Joe Biden Understands Marginal Tax Rates

[SAT]

Political Animal - Joe Biden understands marginal tax rates

If all goes according to plan, the Senate will consider an extremely worthwhile jobs bill tomorrow. It’s a pretty straightforward effort: the Obama administration would be able to save or create 400,000 jobs through state aid, boosting teachers, police officers, and firefighters. It would be paid for, not through the kind of deficit financing Republicans pushed in the Bush era, but with a 0.5% surtax on millionaires and billionaires.

GOP members — all of them — have already vowed to kill the proposal, because in their minds, even a tiny tax increase on millionaires and billionaires would be awful. It’s a straight-up choice for Republicans to make: hundreds of thousands of jobs for teachers and first responders, or shielding the wealthiest of the wealthy from paying just a little more.

Every GOP senator believes it’s the rich that need protecting. (And as the economy struggles, it will somehow be Republicans who get rewarded, and the Obama White House that gets blamed.)

As infuriating as this constant Republican conceit is, it was reassuring to see Vice President Biden on the Hill yesterday, giving members a quick refresher on the basics of marginal tax policy.

“You have a one-half of one-percent surtax on the 1,000,0001th dollar — in other words it doesn’t affect anybody who makes $999,000, it doesn’t affect anybody making $999,999 — and if you want to find the guy who make $1,000,0001, it only affects that $1. That’s the only thing the rate goes up on,” Biden explained.

This is a basic fact about marginal tax policy, but it’s one Republicans like to obscure.

“If you make $1.1 million, and god-willing this passes, you would pay next year, $500 more in taxes,” Biden said.

And the point is, these folks can afford it. What we, as a country, can’t afford is to let 400,000 teachers, police officers, and firefighters stay at home rather than work.

As for Biden’s remedial lesson on taxes, it’s painful to realize how necessary it is, since far too many folks — including many Republicans — still don’t understand how marginal rates work.

Political Animal - Joe Biden understands marginal tax rates

Show me you get it.

 

[pgm]

Ah, marginal tax rates. Something everyone should understand, but I'm not so sure they do.

 

[SAT]

It doesn't get much clearer than Biden's explanation.

 

[martybegan]

Political Animal - Joe Biden understands marginal tax rates

If all goes according to plan, the Senate will consider an extremely worthwhile jobs bill tomorrow. It’s a pretty straightforward effort: the Obama administration would be able to save or create 400,000 jobs through state aid, boosting teachers, police officers, and firefighters. It would be paid for, not through the kind of deficit financing Republicans pushed in the Bush era, but with a 0.5% surtax on millionaires and billionaires.

GOP members — all of them — have already vowed to kill the proposal, because in their minds, even a tiny tax increase on millionaires and billionaires would be awful. It’s a straight-up choice for Republicans to make: hundreds of thousands of jobs for teachers and first responders, or shielding the wealthiest of the wealthy from paying just a little more.

Every GOP senator believes it’s the rich that need protecting. (And as the economy struggles, it will somehow be Republicans who get rewarded, and the Obama White House that gets blamed.)

As infuriating as this constant Republican conceit is, it was reassuring to see Vice President Biden on the Hill yesterday, giving members a quick refresher on the basics of marginal tax policy.

“You have a one-half of one-percent surtax on the 1,000,0001th dollar — in other words it doesn’t affect anybody who makes $999,000, it doesn’t affect anybody making $999,999 — and if you want to find the guy who make $1,000,0001, it only affects that $1. That’s the only thing the rate goes up on,” Biden explained.

This is a basic fact about marginal tax policy, but it’s one Republicans like to obscure.

“If you make $1.1 million, and god-willing this passes, you would pay next year, $500 more in taxes,” Biden said.

And the point is, these folks can afford it. What we, as a country, can’t afford is to let 400,000 teachers, police officers, and firefighters stay at home rather than work.

As for Biden’s remedial lesson on taxes, it’s painful to realize how necessary it is, since far too many folks — including many Republicans — still don’t understand how marginal rates work.

Political Animal - Joe Biden understands marginal tax rates

Show me you get it.

Its just that it never stops there. The 0.5% marginal rate becomes a 1%, then a 2% then a 5%. And then a millionaire gets defined as someone making $750k, then $500k, then $250k.

Look at what is happening in NY where a DEMOCRATIC governor is trying to drop a "temporary" surcharge on "millionaires income" (which interestingly defines a millionaire as someone who makes more than $250k) and the usual interest groups are screaming bloody murder.

The real problem is that the federal government is doing things it was never intended to do. Fund school lunches, redirect federal tax money to education, provide health coverage, etc. Eliminate that crap, let the states and localities do it if they want to, and then you have plenty of money to cover a federal budget that does what the federal government is SUPPOSED to do, not what some people WANT it to do (with other peoples money of course, none of them have the balls to back it up with thier own cash).

 

[SAT]

The point is not the .5. The point is do you understand marginal tax rates.

