Harris tax plan - raising taxes on high earners

[Anonymous]

Anonymous wrote:We all already pay a lot in taxes. I don’t think throwing more money at the problem is going to solve anything. It’s less of “I don’t want to pay it” and more of “prove to me that you’ll do any good with it.”

Because I don’t think they will or they can.

The majority of federal spending goes to things like Medicare/Medicaid, Social Security, Defense, and interest on the debt. We have a huge debt and a huge deficit. All the other stuff is peanuts compared to the things listed above. So the “good” that more taxes represents would be reducing the deficit and, if taxed enough, reducing the debt. The only other long term choice is to cut the spending things listed above. Which do you want?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We all already pay a lot in taxes. I don’t think throwing more money at the problem is going to solve anything. It’s less of “I don’t want to pay it” and more of “prove to me that you’ll do any good with it.”

Because I don’t think they will or they can.

Do you make more or less than $400K?

Do you understand that the tax increases on those over 400K are meant to offset Trump’s expiring tax cuts in the middle class? Because if you don’t understand that, then you really have no right posting that last sentence.

I’ve read the documents. I disagree with the statement that the increases are meant to offset anything. That simply is untrue.

It doesn’t matter how much money I make. Poor tax policy is poor tax policy.

So what is your alternative?

[Anonymous]

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

Happy to do that but I hope my monthly benefit is at least10k/month in 20 years given how much I would be putting in.

[Anonymous]

Corporate rates in the US were very high, especially after you add state corporate taxes on top of federal taxes.

The average EU corporate rate is 21.13 percent; across OECD countries it is 23.73 percent. When you combine the 21% federal rate with state level corporate taxes, the U.S. rate is 25.77%. The 2017 rate cuts moved the US from having the fourth highest corporate tax rate in the world at around 35% to the middle of the pack.

Increasing the federal tax to 28% would bring the rate to 32.77% when combined with state tax rates, which would place the US around 10th highest in the world.

https://taxfoundation.org/data/all/global/cor...-country-2023/#_ftn3

The EFFECTIVE corporate tax rate, which takes into account all the loopholes and a variety of other measures is far, far from an average of 21%. many companies paid zero! The percentage of tax revenue from corporations has dropped significantly, they are paying less and their shareholders to a certain extent and their CEOs to a greater extent are benefitting.

https://itep.org/corporate-tax-avoidance-trump-tax-law/#:~:text=Special%20breaks%20and%20loopholes%20allowing,provided%20through%20the%20tax%20code.

[Anonymous]

Anonymous wrote:

Corporate rates in the US were very high, especially after you add state corporate taxes on top of federal taxes.

The average EU corporate rate is 21.13 percent; across OECD countries it is 23.73 percent. When you combine the 21% federal rate with state level corporate taxes, the U.S. rate is 25.77%. The 2017 rate cuts moved the US from having the fourth highest corporate tax rate in the world at around 35% to the middle of the pack.

Increasing the federal tax to 28% would bring the rate to 32.77% when combined with state tax rates, which would place the US around 10th highest in the world.

https://taxfoundation.org/data/all/global/cor...-country-2023/#_ftn3

The EFFECTIVE corporate tax rate, which takes into account all the loopholes and a variety of other measures is far, far from an average of 21%. many companies paid zero! The percentage of tax revenue from corporations has dropped significantly, they are paying less and their shareholders to a certain extent and their CEOs to a greater extent are benefitting.

https://itep.org/corporate-tax-avoidance-trump-tax-law/#:~:text=Special%20breaks%20and%20loopholes%20allowing,provided%20through%20the%20tax%20code.

So? The effective personal rates are much lower for many people also.

We've paid less than 10% for many years despite making a fair amount of money.

Many personal returns owe zero tax or get money back.

[Anonymous]

We have one choice to safe America from project 2025
I am a 1% er ..

I don’t care if Harris crushes my tax rate to the max. Because we are going to have a depression like none other and project 2025 installed no vaccine mandates etc
Vote as you will I won’t vote for a dictator who will install Stephen miller

[Anonymous]

I would prefer they stop taking social security out of my paycheck today and I never receive anything, even though I have paid into it for 20+ years. They need to stop social security because it taxes the working class to give to the wealthy retirees.

[Anonymous]

Anonymous wrote:We have one choice to safe America from project 2025
I am a 1% er ..

