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Honored Social Butterfly

Biden Tax Plan: $620 tax cut to the Middle Class

Biden tax plan gives $620 tax cut to middle class, new study says.

  • An analysis released by the Tax Policy Center found that the bottom 80% of taxpayers would see tax cuts on average, mainly due to a package of tax credits and deductions aimed at the middle class.
  • Those in the top 1%, who earn more than $788,000, would see an average tax increase of $266,000, while the super earners, or those in the top 0.1%, would see an average tax hike of $1.6 million, the study found.
  • Biden’s plan also wouldn’t raise as much revenue as originally expected, in part because of the slowing economy.

According to the analysis, for those in the bottom quintile, which include people making less than $25,000, tax cuts would average $750 in 2022. Those in the next quintile, making between $25,000 and $50,000, would see a tax cut of $790. Those in the middle, earning between $50,000 and $89,000, would see a tax cut of $620, while those making between $89,000 and $160,000 would see a cut of $420.

 

The top earners, by contrast, would see a steep increase. 

 

https://www.cnbc.com/2020/10/15/biden-tax-plan-gives-620-tax-cut-to-middle-class-new-study-says.html

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Honored Social Butterfly

Despite the in depth, mathematical analysis by the non-partisan Tax Policy Center, Trump Cult members LIE by saying Biden is going to raise taxes on the middle class. I want to thank the Tax Policy Center for their non-partisan, mathematical analysis of the Biden tax plan.

Honored Social Butterfly

What Joe needs to do is explain what he'll do with the money from applying the FICA tax to incomes +$400,000. How much is it and how long will it extend the life of the Social Security Trust Fund and what increase will it allow for Seniors. Figures from 2016 (tRump and other Republicans tell IRS to stop collecting data for any group above $100Kpa) Looks like Joe's plan will increase SS revenue by around $460Billion/year  (12.4% of $4.5Trillion) which will keep the fund solvent FOREVER, and allow some increase in the minimum SS retirement payments.

 

tRump and the Republicans promise to end the "payroll tax" which is what funds SS and Medicare and if cancelled as promised by the GOPers will END Medicare in 10 months and SS in a year and a half.

Honored Social Butterfly

This is what the Tax Policy Center has to say about Biden's Social Security Plan - mind you, it has not been rated as to it's financial benefit to the whole program - or even if it is.

It says his plan would improve solvency for 5-years - that's ONLY 70 years short !!!!

 

It's just MORE giveaway than trying to solve the long range financial problems of the Social Security program.

 

Tax Policy Center 10/12/2020 - A Close Look at Joe Biden’s Social Security Proposals  

 

The article does mention Representative John Larson (D-CT)’s Social Security 2100 Act 

The only one that seems close to fixing the program.

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Honored Social Butterfly

I just took a look at Biden tax plan specifically those tax ideas that target the middle class in the incomes that you mentioned. 

What I see is that his plan is as you say in your copy paste - mainly due to a package of tax credits and deductions aimed at the middle class.  So what I see is that theses individuals/families have to spend money to get the savings.

  • you have to have kids - the younger the better - multiples are better than one
  • you have to utilize childcare
  • you have to have health insurance which you pay for, not your employer and these like Obamacare will help you pay your premiums
  • you have to pay out of pocket for caregiving expenses for a loved one - I assume one that is your dependent.
  • you have to be a person that buys into long-term care insurance
  • you have to buy your 1st home
  • you have to invest your own money into a retirement plan

So you have to have a family structured in a specific way, you have to have money, spend it in a specific way in order to get these (tax) savings. 

 

Not that any of these things are bad but I think this might be a little bit of a stretch for those in the lower rungs of the "middle class".

 

This compares to what the TCJA did - lower rates although it too gave a rather lucrative child tax credit (refundable) to make up for the personal deduction exemption for the child(ren) - A tax CREDIT is always better for the ole pocket book than a deduction.

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Honored Social Butterfly

Would be nice if when talking about the increases in federal income tax for the GOPerLords we could also see how much they'd still have AFTER they pay their taxes, and how much they actually spend/consume during an average year. Last set of numbers I saw had the top 1% getting by with a propensity to save of around 70%, meaning they financed their lavish life-styles on 30% of their incomes and invested 70%, which is how they keep getting richer so fast while the bottom 90% can barely tread water to hang on to their current lifestyle.

 

Those who insist they got a tax cut from tRump will have a bigger one from Joe, and those who haven't made a meaningful contribution to the common good since 1981 will not have to give up a single luxury. Seems like a fair deal for those who have been the recipients of the wealth and income that was redistributed FROM the bottom 90% for the last FORTY YEARS!

