Biden's New Tax Proposals (Poll)

[kyzr]

Do solyndra and other similar companies who got HUGE subsidies are now operating overseas?

Nonsense

Solyndra was a garden variety Obama scam, not a subsidy.
These are the largest subsidies, I'm sure they all aren't justified, like Foxconn, Amazon, Stellantis, Iberdrola, Berkshire!!! WTF, Abengoa, Apple!!!

Subsidy Tracker

Subsidy Tracker, produced by the Corporate Research Project of Good Jobs First, is a wide-ranging database on misconduct by large and small corporations throughout the United States.

subsidytracker.goodjobsfirst.org

 

[kyzr]

I have never expected to get anything out of SS or Medicare I do t want anything from either program and won’t take it if offered.

I have no intention of ever retiring like most people do. Once I’m no longer useful, it’s time to check out permanent.

I’m not a politician. I despise politicians. Especially professional ones. No party would ever run a nationalist, traditionalist, misogynist, classicist like me. My views on Social Welfare/Justice would t even come up before they tossed me aside.

Your avatar fits you, but don't lose benefits you earned and paid for.

 

[Anathema]

Your avatar fits you, but don't lose benefits you earned and paid for

I don’t want the benefits. I never have. I understand I’ll never get to stop paying in. That’s a given considering our Government.

 

[Jarlaxle]

1. Actuaries say it is not a "ponzi scheme". So who says it is?

Trustees Report Summary

A SUMMARY OF THE 2023 ANNUAL REPORTS

www.ssa.gov

Everyone who is familiar with a Ponzi scheme, and honest.

 

[kyzr]

Everyone who is familiar with a Ponzi scheme, and honest.

Copied from your link. SS is totally fixable with a minor adjustment, such as removing the cap and increasing the tax 0.50%:
Conclusion
"Lawmakers have many policy options that would reduce or eliminate the long-term financing shortfalls in Social Security and Medicare. Lawmakers should address these financial challenges as soon as possible. Taking action sooner rather than later will permit consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare."


Xidens solution copied from the OP, a different fix for SS:

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

 

[Slade3200]

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.

The trillions that we released into the economy for stimulus ends up in one place… at the top. Why do you think real estate and the stock market have been rocketing up? The poor and middle class may have gotten the checks but those check just trickle up to those who “own”. Therefore the taxation should be focused on those at the top who are trying to park it… Money needs to circulate for an economy to be healthy. I think Biden is on a better track with his plan

 

[kyzr]

The trillions that we released into the economy for stimulus ends up in one place… at the top. Why do you think real estate and the stock market have been rocketing up? The poor and middle class may have gotten the checks but those check just trickle up to those who “own”. Therefore the taxation should be focused on those at the top who are trying to park it… Money needs to circulate for an economy to be healthy. I think Biden is on a better track with his plan

Your statement is a bit partisan.
1. You say that the stimulus money ends up with the 1% because they own about 90% of everything. I agree.
2. Taxing the 1% takes money out of the system, it doesn't "circulate" it. The bottom 75% of incomes don't pay significant income taxes, the top brackets pay it.
3. The stock market rocketing up creates jobs.
4. The democrat morons like AOC are holding back the economy. AOC stopped Amazon's HQ2 from being built in NYC, where 25,000 good jobs with full benefits would be created, not to mention the construction jobs and turning a blighted area into a showplace. Cuomo said that HQ2 moving to VA cost NY State about $28b a year in tax revenue.

Alexandria Ocasio-Cortez Celebrated Amazon Pulling Out of New York––But the Governor Says It Cost the City 25,000 Jobs

The spat lays bare a growing divide ahead of presidential primaries over corporate ties

time.com

HQ2 is what NYC could have had, instead AOC and her voters can sit on their porches...

 

[Slade3200]

Your statement is a bit partisan.
1. You say that the stimulus money ends up with the 1% because they own about 90% of everything. I agree.
2. Taxing the 1% takes money out of the system, it doesn't "circulate" it. The bottom 75% of incomes don't pay significant income taxes, the top brackets pay it.
3. The stock market rocketing up creates jobs.
4. The democrat morons like AOC are holding back the economy. AOC stopped Amazon's HQ2 from being built in NYC, where 25,000 good jobs with full benefits would be created, not to mention the construction jobs and turning a blighted area into a showplace. Cuomo said that HQ2 moving to VA cost NY State about $28b a year in tax revenue.

Alexandria Ocasio-Cortez Celebrated Amazon Pulling Out of New York––But the Governor Says It Cost the City 25,000 Jobs

The spat lays bare a growing divide ahead of presidential primaries over corporate ties

time.com

View attachment 535394

HQ2 is what NYC could have had, instead AOC and her voters can sit on their porches...

