Biden tax proposals - MFJ

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:well here is your answer:

https://www.cnbc.com/2021/03/18/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html

"She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example."

This is really annoying. Why in the world does the government go after working class families. I know I will get crap for saying this but come on 400k in DC is not rich, NOR are they the problem. Two high level feds and some investment income gets you to 400k..are they really wealthy?

Politicians need to get over this weird infatuation with 200k and rich. yeah maybe 20 years ago..

Why don't they focus on the truly wealthy (1M indiv, 2M MFJ for example) and stop going after mid level professionals..

rant over

Because there very very few of those people out there, so there's not as much revenue to be had, and their income tends to come from sources that can be manipulated for tax purposes (i.e. closely held business income, rental and real estate income, various forms of executive comp) so they can make it look as if they actually have lower incomes if they need to.

In a perfect world they could differentiate between high cost of living areas and the boonies. 400k in DC is vastly different than 400k in Nebraska. The mortgage industry makes it work!

For ex: in areas like DC, NYC, LA, Seattle, SF they could increase the income thresholds to 600k or whatever metric they do. I'm sure people will think this is a logistical nightmare but it's really not that difficult. Create HCOL zip codes and connect them to the taxpayer and their withholding amounts.

The data is certainly out there but there's a zero chance of this ever happening.

Yeah, it's certainly possible to differentiate between high and low COL areas, but I can't think of anything less-likely to get through the Senate, where again small states and thus LCOL areas are disproportionally represented.

[Anonymous]

Anonymous wrote:well here is your answer:

https://www.cnbc.com/2021/03/18/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html

"She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example."

This is really annoying. Why in the world does the government go after working class families. I know I will get crap for saying this but come on 400k in DC is not rich, NOR are they the problem. Two high level feds and some investment income gets you to 400k..are they really wealthy?

Politicians need to get over this weird infatuation with 200k and rich. yeah maybe 20 years ago..

Why don't they focus on the truly wealthy (1M indiv, 2M MFJ for example) and stop going after mid level professionals..

rant over

Because there aren't that many people with HHI up there. You have to dip lower to get more money for the gov't coffers

[Anonymous]

Anonymous wrote:

Anonymous wrote:well here is your answer:

https://www.cnbc.com/2021/03/18/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html

"She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example."

This is really annoying. Why in the world does the government go after working class families. I know I will get crap for saying this but come on 400k in DC is not rich, NOR are they the problem. Two high level feds and some investment income gets you to 400k..are they really wealthy?

Politicians need to get over this weird infatuation with 200k and rich. yeah maybe 20 years ago..

Why don't they focus on the truly wealthy (1M indiv, 2M MFJ for example) and stop going after mid level professionals..

rant over

Because there aren't that many people with HHI up there. You have to dip lower to get more money for the gov't coffers

We have been told for years that "the rich" need to pay more. Now suddenly a family of 5 or 6 in a high COL area earning 200K is "the rich"? How about some of these folks that have been feathering their nest during the pandemic, raking it in while others were unemployed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:well here is your answer:

https://www.cnbc.com/2021/03/18/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html

"She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example."

This is really annoying. Why in the world does the government go after working class families. I know I will get crap for saying this but come on 400k in DC is not rich, NOR are they the problem. Two high level feds and some investment income gets you to 400k..are they really wealthy?

Politicians need to get over this weird infatuation with 200k and rich. yeah maybe 20 years ago..

Why don't they focus on the truly wealthy (1M indiv, 2M MFJ for example) and stop going after mid level professionals..

rant over

Because there aren't that many people with HHI up there. You have to dip lower to get more money for the gov't coffers

We have been told for years that "the rich" need to pay more. Now suddenly a family of 5 or 6 in a high COL area earning 200K is "the rich"? How about some of these folks that have been feathering their nest during the pandemic, raking it in while others were unemployed.

So you’ve been buying into the line that the rich don’t pay their fair share, and now you’re upset when you find out you’re one of the rich people they’ve been complaining about?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:well here is your answer:

https://www.cnbc.com/2021/03/18/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html

"She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example."

