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Reply to "Biden tax proposals - MFJ"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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[/quote] 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.[/quote] 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. [/quote] The data is certainly out there but there's a zero chance of this ever happening. [/quote] Yeah, it's certainly possible to differentiate between high and low COL areas, but I can't think of anything less-likely to get through the Senate, where again small states and thus LCOL areas are disproportionally represented. [/quote]
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