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Honored Social Butterfly

Concerning Biden's Tax Proposals

The GOPerLords are once again ordering their dupes into the streets to rant and rave about the evils of Biden's plan to make them pay taxes like the rest of us. Toad's ability to live like a mid-east Potentate and claim he had NO TAXABLE INCOME is just the tip of the Iceburg Joe is intent on melting away.

 

Joe Biden knows we need to apply the Social Security taxes to incomes ABOVE $400,000, but still allow everyone with incomes between the current "cap" and $400K to pay the same amount as now - $17,074.80.

This will only effect the top 1% who currently pay an average effective rate of 1.4% for their SS compared to 12.4% for the folks making less than $137,700.

 

Thing is, just by making those at the top pay ALMOST as big a share of their income as the average worker has been paying all along, the SS system will become solvent FOREVER! That is a reflection of how much income has been redistributed from the middle to the very top thanks to the Taxscam begun by Reagan and continued by EVERY REPUBLICAN POTUS SINCE.

 

The Internal Revenue Service issues an annual report on the 400 highest income-tax payers. In 1961, there were 398 taxpayers who made $1 million or more, so I compared their income tax burdens from that year to 2007.
Despite skyrocketing incomes, the federal tax burden on the richest 400 has been slashed, thanks to a variety of loopholes, allowable deductions and other tools. The actual share of their income paid in taxes, according to the IRS, is 16.6 percent. Adding payroll taxes barely nudges that number.
Compare that to the vast majority of Americans, whose share of their income going to federal taxes increased from 13.1 percent in 1961 to 22.5 percent in 2007.

 

 

This absurd situation only gets worse as income increases. What the news media always miss is that hedge-fund managers don’t even pay 15 percent (capital gains rate). At least, not currently. So long as they leave their money, known as “carried interest,” in the hedge fund, their taxes are deferred. They only pay taxes when they cash out, which could be decades from now for younger managers. How do these hedge-fund managers get money in the meantime? By borrowing against the carried interest, often at absurdly low rates—currently about 2 percent. So the money they live on is costing them 2% interest WHICH IS PAID BACK TO THEMSELVES instead of the 22.5% paid by the bottom 50%.

 

Those who think it's okay for the richest Americans to pay a LOWER portion of their income in taxes than the bottom 50% pays will vote Republican (tho they may pretend the lie that the rich "pay more"  in dollars actually means something about what taxes actually "COST" the individual)

 

Those who value justice as a component of taxation can only vote Democratic.

 

 

 

Honored Social Butterfly

Never confuse Trump World by using facts. Many middle class Americans paid higher taxes because certain key deductions were eliminated

 

  • The Tax Cuts and Jobs Act reduced and did away with a number of deductions and credits with the changes set to expire on Dec. 31, 2025.
  • Personal and dependent exemptions are now obsolete, going away completely.
  • Other notable deductions going away include moving expenses and alimony, while limits are being placed on deductions for mortgage interest, along with state and local taxes.
  • Key expenses that are no longer deductible include those related to investing, tax preparation, and hobbies, while gambling expenses remain deductible and the threshold for charitable deductions rises.
Honored Social Butterfly

Never confuse the BLM cult.

Prior to 1983, social security was not taxable. In 1983, Joe Biden voted in favor of taxing 50% of social security - and it passed.In 1993, Joe Biden doubled down and was the deciding vote in raising the percentage taxed on social security from 50% to 85%.Joe Biden is not a friend to working folks - and certainly not to retirees. His voting record on social security over the years is one slap in the face to retirees after another.
Now he wants to tax our 401k's and IRA's (it's on page 78 of the Dems' platform) and he also wants to introduce a 3% annual tax on our homes.
 
Say no to Joe and BLM cult!
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Honored Social Butterfly

Not Happening did not include the deductions which were eliminated by the Trump Tax changes, resulting in many middle class taxpayers having higher bills. It also left out future changes in the tax rates which will also result in higher middle class tax bills.

 

The above is not a problem for corporations which saw their tax rate drop from 35 to 21%. Unfortunately, the Trump tax bill did NOTHING to close the corporate loopholes. As a result, many very large, wealthy corporations pay zero income tax.

 

Finally, the Trump tax bill was unpaid for and added about ONE TRILLION DOLLARS to the deficit. 

Honored Social Butterfly

Don't you love it when Not Happening pretends Trump cares about middle class taxpayers? Trump only cares about rich people and himself. 

