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Biden's New Tax Proposals (Poll)

Do you support any of the following Xiden tax policies?

  • 12.4% tax on "joint" incomes over $400,000 to fund Social Security

    Votes: 8 72.7%
  • Increase the top tax (over $400,000) "joint" rate from 37% to 39.6%

    Votes: 10 90.9%
  • Tax capital gains and divisdends as ordinary income for joint incomes over $1million

    Votes: 8 72.7%
  • Caps itemized deductions for joint incomes over $400,000

    Votes: 4 36.4%

  • Total voters
    11

kyzr

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We've been debating "fixes" to SS, on another thread. Whiners didn't like my 0.50% bump and removing the cap. Lets vote on some of the Xiden tax plan proposals, only the BOLD items below are included in this poll. I still don't see Xiden's "fix" for Medicare which will be bankrupt in 2024, WTF ?????????
I do like the incentives to manufacture in the US and dis-incentives to offshore manufacturing.

  • Imposes a 12.4 percent Old-Age, Survivors, and Disability Insurance (Social Security) payroll tax on income earned above $400,000, evenly split between employers and employees. This would create a “donut hole” in the current Social Security payroll tax, where wages between $137,700, the current wage cap, and $400,000 are not taxed.[1]
  • Reverts the top individual income tax rate for taxable incomes above $400,000 from 37 percent under current law to the pre-Tax Cuts and Jobs Act level of 39.6 percent.
  • Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.[2]
  • Caps the tax benefit of itemized deductions to 28 percent of value for those earning more than $400,000, which means that taxpayers earning above that income threshold with tax rates higher than 28 percent would face limited itemized deductions.
  • Restores the Pease limitation on itemized deductions for taxable incomes above $400,000.
  • Phases out the qualified business income deduction (Section 199A) for filers with taxable income above $400,000.
  • Expands the Earned Income Tax Credit (EITC) for childless workers aged 65+; provides renewable-energy-related tax credits to individuals.
  • Expands the Child and Dependent Care Tax Credit (CDCTC) from a maximum of $3,000 in qualified expenses to $8,000 ($16,000 for multiple dependents) and increases the maximum reimbursement rate from 35 percent to 50 percent.
  • For 2021 and as long as economic conditions require, increases the Child Tax Credit (CTC) from a maximum value of $2,000 to $3,000 for children 17 or younger, while providing a $600 bonus credit for children under 6. The CTC would also be made fully refundable, removing the $2,500 reimbursement threshold and 15 percent phase-in rate.[3]
  • Reestablishes the First-Time Homebuyers’ Tax Credit, which was originally created during the Great Recession to help the housing market. Biden’s homebuyers’ credit would provide up to $15,000 for first-time homebuyers.[4]
  • Expands the estate and gift tax by restoring the rate and exemption to 2009 levels.

The Biden tax plan also includes the following proposed business tax changes: (NOT INCLUDED HERE)

Other proposals not modeled due to a lack of detailed information include:
  • Imposing a new 10 percent surtax on corporations that “offshore manufacturing and service jobs to foreign nations in order to sell goods or provide services back to the American market.”[8] This surtax would raise the effective corporate tax rate on this activity up to 30.8 percent.
  • Establishing an advanceable 10 percent “Made in America” tax credit for activities that restore production, revitalize existing closed or closing facilities, retool facilities to advance manufacturing employment, or expand manufacturing payroll.[9]
  • Equalizing the tax benefits of traditional retirement accounts (such as 401(k)s and individual retirement accounts) by providing a refundable tax credit in place of traditional deductibility.[10]
  • Eliminating certain real estate industry tax provisions.
  • Expanding the Affordable Care Act’s premium tax credit.
  • Creating a refundable renter’s tax credit capped at $5 billion per year, aimed at holding rent and utility payments at 30 percent of monthly income.
  • Increasing the generosity of the Low-Income Housing Tax Credit.
 

