Harris tax plan - raising taxes on high earners

[Anonymous]

Here's what we know so far:
https://www.nytimes.com/2024/08/22/us/politic...harris-tax-plan.html

"Ms. Harris would set the top marginal income rate at 39.6 percent, up from 37 percent. On top of that, she would also increase the rate on two parallel Medicare surtaxes to 5 percent from 3.8 percent for Americans making more than $400,000 and expand the income subject to one of them. Together, the Medicare and income proposals would create a top marginal rate as high as 44.6 percent."

Ouch. With state taxes, we'll be paying a marginal rate of greater than 50% taxes. That's just too much.

Harris also plans to: (i) increase corporate taxes and (ii) further increase the already ridiculous tax on corporate stock buy-backs. These ideas hurt everyone who owns stocks - that includes every single person with a 401/IRA/TSP.

Yikes.

[Anonymous]

This actually sounds fine to me and I'm a high earner. We have to pay for important programs in this country including defense and infrastructure and social safety net programs that all make this a great place to live. This is all pretty marginal and still makes the US one of the most business friendly countries in the world.

I am fine paying a bit more in taxes especially given how incredibly well I've done personally in the last 3 years.

[Anonymous]

I’m okay with some increase in taxes designed to reduce the deficit, but not to increase spending.

-Registered Dem who has gotten a lot more fiscally conservative in her middle age. Plus, I care about my kids future

[Anonymous]

There is a difference between what these politicians (on both sides) say during campaigns and what they will actually do. Harris will not do this because it will be unpopular and she won't have the votes to get it done.

[Anonymous]

Glad I am one of the PoorDCUM cohort

[Anonymous]

Well I have hard life in America was pretty perfect circa 1958, so let's go with that highest marginal tax rate.

https://en.wikipedia.org/wiki/History_of_taxa...65%20through%201981.

91%

[Anonymous]

Anonymous wrote:Well I have hard life in America was pretty perfect circa 1958, so let's go with that highest marginal tax rate.

https://en.wikipedia.org/wiki/History_of_taxa...65%20through%201981.

91%

*heard life

[Anonymous]

I doubt this will have the votes to get through, but conceptually I am fine with it.

[Anonymous]

Anonymous wrote:Well I have hard life in America was pretty perfect circa 1958, so let's go with that highest marginal tax rate.

https://en.wikipedia.org/wiki/History_of_taxa...65%20through%201981.

91%

Nearly no one paid that. You cite a period of time when legitimate tax shelters abounded and you could generate deductions that were orders of magnitude larger than the economic investment. Investments that required a 5000 pay in could easily generate 50,000 in deductions. And these were available to anyone, not just the Ford and Firestone families.

[Anonymous]

I am more than OK with that plan, OP. That’s marginal tax rates. Unless you’re really really wealthy, most of your income won’t be taxed at that rate. And if you are wealthy, you can afford it.

[Anonymous]

This is what democrats do. Why are you surprised? How else do you think they redistribute wealth?

[Anonymous]

My husband and I are both high earners and both totally fine with this. My husband grew up poor and was the first person in his family to graduate from college. Without public schools and social programs he never would have gotten out. We're not interested in pulling the ladder up behind us. We can easily afford some extra taxes.

[Anonymous]

Anonymous wrote:This is what democrats do. Why are you surprised? How else do you think they redistribute wealth?

A person barely making by won't be getting rich off those tax increases all of a sudden.

[Anonymous]

Sounds great to me.

[Anonymous]

This is what is wrong, IMO. DH and I are taxed out of half of our paychecks, while billionaires pay nothing! This is how, no matter the party, they screw us in the middle. Half of my paycheck is going to taxes, and no, it is not ok when the millionaires and billionaires pay nothing.
And then, I had to pay full in-state tuition for my kids, who did not even qualify for any aid from BCS. We don't earn that little, but we sure could not afford full rides, either. If my kids were allowed to take student loans, they would have been forgiven now. But they were not allowed to have that option.
No, it is not better for me under republicans because it is all the same for me, no relief ever. I don't qualify for any housing aid, meal programs, or student financial aid, but I sure can't afford an SFH that is the median price for the DMV.