Harris tax plan - raising taxes on high earners

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will vote red because of this, much as I despise the Republican social platforms. I have worked too hard for my money to support the party which seeks to take even more of it.

-High earner

I get screwed by the SALT cap, so I’ll vote blue.

-High earner

+1 The largest tax increasing of my working life was under Trump

That's because while you are a high earner as far as average income in America is concerned, to Trump and the people he serves, you are nothing.

[Anonymous]

Anonymous wrote:Here's what we know so far:
https://www.nytimes.com/2024/08/22/us/politics/kamala-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.

This is a non-issue. No one on DCUM will become poor because of this.

[Anonymous]

Anonymous wrote:Here's what we know so far:
https://www.nytimes.com/2024/08/22/us/politics/kamala-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.

The Medicare tax is the NITT and only applies to capital gains not regular income. Your tax rate on capital gains, if you even take any, is only 20% *at the most* (plus NITT if over a certain amount) so calm down.

[Anonymous]

Anonymous wrote: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.

Lady, if your HHI is over $400K you are not “in the middle.” That’s the point. SMH.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

OP here - great that you are fine with it, but I'm not! I feel that I pay way more than my fair share in taxes and not interested in paying even more. I'd much rather see major cuts in spending (I'm sure 20%+ of DoD spending is pure waste, if not more).

OP your calculations are wrong and you don’t understand the proposal.

[Anonymous]

Anonymous wrote:I will vote red because of this, much as I despise the Republican social platforms. I have worked too hard for my money to support the party which seeks to take even more of it.

-High earner

If you don’t understand that the goal of DJT is to take money from the US treasury and govt funding and deposit it directly into his own pocket and those of his cronies you aren’t paying attention.

[Anonymous]

Anonymous wrote:Here's what we know so far:
https://www.nytimes.com/2024/08/22/us/politics/kamala-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.

Awesome! Pay up, bit**es!

[Anonymous]

Anonymous wrote:
"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."

The top tax rate was 39.6 up until 2018, when the Trump admin passed the TCJA (Tax Cut and Jobs Act), which also limited the SALT deduction.

But guess what? TCJA had a sunset provision and it will end at the end of 2025, meaning the top tax rate will go up to 39.6% anyway, assuming nothing is done (though the SALT deduction limit will also be removed).

https://www.rbcwealthmanagement.com/en-us/insights/preparing-for-the-great-sunset-what-you-need-to-know-if-tax-code-provisions-expire

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

OP here - great that you are fine with it, but I'm not! I feel that I pay way more than my fair share in taxes and not interested in paying even more. I'd much rather see major cuts in spending (I'm sure 20%+ of DoD spending is pure waste, if not more).

What part of you won’t be affected are you not understanding?

The mark-to-market, for example, is only going to apply to billionaires who pay less than 25% income tax. Is that you???

You have to gross more than $500,000 to be affected by the marginal rate increase. If that’s you, meh, you can afford it.

These things are also payfors for tax cuts to working people, which is good for the economy, which means you will do better overall.

She also hasn’t actually put out an explicit tax plan with this level of detail. You are either easily steered by right-wing propaganda or are a lying liar who lies. So which is it — are you a gullible fool or a deceitful shit?

[Anonymous]

Make all earned income subject to the social security tax and not just the first $168,600. That would fix a lot.

[Anonymous]

Anonymous wrote:I will vote red because of this, much as I despise the Republican social platforms. I have worked too hard for my money to support the party which seeks to take even more of it.

-High earner

Their “social platforms” ARE their economic platform for everyone they hate.

Fortunately for us all, there are more of us than there are of you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
"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."

The top tax rate was 39.6 up until 2018, when the Trump admin passed the TCJA (Tax Cut and Jobs Act), which also limited the SALT deduction.

But guess what? TCJA had a sunset provision and it will end at the end of 2025, meaning the top tax rate will go up to 39.6% anyway, assuming nothing is done (though the SALT deduction limit will also be removed).

https://www.rbcwealthmanagement.com/en-us/insights/preparing-for-the-great-sunset-what-you-need-to-know-if-tax-code-provisions-expire

Look at you, inconveniently appearing on the scene with facts!

[Anonymous]

My effective tax rate went up under Trump given the reduction in available deductions like state and property taxes. I continue to be angry over the inability to change the carried interest tax rate. What we need is a program that cuts spending dollar for dollar with tax increases. I’d also reduce percent contributions to Social Security for people making less than $150,000 and eliminate the income cap as was done with Medicare many years ago. Lower the percent for everybody but uncap the threshold.

[Anonymous]

If I have to choose between a president who will raise my taxes and a president who will appoint federal judges hellbent on stripping away all my human rights, call me naive, but I’m picking the on me who raises my taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

OP here - great that you are fine with it, but I'm not! I feel that I pay way more than my fair share in taxes and not interested in paying even more. I'd much rather see major cuts in spending (I'm sure 20%+ of DoD spending is pure waste, if not more).

What part of you won’t be affected are you not understanding?

The mark-to-market, for example, is only going to apply to billionaires who pay less than 25% income tax. Is that you???

You have to gross more than $500,000 to be affected by the marginal rate increase. If that’s you, meh, you can afford it.

These things are also payfors for tax cuts to working people, which is good for the economy, which means you will do better overall.

She also hasn’t actually put out an explicit tax plan with this level of detail. You are either easily steered by right-wing propaganda or are a lying liar who lies. So which is it — are you a gullible fool or a deceitful shit?

I don't understand what you mean when you say I won't be affected. That was the whole point of my post in the first place - I WILL be affected. I will be paying a significantly higher marginal and effective tax rate.

You saying people in my shoes can "afford it" misses the point and by extension means the government should take everything someone earns except for a few dollars for basic needs.