This is really annoying. Why in the world does the government go after working class families. I know I will get crap for saying this but come on 400k in DC is not rich, NOR are they the problem. Two high level feds and some investment income gets you to 400k..are they really wealthy?

Politicians need to get over this weird infatuation with 200k and rich. yeah maybe 20 years ago..

Why don't they focus on the truly wealthy (1M indiv, 2M MFJ for example) and stop going after mid level professionals..

rant over

Because there aren't that many people with HHI up there. You have to dip lower to get more money for the gov't coffers

We have been told for years that "the rich" need to pay more. Now suddenly a family of 5 or 6 in a high COL area earning 200K is "the rich"? How about some of these folks that have been feathering their nest during the pandemic, raking it in while others were unemployed.

So you’ve been buying into the line that the rich don’t pay their fair share, and now you’re upset when you find out you’re one of the rich people they’ve been complaining about?

If instead of taking money people never see from paychecks, Americans had to write check out once a year for taxes due....there would absolute uproar over it. Well, from 50% of people at least.

[Anonymous]

Lol so easy to be a progressive liberal until you become wealthy or your school gets rezoned. Dcum classic.

[Anonymous]

400k is NOT wealthy or "rich". It's very comfortable but at that income you aren't flying private, buying mansions, etc. You were impacted by COVID in one way or another. The people that should be taxed more are the ones who saw an immense wealth increase during COVID, could fly their jet to the Virgin Islands and ride out covid while getting richer. Not your average local dentist..

Get a grip people. Democrats agree that the rich should pay more, but 400k is not "the rich"; particularly in any decent sized city.

I gladly voted D up and down the ballot and will be impacted by this but I frankly get pissed when they throw my 500k income into the same bucket as someone making 10m a year. Its ridiculous and dumb.

These tax increases are a drop in the bucket in terms of revenue...they aren't really helping anyone; its optics.

[Anonymous]

Anonymous wrote:400k is NOT wealthy or "rich". It's very comfortable but at that income you aren't flying private, buying mansions, etc. You were impacted by COVID in one way or another. The people that should be taxed more are the ones who saw an immense wealth increase during COVID, could fly their jet to the Virgin Islands and ride out covid while getting richer. Not your average local dentist..

Get a grip people. Democrats agree that the rich should pay more, but 400k is not "the rich"; particularly in any decent sized city.

I gladly voted D up and down the ballot and will be impacted by this but I frankly get pissed when they throw my 500k income into the same bucket as someone making 10m a year. Its ridiculous and dumb.

These tax increases are a drop in the bucket in terms of revenue...they aren't really helping anyone; its optics.

The 400k threshold was well advertised during the campaign. If you are surprised you’re being lumped in with the rich, you weren’t paying attention. I voted D too knowing full well it would likely result in higher taxes for me. But unfortunately the R party has gone batshit insane so D is the only real choice even though I don’t love all their policies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:400k is NOT wealthy or "rich". It's very comfortable but at that income you aren't flying private, buying mansions, etc. You were impacted by COVID in one way or another. The people that should be taxed more are the ones who saw an immense wealth increase during COVID, could fly their jet to the Virgin Islands and ride out covid while getting richer. Not your average local dentist..

Get a grip people. Democrats agree that the rich should pay more, but 400k is not "the rich"; particularly in any decent sized city.

I gladly voted D up and down the ballot and will be impacted by this but I frankly get pissed when they throw my 500k income into the same bucket as someone making 10m a year. Its ridiculous and dumb.

These tax increases are a drop in the bucket in terms of revenue...they aren't really helping anyone; its optics.

The 400k threshold was well advertised during the campaign. If you are surprised you’re being lumped in with the rich, you weren’t paying attention. I voted D too knowing full well it would likely result in higher taxes for me. But unfortunately the R party has gone batshit insane so D is the only real choice even though I don’t love all their policies.