I wasn’t intending my comment to be political at all it was simply my understanding of economics.

I agree that taxing the 1% takes money out of the system. Money needs to come out fo the system or inflation goes nuts and the best place for it to come out is were it all ends up.

I agree that AOC knows little to nothing about economics. Her blocking Amazon didn’t slow Amazon down, they still opened their factory and created jobs. They just didn’t do it in AOCs district. Maybe they didn’t want Amazon or maybe they did and will vote against AOC next cycle. We shall see.

 

[Aletheia4u]

Wealthy may face up to 61% tax rate on inherited wealth under Biden plan

As part of his American Families Plan, Biden is proposing to nearly double the top tax rate on capital gains and eliminate the "step-up in basis."

www.cnbc.com

Howard Stern Wants To Move His Radio Show From New York To Florida | CondoBlackBook Blog

Howard Stern, the radio personality and host, is planning on moving his show and his entourage to Florida.

www.condoblackbook.com

The Real Reason Why Howard Stern's Staffers Are Selling Their Homes

It definitely seems to signal that those studio days are over.

www.thethings.com

 

[maybelooking]

just wait until these criminals in the govt. start taking money from peoples investments and 401ks. It will happen eventually. (notice I didn't use a party affiliation). If they can't pass tax hikes like they want to.....they will just take it. And don't talk to me about the restraints of the Constitution. They ignore that every single day.

 

[Turtlesoup]

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.

President Biden’s Campaign Tax Plan

Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021...

taxfoundation.org

• 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.

Everyone should be taxed EQUALLY.........and fyi, there is a LIMIT on how much one pays into social security each year.....People making in the upper 100,000's and higher max out by September or sooner depending on how much you make where they stop paying SS for the rest of the year.

Making people pay a higher percentage than others is just wrong----You want more money for SS, you first on paying higher taxes instead of making qualifiers so you don't have to pay while that others should pay more. People making more money btw, get their ss benefits reduced btw already.

 

[kyzr]

Everyone should be taxed EQUALLY.........and fyi, there is a LIMIT on how much one pays into social security each year.....People making in the upper 100,000's and higher max out by September or sooner depending on how much you make where they stop paying SS for the rest of the year.

Making people pay a higher percentage than others is just wrong----You want more money for SS, you first on paying higher taxes instead of making qualifiers so you don't have to pay while that others should pay more. People making more money btw, get their ss benefits reduced btw already.

My fix for SS is removing the cap and increasing the tax 0.50%. or it will be insolvent in 2033
What is your fix for SS?
What is your fix for Medicare? Scheduled to be bankrupt in 2026.

 

[AzogtheDefiler]

Only leftists want to punish success

 

[Anathema]

None of the above. I’m in favor of a flat 10% tax on all compensation received for work performed. All second-tier income (investments, sale of property, etc…) would not be considered income. No deductions.

Nice, easy,clean, and simple.

 

[kyzr]

None of the above. I’m in favor of a flat 10% tax on all compensation received for work performed. All second-tier income (investments, sale of property, etc…) would not be considered income. No deductions.

Nice, easy,clean, and simple.

Nope. You need to raise at least $4,0000,0000,000,000 or $4T to cover the Federal Budget.

 

[Anathema]

Nope. You need to raise at least $4,0000,0000,000,000 or $4T to cover the Federal Budget

I’m sorry, you have that backwards. My plan includes limiting Federal Spending to 90% of the expected tax revenue for the same budget year.

Any excess funds brought in would be required to be used to reduce the Federal Debt. Once the debt was gone, excesses would be placed in a reserve fund which could only be accessed in the last quarter of a year where tax revenues were below expectations or in the budget year that a DEFENSIVE War was declared by Congress.

 

[sartre play]

There is no doubt we need cuts, question is where. Congress? those saying socialism never while getting Tax payer funded pay checks, free taxpayer funded health care, and tax payer pensions for life. ever watch C span? unless a bill is politically motivated only place you ever see them is raising money for self interest.

 

[my2¢]

Since I favor treating all income the same for tax purpose, I see taxing capital gains and dividends as ordinary income as a step in the right direction.

 

[Weatherman2020]

We need high taxes to sop up the 20 Trillion Trump Printed or Inflation will rage out of control.

Well, shitforbrains, that was Pelosi’s budgets you’re whining about.

 

[Weatherman2020]

My favorite things I’ve learned from Democrats this year is that only the mega wealthy smoke cigarettes and/or have $600 in the bank.