Biden tax proposals - MFJ

Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What is MFJ?


It's sad that someone who is allowed to vote in this country actually has to ask that question. Sigh.


Wait. “MFJ” is clearly not common knowledge. Or am I missing sarcasm here?


I've not the previous poster, but MFJ is a strange acronym that I have never seen used anywhere before this thread. I know what the term means and I've done my own taxes for the last 20+ years, but I had to do a double take to figure it out. It wasn't immediately obvious from the thread title.


NP but it should be pretty obvious from the language in the OP that discusses tax proposals related to individuals and MFJ.


Fair; but it is a weird acronym that isn't really common knowledge (financial professional here). Though I swear that very people here (including what appears to be OP) understand the concept of marginal tax rates.



It's on every pay stub, for God's sake

Never been on my pay stub. How would your employer even know how you file your taxes?


It's not on my paystub. All I see are my allowances and "Taxable Status: Married"


The employer knows and it's on my pay stub because the DC D4 makes you fill in a bubble for tax filing status. The federal W4 also requires an answer about it.

Anonymous
I make about $430k HHI. Do this mean a hike on my income of the $30k that is above $400k? I I mean, a few percentage point hikes on $30k of income is not going to kill me . . .
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What is MFJ?


It's sad that someone who is allowed to vote in this country actually has to ask that question. Sigh.


Wait. “MFJ” is clearly not common knowledge. Or am I missing sarcasm here?


I've not the previous poster, but MFJ is a strange acronym that I have never seen used anywhere before this thread. I know what the term means and I've done my own taxes for the last 20+ years, but I had to do a double take to figure it out. It wasn't immediately obvious from the thread title.


NP but it should be pretty obvious from the language in the OP that discusses tax proposals related to individuals and MFJ.


Fair; but it is a weird acronym that isn't really common knowledge (financial professional here). Though I swear that very people here (including what appears to be OP) understand the concept of marginal tax rates.


Tax lawyer here. First time I’ve heard anyone use the term MFJ.
Anonymous
“Anybody making more than $400,000 will see a small to a significant tax increase,” Mr. Biden told George Stephanopoulos. He added: “If you make less than $400,000, you won’t see one single penny in additional federal tax.”

White House press secretary Jen Psaki later conceded that the $400,000 threshold was for “families,” not individuals. So if you’re a two-income household making $200,000 each, you could get whacked.
Anonymous
Anonymous wrote:
Anonymous wrote:Apparently taxes will be raised on $200k and above. The $400k quoted was for households. Per Jen Psaki today.


Even better.


It’s lose lose. Smart people who have worked hard to do well lose access to the resources they have created and folks like you won’t see the money trickle down via the government.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Apparently taxes will be raised on $200k and above. The $400k quoted was for households. Per Jen Psaki today.


Even better.


It’s lose lose. Smart people who have worked hard to do well lose access to the resources they have created and folks like you won’t see the money trickle down via the government.


That’s not true with Biden he is handing out checks to all the folks under 150k with even more unemployed folks
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What is MFJ?


It's sad that someone who is allowed to vote in this country actually has to ask that question. Sigh.


Wait. “MFJ” is clearly not common knowledge. Or am I missing sarcasm here?


I've not the previous poster, but MFJ is a strange acronym that I have never seen used anywhere before this thread. I know what the term means and I've done my own taxes for the last 20+ years, but I had to do a double take to figure it out. It wasn't immediately obvious from the thread title.


NP but it should be pretty obvious from the language in the OP that discusses tax proposals related to individuals and MFJ.


Fair; but it is a weird acronym that isn't really common knowledge (financial professional here). Though I swear that very people here (including what appears to be OP) understand the concept of marginal tax rates.


Tax lawyer here. First time I’ve heard anyone use the term MFJ.


That is bizarre. Maybe you need some more cases!
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What is MFJ?


It's sad that someone who is allowed to vote in this country actually has to ask that question. Sigh.


Wait. “MFJ” is clearly not common knowledge. Or am I missing sarcasm here?


I've not the previous poster, but MFJ is a strange acronym that I have never seen used anywhere before this thread. I know what the term means and I've done my own taxes for the last 20+ years, but I had to do a double take to figure it out. It wasn't immediately obvious from the thread title.


NP but it should be pretty obvious from the language in the OP that discusses tax proposals related to individuals and MFJ.