Honored Social Butterfly

 

The Trump tax cuts last until 2025 unless Joe Biden gets elected by those who don't understand that they are voting to raise THEIR OWN taxes!  There's no way to spin it other than if Joe Biden gets elected, the left will get a tax increase!

 

https://www.accountingtoday.com/articles/making-trumps-tax-cuts-permanent-would-cost-nearly-920b

Honored Social Butterfly

The Tax Policy Center is much more reliable than listening to Trump Cult members make up bogus stories and theories about Biden raising your taxes. Only the rich have to worry about their taxes going up when Joe Biden is President.

Honored Social Butterfly

Here's is the FULL Report - straight from the horses mouth (well as it stood back in March anyway)

https://www.taxpolicycenter.org/publications/analysis-former-vice-president-bidens-tax-proposals/ful... 

 

A "Chicken in Every Pot" as long as you aren't too well off.  😃

 

Taxing book income on companies seems like double taxation to me because this income it would already be taxed on the returns of the investors who receive it as a distribution.

 

If a consumer has a loan FORGIVEN - that forgiveness is income, don't ya think?

 

Like the Tax Policy Center said - "Biden’s spending proposals would also have important distributional and economic effects, but we do not estimate the distributional effects of those initiatives."

 

BTW, weren't you the one that liked a "simplier tax code" and a form that you could just fill out in a minute.  Seems we are adding even more of all that special stuff here again.

 

There is always a REACTION to EVERY ACTION.  Meaning consequences - some of which don't materialize right away.

 

At least I think that those who will be paying more in SS payroll taxes if they make over $ 400,000 WILL receive a comparable benefit increase even if there is an additional bend point.

 

Honored Social Butterfly

Remember, when dealing with facts and the truth, Trump Cult members get seriously confused. 

 

The above is a MATHETMATICAL ANALYSIS from the INDEPENDENT Tax Policy Center. It is NOT a political article. The Tax Policy Center has the numbers and they can prove their case using mathematics. But in Trump World, they prefer making up their own version of reality as opposed to using science and/or math.

Honored Social Butterfly

So, will the right deny that trump’s tax cuts were weighted heavily towards upper incomes and corporations?...and then argue how well middle Americans are doing. 

Honored Social Butterfly

Biden's tax cut includes removing the Trump tax cuts which lowered everyone's taxes.  Biden in effect, is raising everyone's taxes.

Honored Social Butterfly


@NOTHAPPENING wrote:

Biden's tax cut includes removing the Trump tax cuts which lowered everyone's taxes.  Biden in effect, is raising everyone's taxes.


WRONG!

 

Trump DID NOT cut everyone's taxes. Trump actually increased the taxes of many middle class Americans.

 

And Biden's plan will not increase taxes for those making less than $400,000.

 

 

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
Honored Social Butterfly

Wrong again.  People making $300,000 (BTW-It's less than $400,000) will get a super tax bill under Biden as will most Americans!

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Honored Social Butterfly


@NOTHAPPENING wrote:

Wrong again.  People making $300,000 (BTW-It's less than $400,000) will get a super tax bill under Biden as will most Americans!


No such thing.

 

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
Honored Social Butterfly

Why do you manage to be WRONG so many times??????

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Honored Social Butterfly

Actually, it's easy to manage correctness when addressing misinformed Trump supporters!!!!!!!!!!

 

 

 

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
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Honored Social Butterfly

"Big Guy" supporters are ill informed!

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Honored Social Butterfly

That's right.  Harris/Biden would undo the progress made and then no one would know the truth about the 2016 election corruption as well as the #Bidencrimefamily business.

 

Trump 2020

 

 

VIMTSTL
Honored Social Butterfly


@jimc91 wrote:

That's right.  Harris/Biden would undo the progress made and then no one would know the truth about the 2016 election corruption as well as the #Bidencrimefamily business.

 

Trump 2020

 

 


WRONG!

The Biden plan would undo the colossal tax cuts Trump gave to America's most wealthy at the expense of ALL other Americans.

 

And everyone already knows about the corrupt Russian interference in 2016 which led to Trump's unconstitutional election!!!

 

BIDEN-HARRIS 2020

AMERICAN FLAG.png

 

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
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Honored Social Butterfly

Wrong over and over again!

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Honored Social Butterfly

"Progress Made" is creating a National Debt of 27 TRILLION dollars to some, uh-humm, "Conservatives"!

 

Debt Clock 

 

How's that Tea Party working for the Republicans/Conservatives?

 


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
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