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

[Big Bend Texas]

Such a stupid lie.

The media household income is $68K.

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

Oh really?

Who Pays Income Taxes?

(PDF) updated December 2024 Taxes will dominate Congress’s agenda in 2025 as lawmakers confront the impending expiration of key provisions of the 2017 Tax Cuts and Jobs Act (TCJA). These expirations will spark intense debate over the future of the tax code, and will undoubtedly feature...

www.ntu.org

You were saying?

 

[Big Bend Texas]

Then let's do it. What are we waiting for? Democrats control the ship now. Let's see them steer it to an economic destruction right before mid-terms. I'm with ya all the way.

Unfortunately they're pretty reliable that way.

Of course, when the congress flips this fall and some sanity is returned somehow Biden will get the credit for any improvements they make.

We're in such a wreck on so many fronts right now it's going to be one hell of a challenge and it would take years of hard work and cooperation on the part of both parties to get us back on the right path.

Unfortunately dem's no longer care, they seem to be in "burn it all down and start over our way or nothing" mode.

They know they can't implement their socialist utopian dream unless the public is suffering so bad they'll take any lifeline offered.

Control a man's food, housing, healthcare, and money and you own him as much as you can own any other slave.

 

[Batcat]

france tried taxing earnings over million euros at 75%.

by contrast, what Biden is doing is a billionaire minimum tax rate.
This is where households earning more than $100 million would pay no less than a %20 in taxes.

so, apples & oranges.

Congress writes the tax laws and often provides exemptions and means for the rich to avoid paying taxes. It wouldn’t surprise me if the legislation passes but the rich in the end don’t end up paying a penny more.

Often taxing the rich is just politicians paying smoke and mirrors to get the poor to vote for them.

 

[Big Bend Texas]

Congress writes the tax laws and often provides exemptions and means for the rich to avoid paying taxes. It wouldn’t surprise me if the legislation passes but the rich in the end don’t end up paying a penny more.

Often taxing the rich is just politicians paying smoke and mirrors to get the poor to vote for them.

More like always. They always make sure to protect themselves and the other fat cats whether they are going after, "The Rich" or "Corporations".

It's all smoke and mirrors the ignorant lefties lap up thinking they're getting a chance to stick it to the old rich white guys.

Sadly, the party is full of suckers who never question anything their leaders tell them.

 

[Aldo Raine]

Maybe but they are passing us technology wise. They have a supersonic missile that we didn't develop yet and are building their military faster than we could wish for ourselves. We will be in conflict with China one day, and if they invade Taiwan, it may be sooner than we think.

And?
MAGA

 

[Big Bend Texas]

Maybe but they are passing us technology wise. They have a supersonic missile that we didn't develop yet and are building their military faster than we could wish for ourselves. We will be in conflict with China one day, and if they invade Taiwan, it may be sooner than we think.

Hypersonic is the word you're looking for and yes, we have developed them as well.

US successfully tests Mach 5 missile – DW – 09/28/2021

Capable of traveling more than five times the speed of sound, a new generation of missile systems are being designed for speed, stealth and surprise. Russia is already working on developing its own weapons system.

www.dw.com

At best Russia has maybe a hundred of HSM's as they are incredibly expensive to produce and they lack to budget to produce them in any significant numbers.

Russia advertises heavily such developments because they want to market them while we work overtime to keep our programs shadowed to the greatest extent possible.

What I saw over my career and since is that if we're admitting we're testing something like that, we've already fielded them as well.

We don't like to tell the enemy exactly what we have or how many, much less where all of them are.

 

[Lisa558]

its republicans who are taxing the poor, not democrats.

So Vanity Fair, another liberal rag, has a bit piece against a Republican Senator.

That said, it’s the Dems’ policies that are hurting the poor. The 40-year high in inflation, pegged at 8% but actually 10% if older measures were applied, is like a big tax hike on everyone, but ESPECIALLY the poor. An extra $100 in gas money and an extra $150 in groceries is a major burden to them, and Biden’s latest scheme to just hand out more money will only drive inflation higher.