  • The tax bill reduced the corporate tax rate from 35% to 21%
  • It did NOT close corporate tax scams, many big companies still pay zero taxes.
  • The tax bill also targeted the ultra wealthy. It did NOT target the middle class!
  • There were a few crumbs left over for some middle class taxpayers
  • Many middle class taxpayers wound up paying more
  • Finally, the tax bill was NOT paid for and added ONE TRILLION DOLLARS to the deficit
Honored Social Butterfly

What the Toad Worshipers refuse to accept is the rich have ALWAYS paid a larger share of the total tax burden and the bottom 50% have ALWAYS paid nearly nothing because they have no money! Been that way since 1916 when the Standard Deduction was more than the average wage for American workers.

 

Republicans since 1981 have been using the tax code to redistribute income and wealth from the bottom 90% to the top 1% (the 9% unaccounted for in this barely managed to tread water and keep from losing income and wealth).

 

The facts are that the top 1% ON AVERAGE only spend/consume 30% of their net income - the rest is reinvested making them more wealthy every year. Think on this for a moment - it means the top 1% could have their taxes TRIPLED and still would not have to give up a single luxury or indulgence. At the same time, every dime tRump and the GOPers take from the bottom 90% means something has to be eliminated from the family budget.

 

Back in the 1960's and 70's, the average worker was able to SAVE 10% of his/her income and thereby increase their wealth every year, but the Reagan Taxscam and subsequent Republican tax scams have removed so much previously available support for all Americans that now that "savings rate" is less than 1% and the bottom 20% go deeper in debt EVERY YEAR.

 

Those Republican scams have also allowed the Corporate Olligarchs who divide the profits to keep all the profits (created by the workers) for themselves - the stock holders aren't even getting the same share they did before Reagan with ROI down nearly 30% from pre-Reagan levels.

 

The country was doing great for 40 years with a TMR of +90% which had the Uberrich 1% pay around an actual rate of 40%. No matter how the Toad Worshipers rant and rave, not a single rich person was harmed by those taxes nor did they give up a single luxury to pay them. Meanwhile, the additional revenue gave ALL Americans the Worlds best schools and roads, steadily rising incomes and growing savings/wealth and higher education affordable to anyone who could pass the exams.

 

All the Republican dribble down has done is cover the 90% with a golden shower dispensed by the Oligarchs who received all the benefits and are taking all OUR income and wealth.

 

 

Honored Social Butterfly

Don't you love it when Not Happening pretends Trump cares about middle class taxpayers? Trump only cares about rich people and himself. 

 

Don't you just love it when Critical makes believe he know why someone does something.  He must be clairvoyant.  He wanted to spur the economy and how do you do that - by cutting taxes so more people have more money to spend.  So, drone on why you THINK Trump did something and everyone knows you are just spinning your version of a tale!

 

Say no to Sleepy Joe and BLM cult!

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Honored Social Butterfly

I don't disagree that the richest Americans pay the most taxes. But  NH doesn't get it. That's not the issue. Here's the issue.

 

Trump, who only cares about himself, signed a tax bill that was directed primarily at the ultra wealthy and large corporations. It's no surprise that Trump is in that category. 

 

Anyone who thinks Trump cars about middle class taxpayers is delusional.

Honored Social Butterfly

Trump, who only cares about himself, signed a tax bill that was directed primarily at the ultra wealthy and large corporations. It's no surprise that Trump is in that category. 

 

The wealthy pay the lions share of taxes already so what Critical is suggesting, that the wealthy pay ALL the taxes and middle class and lower class get a free ride!  It doesn't work that way in the U.S. nor does it work anywhere else.  The only thing Critical would get with the Biden plan is everyone has less to spend, corporate tax raises up to where it was and employees get laid off that were hired from Trump's tax cuts, taxes get raised to compensate for the new silly green deal, and the economy sinks lower than ever!  Of course, Trump winning the election is baked into the stock market so IF Biden wins, expect the stock market to go South!

 

Say no to Joe and BLM cult!

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Honored Social Butterfly

By 2027, more than half of all Americans,  53 percent , would pay more in taxes under the tax bill agreed to by House and Senate Republicans, a new analysis by the Tax Policy Center/. That year, 82.8 percent of the bill’s benefit would go to the top 1 percent.

And even in the first years of the bill's implementation, when it’s an across-the-board tax cut, the benefits of the law would be heavily concentrated among the upper-middle and upper-class Americans, with nearly two-thirds of the benefit going to the richest fifth of Americans in 2018.

