Biden said he will increase taxes on everyone making $400,000 a year to make them pay their fair share. Do you think this is fair?

[reptocarl2]

Biden said he will increase taxes on everyone making $400,000 a year to make them pay their fair share. They’re already paying 35% in taxes. When will the Dems learn that when you start taxing the successful and corporations they take their business elsewhere. It’s what Margaret Thatcher meant when she said “the problem with socialism is eventually you run out of other people’s money”

[Not_Average]

At surface level- this seems idea, and most people don't look past surface level. The rich are rich because they buy assets and create jobs. It's much harder to create jobs rather than getting a job. Assets and big business isn't taxed nearly as much, so that they can continue to create jobs that stimulate the economy. More jobs equates to a healthier economy. Tax the shit out of big business, and the rich who influence the stock market- and watch the negative trickle down impact that this has. I personally believe that if you create a business that holds employees, you have more value than the employee in regards to an economic standpoint. The government rewards people who take these risks, because it benefits the government from a taxation standpoint.

The people who are getting fucked over the most are the very high W2 earners. Doctors, surgeons, attorney's... etc. They're the ones that will pay the most taxes. That's unfair in my opinion. Those people did a lot more than your average joe to get to where they're at. You worked harder than everyone else? I'm going to tax you 40% so that you can pay all the people who don't work as hard. Lol fuck that Marxist bullshit. I believe in free market capitalism.

[reptocarl2]

Well said. The liberals and democrats cannot seem to grasp this

[michael1469]

Then why does the stock market do better under dems whe. Tax rates go up... hmmmmmmm

[Not_Average]

It typically doesn’t , but when it does- Crony capitalism Michael. Even with this most recent stimulus in the works- Nancy Pelosi and the squad tried to pay out their cronies. Take a look into it yourself. Mega cap companies like Microsoft and Apple thrive, but mid cap and small business really suffer the consequences of this practice.

Another reason would be hyper inflation. Historically, when you look at the stock market under democratic leadership and see it go up, its due to hyper inflation. They lower interest rates, and have the federal reserve print a ton of money. So while the S&P500 and Dow might have given you a 20% return that year- the devaluation of the dollar would make it a 3% return. The real rate of inflation and devaluation of the US dollar is a massive issue. We’re starting to lose our reserve currency status.

Again, there are layers to these political issues that people don’t look at. And if you want evidence, just look at democrat ran cities versus republican. Democrat ran cities have the most debt, homeless, and poverty stricken population. Just look at Baltimore and San Francisco. These places are absolute garbage.

[Oigit]

You hear something enough it can become a assumption. You continue to hear it enough and it goes from being an assumption to truth. Even if its a complete lie. It's a flaw in how human psychology works. There are also a lot of factors that can cause the switch from a assumption to truth happen very quickly. World leaders through out human history have used this flaw for a very long time. Nazi Germany is one of the best example of this.

Before diving any further into politics or the mainstream media, I suggest people disconnect themselves from both for a time. Use that time to study human history and psychology. After at least a month of doing so, start looking into politics and mainstream media again. Because you will start questioning a lot and start seeing both for the jokes they are.

It does not matter if you claim the left or right. Because both sides are guilty of exploiting the same flaw in human psychology. You won't be able to see it when you are still being subjected to the use of it. Because it does create a pair of blinders that can become quickly affixed to your head.

[Prettysammie]

I think in a lot of coastal cities 400k is basically middle income. So like couples with kids living in suburbs. I don’t live like that, but I don’t think we’re talking about the super rich.

400k is a lot of money in Alabama but I bet it doesn’t go very far in San Francisco or New York. I think tax rate or income level should have some kind of cost of living adjustment.

[WindAtMyBack]

400K is not middle income anywhere in the country. That's a very high income everywhere. Obviously higher some places than others, but it's still very high.

[reptocarl2]

@WindAtMyBack not really and is it still fair to penalize the successful for being successful considering they’re already in the second highest tax bracket?

[WindAtMyBack]

I'm not saying it's OK to tax it. I'm just saying it's not middle income.

[DrippingHoney]

I want those who scream about other people paying their "fair share" to produce a document defining what they think is everyone's fair share. Its easy to generate enthusiasm over vague ideas of fairness, but let people really see what they call "fair" and the cards will come tumbling down.

[VIVANT]

That works In both directions

[DrippingHoney]

It certainly does but when less than half the people pay the entire bill, how is it fair to ask them for even more? Any objective person would see that as unfair to those being asked for more.

[Goforit1010]

Correction... the max corporate tax rate is now at 28% (thank you, PresidentTrump), but Biden said he plans to increase that back up to 35%, with a minimum of 15% for ALL businesses.

You alluded to it, but Biden specifically meant businesses too. If you're a small business and you don't make $400K/yr., you might as well close your doors. Even most small businesses make around $700K or more.

