Biden tax proposals too soft...

[WarGamer]

The chances for tax reform decrease the closer we get to '22

37 to 39.6? It's ok but uninspiring. The slice of the population who earns taxable regular income at that level is small.

Joe needs to explain to people that the C19 cost this country over $6T and as a great nation we must pay our debt.

Announce a set of tax proposals with a 10 year phase-out window.

Take the 37 to 50.

Per transaction Wall St. fees

Wealth Tax

And the Capital Gains increases, it's being said the limit will be $1M/yr in income. Really? That's NOT protecting senior citizens and hard working middle class families, that's protecting the RICH.

So one can ride around in the golf cart and make $1M a year and pay half the tax rate as the electrician/school teacher?

Don't get me wrong. I appreciate the direction. I'm just afraid it's too meek.

[Hoyt]

1. What we need to do -- but no politician will -- is tell folks that everyone but those at the lowest

income levels need to get ready for tax increases.

The current plan to increase the Capital Gains tax will raise about $12 Billion a year. That's less than two days of the CBO's currently projected deficit. Before CV19, it was roughly 4 days worth.

Point is, if we want healthcare, childcare, jobs, housing, education, deficit reduction, climate, infrastructure, bolstering Social Security and Medicare, etc., it's going to take taxing a lot of things more than we have been.

Increasing the current 2 cent tax on stock transactions to $1.02 per transaction would raise roughly $80 Billion a year. That with the $12 Billion above will cover less than 20 days of the deficit. Maybe a month under the preCV19 projected deficit.


_________________

Where the $80 Billion came from by increasing transaction tax:

https://www.brookings.edu/opinions/congress-wants-to-tax-stock-trades-investors-shouldnt-fret/

[jimfields33]

2. Just stop giving refunds every year

I always thought it was dumb to take taxes every month and give it back every year. Keep it! Ensure people can’t adjust their tax status. Taxpayers already see the money gone so they are used to it.

[Hoyt]

4. That's a new proposal. You have a point, if people didn't need it over they year, keep it.

I see you even identified the obvious loophole, by banning adjusting your withholdings.

[yagotme]

5. Yes, but some use it as a "mandatory" savings program...

They use their returns to pay bills, pay cash for big ticket items they put off through the year, etc. You would have to let people adjust their status, as some would be paying a much higher rate than others, unfairly, to boot. Like if I said you have to pay 50%, and I'll keep paying 35%, well, just because I said so.

[jimfields33]

6. Very true. We'd have to put in some hardcore rules and procedures to make it fair across the board.

[yagotme]

13. Yeah, you kind of got me a bit, with the "just don't give it back" idea.

I knew several people at work that used their refunds for house repairs, vacations, etc. They didn't trust themselves to put it in a bank reliably, so they had it taken out of their checks, sight unseen. I didn't do it, as I don't like giving interest-free loans, lol.

[TxGuitar]

3. We shouldn't mess with the middle class tax brackets

until we make the rich pay more taxes. Otherwise it's putting more of a burden on the middle class and the rich will still be laughing.

[Demsrule86]

8. I already pay high taxes...I am sick of the super rich getting away with sending their money

overseas and in many cases paying no taxes... No I am not getting ready for higher taxes. Taxes for us are at one of the highest levels ever...we have lost important deductions too...for example, you have to pay taxes on the profit you make when you sell your house if you haven't lived in it for two years...that had ended years ago and now it is back...I am sick of it. Make it so the rich pay taxes. They don't pay income taxes so taxing capital gains is a good idea.

[Hoyt]

10. Problem is, even if we tax them at record rates, it won't be enough.

Personally, have no problem with flippers paying taxes on selling their house. While not rich, the rich pay taxes on the gains from their house — over half a million or something— even if they’ve lived there for decades. They lose out on state and local taxes too.

Every time some stockholder in Amazon, etc., sells shares they pay (and will pay much more with increase in Capital Gains tax), so I really don’t care that much if Amazon, etc., don’t pay corporate taxes while expanding, taking advantage of bipartisan accelerated depreciation, research and development that saved a lot of people under CV19, jobs, etc.

In the end, if we want all the things above, it’s going to take more than just taxing the rich. Obama tried to ease us into that reality, but even Democrats bashed him.

[roamer65]

7. I'd settle for a top rate of 45 pct at this point.

40 pct for $1M to 10M, 45 pct for income over $10M.

[Demsrule86]

9. People who make 10 million don't pay income taxes...the have all sorts of ways to avoid them.

[Hoyt]

11. True to some extent, but those in top 25th percentile do pay 85%

of all federal income taxes. Top 1% paid 25% of federal taxes.

It should be more, rates should increase some, there should be a robust estate tax, Capital Gains taxes appear headed for significant increase, etc.

[roamer65]

12. Then we start closing those loopholes.

[WyattKansas]

14. 92% for the wealthy elite, like it was under Republican President Eisenhower.

And not a fraction of a percent less, until the wealthy elite tax cuts financed with the Trust Funds with worthless IOUs have been paid back in full for the last several decades.

Fuck them and let them howl in misery like they made the rest of the American People do for decades!

Oh, and President Biden and the Democratic Party needs to keep repeating FDR Policies and what they did for Americans over and over, along with how Republicans have been destroying what FDR gave the country. That directly short circuits how successful Republicans have been at tricking people into voting for them.

[WarGamer]

15. Cry some more Richy Rich...

Buy a 40 meter yacht instead of the 50 meter one...

And the Cessna Citation Latitude will do you just fine, Don't need the Gulfstream G650.