Honored Social Butterfly

Unknown to the BLM cult, 

The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent). 
 
 
So that's why they get the lions share of tax cuts when there is one!  The BLM cult is so dense!
 
 
Say no to Joe and BLM cult!
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Honored Social Butterfly

Never confuse Trump Cult members with facts. Approximately 83% of the unpaid for Trump Tax Bill went to the wealthy and large corporations. Some middle class taxpayers received a very small reduction while many middle class taxpayers saw their taxes rise. If there was a benefit, it was a tiny one. 

 

Trump's tax bill added ONE TRILLION DOLLARS to the deficit.

Honored Social Butterfly

Approximately 83% of the unpaid for Trump Tax Bill went to the wealthy and large corporations

 

 

One would expect a comment like that from the BLM cult.  Those that paid the most got the biggest return from the tax cuts.  Those earners that paid the most taxes got the biggest tax break!  The BLM cult thinks a $25,000 a year earner should get a 1 million dollar tax cut!  Maybe the BLM cult needs some economics lessons.

 

Say no the Joe and BLM cult!

Honored Social Butterfly

Never confuse Trump Cult members by using facts and/or the truth. Biden will repeal the Trump tax cuts for the wealthy and large corporations. Middle class people, just as with Obama, will NOT see their taxes go up with Biden as president.

Honored Social Butterfly

Never confuse Trump Cult members by using facts and/or the truth. Biden will repeal the Trump tax cuts for the wealthy and large corporations.

 

Never confuse the BLM cult because when Biden repeals the Trump tax cuts, he IS doing it for all persons who got tax cuts (not just the wealthy) and he is repealing the corporate tax cuts Trump gave the corporations (the ones that enabled the corporations to HIRE more workers).  Now with the Biden repeal, more workers will be on unemployment or welfare (which is where the Democrats want then)!

 

Say no to Joe and BLM cult!

Honored Social Butterfly

The Democrat dupes may think Biden is raising taxes on only those who are making OVER $400,000 but he is (unknown to Democrats) giving everybody a tax increase!  Since he is repealing Trumps tax cut which saved EVERYBODY in all income brackets money, everyone (even Democrats) will receive a tax increase.  He needs that to spend on the foolish Climate Change proposals and re-agreements.

 

Say no to Joe and BLM cult!

Honored Social Butterfly


@NOTHAPPENING wrote:

The Democrat dupes may think Biden is raising taxes on only those who are making OVER $400,000 but he is (unknown to Democrats) giving everybody a tax increase!  Since he is repealing Trumps tax cut which saved EVERYBODY in all income brackets money, everyone (even Democrats) will receive a tax increase.  He needs that to spend on the foolish Climate Change proposals and re-agreements.

 

Say no to Joe and BLM cult!


 "Saved EVERYBODY in all brackets money"? So show that in actual data Nothappening.  Show documentation of what you claim.  "everyone will receive a tax increase". "unknown to democrats" because it ain't happening ! 


Man learns from history that man learns nothing from history.
Honored Social Butterfly


@NOTHAPPENING wrote:

The Democrat dupes may think Biden is raising taxes on only those who are making OVER $400,000 but he is (unknown to Democrats) giving everybody a tax increase!  Since he is repealing Trumps tax cut which saved EVERYBODY in all income brackets money, everyone (even Democrats) will receive a tax increase.  He needs that to spend on the foolish Climate Change proposals and re-agreements.

 

Say no to Joe and BLM cult!


Trump never had a TAX CUT. It was all smoke and mirrors to fool his far right base, and we know it did from the way they talk about it.

What Trump did was **bleep** paying a lot of the money needed for government from the wealthy to lower income people.  He made it worse by not paying anything of the movement of revenue sources, but put it all in the National Debt. That means it will have to be paid for by future taxpayers. (our kids or grand kids) Sadly his far right supporters do not understand that.

Lets hope Nov. ends Trump for good.

Honored Social Butterfly

Trump never had a TAX CUT. It was all smoke and mirrors to fool his far right base, and we know it did from the way they talk about it.

 

Tell your "expert" to go check the tax tables when Obama was President and when Trump was President and then tell your "expert" he/she is WRONG again!

 

Say no to Joe and BLM cult!

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Honored Social Butterfly


@NOTHAPPENING wrote:

Trump never had a TAX CUT. It was all smoke and mirrors to fool his far right base, and we know it did from the way they talk about it.