Speaking of businesses, anyone with half a brain realizes businesses pay no taxes; their customers do in the form of raised prices for their services and products. So, in effect, WHO is paying that 35% corporate tax rate? Everyone of us. The media won't tell you that part. Neither will Biden, OR any Democrats! Effectively, this is a tax on EVERYONE!

So how far will your paycheck go with increased prices on everything to pay for the bullshit ideas of the Democrats? by the way... "fairness" has nothing to do with the idea. This is how Democrats screw over the average guy in America.

[Anonymous]

isn't personal income and business income taxed differently there?

This is what you pay in the UK:


Personal Allowance
Up to £12,500
0%

Basic rate
£12,501 to £50,000
20%

Higher rate
£50,001 to £150,000
40%

Additional rate
over £150,000
45%

But a business only pays 20% (I think, pretty sure)

So there isn't really a crippling tax burden on business, its pretty cheap really considering all the cool roads and shit you get to use etc

As for personal income there are plenty of tax havens around so you need only bring into the country what you personally need to spend.

If you dont want to bring your money into the country thats fine with me, live somewhere else, we dont have room for you anyway.

The American nationalists are always telling me how desperate everyone is to get into the US but there are plenty of people with coin over here despite the tax levels being significantly higher than the States, I guess you can get away with charging a higher ticket price when you are selling a better product ;)

[genericname85]

how is it "fair" to tax someone more cause they earned more money? that seems like a cheap way to please dumb poor people. which of course seems smart, as that's the majority of the voters. i highly doubt he'll do it, cause he knows that the richer you get, the better you are at avoiding taxes anyway so there's not even a point.

however there is still the phenomenon of the invisible hand, which describes the natural tendency for the richer to become more rich and the poorer to become more poor untill all wealth is accumulated in few. that's the thing that always happened in history.

wealth accumulated in few, till the poor couldn't survive and then the poor decided to "overthrow the system", killing or disowning the rich and redistributing the wealth, just to have that whole cycle start over.

that's what was tried to stop with the communist manifesto. socialism was supposed to be a transitional measure.

but both communism and socialism eventually fail at the corruption of humans. so what's your solution? just keep the "overthrow the system just to start the same over again" cycle?

[blank_expression]

Well, $400,000 will translate to $40,000 once they deploy their disingenuous taxation infrastructure lie. That is their biggest fraud; sell higher taxes on the rich, and then tax all much higher. Actually, I think that the $400,000 is higher than the 35% when AMT kicks in. Obviously, as you already mentioned that if you kill incentive and run all industries offshore, then what? Does everyone want to commute to China for a job? The thing is these taxes don’t apply to the democrat elites since all the money is under the table as is Joe’s Ukrainian cash flow. Vote Democrat, vote for the blue plague, the blue death, the dry OPM bucket.

[Wise4myage]

Yep, the middle class will disappear and that's exactly what the democrats want. More people begging for welfare.

[FakeName123]

Same thing the Nazis did to support their social agendas such as higher pension, more healthcare, etc. And eventually warfare.

It's like people have no clue about history.

If he really want things to improve, he would suggest to reduce government influence and decease taxes for those beneath 400k rather than increasing for those above it.

P. s. isn't 400k conveniently what the president earns?

[reptocarl2]

Trump doesn’t get paid

[Guffrus]

Make no mistake your nation does just as much dark side immoral medical experimentation on people against their will as the Nazi's did but neither America nor Nazi Germany has / had a national healthcare system though its likely the German system was better for most people, thats hardly difficult.

I really dont think you have to worry yourself, the American government is never going to give you a health service, healing the sick is not profitable.

[RingOfFire]

Of course its not fair. Why should the government have the right to take more money from people just because they have it? That's what robbers do isn't it?

When a millionaire and a factory worker are on line at McDonald's, do they pay different prices for their Big Macs just because they each make a different salary?

The government provides a package of services to all people in the country. Why should one person have to pay more for the same services than another? Everyone should pay the same tax. If they can't afford it it should be added to their debts that they owe and maybe it will inspire them to get a better job so they can pay THEIR fair share.

[Anonymous]

we all know his plan is socialism. He plans to take so much from the people that they can't continue to survive on their own, and must turn to government assistance to put food on their tables. Same reason Democrats are attacking small businesses during this pandemic. They don't want us able to provide for ourselves. And they haven't managed to erase and hide enough history yet... so most of us know this type of socialism doesn't lead anywhere we want to be.
I wonder how many people who were forced to close their family-owned business because of tyrannical laws in Democrat ran cities during this pandemic, will be stupid enough to vote for more tyranny from the Democrats? I know if my business was forced to close, while riots, Dollar Stores, Walmarts, and the freaking MTV movie awards were allowed to continue, I'd be smart enough to never vote Democrat again.

[jshm2]

What are you? 16 years old?

Of course the richer need to pay more, they use more, get more government tax breaks, and corporate welfare.

I don't mind paying more tax as I offset it in other ways. But it's the uber rich with offshore accounts he's talking about. Not the bloke down your street doing a few hundred dollars better a month.

