nation and it is past time they get a break, not the elite billionaire class. Wall Street didn't build America, the middle class did. President Biden is building this country up from the ruins, but not from the top down, from the middle out.

[jamalfudge]

Yawn. Unless he abolishes the IRS it's all gonna screw us over in the end.

[Teague242]

https://www.masslive.com/politics/20...this-year.html

Now this is a big ****ing deal. President Biden, in stark contrast with his predecessor, is rewarding the hard working, blue collar men and women of America, not the fat cats. The middle class are the backbone of this nation and it is past time they get a break, not the elite billionaire class. Wall Street didn't build America, the middle class did. President Biden is building this country up from the ruins, but not from the top down, from the middle out.

You mean like when they first implemented income tax?

The government will never take less, only more. One way or another they will phuck us all

[LtGoose]

Yawn. Unless he abolishes the IRS it's all gonna screw us over in the end.

Low IQ spilled out

Eliminating the Social Security system would save the country but keep being a boomer

[Judgment]

https://www.masslive.com/politics/20...this-year.html

Now this is a big ****ing deal. President Biden, in stark contrast with his predecessor, is rewarding the hard working, blue collar men and women of America, not the fat cats. The middle class are the backbone of this nation and it is past time they get a break, not the elite billionaire class. Wall Street didn't build America, the middle class did. President Biden is building this country up from the ruins, but not from the top down, from the middle out.

"Elites" make up about 23% of all wealth and are wealthy enough to simply take all their wealth and move it out of the U.S. Tax cuts won't bridge the gap between how detrimental it will be when his tax increases on them drive them away, trickling down on the rest.

[Dude.Jon]

"Experts" estimate....



The cuts have largely already come in the form of stimulus checks.

Deficit spending helicopter money = tax cuts.

[JRMoore82]

https://www.masslive.com/politics/20...this-year.html

Now this is a big ****ing deal. President Biden, in stark contrast with his predecessor, is rewarding the hard working, blue collar men and women of America, not the fat cats. The middle class are the backbone of this nation and it is past time they get a break, not the elite billionaire class. Wall Street didn't build America, the middle class did. President Biden is building this country up from the ruins, but not from the top down, from the middle out.

Oh goodie. Another idiot who has no idea what will happen to all the wealthy people when Biden tells them they have to make up for all the taxes the $75,000 and below people supposedly aren’t paying (which I don’t fully believe anyways)


Go look into the millionaire exodus in France and how that ****ed over their economy

[Omnivium]

What's biden gonna do when all the rich people leave and there's no one to leech off of anymore?

[jamalfudge]

Low IQ spilled out

Eliminating the Social Security system would save the country but keep being a boomer

Taxing your own people defeats the purpose...

[Cleveland33]

but how will we pay for roads?

[iabs]

It’s worrisome how liberals can not think two simple steps ahead, reactionary feel good policies meant to keep you poor and continue voting Democrat.

Truly the party of the low IQ.

[FChumChum]

What's biden gonna do when all the rich people leave and there's no one to leech off of anymore?

Where will they leave to

[AlwaysFocus]

Where will they leave to

Another country? Pretty easy to do when you are not a wage slave

And you guys need to stop responding to OP, he isnt a legit poster, its a paid troll

[chaunce54]

Taxing your own people defeats the purpose...

We used to have these things called "tariffs" that would tax other countries, but the globalist media propaganda was able to convince smooth brains that tariffs are bad...

[MirinCanadian99]

Greattttt more spending and less tax revenue. A recipe that has worked in the past.

[clivesbigbiceps]

Greattttt more spending and less tax revenue. A recipe that has worked in the past.

There will be plenty of tax revenue when billionaires pay their far share.

[MirinCanadian99]

There will be plenty of tax revenue when billionaires pay their far share.