 

Tell your "expert" to go check the tax tables when Obama was President and when Trump was President and then tell your "expert" he/she is WRONG again!

 

 


Good point.

 

Trump changed the cost of living adjustment for "the tax tables" to the 'Chained CPI' method which will not keep up with inflation and increase taxes on middle class Americans year after year .... wiping out their meager tax cut in a few years!

 

 

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


@NOTHAPPENING wrote:

Trump never had a TAX CUT. It was all smoke and mirrors to fool his far right base, and we know it did from the way they talk about it.

 

Tell your "expert" to go check the tax tables when Obama was President and when Trump was President and then tell your "expert" he/she is WRONG again!

 

Say no to Joe and BLM cult!


You do not understand the subject. Tax tables mean nothing. Every cent of the fake tax cut was not paid for but transferred to the National debt which has to be paid later. The tax rate was reduced to the top so when the repayment of the debt takes place the lower income people will pay a larger share.

Trump is a Mob Boss Dictator just like Hitler was and uses his supporters the same way. People even support him when he pays no taxes and steals from the Fed. Govt. to enrich himself and family.

How can anyone support such crook.

Honored Social Butterfly

@NOTHAPPENING wrote:

Trump never had a TAX CUT. It was all smoke and mirrors to fool his far right base, and we know it did from the way they talk about it.

 

Tell your "expert" to go check the tax tables when Obama was President and when Trump was President and then tell your "expert" he/she is WRONG again!

 

Say no to Joe and BLM cult!

You do not understand the subject. Tax tables mean nothing. Every cent of the fake tax cut was not paid for but transferred to the National debt which has to be paid later. The tax rate was reduced to the top so when the repayment of the debt takes place the lower income people will pay a larger share.

Trump is a Mob Boss Dictator just like Hitler was and uses his supporters the same way. People even support him when he pays no taxes and steals from the Fed. Govt. to enrich himself and family.

How can anyone support such crook.

 

I know you hate Trump but the point I make (which escaped you and you expert) was that Biden was going to raise everyone's taxes.   If you and your expert don't believe it, I can't prove it to you since Trump will win the next election too!  You would see it happen if Sleepy Joe Biden were ever elected!

 

Say no to Joe and your expert!

Honored Social Butterfly


@NOTHAPPENING wrote:
@NOTHAPPENING wrote:

Trump never had a TAX CUT. It was all smoke and mirrors to fool his far right base, and we know it did from the way they talk about it.

 

Tell your "expert" to go check the tax tables when Obama was President and when Trump was President and then tell your "expert" he/she is WRONG again!

 

Say no to Joe and BLM cult!

You do not understand the subject. Tax tables mean nothing. Every cent of the fake tax cut was not paid for but transferred to the National debt which has to be paid later. The tax rate was reduced to the top so when the repayment of the debt takes place the lower income people will pay a larger share.

Trump is a Mob Boss Dictator just like Hitler was and uses his supporters the same way. People even support him when he pays no taxes and steals from the Fed. Govt. to enrich himself and family.

How can anyone support such crook.

 

I know you hate Trump but the point I make (which escaped you and you expert) was that Biden was going to raise everyone's taxes.   If you and your expert don't believe it, I can't prove it to you since Trump will win the next election too!  You would see it happen if Sleepy Joe Biden were ever elected!

 

Say no to Joe and your expert!


No I do not hate Trump but I know and understand him which you do not.

Biden will not raise everyone taxes. His plan is clear you make over $400,000 you pay more and the new tax tables will reflect  that.

Now here is something that can happen due to what Trump has done to increase the National debt. We could well need more money to pay the Trump debt in the next 4 years no matter who wins.

You still use the phrase Sleepy Joe. Well sleepy Joe took Mob Boss Trump apart Tuesday evening to the point that all Trump could do is babble out nonsense and made up stories. Trump was so bad they are changing the rules for the next debates. This was the first time they ever had what was a mentally impared person  (Trump) in them.

How can anyone support a liar, cheat, does not pay his taxes, supports white supremacists, killed over 200,000, steals from the Fed. Govt. to enrich himself, and family, done nothing for the people of the USA, Made the USA a 3rd world country, committed crimes, broke federal laws, and we could go on. Trump is as bad as Hitler was.

Honored Social Butterfly

No I do not hate Trump but I know and understand him which you do not.

