Biden says Americans earning less than $400K will not pay 'a single penny' in taxes. LOL

Discussion in 'Wall St. News' started by tayte, May 4, 2021.

  1. tayte

    tayte

    https://www.msn.com/en-us/money/new...l-not-pay-a-single-penny-in-taxes/ar-BB1gkbpi

    "
    Joey Biden reiterated his pledge that no American earning less than $400,000 would not pay "a single penny" in additional taxes with a slight twist on Monday, after he proposed several tax increases to fund two sweeping spending plans.


    Biden appeared to mistakenly leave out a key word during his speech at Tidewater Community College – instead saying that no one earning under his specified threshold would pay any taxes.

    "The reason I’m bothering to do this is I keep hearing in the press ‘Biden’s going to raise your taxes’ – anybody making less than $400,000 a year will not pay a single penny in taxes," Biden said.

    BIDEN'S FIRST 100 DAYS: HIS PLANS TO MAKE THE RICH PAY WITH HIGHER TAXES

    Last week, Biden unveiled his $1.8 trillion American Families Plan, which focuses on education and child care.

    He previously announced the American Jobs Plan, a $2 trillion investment that includes a revamp of the nation’s infrastructure as well as various child care proposals.

    Both spending plans rely on tax hikes on businesses and the wealthy for funding.

    The American Jobs Plan includes an increase in the corporate tax rate to 28% from 21%, establishing a global minimum tax of 21% and eliminating various perceived loopholes in the corporate tax code.

    The second proposal contains a number of increases on individuals and households, notably raising the top personal income tax rate to 39.6% from 37%.

    The proposal would increase the capital gains tax rate for individuals earning more than $1 million to 39.6%, bringing it in line with the proposed top individual tax rate. Currently, short-term capital gains are taxed at the same rates as income, but long-term gains are taxed at lower rates.

    Additionally, Biden wants to eliminate the stepped-up basis provision, which allows an individual who inherits assets or property from a decedent to sell it immediately and pay no tax. That is because the cost basis has been "stepped up" from the price the deceased owner originally paid for it to its fair-market value on the date it was inherited.

    The loophole would be eliminated for gains in excess of $1 million.
    "
     
  2. Sounds like a decent plan. Finally. Fix loopholes. Tax riches a fair proportion, 40% sounds about right. Capital gains are capital gains, remove long term lower rates. Tax corporation around 30% and never allow a corporation again EVER to pay less than 21%no matter where they operate. All sounds completely fine and acceptable. And I say that as someone who would easily fall into the top tax bracket and who generates capital gains above 1mln.
     
    piezoe, comagnum and Overnight like this.
  3. Overnight

    Overnight

    I like that attitude. As I have always said, I would rather be forced to pay a lot of tax because I earn a fuckton of money, rather than paying very little tax (or none at all) because I or my business sux and earns nothing.
     
  4. El Trado

    El Trado

    Yes. Exactly.... And Elitetrader is just consisting of the elite of the global traders. We all are worth $100 million and up.... And we all love to pay taxes, compared to the rest of the world, which only wants the ones making more than us pay......
     
  5. JSOP

    JSOP

    The riches will just leave in droves just like what the French rich a$$holes did after Francois Hollande decided to hike up the tax rate to 75%. LOL They sold their mansions at huge discount to all the incoming Russians who gobbled them up without blinking. So I guess all of the mansions in California and New York will be sold off to all the incoming Chinese who will just buy them and leave them empty?

    And Peurto Rico will be very busy with all the American tax "refugees". LOL
     
    ITM_Latino and qlai like this.
  6. virtusa

    virtusa

    The title of this thread is completely wrong.

    "a single penny" in additional taxes is what Biden says.
     
    piezoe likes this.
  7. virtusa

    virtusa

    I am over 100 million on my own.
    I live in Zimbabwe. :D
     
  8. 40 and 75%. Big difference.

    Nobody leaves his entire life behind for a few percentages more. I am against raising personal income taxes beyond 40% for anyone. It demotivates and is counter productive.

     
    TraDaToR likes this.
  9. Turveyd

    Turveyd

    Well atleast he's not just going to spoil everyone and run up massive debts then take everything away to stop going bankrupt, like most lefties do.

    I'm a Flat rate ie 23% for everyone, regardless of there income, maybe first 10K tax free for all, why should people earning more be penalised for it.

    Plus they'd likely pay more actual tax as it's fair, rather than think screw that and dodge it like they do currently.
     
    murray t turtle likes this.
  10. piezoe

    piezoe

    Your thread title seems inaccurate. You might want to call attention to that!
     
    #10     May 5, 2021