Fair; but it is a weird acronym that isn't really common knowledge (financial professional here). Though I swear that very people here (including what appears to be OP) understand the concept of marginal tax rates.


Tax lawyer here. First time I’ve heard anyone use the term MFJ.


You should not admit this in public.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What is MFJ?


It's sad that someone who is allowed to vote in this country actually has to ask that question. Sigh.


Wait. “MFJ” is clearly not common knowledge. Or am I missing sarcasm here?


I've not the previous poster, but MFJ is a strange acronym that I have never seen used anywhere before this thread. I know what the term means and I've done my own taxes for the last 20+ years, but I had to do a double take to figure it out. It wasn't immediately obvious from the thread title.


NP but it should be pretty obvious from the language in the OP that discusses tax proposals related to individuals and MFJ.


Fair; but it is a weird acronym that isn't really common knowledge (financial professional here). Though I swear that very people here (including what appears to be OP) understand the concept of marginal tax rates.



It's on every pay stub, for God's sake

Never been on my pay stub. How would your employer even know how you file your taxes?


It's not on my paystub. All I see are my allowances and "Taxable Status: Married"


The employer knows and it's on my pay stub because the DC D4 makes you fill in a bubble for tax filing status. The federal W4 also requires an answer about it.



You're fairly clueless. What's on your paystub is how you wish to be taxed, i.e. how much you want the employer to withhold from your check. Even people who are married can choose to be taxed as a Single filer, and many do - especially if their spouse makes about the same income and they don't want to get hit with a huge tax bill. MFJ is actually HOW you file with the IRS: Married Filing Jointly. As opposed to Married Filing Separately.
Anonymous
Anonymous wrote:This is infuriating. My LLC will get taxed more, my county taxes will probably increase, and it will mean raising my prices. Things will get more expensive and people will lose jobs. How about they just tax Bezos, Buffet, Zuckerberg, Gates, and endowment’s at places like Harvard’s at really high rates?


They are intending to do that in addition to the Biden tax plans. Elizabeth Warren has revived her wealth tax aka Ultra-Millionaires tax, which would levy 2% on the wealth of those over $50M an 3% on those with wealth of over $1B. The tax would raise an estimated $3T over 10 years.

https://www.cnn.com/2021/03/01/politics/elizabeth-warren-wealth-tax/index.html
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What is MFJ?


It's sad that someone who is allowed to vote in this country actually has to ask that question. Sigh.


Wait. “MFJ” is clearly not common knowledge. Or am I missing sarcasm here?


I've not the previous poster, but MFJ is a strange acronym that I have never seen used anywhere before this thread. I know what the term means and I've done my own taxes for the last 20+ years, but I had to do a double take to figure it out. It wasn't immediately obvious from the thread title.


NP but it should be pretty obvious from the language in the OP that discusses tax proposals related to individuals and MFJ.


Fair; but it is a weird acronym that isn't really common knowledge (financial professional here). Though I swear that very people here (including what appears to be OP) understand the concept of marginal tax rates.



It's on every pay stub, for God's sake

Never been on my pay stub. How would your employer even know how you file your taxes?


It's not on my paystub. All I see are my allowances and "Taxable Status: Married"


The employer knows and it's on my pay stub because the DC D4 makes you fill in a bubble for tax filing status. The federal W4 also requires an answer about it.



You're fairly clueless. What's on your paystub is how you wish to be taxed, i.e. how much you want the employer to withhold from your check. Even people who are married can choose to be taxed as a Single filer, and many do - especially if their spouse makes about the same income and they don't want to get hit with a huge tax bill. MFJ is actually HOW you file with the IRS: Married Filing Jointly. As opposed to Married Filing Separately.


I prefer not to give a loan to the IRS so I don’t do that. Thus, what I report to my employer about how I wish to be taxed is actually how I file. And because my answer was about my own experience, it’s accurate. YMMV.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What is MFJ?


It's sad that someone who is allowed to vote in this country actually has to ask that question. Sigh.


Wait. “MFJ” is clearly not common knowledge. Or am I missing sarcasm here?


I've not the previous poster, but MFJ is a strange acronym that I have never seen used anywhere before this thread. I know what the term means and I've done my own taxes for the last 20+ years, but I had to do a double take to figure it out. It wasn't immediately obvious from the thread title.


NP but it should be pretty obvious from the language in the OP that discusses tax proposals related to individuals and MFJ.