Biden will not raise everyone taxes. 

 

If Biden should get elected, watch your taxes go up (I don't care what bracket you are in) because Biden is going to repeal the Trump tax cuts.  I know this complicated for a liberal to understand, so have your expert read up on it!

 

Say no to Joe and BLM cult!

Honored Social Butterfly


@NOTHAPPENING wrote:

No I do not hate Trump but I know and understand him which you do not.

Biden will not raise everyone taxes. 

 

If Biden should get elected, watch your taxes go up (I don't care what bracket you are in) because Biden is going to repeal the Trump tax cuts.  I know this complicated for a liberal to understand, so have your expert read up on it!

 

Say no to Joe and BLM cult!


I already a answered what you post again so why did you post it. Trump never gave anyone a Tax Cut, and Biden will not raise taxes. You did take part of my answer and make it look like that was the full answer. Why did you do that as it is not honest.

Honored Social Butterfly

 Trump never gave anyone a Tax Cut, and Biden will not raise taxes.

 

You and your expert are WRONG on both counts.  Do some research yourself (not consulting the fake expert)!

 

Say no to Sleepy Joe and BLM cult!

Honored Social Butterfly


@NOTHAPPENING wrote:

 Trump never gave anyone a Tax Cut, and Biden will not raise taxes.

 

You and your expert are WRONG on both counts.  Do some research yourself (not consulting the fake expert)!

 

Say no to Sleepy Joe and BLM cult!


I have proved it by fact which neither you nor I can change  period. Our far right have not a clue on any of this. Some of them still do not wear masks.

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Honored Social Butterfly

For those left wingers who still have their head in the sand:

 

2017 Income Tax Rate2019 Income Tax RateIncome for Those Filing As SingleIncome for Those Filing Jointly 
10%10%$0-$9,700$0-$19,400
15%12%$9,701-$39,475$19,401-$78,950
25%22%$39,476-$84,200$78,951-$168,400
28%24%$84,201-$160,725$168,401-$321,450
33%32%$160,726-$204,100$321,451-$408,200
33%-35%35%$204,101-$510,300$408,201-$612,350
39.6%37%More than $510,300More than $612,350

 

https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968

 

Say no to Joe and BLM cult!

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Honored Social Butterfly


@NOTHAPPENING wrote:

For those left wingers who still have their head in the sand:

 

2017 Income Tax Rate2019 Income Tax RateIncome for Those Filing As SingleIncome for Those Filing Jointly 
10%10%$0-$9,700$0-$19,400
15%12%$9,701-$39,475$19,401-$78,950
25%22%$39,476-$84,200$78,951-$168,400
28%24%$84,201-$160,725$168,401-$321,450
33%32%$160,726-$204,100$321,451-$408,200
33%-35%35%$204,101-$510,300$408,201-$612,350
39.6%37%More than $510,300More than $612,350

 

https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968

 

Say no to Joe and BLM cult!


Why the tax tables. They mean nothing. What Trump did was all fake. He paid for none of it. He just shifted money around. He added a lot to the National Debt which has to be paid off. When it is paid off the middle income people will pay more of it as the Trump tax tables reduced the top income earners tax rate more than the middle to bottom.

So Trump really put a tax increase on the bottom earners.

You do not understand what happened, and Trump was counting on that.

Honored Social Butterfly

@NOTHAPPENING wrote:

For those left wingers who still have their head in the sand:

 

2017 Income Tax Rate2019 Income Tax RateIncome for Those Filing As SingleIncome for Those Filing Jointly 
10%10%$0-$9,700$0-$19,400
15%12%$9,701-$39,475$19,401-$78,950
25%22%$39,476-$84,200$78,951-$168,400
28%24%$84,201-$160,725$168,401-$321,450
33%32%$160,726-$204,100$321,451-$408,200
33%-35%35%$204,101-$510,300$408,201-$612,350
39.6%37%More than $510,300More than $612,350

 

https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968

 

Say no to Joe and BLM cult!

Why the tax tables. They mean nothing. What Trump did was all fake. He paid for none of it. He just shifted money around. He added a lot to the National Debt which has to be paid off. When it is paid off the middle income people will pay more of it as the Trump tax tables reduced the top income earners tax rate more than the middle to bottom.

So Trump really put a tax increase on the bottom earners.

You do not understand what happened, and Trump was counting on that.

 

I am talking tax that people paid, not national debt or deficit.  You and expert know nothing!

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