Oddball

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IMO, nothing is going anywhere.

Neither Xiden nor the demoncrats have enough political capital to pass the budget to build a dog house, let alone make any sweeping changes to taxes.....Sinema and Manchin both know this, and aren't going to destroy their political careers to play along with this lunacy.
 

toobfreak

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We've been debating "fixes" to SS, on another thread.

Just think, our SS would be solvent, we could improve healthcare and fix our roads and bridges and maybe much more without raising taxes at all if we just had back all the billions and trillions we wasted, lost and gave away over in Afghanistan.
 

BrokeLoser

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We need high taxes to sop up the 20 Trillion Trump Printed or Inflation will rage out of control.
We need 40 million fewer wetbacks first.
 
OP
kyzr

kyzr

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Just think, our SS would be solvent, we could improve healthcare and fix our roads and bridges and maybe much more without raising taxes at all if we just had back all the billions and trillions we wasted, lost and gave away over in Afghanistan.
If pigs had wings....yadda yadda.
We're here where we are, with a $30T Debt and Medicare going bankrupt in 2024, and SS going insolvent in 2034.
Trump's solution was tax cuts to grow the economy, typical GOP lie, tax cuts grow the deficit and the Debt.
Xiden's solution is raise taxes on the 1%, we'll see if that will happen.
 

BrokeLoser

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If pigs had wings....yadda yadda.
We're here where we are, with a $30T Debt and Medicare going bankrupt in 2024, and SS going insolvent in 2034.
Trump's solution was tax cuts to grow the economy, typical GOP lie, tax cuts grow the deficit and the Debt.
Xiden's solution is raise taxes on the 1%, we'll see if that will happen.
Didn't the treasury take in record revenue under Trump's tax cuts?
 

toobfreak

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If pigs had wings....yadda yadda.
We're here where we are, with a $30T Debt and Medicare going bankrupt in 2024, and SS going insolvent in 2034.
Trump's solution was tax cuts to grow the economy, typical GOP lie, tax cuts grow the deficit and the Debt.
Xiden's solution is raise taxes on the 1%, we'll see if that will happen.

There aren't enough 1%ers around that even if you taxed them 100%, would repay all the debt government spent.

And if you did that, they wouldn't stay 1%ers very long.
 
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kyzr

kyzr

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You missed an option…

End Social Security for everyone under 50 years old as of January 1, 2022.
Why would anyone want to end SS? Its been one of the most successful government programs ever.
You want to see seniors starve or live under bridges?
Put ending SS in your political ads, I double-dare you.
 

Oddball

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Why would anyone want to end SS? Its been one of the most successful government programs ever.
You want to see seniors starve or live under bridges?
Put ending SS in your political ads, I double-dare you.
Because it's a Ponzi scheme that is demographically unsustainable.

The "seniors living under bridges" crap is liberoidal scaremongering...Why the hell are you engaging in it?
 

Flash

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We've been debating "fixes" to SS, on another thread. Whiners didn't like my 0.50% bump and removing the cap. Lets vote on some of the Xiden tax plan proposals, only the BOLD items below are included in this poll. I still don't see Xiden's "fix" for Medicare which will be bankrupt in 2024, WTF ?????????
I do like the incentives to manufacture in the US and dis-incentives to offshore manufacturing.

