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.

I think you are ignoring the fact that the high rates are only on the highest portions if your income not all if it

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.

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.

Taxes on my family income went up under Trump, since households in the ~90th percentile paid for the 1 percenters to get a tax break. I'm actually okay paying higher taxes, but if my taxes are going up, those of the super rich had damn sure go up too. Suck it up, buttercup.

Her campaign has said it supports Biden's tax plan, so we do know details.

The plan has been analyzed by a number of people. Here is one:

"We estimate the tax changes in the president’s budget would reduce long-run GDP by 1.6 percent, the capital stock by 2.7 percent, wages by 1.1 percent, and employment by about 666,000 full-time equivalent jobs. The budget would decrease American incomes (as measured by gross national product, or GNP) by 1.3 percent in the long run, reflecting offsetting effects of increased taxes and reduced deficits, as debt reduction reduces interest payments to foreign owners of the national debt.

Raising the corporate income tax rate to 28 percent is the largest driver of the negative effects, reducing long-run GDP by 0.6 percent, the capital stock by 1.1 percent, wages by 0.5 percent, and full-time equivalent jobs by 128,000."

https://taxfoundation.org/research/all/federal/biden-budget-2025-tax-proposals/

Anonymous wrote:If I have to choose between a president who will raise my taxes and a president who will appoint federal judges hellbent on stripping away all my human rights, call me naive, but I’m picking the on me who raises my taxes.

+1

Another high earner happy to pay more taxes

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

Trump totally screwed us with the $10k salt deduction. My house tax is $20k before we even get to state income tax. Massive tax increase passed by Trump.

$400k is too low. They should set it to $800k+

Hopefully she gets push back and it doesn’t go through

Its good to be poor eat the rich.

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

Are you paying attention the past decade. Local and Federal budgets continue to increase without restraint. Here in Fairfax County they had a $500 million surplus because of tax hikes plus higher real estate assessments. Do you think they gave it back to the local resident taxpayers??? NOPE, they spent it on additional programs. Government will continue to spend without restraint. At least in the DMV area.

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

Please reconsider. DJT is going to create more havoc than last time. He wants the billionaires to pay nothing. He doesn’t care about MC. LMC or UMC. If you are a POC, LGBTQ, may need fertility rx in future or want to preserve your reproductive rights- kindly do not vote RED.

DJT has pocketed millions of taxpaye money to profit himself- how do high earning educated people not understand this? If he is pocketing money, the deficit will keep increasing ,like before. This will basically force him to increase the taxes.

Harris doesn't need the $400k+/yr vote, a small tiny fraction of voters almost entirely located in solid blue states.

The $400K number was from Obama 10 years ago, and hasn't increased with high inflation.

Professional wage earners and small business builders shouldering the load that billionaires should pay.

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.

Omg. You are so entitled.