Fair; but it is a weird acronym that isn't really common knowledge (financial professional here). Though I swear that very people here (including what appears to be OP) understand the concept of marginal tax rates.



It's on every pay stub, for God's sake

Never been on my pay stub. How would your employer even know how you file your taxes?


It's not on my paystub. All I see are my allowances and "Taxable Status: Married"


The employer knows and it's on my pay stub because the DC D4 makes you fill in a bubble for tax filing status. The federal W4 also requires an answer about it.



You're fairly clueless. What's on your paystub is how you wish to be taxed, i.e. how much you want the employer to withhold from your check. Even people who are married can choose to be taxed as a Single filer, and many do - especially if their spouse makes about the same income and they don't want to get hit with a huge tax bill. MFJ is actually HOW you file with the IRS: Married Filing Jointly. As opposed to Married Filing Separately.


I prefer not to give a loan to the IRS so I don’t do that. Thus, what I report to my employer about how I wish to be taxed is actually how I file. And because my answer was about my own experience, it’s accurate. YMMV.


Anyway, I’d think people doing that are even MORE aware of what “MFJ” means, which is how we got into this. I think you’re just embarrassed to be a tax attorney who doesn’t recognize common terminology in your own field. Which is understandable.
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


$400K HHI for a couple each making $200K is NOT a working class family. A working class family, even in DC is making $150-250K jointly.

The median income of an individual in DC was around $75K in 2020. The median HHI in DC in 2020 was $95K.
80th percentile individual in DC was $140K in 2020, 80th percentile HHI in DC in 2020 was $210K
90th percentile individual in DC was $180K in 2020, 80th percentile HHI in DC in 2020 was $300K

$200K individual in DC in 2020 was the 92nd percentile, $400K HHI in DC in 2020 was 95th percentile.

Top 8% individual and top 5$ household is NOT working class. The working class averages around the median, maybe the 40th-60th or even 75th percentile.

And for those who feel working class, I'm sorry, but owning a home in NW DC is by definition NOT working class. Owning a home in one of the most expensive portions of the metropolitan area is a luxury. It is by definition a luxury that is only available to the rich. The working class in DC who own their own homes live in the other quadrants of the city and they don't own in NW DC. If you choose to spend your rich income on housing in the more desirable parts of town, that is a luxury that true working class residents cannot afford.

Besides, if you make $400+, you are only going to see the taxes raised on the portion that is above $400K. If you had an HHI of $450K, you would only see a tax increase on the top $50K of your income. Even if there was a 3% increase, you would only see an increase annually of $1500. If you think that paying an additional $1500 on an income of $450K is so onerous, then you are even more out of town with reality than most people think of the truly wealthy. Is the difference between say $150K and $151,500 in taxes going to seem that big to you?
Anonymous
Anonymous wrote:
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


$400K HHI for a couple each making $200K is NOT a working class family. A working class family, even in DC is making $150-250K jointly.

The median income of an individual in DC was around $75K in 2020. The median HHI in DC in 2020 was $95K.
80th percentile individual in DC was $140K in 2020, 80th percentile HHI in DC in 2020 was $210K
90th percentile individual in DC was $180K in 2020, 80th percentile HHI in DC in 2020 was $300K

$200K individual in DC in 2020 was the 92nd percentile, $400K HHI in DC in 2020 was 95th percentile.

Top 8% individual and top 5$ household is NOT working class. The working class averages around the median, maybe the 40th-60th or even 75th percentile.

And for those who feel working class, I'm sorry, but owning a home in NW DC is by definition NOT working class. Owning a home in one of the most expensive portions of the metropolitan area is a luxury. It is by definition a luxury that is only available to the rich. The working class in DC who own their own homes live in the other quadrants of the city and they don't own in NW DC. If you choose to spend your rich income on housing in the more desirable parts of town, that is a luxury that true working class residents cannot afford.

Besides, if you make $400+, you are only going to see the taxes raised on the portion that is above $400K. If you had an HHI of $450K, you would only see a tax increase on the top $50K of your income. Even if there was a 3% increase, you would only see an increase annually of $1500. If you think that paying an additional $1500 on an income of $450K is so onerous, then you are even more out of town with reality than most people think of the truly wealthy. Is the difference between say $150K and $151,500 in taxes going to seem that big to you?


I meant to include this link in the post above. The calculator I used was:
https://dqydj.com/income-percentile-by-state-calculator/
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?



It's happening now, just differently than you imagined.
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