Anonymous wrote:Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

This would apply to households worth > $100 million. Are you really worried, pp, or just fear mongering?

Harris’s tax plan includes a tax on unrealized capital gains. That’s a huge tax hike on everyone with an IRA, 401k, or brokerage account. People who aren’t rich also have these accounts and will owe this new tax under her plan.

Anonymous wrote:$400k isn’t what it used to be with inflation. That price needs to be $600k

As another pp pointed out, $400K of taxable income would really be about $550K of earned income. Also, if this were to pass at all, all parameters are subject to negotiation including the threshold which will likely be indexed to inflation.

$400k isn’t what it used to be with inflation. That price needs to be $600k

Funny thread.. All the eco warriors and LGBTQABCD warriors suddenly want to vote for Trump because their taxes go up a smidge. More than likely she won't have congressional support for most of these proposals and will end up with something rather tame.. much like the pathetic gun control legislation we normally get. So, chill.

If it really ends up being as bad as OP's propaganda, pay up. If you make $400K+, you are afford to. It will still be progressive.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our taxes increased under Trump, so what difference does it make to us? As long as this time the net sweeps in the people who make way more than us too. Everyone should be chipping in.

Indeed, the irony of the complainers here in a DC-based forum is that the SALT and lower mortgage interest caps from 2017 hit these people the hardest.

I don’t think most are real high earners. I think they’re Trump supporters from non-DC based areas creating more fake posts to stir up Dems.

The proof is in the posts themselves, which are either spotting lies, nonsensical or just another version of the “I am a lifelong Dem but this is the last straw!!” posts. They lack substance.

PP. All very true.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Their idea of high earners isn't location specific (COL is vastly diff in diff locations) or adjusted for inflation or considers 1 income households vs 2 income households (childcare exp. etc). It's simply stupid to consider 2 income household in a VHCOL area earning 400K to be "rich" or high earner anything. Likewise their poverty line is absolutely ridiculous and out of touch. I have no issue with slamming more brackets at HHI over 1 mil or taxing capital gains beyond a certain amount (like 1 mil in passive capital gains) at higher rate. But their limits on what they consider any type of "wealth" or excess are absolutely ridiculous.

It’s $400k in taxable income. So probably $600k or so in actual income. That is a high earner even in a VHCOL area.

+1. People seem to really struggle with this concept.

Tell me what deductions people can create to reduce 600K earned income to 400K?

From the part I bolded in my comment, I was referring to the fact that this is taxable income which is often much less than gross income.

A married couple filing jointly could easily knock $100k off their gross income between maxing out 401ks ($46k total), SALT ($10k), mortgage interest (highly variable depending on rate and loan but could easily be $30-40k for the house that a $600k income family has, despite the deduction cap), and whatever charitable giving they have. Might be tough to get to knock off $200k but definitely $100k and the threshold would be $450k instead of $400k for a married couple filing jointly. Would leave only $50k subject to the higher income tax rate, or an extra $1,300 in taxes on $600k income (0.2% of income).

So, again, much less impact than people here are claiming.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Their idea of high earners isn't location specific (COL is vastly diff in diff locations) or adjusted for inflation or considers 1 income households vs 2 income households (childcare exp. etc). It's simply stupid to consider 2 income household in a VHCOL area earning 400K to be "rich" or high earner anything. Likewise their poverty line is absolutely ridiculous and out of touch. I have no issue with slamming more brackets at HHI over 1 mil or taxing capital gains beyond a certain amount (like 1 mil in passive capital gains) at higher rate. But their limits on what they consider any type of "wealth" or excess are absolutely ridiculous.

It’s $400k in taxable income. So probably $600k or so in actual income. That is a high earner even in a VHCOL area.

+1. People seem to really struggle with this concept.

Tell me what deductions people can create to reduce 600K earned income to 400K?