The same Billionaires that donated to the DNC in droves? Don't worry clives I'm sure those billionaires will pay their fair share in an offshore account whilst doctors and other professionals that make decent money will foot the bill. Only knuckle heads like you will fall for the age old lie that politicians peddle. The solution has always been less taxes and less government spending

[clivesbigbiceps]

The same Billionaires that donated to the DNC in droves? Don't worry clives I'm sure those billionaires will pay their fair share in an offshore account whilst doctors and other professionals that make decent money will foot the bill. Only knuckle heads like you will fall for the age old lie that politicians peddle. The solution has always been less taxes and less government spending

Your last line is just completely untrue. Have you picked up a basic economics text book in your life?

[monty097]

There will be plenty of tax revenue when billionaires pay their far share.

The top 1% pay almost 50% of all taxes.

"fAiR sHaRe"

[clivesbigbiceps]

The top 1% pay almost 50% of all taxes.

"fAiR sHaRe"

Look up the study done by economists Saez and Zucman. It showed that the effective tax paid by the richest was less than that paid by the bottom 50% of American tax payers, and that the rich are paying some 30% less than they were even back in the 80s.

[Cleveland33]

Look up the study done by economists Saez and Zucman. It showed that the effective tax paid by the richest was less than that paid by the bottom 50% of American tax payers, and that the rich are paying some 30% less than they were even back in the 80s.

That's income tax only

[MirinCanadian99]

Your last line is just completely untrue. Have you picked up a basic economics text book in your life?

Have you looked at the actual results behind the governments big push to end poverty? Sometimes just sometimes the text book is wrong . The Canadian Government took a big push to end poverty in the early 80's and spent billions of dollars only to see poverty go down a point or two. Hell poverty is actually up in a few places despite all of the redistribution efforts.

Once again I'm willing to debate with you but almost everything the government has implemented to end something it has usually resulted in the opposite. War on drugs led to more drug use, War on poverty led to more poverty, etc. The United States of America is not Europe. You can't apply Norway's economic policies to the USA. Norway has a tiny military and has an oil business that makes more money then what it needs. The USA has a huge military because a huge portion of it's NATO allies piggy back off of the US military. Someone has to protect shipping lanes and someone needs to have military bases abroad in order to react quickly to threats.

The solution for the USA has always been to spend less and tax less. It needs to let ppl compete in a free market environment. Pork belly legislation is just that, pork belly. I.e. full of chit. I'm all for free healthcare and tackling student loan debt but the solution is not to spend more on other crap and taxing the rich more. The solution is to make it affordable for ppl to afford opening up clinics and hospitals of their own, the solution is to stop the federal government from guaranteeing loans because it only encourages colleges to spend more on pointless degrees, the solution is to reduce regulations and make things easier to accomplish.

Bidens proposal to nullify taxes on those who earn 75 000$ is great news but he's still spending like a madman and who's gonna foot the bill? You really think the same billionaires who funded his campaign are gonna foot the bill? You really think Amazon won't just close down warehouses in the USA and move elsewhere if push came to shove? While I think your intentions are noble, the party you are supporting is out of touch with your intentions.

[MyLastSerenade]

Have you looked at the actual results behind the governments big push to end poverty? Sometimes just sometimes the text book is wrong . The Canadian Government took a big push to end poverty in the early 80's and spent billions of dollars only to see poverty go down a point or two. Hell poverty is actually up in a few places despite all of the redistribution efforts.

Once again I'm willing to debate with you but almost everything the government has implemented to end something it has usually resulted in the opposite. War on drugs led to more drug use, War on poverty led to more poverty, etc. The United States of America is not Europe. You can't apply Norway's economic policies to the USA. Norway has a tiny military and has an oil business that makes more money then what it needs. The USA has a huge military because a huge portion of it's NATO allies piggy back off of the US military. Someone has to protect shipping lanes and someone needs to have military bases abroad in order to react quickly to threats.