I don’t care if Harris crushes my tax rate to the max. Because we are going to have a depression like none other and project 2025 installed no vaccine mandates etc
Vote as you will I won’t vote for a dictator who will install Stephen miller

+1. The choice is between a highly charismatic, dictator wanna-be who has said that he'll cancel elections, suspend the constitution, shoot illegal immigrants, fire most of the federal workforce, and weaponize the government and go after his enemies all supported by the supreme court. vs. Kamala Harris who *may* increase taxes if she gets the votes. More than likely, she won't since the congress peeps are not beholden to her like their republican counterparts are to Trump and will vote based on their best interests which are typically aligned with that of the rich. You'll all be fine.

The political collective has to throw a bone to the masses once in a while and they may well do that by increasing the tax rate a bit, but Harris also needs to make sure she doesn't overdo it since she will be up for election in 4 years. Trump on the other hand has no such qualms.. There won't be any more elections.. Vote wisely.

[Anonymous]

I don’t like high taxes, but I do like democracy, female reproductive rights, gun control, and hate Donald Trump.

Until the republicans can root out extremism in their party AND nominate a normal presidential candidate with any semblance of a moral compass, I wouldn’t consider voting against a Democrat.

[Anonymous]

Anonymous wrote:I would prefer they stop taking social security out of my paycheck today and I never receive anything, even though I have paid into it for 20+ years. They need to stop social security because it taxes the working class to give to the wealthy retirees.

What would we replace it with though. We have good retirement savings and don't need social security but for many old people it's their primary source of income. I have an aunt in her early 80s who thankfully owns her home (a small house in a tiny town in the middle of nowhere worth a max of 100k -- so not something she could sell and live off of) and her only income is social security. She worked until she was 78 (part time as a waitress) but eventually her physical health forced her to retire. But she actually has a decent life with her SS benefits and her mortgage paid off. Inflation cut into her income a bit so my cousins helped her out for a while but it's better now and they no longer supplement her income but just pay for someone to come once a week and clean her house because it's a must at her age. They will fortunately be able to help with paying for care or getting her into a nicer facility than what medicare would pay for if and when the time comes but right now she's doing really well just on social security and has a happy and full life and eat decently and does social things.

I would guess there are a lot of retirees in similar situations. Social security can be a true lifeline for people who never made enough to build up a sizable retirement fund. It's guaranteed income. We need something for people who are too old to work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would prefer they stop taking social security out of my paycheck today and I never receive anything, even though I have paid into it for 20+ years. They need to stop social security because it taxes the working class to give to the wealthy retirees.

What would we replace it with though. We have good retirement savings and don't need social security but for many old people it's their primary source of income. I have an aunt in her early 80s who thankfully owns her home (a small house in a tiny town in the middle of nowhere worth a max of 100k -- so not something she could sell and live off of) and her only income is social security. She worked until she was 78 (part time as a waitress) but eventually her physical health forced her to retire. But she actually has a decent life with her SS benefits and her mortgage paid off. Inflation cut into her income a bit so my cousins helped her out for a while but it's better now and they no longer supplement her income but just pay for someone to come once a week and clean her house because it's a must at her age. They will fortunately be able to help with paying for care or getting her into a nicer facility than what medicare would pay for if and when the time comes but right now she's doing really well just on social security and has a happy and full life and eat decently and does social things.

I would guess there are a lot of retirees in similar situations. Social security can be a true lifeline for people who never made enough to build up a sizable retirement fund. It's guaranteed income. We need something for people who are too old to work.

The people who want to get rid of Social Security don't care. They would gladly allow grandma and grandpa to starve in the streets if it meant a little more money for themselves. Trump has showed us that 30%+ of America are selfish hateful monsters who have no place in civilized society.

[Anonymous]

All of that is fine with me

[Anonymous]

I’m a Harris supporter but they really need to focus on the truly high income - not two working professionals, two doctors, etc

The highest brackets should start well over $1M and reduce some of the tax breaks for self employed. The world penalizes high income W2 workers way too much

[Anonymous]

Anonymous wrote:I am against. We should be talking about reducing tax rates and reducing spending and the budget. We cannot continue to tax everyone to pay for failed policy ideas

1000% I agree, I'm also against it. I think it's a terrible plan.

[Anonymous]

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 have news for you "high earner", you won't be better off under the Republicans. Unless you are a literal billionaire, they have no interest in helping you. I am with you - part of the "get screwed no matter which party is in power" tax bracket.

I don't think you can see into PP's bank accounts as to what they looked like 4 years ago to what they look like now.