Finally, I agree with the Senator to an extent - everyone with earned income should pay at least a token toward tax. We simply cannot have a system whereby half of all Americans pay no tax.

 

[Lisa558]

That really is pretty accurate, that's what refundable tax credits are.

Single folks and couples without children are carrying quite a burden for the rest if they make more than 100k.

The top 10% carry about 50% of the load for all, the top 25% over 85%.

And the burden is also carried by the elderly, who live in expensive assisted living homes. If they get a $30,000 a year pension, $20,000 in SS, and take out another $50,000 (a year) from their IRA to cover the assisted living costs, they are stuck paying around $15,000 in federal taxes - and that’s AFTER a lifetime of paying taxes during their working years.

In the meantime, a family with two or three kids that not only has never paid into the federal tax system not only continues to pay NOTHING, but walks away with Granny’s tax money.

 

[Big Bend Texas]

And the burden is also carried by the elderly, who live in expensive assisted living homes. If they get a $30,000 a year pension, $20,000 in SS, and take out another $50,000 (a year) from their IRA to cover the assisted living costs, they are stuck paying around $15,000 in federal taxes - and that’s AFTER a lifetime of paying taxes during their working years.

In the meantime, a family with two or three kids that not only has never paid into the federal tax system not only continues to pay NOTHING, but walks away with Granny’s tax money.

Not really, unless you bought a long term care policy young, or are very wealthy folks stuck in nursing homes for the duration are all on Medicare, Medicaid or some other form of assistance because it's upwards of a 100,000.00-300,000.00 a year or more cost.

If you then have any assets left once you're gone like a car or house the gov't takes them and sells them to offset some of those expenses...

There are ways around that through wills and trusts whereby you give it all away well before needing that kind of care in which then your heirs get the benefit.

The biggest ripoff is that if Gramapa dies before drawing his first SS check, that money is gone period, it doesn't go to any heirs. If the wife didn't have it there's a widow's benefit but generally everyone has their own now so the widow is forced to choose between losing his or losing hers.

 

[Lisa558]

Not really, unless you bought a long term care policy young, or are very wealthy folks stuck in nursing homes for the duration are all on Medicare, Medicaid or some other form of assistance because it's upwards of a 100,000.00-300,000.00 a year or more cost.

If you then have any assets left once you're gone like a car or house the gov't takes them and sells them to offset some of those expenses...

There are ways around that through wills and trusts whereby you give it all away well before needing that kind of care in which then your heirs get the benefit.

The biggest ripoff is that if Gramapa dies before drawing his first SS check, that money is gone period, it doesn't go to any heirs. If the wife didn't have it there's a widow's benefit but generally everyone has their own now so the widow is forced to choose between losing his or losing hers.

Not true. Medicare does NOT cover assisted living. The way that responsible, middle class people cover it - I’m preparing to do the same - is via lifelong savings by living within one means. That way, one can afford to cover the costs for a few years in a relatively modest, but clean and comfortable, ALF.

At the same time, the liberals once again reward the irresponsible people who spent every cent their earned. I checked out a really nice ALF near where my mother is now. The cost is 1/3rd what she is paying and MUCH nicer - granite kitchens, full movie theatre, indoor pool. The catch? It’s only for people with assets below $100,000 and an income below $50,000. The middle class who saved money for their old age can live in the less nice place, and leave the upscale place to those who didn’t bother.

 

[AntonToo]

Oh really?

View attachment 622808

Who Pays Income Taxes?

(PDF) updated December 2024 Taxes will dominate Congress’s agenda in 2025 as lawmakers confront the impending expiration of key provisions of the 2017 Tax Cuts and Jobs Act (TCJA). These expirations will spark intense debate over the future of the tax code, and will undoubtedly feature...

www.ntu.org

You were saying?

Yes, really, your graph shows that in fact there is some federal income tax being paid by lower 50% of income (by those closer to median income)

But of course you also need to adjust that by SHARE OF INCOME.