The solution for the USA has always been to spend less and tax less. It needs to let ppl compete in a free market environment. Pork belly legislation is just that, pork belly. I.e. full of chit. I'm all for free healthcare and tackling student loan debt but the solution is not to spend more on other crap and taxing the rich more. The solution is to make it affordable for ppl to afford opening up clinics and hospitals of their own, the solution is to stop the federal government from guaranteeing loans because it only encourages colleges to spend more on pointless degrees, the solution is to reduce regulations and make things easier to accomplish.

Bidens proposal to nullify taxes on those who earn 75 000$ is great news but he's still spending like a madman and who's gonna foot the bill? You really think the same billionaires who funded his campaign are gonna foot the bill? You really think Amazon won't just close down warehouses in the USA and move elsewhere if push came to shove? While I think your intentions are noble, the party you are supporting is out of touch with your intentions.

The French Canadian makes an excellent point.

[clivesbigbiceps]

Have you looked at the actual results behind the governments big push to end poverty? Sometimes just sometimes the text book is wrong . The Canadian Government took a big push to end poverty in the early 80's and spent billions of dollars only to see poverty go down a point or two. Hell poverty is actually up in a few places despite all of the redistribution efforts.

Once again I'm willing to debate with you but almost everything the government has implemented to end something it has usually resulted in the opposite. War on drugs led to more drug use, War on poverty led to more poverty, etc. The United States of America is not Europe. You can't apply Norway's economic policies to the USA. Norway has a tiny military and has an oil business that makes more money then what it needs. The USA has a huge military because a huge portion of it's NATO allies piggy back off of the US military. Someone has to protect shipping lanes and someone needs to have military bases abroad in order to react quickly to threats.

The solution for the USA has always been to spend less and tax less. It needs to let ppl compete in a free market environment. Pork belly legislation is just that, pork belly. I.e. full of chit. I'm all for free healthcare and tackling student loan debt but the solution is not to spend more on other crap and taxing the rich more. The solution is to make it affordable for ppl to afford opening up clinics and hospitals of their own, the solution is to stop the federal government from guaranteeing loans because it only encourages colleges to spend more on pointless degrees, the solution is to reduce regulations and make things easier to accomplish.

Bidens proposal to nullify taxes on those who earn 75 000$ is great news but he's still spending like a madman and who's gonna foot the bill? You really think the same billionaires who funded his campaign are gonna foot the bill? You really think Amazon won't just close down warehouses in the USA and move elsewhere if push came to shove? While I think your intentions are noble, the party you are supporting is out of touch with your intentions.

You don't need to look at Norway, there are plenty of examples of this basic economic policy bearing fruit here in the US; FDR's New Deal is a good example.

[jofedm]

We used to have these things called "tariffs" that would tax other countries, but the globalist media propaganda was able to convince smooth brains that tariffs are bad...

So in a country that has been entirely dependent on cheap Chinese **** since the Nixon administration, should have more terrifs? All of your richest companies exist by exploiting that cheap trade. All of your investments grow because of these companies. Globalism has done nothing but increase your quality of life.

[chaunce54]

So in a country that has been entirely dependent on cheap Chinese **** since the Nixon administration, should have more terrifs? All of your richest companies exist by exploiting that cheap trade. All of your investments grow because of these companies. Globalism has done nothing but increase your quality of life.

lol, 80 years ago a man could get a job right out of high school and make enough money to buy a house and support a family on a single income. Now you have Bachelors degree holders slinging lattes at Starbucks wishing the government would raise minimum wage to $15/hr...

[TonyTriangles]

so are people making more than 75k are getting a tax hike?

[Maxamanius]

Yea when you don’t have to pay taxes you now become the product and the ppl who do pay will pretty much own you and will have higher priority since they provide the government with actual money

[BullittEV]

Remeber the 90% tax in the 80's? Lmao, I am SURE this time it will work!

[R3L3NTL3SS]

Lmfao @ anyone dumb enough to think that at any point, the federal govt will take less of anything from you. We'll all keep getting our hard earned money stolen from us under the guise of "tax" until the day we're put in the ground.