Biden tax proposals - MFJ

[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 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.

Outside of cutting dod, everything else you suggested increases the debt

[Anonymous]

Right there is no solution..personally I’m all for cutting DoD, SS and Medicare but good luck with that.

Our population is too old, I guess this is the downside of longevity 😂

[Anonymous]

Anonymous wrote:Right there is no solution..personally I’m all for cutting DoD, SS and Medicare but good luck with that.

Our population is too old, I guess this is the downside of longevity 😂

Cutting DOD, SS and Medicare are non-starters. Biden and his coterie will be voted out tomorrow if that is done. Also.. cutting DOD is the stupidest idea ever. You want Mexico to invade the US?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Right there is no solution..personally I’m all for cutting DoD, SS and Medicare but good luck with that.

Our population is too old, I guess this is the downside of longevity 😂

Cutting DOD, SS and Medicare are non-starters. Biden and his coterie will be voted out tomorrow if that is done. Also.. cutting DOD is the stupidest idea ever. You want Mexico to invade the US?

OMG

No and stop being so dumb.

Trump has started our country on a horrible path. Biden has to fix the mess. We have to pay for that, blame Don the Con not Biden.

Mexico LOL you are an idiot.

[Anonymous]

Lol Mexico invading us?!! What??

I am just assuming that was a joke.

If you don’t agree that our DoD spending is absolutely ridiculous then please don’t complain about taxes

[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.

That's not. Twice that is.

[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.

That's dumb. Rich people think about money a lot.

[Anonymous]

Anonymous wrote:Right there is no solution..personally I’m all for cutting DoD, SS and Medicare but good luck with that.

Our population is too old, I guess this is the downside of longevity 😂

When you talk about "cutting" social security, do you still assume these higher earners will pay into the system for 40-50 years? If they are, you're just selectively taxing them to the hilt. And what happens if you only make moderate salary for 10-15 years, then get a huge bump? Everything you contributed is wiped out? That would be a massive reorganization of how SS works, and would likely take 60 votes in Congress to get it passed and have it stick. And if they're not going to pay into the system, the system goes broke fast.

A much more realistic option is simply raising the cap for contributing social security taxes, say to the first $250,000 of salary.

[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.

I am poor and I agree with PP. An HHI 400k has much more in common with an HHI 100k than an HHI of 10M. In fact, if your income is labor-dependent, you are likely paying the same bills as the middle class (only for much nicer versions of house, car, vacation, school). A surgeon may be very wealthy, but he still has to work to get paid. People who live off the passive interest in their wealth are rich and have nothing in common with 400k households.

[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.

I am poor and I agree with PP. An HHI 400k has much more in common with an HHI 100k than an HHI of 10M. In fact, if your income is labor-dependent, you are likely paying the same bills as the middle class (only for much nicer versions of house, car, vacation, school). A surgeon may be very wealthy, but he still has to work to get paid. People who live off the passive interest in their wealth are rich and have nothing in common with 400k households.

Why do you assume the guy with HHI of 10M isn’t working for that? There are people who make that much working. CEOs and other high level executives, investment bankers and other financial professionals, business owners, pro athletes, musicians, actors, a few highly successful lawyers, etc. I’m sure there are some trust funders with that kind of income, but there are also plenty who earn it thru working.

[Anonymous]

I think the general argument here is it’s crazy that two 200k working professionals get lumped into the “rich” bucket. It’s beyond insane to me.

That bucket is vilified. Why should a tech manager and a pilot be targeted for tax increases? Target the owner of the marketing company or the ceo of airline company. You all are nuts or just love bringing yourself up by trashing modest earners.

Fine, raise the taxes but bring back the salt deduction. I think most around here wouldn’t bat an eye about that..

[Anonymous]

Anonymous wrote:I think the general argument here is it’s crazy that two 200k working professionals get lumped into the “rich” bucket. It’s beyond insane to me.

That bucket is vilified. Why should a tech manager and a pilot be targeted for tax increases? Target the owner of the marketing company or the ceo of airline company. You all are nuts or just love bringing yourself up by trashing modest earners.

Fine, raise the taxes but bring back the salt deduction. I think most around here wouldn’t bat an eye about that..

Not really. They vast majority of their income won’t be taxed more. Look google ‘marginal tax rates’

[Anonymous]

Anonymous wrote:I think the general argument here is it’s crazy that two 200k working professionals get lumped into the “rich” bucket. It’s beyond insane to me.

That bucket is vilified. Why should a tech manager and a pilot be targeted for tax increases? Target the owner of the marketing company or the ceo of airline company. You all are nuts or just love bringing yourself up by trashing modest earners.

Fine, raise the taxes but bring back the salt deduction. I think most around here wouldn’t bat an eye about that..

It’s not insane. Those two are both in the top couple percent of earners. What would be insane is creating multiple tax brackets that in practice apply to less than one percent of the population.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think the general argument here is it’s crazy that two 200k working professionals get lumped into the “rich” bucket. It’s beyond insane to me.

That bucket is vilified. Why should a tech manager and a pilot be targeted for tax increases? Target the owner of the marketing company or the ceo of airline company. You all are nuts or just love bringing yourself up by trashing modest earners.

Fine, raise the taxes but bring back the salt deduction. I think most around here wouldn’t bat an eye about that..

It’s not insane. Those two are both in the top couple percent of earners. What would be insane is creating multiple tax brackets that in practice apply to less than one percent of the population.

How is that insane?

It would raise taxes on all the wealthy, but at least is differentiates between a working class family and a hedge fund tycoon. Frankly it’s a win win

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think the general argument here is it’s crazy that two 200k working professionals get lumped into the “rich” bucket. It’s beyond insane to me.

That bucket is vilified. Why should a tech manager and a pilot be targeted for tax increases? Target the owner of the marketing company or the ceo of airline company. You all are nuts or just love bringing yourself up by trashing modest earners.

Fine, raise the taxes but bring back the salt deduction. I think most around here wouldn’t bat an eye about that..

It’s not insane. Those two are both in the top couple percent of earners. What would be insane is creating multiple tax brackets that in practice apply to less than one percent of the population.

How is that insane?

It would raise taxes on all the wealthy, but at least is differentiates between a working class family and a hedge fund tycoon. Frankly it’s a win win

A family making over 400k is not working class. They are wealthy. They are among the top couple percent of earners. The fact that you need to keep acting like they are poor people struggling to get by just shows how ridiculous your argument is.