Top 1% pay a big share of federal income taxes, because they make a BIG SHARE OF INCOME.

Besides that, the proposal this thread is about is not about 1%, it's about those making 100mil+

 

[AntonToo]

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.

G5000 is not a "lib" last I checked.

 

[Big Bend Texas]

Yes, really, your graph shows that in fact there is some federal income tax being paid by lower 50% of income (by those closer to median income)

But of course you also need to adjust that by SHARE OF INCOME.

Top 1% pay a big share of federal income taxes, because they make a BIG SHARE OF INCOME.

It shows just what I said, 47% have a negative or net zero federal income tax liability.

A family of four with a combined income of 70K starts off with a standard deduction of 25k for the couple and 3,000-3,600.00 per kid.

That immediately reduces their taxable income to just 38k, and that doesn't include the rest of the deductions and credits they are entitled to and that's for the "median".

The entire bottom third have a net negative tax liability.

Just 3% of income taxes are raised on the bottom 50% of filers, exactly as I said.

 

[Dr Grump]

I don't. **** taxes I always say. It's my patriotic duty as an American to make as much money as I can and not give a cent of it to the government.

Taxation is theft.

1) Example 1 as to why the US is fucked. Thanks Galt!

 

[AntonToo]

It shows just what I said, 47% have a negative or net zero federal income tax liability.

A family of four with a combined income of 70K starts off with a standard deduction of 25k for the couple and 3,000-3,600.00 per kid.

That immediately reduces their taxable income to just 38k, and that doesn't include the rest of the deductions and credits they are entitled to and that's for the "median".

The entire bottom third have a net negative tax liability.

Just 3% of income taxes are raised on the bottom 50% of filers, exactly as I said.

47% is not median. Net zero is not negative.

And this is before we get into payroll and local taxes.

Lisa's Statement that half the country gets money transfers through taxation is plainly false.

 

[Ray From Cleveland]

Unfortunately they're pretty reliable that way.

Of course, when the congress flips this fall and some sanity is returned somehow Biden will get the credit for any improvements they make.

I'm less worried about that than the disaster they will create and then blaming the Republicans making claim "it" happened under a Republican led Congress. They constantly blame Trump for spending even though he served half of his term with a Democrat led Congress during the worst pandemic anybody alive has ever seen. We all know how much Democrats lie.

 

[Big Bend Texas]

47% is not median. Net zero is not negative.

And this is before we get into payroll and local taxes.

Lisa's Statement that half the country gets money transfers through taxation is plainly false.

Payroll and other taxes are not relevant to a discussion of income taxes.

Median is 50%. 47% is 3 points less.

If you think that somehow scores you a win all I can say is,

 

[Big Bend Texas]

I'm less worried about that than the disaster they will create and then blaming the Republicans making claim "it" happened under a Republican led Congress. They constantly blame Trump for spending even though he served half of his term with a Democrat led Congress during the worst pandemic anybody alive has ever seen. We all know how much Democrats lie.

Have you not realized yet that anything good happening under a Dem president is good, anything good happening under a republican president the dem's get credit for, but if anything bad happens for either, it's always the fault of the last republican president unless of course congress grows a pair and rejects the budget of a sitting dem "shutting down the country".

There's never anything more predictable than a democratic response to either good or bad news, they always claim the credit and always run from any blame.

 

[Lisa558]

47% is not median. Net zero is not negative.

And this is before we get into payroll and local taxes.

Lisa's Statement that half the country gets money transfers through taxation is plainly false.

I didn’t say half get money transfers. I said a lot get money transfers, and that half pay no taxes.

And we are talking about federal income tax. Don’t start in with sales tax and payroll tax. We have a bloated federal government, with runaway spending, to which half of all Americans do not contribute.

 

[Cecilie1200]

you could just click on the link and read it, or should a regirgitate it here?

In other words, "I read the headline, and that makes it TRUUUUUE! How DARE you expect me to make my own case?!"

So I'll just mark your post "Fake Bullshit" and ignore it . . . like all your other posts. Let me know if you ever have a thought.