+1; the 400k was always the line in the sand during the campaign. I still voted D, since I'm not a single issue voter on my income. Also, my friends in any other country i'd want to live still pay much higher tax rates than me.

[Anonymous]

the line in the sand was 400k for individuals it wasn't until just yesterday they mentioned MFJ

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:well here is your answer:

https://www.cnbc.com/2021/03/18/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html

"She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example."

This is really annoying. Why in the world does the government go after working class families. I know I will get crap for saying this but come on 400k in DC is not rich, NOR are they the problem. Two high level feds and some investment income gets you to 400k..are they really wealthy?

Politicians need to get over this weird infatuation with 200k and rich. yeah maybe 20 years ago..

Why don't they focus on the truly wealthy (1M indiv, 2M MFJ for example) and stop going after mid level professionals..

rant over

Because there aren't that many people with HHI up there. You have to dip lower to get more money for the gov't coffers

We have been told for years that "the rich" need to pay more. Now suddenly a family of 5 or 6 in a high COL area earning 200K is "the rich"? How about some of these folks that have been feathering their nest during the pandemic, raking it in while others were unemployed.

A family comprised of two professionals earring over 400k combined is rich. If you think you aren't rich, you are delusional

[Anonymous]

400k a year is top 1 percent. It's rich. Pay your damned taxes. I make 800k and will happily pay more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:well here is your answer:

https://www.cnbc.com/2021/03/18/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html

"She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example."

This is really annoying. Why in the world does the government go after working class families. I know I will get crap for saying this but come on 400k in DC is not rich, NOR are they the problem. Two high level feds and some investment income gets you to 400k..are they really wealthy?

Politicians need to get over this weird infatuation with 200k and rich. yeah maybe 20 years ago..

Why don't they focus on the truly wealthy (1M indiv, 2M MFJ for example) and stop going after mid level professionals..

rant over

Because there aren't that many people with HHI up there. You have to dip lower to get more money for the gov't coffers

We have been told for years that "the rich" need to pay more. Now suddenly a family of 5 or 6 in a high COL area earning 200K is "the rich"? How about some of these folks that have been feathering their nest during the pandemic, raking it in while others were unemployed.

A family comprised of two professionals earring over 400k combined is rich. If you think you aren't rich, you are delusional

This. There is no way in the world that 400k is not rich unless you have a truly warped conception of what “necessary” and normal expenses are.

[Anonymous]

Anonymous wrote:400k a year is top 1 percent. It's rich. Pay your damned taxes. I make 800k and will happily pay more.

Good for you! I make 80k and send you full good wishes for your prosperity. Because it seems like you actually appreciate living in the society that provides the scaffolding for you to make that much money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:well here is your answer:

https://www.cnbc.com/2021/03/18/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html

"She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example."

This is really annoying. Why in the world does the government go after working class families. I know I will get crap for saying this but come on 400k in DC is not rich, NOR are they the problem. Two high level feds and some investment income gets you to 400k..are they really wealthy?

Politicians need to get over this weird infatuation with 200k and rich. yeah maybe 20 years ago..

Why don't they focus on the truly wealthy (1M indiv, 2M MFJ for example) and stop going after mid level professionals..

rant over

Because there very very few of those people out there, so there's not as much revenue to be had, and their income tends to come from sources that can be manipulated for tax purposes (i.e. closely held business income, rental and real estate income, various forms of executive comp) so they can make it look as if they actually have lower incomes if they need to.

In a perfect world they could differentiate between high cost of living areas and the boonies. 400k in DC is vastly different than 400k in Nebraska. The mortgage industry makes it work!

For ex: in areas like DC, NYC, LA, Seattle, SF they could increase the income thresholds to 600k or whatever metric they do. I'm sure people will think this is a logistical nightmare but it's really not that difficult. Create HCOL zip codes and connect them to the taxpayer and their withholding amounts.

The data is certainly out there but there's a zero chance of this ever happening.

One could dream that our government utilizes technology to become more efficient and fair!

If you're making $400k/year, that's over 3x the median family income for the DC area. Quit whining.