Anonymous wrote:

Anonymous wrote:Their idea of high earners isn't location specific (COL is vastly diff in diff locations) or adjusted for inflation or considers 1 income households vs 2 income households (childcare exp. etc). It's simply stupid to consider 2 income household in a VHCOL area earning 400K to be "rich" or high earner anything. Likewise their poverty line is absolutely ridiculous and out of touch. I have no issue with slamming more brackets at HHI over 1 mil or taxing capital gains beyond a certain amount (like 1 mil in passive capital gains) at higher rate. But their limits on what they consider any type of "wealth" or excess are absolutely ridiculous.

It’s $400k in taxable income. So probably $600k or so in actual income. That is a high earner even in a VHCOL area.

Is it the epitome of wealth really? Come on now. It's 2 professional incomes plus $$$ non tax deductible childcare, plus sky high housing costs and costs of everything else needed to maintain any home (repairs, landscaping, any type of remodel), etc. It's essentially upper middle class at most. But we are defining this as wealth when sky is the limit when it comes to people with many millions and hundreds of millions who are much more successful in dodging taxes as their "income" is not even hours-worked type of income but more investment income or pure interest?

Trump signed unsustainable cuts set to expire when he assumed he would be leaving office and someone else would have to deal with what to do

Anonymous wrote:

Anonymous wrote:Our taxes increased under Trump, so what difference does it make to us? As long as this time the net sweeps in the people who make way more than us too. Everyone should be chipping in.

Indeed, the irony of the complainers here in a DC-based forum is that the SALT and lower mortgage interest caps from 2017 hit these people the hardest.

I don’t think most are real high earners. I think they’re Trump supporters from non-DC based areas creating more fake posts to stir up Dems.

The proof is in the posts themselves, which are either spotting lies, nonsensical or just another version of the “I am a lifelong Dem but this is the last straw!!” posts. They lack substance.

Anonymous wrote:Our taxes increased under Trump, so what difference does it make to us? As long as this time the net sweeps in the people who make way more than us too. Everyone should be chipping in.

Indeed, the irony of the complainers here in a DC-based forum is that the SALT and lower mortgage interest caps from 2017 hit these people the hardest.

Our taxes increased under Trump, so what difference does it make to us? As long as this time the net sweeps in the people who make way more than us too. Everyone should be chipping in.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We earn less than 300k/year and there are multiple tax increases that would apply to us (married filing jointly) in her plan. That’s the #1 reason I am voting for Trump after voting for Biden in 2020.

Which ones?

Also you are going to get smacked when the Trump tax cut expire next year. You realize these proposals are intended to help extend those cuts?

Harris is planning to let the Trump tax cuts of 2017 expire to replace them with tax hikes.

Listen to her in her own words explain how she is planning to extend the low income housing tax credit program (a Congressional allocation) to developers of her choosing who will sell homes to chosen demographics in a bid, in her own words, to hike property tax revenues nationwide. She responded this way (although with more rambling) to a recent reporter question. Google around and find it. When I saw it, it was on Sky News.

Stop lying and read better news sources. You aren’t citing anything to back up these claims.

What is with you Trump supporters? Are you taking a page from his handbook where you think it’s ok to spew lies and think no one will refute them?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We earn less than 300k/year and there are multiple tax increases that would apply to us (married filing jointly) in her plan. That’s the #1 reason I am voting for Trump after voting for Biden in 2020.

Which ones?

Also you are going to get smacked when the Trump tax cut expire next year. You realize these proposals are intended to help extend those cuts?

Harris is planning to let the Trump tax cuts of 2017 expire to replace them with tax hikes.

Listen to her in her own words explain how she is planning to extend the low income housing tax credit program (a Congressional allocation) to developers of her choosing who will sell homes to chosen demographics in a bid, in her own words, to hike property tax revenues nationwide. She responded this way (although with more rambling) to a recent reporter question. Google around and find it. When I saw it, it was on Sky News.

Nothing in this comment is true but okay.