Biden tax proposals - MFJ

[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 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

yawn

You clearly don't have young kids and live inside the beltway. 400k aint nothing anymore...sad to say

[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.

lol the difference in lifestyle and security of 400k and 800k is not even close...and 400k is nowhere near the top 1% in DC.

[Anonymous]

Anonymous wrote:Ehh, if he raises taxes for over $400k, I’ll just put the excess in my deferred comp plan and take it out at lower rates during early retirement.

Given the current congressional balances, any tax increase has near zero chance of happening. Unless the filibuster is eliminated or Dems get 60-65 Senate seats, which would only be likely in a wave election year and will include many more Manchin/Sinema types who will never vote for a tax increase of any kind

[Anonymous]

Anonymous wrote:

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

lol the difference in lifestyle and security of 400k and 800k is not even close...and 400k is nowhere near the top 1% in DC.

400K is top 5th percentile in DC. What percentile do you think the cut-off should be for paying more taxes? An the additional taxes should be on the amount above 400K i.e. a marginal tax increase so hard to see how this would adversely impact a household earning more than 400K that much. Agree though that there is a big difference between 400K and 800K.

[Anonymous]

Anonymous wrote:

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 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

yawn

You clearly don't have young kids and live inside the beltway. 400k aint nothing anymore...sad to say

most people with kids living in the beltway manage to do so with far less.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

lol the difference in lifestyle and security of 400k and 800k is not even close...and 400k is nowhere near the top 1% in DC.

400K is top 5th percentile in DC. What percentile do you think the cut-off should be for paying more taxes? An the additional taxes should be on the amount above 400K i.e. a marginal tax increase so hard to see how this would adversely impact a household earning more than 400K that much. Agree though that there is a big difference between 400K and 800K.

I'm OK with tax increases on let's say the top 20% of income; however, what I get most annoyed about is how a 400k HHI couple and a 10M HHI income couple have the same marginal bracket.

We vilify the "rich" when in reality those that congress or your average American vilify are the trumps of the world -- billionaires who are selfish, careless and entitled.

[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!

look at the budget- are you defaulting on debt or cutting medicare, veterans benefits, social security payments or the DOD? The rest of the budget might as well not exist compared to those expenses

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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 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

yawn

You clearly don't have young kids and live inside the beltway. 400k aint nothing anymore...sad to say

most people with kids living in the beltway manage to do so with far less.

No one is arguing that 400k is a great income, it's just not rich. I guess it depends what you classify as rich. For me it's never thinking about money ever. 400k is so far from that standpoint.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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 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

yawn

You clearly don't have young kids and live inside the beltway. 400k aint nothing anymore...sad to say

most people with kids living in the beltway manage to do so with far less.

No one is arguing that 400k is a great income, it's just not rich. I guess it depends what you classify as rich. For me it's never thinking about money ever. 400k is so far from that standpoint.

if you define it as the ability to afford a $1 million+ home, nice vacations, luxury cars... all while funding retirement savings, then 400k qualifies. Never worrying about finances is a moving target and depends on expenditures as much as income

[Anonymous]

Anonymous wrote:

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!

look at the budget- are you defaulting on debt or cutting medicare, veterans benefits, social security payments or the DOD? The rest of the budget might as well not exist compared to those expenses

Cut DoD

Cut SS/Medicare for Highly affluent. No reason my grandparents who have 50M+ need any SS or Medicare.

Increase VA spending and increase SS/Medicare for low income

I would love to be able to opt out of SS, If they offered me the option to pay 50% of the SS tax and opt out of receiving benefits 30 years from now (and not susceptible to any SS/Medicare taxes), I would take that in a heart beat.

[Anonymous]

We make $250K and have pretty much everything we want. Can't even imagine what we would do with $400K HHI.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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 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

yawn

You clearly don't have young kids and live inside the beltway. 400k aint nothing anymore...sad to say

most people with kids living in the beltway manage to do so with far less.

No one is arguing that 400k is a great income, it's just not rich. I guess it depends what you classify as rich. For me it's never thinking about money ever. 400k is so far from that standpoint.

if you define it as the ability to afford a $1 million+ home, nice vacations, luxury cars... all while funding retirement savings, then 400k qualifies. Never worrying about finances is a moving target and depends on expenditures as much as income

1M house in not a luxury item in DC. It's more or less avg (factoring out condos). The avg new car is close to 40k (toyota, jeep, etc)...hardly luxury. Funding retirement shouldnt be
luxury. All these things are not splurges and require a substaintial income

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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 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

yawn

You clearly don't have young kids and live inside the beltway. 400k aint nothing anymore...sad to say

most people with kids living in the beltway manage to do so with far less.

No one is arguing that 400k is a great income, it's just not rich. I guess it depends what you classify as rich. For me it's never thinking about money ever. 400k is so far from that standpoint.

if you define it as the ability to afford a $1 million+ home, nice vacations, luxury cars... all while funding retirement savings, then 400k qualifies. Never worrying about finances is a moving target and depends on expenditures as much as income

1M house in not a luxury item in DC. It's more or less avg (factoring out condos). The avg new car is close to 40k (toyota, jeep, etc)...hardly luxury. Funding retirement shouldnt be
luxury. All these things are not splurges and require a substaintial income

the median home price in the Washington region is around 650k. 40k cars aren't luxuries and no one said they were. The million dollar home and the luxury car are splurges, this board is just reflective of a bubble

[Anonymous]

From the Post;

the median sales price for a SINGLE FAMILY HOME in the city rose above $1 million for the first time, to $1.1 million in October, according to Bright MLS.

PP even mentioned (excluding condos)

[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.

Stuff it