[reptocarl2]

This doesn’t concern you. You’re not American. So now you’re blocked

[cc-catlady]

No. He needs to have a logical explanation on why he'll make it specifically cost $400,000. Im no where near rich, but i still think there shouldn't be the government intervening with enforcing them to cover more money out of their funds to pay for what the public gets. That's honestly a cope out for the government to get paid back from those who didn't want to pay out of being selfish.

[Franciskk20]

Hello 👋

[BCA6010]

It'll be a "fair share" when 100% of the population is actually paying taxes. Right now it's about half, with an extremely disproportionate chunk dropped on the top 10% or so, and what he's proposing would be to further push that disparity, undoubtedly with a plethora of exemptions for the chosen elite as ordained by the party.

[SirRexington]

You run out out rich people's money. Especially considering they will make it back in literally 1 hour under the current system. Not to mention his tax plan is no socialist nor is it even that good. He's essentially making us go back to the tax plan we had before he various cuts. It's nothing of a big achievement like many people are saying. Conservatives are freaking out cause they are a bunch of brain dead idiots that equate government with socialism and a moderate return to a decade ago with a tax hike. Progressives on the other hand are championing his tax plan for no reason, making it seem bigger and better than it already is.

I personally focus more on implementing a marginal tax rate on anything over 10 million dollars and then on top of that id apply a wealth tax, land value tax to replace property taxes, capital gains tax and a speculation tax. Most of these won't affect people making 400,000 dollars.

[SirRexington]

You won't run out of rich people's money*

[reptocarl2]

You run out of rich peoples jobs

[SirRexington]

What are rich people jobs? Like the managerial class? Real estate owners? Bankers? Speculators?

Good riddance.

[reptocarl2]

Manufacturing, construction

[WindAtMyBack]

Or you could, I don't know, decrease spending?

Dems seem to think if they can somehow get their grubby hands on somebody else's money, then it's OK to spend it.

Liberal politician - Hey everyone, here's some free stuff.
Liberal voter - Did you say free stuff? Got my vote.

It's called buying votes. Don't bite the hand that feeds you, right?

[Astarlessnightsky]

400.000 a year means 33.000 a month, with said 35% in taxes its roughly 20.000 a month, thats still more than some people make annually, so i guess they can't really complain.

Should they pay more in taxes? i don't think so. i think it would be enough if everyone would actually pay their taxes.

[MannMitAntworten]

Who defines, “fair share”? Then, why the arbitrary choice of $400,000 and more? Next, for what purpose, as in, what is the extra few buck earmarked for or is he just being arbitrary to create a talking point? Finally, when did the Executive Branch acquire the authority to tax? The authority to tax does still fall within Congress’s purview.


Whatever...

[reptocarl2]

Obama raised taxes

[Jltakk]

Biden is quite possibly the worst candidate in history. Sorry Joe, but contrary to your comment, I AM black, and I'm never voting for you. Of course he'll increase taxes and take even more money out of our pockets. He's a racist scumbag. We never forgot his 1994 crime bill that incarcerated record numbers of black men on misdemeanors. That tore families apart and many of us are still feeling the brunt of that disgusting bill.

[tartaarsaus]

I’m perfectly fine with the 52.5% taxes on everything above 60k here next to 21% VAT.


My position generally is that as long as we do not change the ranking of utilities, i. e. that due to tax someone who makes 100k does not have less income than someone who makes 50k, I don’t inherently mind higher taxation.


Every single dollar has a marginal tax rate of below 100%, which implies there’s always an inherent incentive to work.


And for the record, the economic literature does not really have a consensus on how taxes should be (it really just depends on your model). There are quite a few prominent economists who propose a tax rate of 71% to 80% of very rich people with generally

[reptocarl2]

It won’t happen here

[tartaarsaus]

That is pretty irrelevant

[reptocarl2]

We don’t care what non Americans think

[tartaarsaus]

Again, not relevant.

[tartaarsaus]

The only relevant thing here is whether 35% income tax is fair or not. Citizenship, whether it’s the current tax rate, and any stuff like that is utterly irrelevant to the argument.

[reptocarl2]

No the argument is making them pay more when they already pay 35%

[tartaarsaus]

Okay.

[888theGreat]

They like punishing the people that work, hustle , that are motivated, and successful with high taxes and then give this money to people that don't want to work and play games all day, and use drugs, and drink until they are unconscious. That sums up Democrats for you.

[worldscolide]

LOL How is it fair.. I already pay about 120k annually in income tax.. He can fuck him self.. Increasing those taxes will cause me to start taking tax loopholes.

[Surely]

Most likely anyone making that much money would have accountants that would know how to avoid paying taxes.
Or, they would move their money somewhere untouchable from US taxes.
Just like corporations will move out of country to avoid taxes.
Then, Guess who will be left with paying for the promised free stuff? After the politicians exempt themselves from paying taxes.

[Jersey2]

He will get people to vote for him and it because most don’t make $400,000 a year. EVENTUALLY though, they will lower the amount down much further to like $60,000. It’s an old political trick.