  • Imposes a 12.4 percent Old-Age, Survivors, and Disability Insurance (Social Security) payroll tax on income earned above $400,000, evenly split between employers and employees. This would create a “donut hole” in the current Social Security payroll tax, where wages between $137,700, the current wage cap, and $400,000 are not taxed.[1]
  • Reverts the top individual income tax rate for taxable incomes above $400,000 from 37 percent under current law to the pre-Tax Cuts and Jobs Act level of 39.6 percent.
  • Taxes long-term capital gains and qualified dividends at the ordinary income tax rate of 39.6 percent on income above $1 million and eliminates step-up in basis for capital gains taxation.[2]
  • Caps the tax benefit of itemized deductions to 28 percent of value for those earning more than $400,000, which means that taxpayers earning above that income threshold with tax rates higher than 28 percent would face limited itemized deductions.
  • Restores the Pease limitation on itemized deductions for taxable incomes above $400,000.
  • Phases out the qualified business income deduction (Section 199A) for filers with taxable income above $400,000.
  • Expands the Earned Income Tax Credit (EITC) for childless workers aged 65+; provides renewable-energy-related tax credits to individuals.
  • Expands the Child and Dependent Care Tax Credit (CDCTC) from a maximum of $3,000 in qualified expenses to $8,000 ($16,000 for multiple dependents) and increases the maximum reimbursement rate from 35 percent to 50 percent.
  • For 2021 and as long as economic conditions require, increases the Child Tax Credit (CTC) from a maximum value of $2,000 to $3,000 for children 17 or younger, while providing a $600 bonus credit for children under 6. The CTC would also be made fully refundable, removing the $2,500 reimbursement threshold and 15 percent phase-in rate.[3]
  • Reestablishes the First-Time Homebuyers’ Tax Credit, which was originally created during the Great Recession to help the housing market. Biden’s homebuyers’ credit would provide up to $15,000 for first-time homebuyers.[4]
  • Expands the estate and gift tax by restoring the rate and exemption to 2009 levels.

The Biden tax plan also includes the following proposed business tax changes: (NOT INCLUDED HERE)

Other proposals not modeled due to a lack of detailed information include:
  • Imposing a new 10 percent surtax on corporations that “offshore manufacturing and service jobs to foreign nations in order to sell goods or provide services back to the American market.”[8] This surtax would raise the effective corporate tax rate on this activity up to 30.8 percent.
  • Establishing an advanceable 10 percent “Made in America” tax credit for activities that restore production, revitalize existing closed or closing facilities, retool facilities to advance manufacturing employment, or expand manufacturing payroll.[9]
  • Equalizing the tax benefits of traditional retirement accounts (such as 401(k)s and individual retirement accounts) by providing a refundable tax credit in place of traditional deductibility.[10]
  • Eliminating certain real estate industry tax provisions.
  • Expanding the Affordable Care Act’s premium tax credit.
  • Creating a refundable renter’s tax credit capped at $5 billion per year, aimed at holding rent and utility payments at 30 percent of monthly income.
  • Increasing the generosity of the Low-Income Housing Tax Credit.


How about this Moon Bat?

No more new taxes.

The fucking government stops spending so much money and we use existing revenue to pay down the debt. Then we reduce taxes and then everybody has more spendable income and the economy booms..

That sounds great. Much better than a stupid bloated debt ridden out of control monstrosity that need to be fed more of our money.
 

Oddball

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Trump doesn't print money, the Fed does.

It's also interesting to note that nowhere in that graph is the spike denoting the over $4 trillion (that they've told us about) the Fed pumped into Wall Street between 2010 - 2016.

I strongly suspect this graph is disinformational bullshit.
 

jbrownson0831

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We need high taxes to sop up the 20 Trillion Trump Printed or Inflation will rage out of control.
fredgraph.png
Hahahahaha you Dimmers are so funny.....Pinochijoe is printing up more than that each week in his basement. Gotta pay you dregs to stay home don't we Looneytunes??
 
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kyzr

kyzr

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Because it's a Ponzi scheme that is demographically unsustainable.

The "seniors living under bridges" crap is liberoidal scaremongering...Why the hell are you engaging in it?
1. Actuaries say it is not a "ponzi scheme". So who says it is?

2. SS can be "fixed", so says Warren Buffett. I like removing the cap and increasing the tax by 0.50%.

3. If SS is ended what will retirees live on? It is not scaremongering. I paid into SS and I want my fucking benefit, all of it.
 
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BrokeLoser

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