 

[martybegan]

The point is not the .5. The point is do you understand marginal tax rates.

Yes, but the real point is why do they NEED to add that extra 0.5% when they are already taking 15-25% of the value over $1M anyway?

Plus, if you keep it only to true "millionaires" it really doesnt get you much funding, hence the final plan will probably call people making over $300,000 millionaires.

Its just your standard democratic bullshit class war crap.

 

[ScreamingEagle]

Political Animal - Joe Biden understands marginal tax rates

If all goes according to plan, the Senate will consider an extremely worthwhile jobs bill tomorrow. It’s a pretty straightforward effort: the Obama administration would be able to save or create 400,000 jobs through state aid, boosting teachers, police officers, and firefighters. It would be paid for, not through the kind of deficit financing Republicans pushed in the Bush era, but with a 0.5% surtax on millionaires and billionaires.

GOP members — all of them — have already vowed to kill the proposal, because in their minds, even a tiny tax increase on millionaires and billionaires would be awful. It’s a straight-up choice for Republicans to make: hundreds of thousands of jobs for teachers and first responders, or shielding the wealthiest of the wealthy from paying just a little more.

Every GOP senator believes it’s the rich that need protecting. (And as the economy struggles, it will somehow be Republicans who get rewarded, and the Obama White House that gets blamed.)

As infuriating as this constant Republican conceit is, it was reassuring to see Vice President Biden on the Hill yesterday, giving members a quick refresher on the basics of marginal tax policy.

“You have a one-half of one-percent surtax on the 1,000,0001th dollar — in other words it doesn’t affect anybody who makes $999,000, it doesn’t affect anybody making $999,999 — and if you want to find the guy who make $1,000,0001, it only affects that $1. That’s the only thing the rate goes up on,” Biden explained.

This is a basic fact about marginal tax policy, but it’s one Republicans like to obscure.

“If you make $1.1 million, and god-willing this passes, you would pay next year, $500 more in taxes,” Biden said.

And the point is, these folks can afford it. What we, as a country, can’t afford is to let 400,000 teachers, police officers, and firefighters stay at home rather than work.

As for Biden’s remedial lesson on taxes, it’s painful to realize how necessary it is, since far too many folks — including many Republicans — still don’t understand how marginal rates work.

Political Animal - Joe Biden understands marginal tax rates

Show me you get it.

yeah Joe......go buy yourself a gun.....

besides.... it's the States....not the Fed Govt.......that normally pay for their teachers, fire fighters, and police officers.....get out of the States' business please....

 

[SAT]

I'm not seeing any understanding of marginal tax rates from anyone other than the second poster on the thread.

 

[SAT]

Come on, folks. Show me you get it.

 

[Leweman]

Its not about the money being taken ... the wealthy can afford it. Its about the government always asking for more money when they do a piss poor job of handling the money they have now. There's no accountability in government.

 

[SAT]

I think we do a pretty good job, and that we're a good country. If we aren't, since we have elections, we've only ourselves to blame.

This is to preserve vital jobs. Why be so petulant?

 

[ScreamingEagle]

Come on, folks. Show me you get it.

martybegan already explained it quite well.....why the need for repetition.....?

 

[martybegan]

Come on, folks. Show me you get it.

Troll is posting a troll post.

 

[SAT]

No, he explained his fears about taxes. Not that he understood marginal tax rates.

 

[martybegan]

No, he explained his fears about taxes. Not that he understood marginal tax rates.

The understanding goes without saying, just like we understand you are a troll hack.

Your inevitable point will be that it is SUCH A SMALLLLL AMOUNT!! and why cant the rich pay JUST A LITTLE BIT MORE!!!!!, and that is the true jist of your post.

 

[CrusaderFrank]

At what point do we tell the government, "ENOUGH!"?

Oh, and Joe Biden and the entire Marxist Dem Party can go fuck themselves

 

[Synthaholic]

No, he explained his fears about taxes. Not that he understood marginal tax rates.

You are correct. They don't have a clue. They think that if they make $1 million per year, they pay 35% on $1 million.

Dunces.

 

[martybegan]

No, he explained his fears about taxes. Not that he understood marginal tax rates.

You are correct. They don't have a clue. They think that if they make $1 million per year, they pay 35% on $1 million.

Dunces.

No, I don't. I just see through the OP's superficial "gotcha" game, and refuse to play it.

Its not the math behind the taxes thats the issue, its the fact that the government already makes enough money to do what it is supposed to do. What it needs to do is get out of doing shit it was never intended to do, then the "Revenue" problems will disspear, and smartasses like the OP will no longer need to create posts such as this.

 

[Avatar4321]

"Joe Biden" doesn't belong in the same sentence as "understands" unless the word "doesn't" or "does not" is also present.

 

[SAT]

You are correct. They don't have a clue. They think that if they make $1 million per year, they pay 35% on $1 million.

Dunces.

Exactly. You can see it in their posts, here in this thread.