Harris tax plan - raising taxes on high earners

[Anonymous]

Anonymous wrote:For all of the haters, the top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021.

(This article was updated in 2024.)

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20more%20than%20%241,to%2045.8%20percent%20in%202021.

How much do they take in income? I think you have to compare their income to taxes compared to others. If income were say water and 1 percenters got 95% of the water on the planet how would you compare what they should get to keep?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We would be subject to higher taxes. That is ok.

Regardless of how much you do or don't make, working half of your week to pay the government is not okay.

Seriously. It’s like Harris wants to tank economic growth.

This is my concern. Lower economic growth means less for everyone.

Harris's campaign has said she supports Biden's budget proposal.

Estimates are that it would decrease GDP by 1.6%, wages by 1.1% and American incomes by 1.3%. These are large decreases.

Raising the corporate tax rate factors in heavily. 28% is high on a global comparison basis and would cause corporations to cut employees, reduce wages, or relocate abroad or a combination thereof.

https://taxfoundation.org/research/all/federal/biden-budget-2025-tax-proposals/

[Anonymous]

How are so many people bright enough to make more than $400,000 per year but unable to understand the concept of a marginal tax rate? My 14yo could understand that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For all of the haters, the top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021.

(This article was updated in 2024.)

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20more%20than%20%241,to%2045.8%20percent%20in%202021.

How much do they take in income? I think you have to compare their income to taxes compared to others. If income were say water and 1 percenters got 95% of the water on the planet how would you compare what they should get to keep?

Seriously. They can absolutely afford to pay more and should be compelled to do so.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This would apply to households worth > $100 million. Are you really worried, pp, or just fear mongering?

DP. A tax on unrealized capital gains is pernicious. They will sell it by saying it applies only to the ultrarich, those worth over $100million, but the fact is it would set a precedent that would allow future taxing of unrealized gains for people at much lower income brackets (if determined to be constitutional, which it may not be). Remember when the AMT was to apply only to the "rich?"

In fact, the changes proposed to estate tax would apply an unrealized capital gains tax to estates over $5 million by construing death as a sales event. And you would have to pay estate taxes to boot. It is not hard to get to a $5 million estate in the DC area, where many perfectly ordinary houses are valued at close to $2 million. Someone leaving an estate of $5 million plus a bit more is not ultrarich.

THIS. Taxing unrealized gain is a dangerous precedent. And the AMT example is a perfect clap back to the PP whining that we are fearmongering.

There’s a silly saying that says “‘I never thought the leopards would eat MY face,’ sobs woman who voted for the Leopards Eating Faces Party.” Voting for taxes on unrealized capital gains is voting for Leopards Eating Faces - soon enough they’ll be lowering the threshold to 10 million unrealized gains, then 5 million, then 1 million. Which we will all get to eventually due to inflation and the leopards will be eating our faces.

[Anonymous]

Anonymous wrote:For all of the haters, the top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021.

(This article was updated in 2024.)

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20more%20than%20%241,to%2045.8%20percent%20in%202021.

Now do it as a percentage of each individual's income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

AMT proved the slippery slope argument.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For all of the haters, the top 1 percent of taxpayers paid more than $1 trillion in income taxes while the bottom 90 percent paid $531 billion. The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to 45.8 percent in 2021.

(This article was updated in 2024.)

https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/#:~:text=The%20top%201%20percent%20of%20taxpayers%20paid%20more%20than%20%241,to%2045.8%20percent%20in%202021.

Now do it as a percentage of each individual's income.

A quick Google search says 26.3% of income was earned by top 1%. given a progressive tax system to pay 45.8% isn’t unreasonable given that the bottom half are truly poor with only 10% of total income and pay almost nothing in income tax.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

AMT proved the slippery slope argument.

The word "prove" doesn't mean what you think it means.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

AMT proved the slippery slope argument.

Yes, because foolishly it wasn’t indexed to inflation and it still took 50 years before enough people were affected to change it. This is easy to avoid by indexing the threshold.

[Anonymous]

Kamela Harris's tax plan is terrible for us as a family and my industry, but the alternative is Donald Trump. I can't do it. I wish the Republican party would return to its pre-Trump iteration.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This would apply to households worth > $100 million. Are you really worried, pp, or just fear mongering?

DP. A tax on unrealized capital gains is pernicious. They will sell it by saying it applies only to the ultrarich, those worth over $100million, but the fact is it would set a precedent that would allow future taxing of unrealized gains for people at much lower income brackets (if determined to be constitutional, which it may not be). Remember when the AMT was to apply only to the "rich?"

In fact, the changes proposed to estate tax would apply an unrealized capital gains tax to estates over $5 million by construing death as a sales event. And you would have to pay estate taxes to boot. It is not hard to get to a $5 million estate in the DC area, where many perfectly ordinary houses are valued at close to $2 million. Someone leaving an estate of $5 million plus a bit more is not ultrarich.

THIS. Taxing unrealized gain is a dangerous precedent. And the AMT example is a perfect clap back to the PP whining that we are fearmongering.

There’s a silly saying that says “‘I never thought the leopards would eat MY face,’ sobs woman who voted for the Leopards Eating Faces Party.” Voting for taxes on unrealized capital gains is voting for Leopards Eating Faces - soon enough they’ll be lowering the threshold to 10 million unrealized gains, then 5 million, then 1 million. Which we will all get to eventually due to inflation and the leopards will be eating our faces.

This is just not what happened at all. The AMT threshold was not lowered. People’s incomes slowly grew until it covered a few million people and then people complained about a slippery slope. Saying “they’ll be lowering the threshold” is a prediction with zero basis in AMT history. So even though I’m not the one who raised the term, I’ll say you’re fear mongering again.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This is only for people with $100 million in wealth, and even then only a subset of them: https://www.axios.com/2024/08/23/kamala-harris-unrealized-capital-gains-tax

It won't stop there and it will begin to impact normal people. This threshold will get lower overtime and it will eventually be used to take money from almost everyone that is not broke. The income tax used to only apply to super rich people when it came out and now almost everyone pays it. Also, the fact that the tax is explicitly tied to a specific level of wealth probably makes the tax unconstitutional at the federal level. Taxing unrealized gains is no necessarily unconstitutional, but an unrealized gain tax conditional on net worth is likely illegal.

Let me introduce yo to the logical fallacy called the "slippery slope."

AMT proved the slippery slope argument.

The Bush Administration relied on AMT to pretend to give tax breaks to people while knowing they wouldn’t actually get them.

[Anonymous]

Everyone in this thread is worrying about Harris’s tax plan. What about Trump’s tariff-based tax plan that will increase the burden on US households by $250B each year? Are we complaining about that?