President plans to unveil new 20% 'minimum tax' on 700 super-rich Americans that would levy ALL forms of income for families worth more than $100M

[Ray From Cleveland]

Can you kindly point this section to me? If that is true, we are all fucked. There is a fxxking moron living in the WH.

You don't need to point to anything to determine that. I can assure you there is a Fn moron in the White House.

 

[g5000]

Wrong. They can indeed get BACK MORE than was withheld from the paychecks, which means it is coming from OTHER people’s money.

Someone earning $50,000 with a non-working wife and three kids can end up with a federal income tax liability of $5,000 or $6,000 - and get a “refund” (cough, cough) check for nearly $11,000 of all three kids were under six in 2021.

A family filing jointly with a household income of $50,000 has a tax liability of 22%, or $11,000.

2021 was stimulus, and not the norm.

Nevertheless, as is well known on this forum, I am opposed to deductions, exemptions, and credits. It causes everyone's tax rates to be higher.

 

[g5000]

So now you‘re back-tracking and admitting SOME people do indeed get back more than was withheld from their check? That’s not what you said a little while ago.

So it shouldn’t be called a tax “refund” since it’s above and beyond - sometimes DOUBLE - what was withheld. It’s welfare.

You said half the country. That's incorrect.

 

[g5000]

I've read the details numerous times. Biden wants to count the increase in value as income. If the value increases by $100 billion, then Musk would have had to pay 20% of $100 billion = $20 billion.

See post 351.

 

[Fort Fun Indiana]

What happens if the rich just pack up and go to another country?

Haha, definitely the most embarrassing and dumb rightwing talking point. Hard to believe so many not rich people have been turned into volunteer footsoldiers of the rich. Just mention gays or brown people or abortion, and they hop right on board apparently.

 

[Aldo Raine]

cut the funds to hollywood.

Why hell yes!!!
MAGA

 

[Lisa558]

A family filing jointly with a household income of $50,000 has a tax liability of 22%, or $11,000.

2021 was stimulus, and not the norm.

Nevertheless, as is well known on this forum, I am opposed to deductions, exemptions, and credits. It causes everyone's tax rates to be higher.

Wow. You really should understand things before you vote.

A fami,y with an income of $50,000 does not have a tax liability of 22%, or $11,000:

First, filing jointly puts them in the 12% bracket, not 22%. But even if they WERE in the 22% bracket, that doesn’t mean they have a tax liability of $11,000. The 22% is on the last dollar earned, NOT their entire income.

So let’s backtrack to the 12%. Tney get a $25,000 deduction for the two of them, leaving just $25,000 taxable income. That means they owe $3,000 in tax - NOT $11,000.

Now consider that they get $11,000 tax “credit” (hah) for their three kids. They use that to offset the $3,000 they owe - and walk away with $8,000 from….yes….other people’s taxes! That is welfare.

I‘m starting to see why libs vote for such liberal policies. They don’t have a clue what’s going on.

 

[Aldo Raine]

Oh would China love for us to do that.

And we would still be spending more on defense than 'Gina, or any other country in the world for that matter!!!
MAGA

 

[Lisa558]

You said half the country. That's incorrect.

No, that’s correct. After deductions, credits, etc., half the country pay Nothing in federal income taxes, and as you see from my post above, a good lot of them walk away with other people’s money.

 

[Aldo Raine]

You don't need to point to anything to determine that. I can assure you there is a Fn moron in the White House.

No, he got voted out November 3rd, 2020.
MAGA

 

[g5000]

No, that’s correct. After deductions, credits, etc., half the country pay. Othing in federal income taxes, and as you see from my post above, a good lot of them walk away with other people’s money.

You said half the country gets other taxpayers' money. That is incorrect.

So I take it you are in disagreement with Thomas Jefferson on who should and should not pay taxes.

 

[Lisa558]

You said half the country gets other taxpayers' money. That is incorrect.

So I take it you are in disagreement with Thomas Jefferson on who should and should not pay taxes.

I said that half the country pays nothing in. Federal income tax, and a lot get bonus money paid from other people’s taxes.

Things were different in Jefferson’s day. We didn’t have all the government spending programs, and rent relief, and food stamps, and free this, and free that, so income tax was restricted to the few. Now, when Dems can’t spend money fast enough, we need every working adult to pitch in at least a token amount.

 

[Lisa558]

I see the problem. Libs want the government to be Uncle Sugar, providing all sorts of free benefits, yet they only want a select few - the people richer than they are, naturally - to fund it.

EVERY SINGLE PERSON in this country should pay a minimum 1% in federal income taxes.

 

[Fort Fun Indiana]

After deductions, credits, etc., half the country pay Nothing in federal income taxes

Such a stupid lie.

The media household income is $68K.

So in troll fantasyland, a household making $67K pays no federal income tax.

 

[Cecilie1200]

With $30 trillion in debt, it’s obvious that if want to maintain this comfortable life style of ours, something is going to have to be done.

And we all know that cutting government services is never going to happen.

It's gonna have to, Sparkles, because if it doesn't, we won't have this comfortable lifestyle any longer.

 

[Cecilie1200]

Fort Fun is the kind of guy who shoots himself in the ass and then says "it's a good start."

Well, in THAT case, he'd be right.

 

[Cecilie1200]

Such a stupid lie.

The media household income is $68K.

So in troll fantasyland, a household making $67K pays no federal income tax.

COVID-19 Tax Relief Added to Increasing Share of Households Paying No Income Tax

In 2020, about 60 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but the growing share of households paying no income tax should be kept in mind when evaluating the progressivity of the...

taxfoundation.org

Nearly Two-Thirds of American Households Didn't Pay Federal Income Tax Last Year

It's a sharp increase, but no, they weren't committing tax fraud.

money.com

I think you don't understand what the word "median" means.

 

[bripat9643]

With $30 trillion in debt, it’s obvious that if want to maintain this comfortable life style of ours, something is going to have to be done.

And we all know that cutting government services is never going to happen.

So we're never going to solve the debt problem because we refuse to solve the debt problem.

 

[dudmuck]

What happens if the rich just pack up and go to another country?

they would be taxed even more in the other country.

 

[bripat9643]

they would be taxed even more in the other country.

That's actually false.