Harris tax plan - raising taxes on high earners

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Over a certain income level, yes, the government should take everything a person earns except a few dollars. A 90% marginal tax rate for the highest earners sounds exactly right.

To the extent you are serious, try to imagine a world where there is no incentive for entrepreneurship. No incentive to get rich. There would be no cell phones, no cars, no medical break throughs, no TV shows, no computers, no nice food for you to eat at the grocery store, nothing nice at all.

All the products and services you enjoy, that create the modern quality of life, are a result of people trying to get rich.

The US literlalyy had a 90% marginal tax rate.

You think if Jeff Bezoa heard he'd be capped at $40B in wealth that he'd havdecided Amazon wasn't worth the hassle?

[Anonymous]

Anonymous wrote:I’m okay with some increase in taxes designed to reduce the deficit, but not to increase spending.

-Registered Dem who has gotten a lot more fiscally conservative in her middle age. Plus, I care about my kids future

This.

[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

Awesome. Maybe you’ll be like the people who build 9 bathroom houses on top of vulnerable aquifers on eastern U.S. coastal towns. Just for you and your spouse! To live in sometimes since you’ll have another home. You’ve worked too hard not to flush 9 distinct toilets daily in your own home in your mid sixties. Also, you’ll need to fill that house with EXPENSIVE Things!!!! Or maybe you’re going to just give it all away to planned parenthood after you vote for T?

[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

Awesome. Maybe you’ll be like the people who build 9 bathroom houses on top of vulnerable aquifers on eastern U.S. coastal towns. Just for you and your spouse! To live in sometimes since you’ll have another home. You’ve worked too hard not to flush 9 distinct toilets daily in your own home in your mid sixties. Also, you’ll need to fill that house with EXPENSIVE Things!!!! Or maybe you’re going to just give it all away to planned parenthood after you vote for T?

Huh??

[Anonymous]

Anonymous wrote:This is what democrats do. Why are you surprised? How else do you think they redistribute wealth?

Through a wealth tax, what the actuality wealthy would have to pay not an income tax, targeted towards those who have to work to make s living.

[Anonymous]

Sorry, too much graft in government from hard earned tax payer's incomes.

[Anonymous]

The problem with "tax the rich" is that there aren't enough rich people. If we accept that we need to balance the budget, tax revenue needs to increase among all income groups, significant spending cuts need to be made (including to Medicare, Social Security, and the military), and inflation will have to continue. This is going to be painful.

The sooner that we start on all of this, the less painful it will be in the long term.

Or we can just continue to ignore the problem and hope it goes away, which is what is likely to happen. I have zero reason to believe that Harris, Trump, or anyone in Congress actually has the appetite to do any of these things, especially making meaningful spending cuts. The future is scary.

[Anonymous]

All of these high earners who are for higher taxes: no one is stopping you from paying extra! But don’t take other people’s hard-earned money! Liberals love telling others what to do with their money. And all of what Harris says she needs to improve….why not do it now? Yet we have no evidence she’s been doing ANYTHING at all. Yes, like addressing our open border, which they are now telling us she was never tasked with this. Mmhmm OK. And why would DJT need to “line his pockets”. Is this PP serious? Not a Trump fan, but look at his presidency versus now. All the things the media said were false ended up true. One candidate understands how business works; the other doesn’t have a clue. And btw I work in the schools, which are busting at the seams with newly arrived students. Many attend when they feel like it. Some go through laptop after laptop, no questions asked. Your tax dollars at work. Absolute insanity. I guess you are fine with fentanyl, unvetted people pouring in, and forking over more & more cash. Unbelievable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Over a certain income level, yes, the government should take everything a person earns except a few dollars. A 90% marginal tax rate for the highest earners sounds exactly right.

To the extent you are serious, try to imagine a world where there is no incentive for entrepreneurship. No incentive to get rich. There would be no cell phones, no cars, no medical break throughs, no TV shows, no computers, no nice food for you to eat at the grocery store, nothing nice at all.

All the products and services you enjoy, that create the modern quality of life, are a result of people trying to get rich.

It wouldn’t be a world, only a country. And all the rich people and entrepreneurs here would just leave. Lots of other countries to choose from who understand economics and actually want wealthy people coming in and creating jobs for their citizens.

[Anonymous]

"Ms. Harris" can't really "set" anything, can she? This is going to be her opening position unless Democrats take both houses, right? And even if they do, do you think this legislation would pass in the first year?

Just wondering aloud because we're going to retire in a couple of years. Might not affect us for long!

[Anonymous]

Anonymous wrote:

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.

You are not bright
For one most student loans have not been paid by Bidens plan

Trump will be a dictator what do you think that means in terms of taxpayers paying taxes?..

His stupid 201 crap comes back to bite low income and middle income as they expire. Tariffs also suck for you.

There is no trump is same . No5 only will Trump collect a dictator tax he will funnel all monies to him and rape the gov dry.

He’s already discussed privatization of all roads!,, how do you not understand how ba$ this will be ?

Betsey Devos will be in charge of privatization of maternity homes!

Project 2025 horrific

What's with your rant? Nothing in PP's post warrants your crazy conclusions and projections. Why are you insulting PP? PP is far from stupid, understands precisely what is what, and you are ranting about Trump. The only one who does not sound bright is you.

[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.

This. This is what I would do if I were president.

[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 NYT article is actually a misrepresentation of the plan that Vice President Harris' administration is proposing.

1. Earners in that bracket have the means to reduce taxable income. The presumed increase is offset by many factors that even a mediocre tax analyst could work around (with the exception being single earners without any depreciating assets).

2. VP Harris' entire campaign is backed by billionaires and the corporate elite, let's be clear. Whether 45 or Harris' , corporations will be just fine.

3. The majority of revenue collected from income tax DOES NOT pay for social programs. Compared to military spending, foreign aid, debt service, other trade subsidy funding streams... social program spending is a sand castle on the beach.

[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.

You need a new tax guy. And a financial planner.

[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.

People will always vote with their wallets and people are not blind. They saw with trump we kept more money, dems come in and we can expect hikes. It's very simple dems vs republicans.