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If the government wants to help poor people, then they should scale down on wasteful expenses. Biden has splurged hundreds of billions of USD on groups that explicitly support him, such as the teachers unions. In fact a majority of the $1.9 trillion stimulus is earmarked for such unions and failed inner city areas, which are predominantly Democrat leaning. Taxing people at a rate of 50% or 60% is insane. If you are fine with it, then go ahead and pay your taxes, but don't expect others to be silent. 
Topic: Biden planning first tax hike(major) since 1993 - page 2. (Read 629 times)
I don't know what to say about this tax thingies but if I may ask you about paying more taxes if you know that the taxes are going to be used on things that will help other people like increase in minimum wages, housing loans for minorities, and other social issues, do you think that you are going to pay that taxes. Because for me, I am willing to pay more taxes if I know that it isn't going to be wasted on military spending and the taxes goes where it is really needed.
If the government wants to help poor people, then they should scale down on wasteful expenses. Biden has splurged hundreds of billions of USD on groups that explicitly support him, such as the teachers unions. In fact a majority of the $1.9 trillion stimulus is earmarked for such unions and failed inner city areas, which are predominantly Democrat leaning. Taxing people at a rate of 50% or 60% is insane. If you are fine with it, then go ahead and pay your taxes, but don't expect others to be silent.
For someone who earns $400,000 per year, the applicable state income tax in California comes to 11.3%. With the latest increase in federal income tax, California residents will be paying more than 50% of their income as tax and the net take away will be less than $200,000. And for cities such as Los Angeles and San Francisco, given the high cost of living, the tax increase will have a large negative impact on the quality of life.
I don't know what to say about this tax thingies but if I may ask you about paying more taxes if you know that the taxes are going to be used on things that will help other people like increase in minimum wages, housing loans for minorities, and other social issues, do you think that you are going to pay that taxes. Because for me, I am willing to pay more taxes if I know that it isn't going to be wasted on military spending and the taxes goes where it is really needed. 
Those numbers are always talking about as household income, if you thought otherwise that's on you for not understanding since that's the common way taxes are always talked about. Biden always said households making more than $400,000.
For someone who earns $400,000 per year, the applicable state income tax in California comes to 11.3%. With the latest increase in federal income tax, California residents will be paying more than 50% of their income as tax and the net take away will be less than $200,000. And for cities such as Los Angeles and San Francisco, given the high cost of living, the tax increase will have a large negative impact on the quality of life.
It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.
Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.
Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.
This is the eternal excuse that the democrats make. No one in the United States make "tens of billions of dollars" a year and if they do, then they will be intelligent enough to move their earnings to offshore tax havens. The details of Biden tax plan are already out and according to it there will be an increase in income tax for everyone who earns more than $400,000 per year. Now there is a huge difference between earning "tens of billions" a year, and earning $400,000 per year.
It's like those pigs from *Animal Farm* Orwell's book. Always changing the past speechs and rules to adapt to the present personal needs.
Those numbers are always talking about as household income, if you thought otherwise that's on you for not understanding since that's the common way taxes are always talked about. Biden always said households making more than $400,000.
Although indirectly, tax hikes on companies and individuals on the higher income brackets will always affect the general population. Impose higher tax on a business or a self-employed and they will also find a way to pass it on consumers of their products and/or service. This process will continue until it reaches the general population (end consumers).
Agreed. Corporate tax is being increased by one-third, from 21% to 28%. This will not only cause the Americans to pay a higher rate for the products they purchase, but will also make American products less competitive compared to those imported form countries such as China. One of the reasons why Trump reduced the corporate tax was to create more jobs within the United States, and he was successful in that up to a certain extent. Combined with the (proposed) change in minimum wages, the unemployment issue will get worse.
It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.
Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.
Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.
This is the eternal excuse that the democrats make. No one in the United States make "tens of billions of dollars" a year and if they do, then they will be intelligent enough to move their earnings to offshore tax havens. The details of Biden tax plan are already out and according to it there will be an increase in income tax for everyone who earns more than $400,000 per year. Now there is a huge difference between earning "tens of billions" a year, and earning $400,000 per year.
It's like those pigs from *Animal Farm* Orwell's book. Always changing the past speechs and rules to adapt to the present personal needs.
Tax incentives might be the better proposal right now to help these businesses recover their losses brought by the pandemic. Tax hikes can be discussed after two or three years.
Tax hikes shouldn't target the general population,
Although indirectly, tax hikes on companies and individuals on the higher income brackets will always affect the general population. Impose higher tax on a business or a self-employed and they will also find a way to pass it on consumers of their products and/or service. This process will continue until it reaches the general population (end consumers).
In this pandemic, more people are suffering specially the poor ones. I think this tax hike must be implemented to those who income more during the pandemic which is the rich ones. Help those who were critically hit and probably vaccinate all to recover the economy.
It always works like this. First it is announced that taxes are going to be raised on the rich. Only the rich. Potential revenues are greatly overestimated. Then, faced with the reality that the income was overestimated and that the rich also take measures to avoid paying more, taxes are raised on everyone. That is to say that "the rich" in practice becomes the totality of the population. Well, no. Actually it means only the middle and poor classes, because the really rich have mechanisms to not pay or even leave the country if they want to go to other countries where they are sure to be well off.
It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.
That's a government and it needs money to run the nation!
Is this right move? Yes, off course it is right move and nothing wrong in that. If they are cutting the taxes from our salaries and income then they are using it for the national development.
I would be worried only if that money was use for governments personal stuff (corruption!).
But, for now Biden seems completely reasonable to me. Bless yourself we are not under the King's rein, otherwise we would have been tortured by now to pay the taxes, foods, and what not.
Government needs to build road, armies, border protection, money management and endless stuff. So yeah, if they raise it, then it's fine.
Is this right move? Yes, off course it is right move and nothing wrong in that. If they are cutting the taxes from our salaries and income then they are using it for the national development.
I would be worried only if that money was use for governments personal stuff (corruption!).
But, for now Biden seems completely reasonable to me. Bless yourself we are not under the King's rein, otherwise we would have been tortured by now to pay the taxes, foods, and what not.
Government needs to build road, armies, border protection, money management and endless stuff. So yeah, if they raise it, then it's fine.
As we all know people did vote twice in a row for trump and if also was for a reason :
He did cut the tax of everyone on the first day , now that means even the richest didn't have to pay much. At the same time he did give out huge relief funds.
Now Biden did roll out a COVID relied fund for the people but at the same time he did see that there are much needed *Job creation* which does mean that the government needs *money* but from where ? Most of it has been used already and given to people and the US itself is in major debt. So Biden plans on increasing the tax , which would be the first major increase since 1993 , which is extremely weird. The wealthiest Americans and the biggest cooperations now would have to pay more tax!! I do think this is long overdue and should be done but people of the middle class should be exempted from this , , more specifically people without a job.
What do you think ?
Is this a right move ?
Ofcourse it would surge the unrest amongst people and they might be on the streets anyways how should the Government handle this ? Should the major tax hike be done in small steps?
https://www.foxbusiness.com/economy/biden-reportedly-planning-first-major-tax-hike-in-next-economic-package
He did cut the tax of everyone on the first day , now that means even the richest didn't have to pay much. At the same time he did give out huge relief funds.
Now Biden did roll out a COVID relied fund for the people but at the same time he did see that there are much needed *Job creation* which does mean that the government needs *money* but from where ? Most of it has been used already and given to people and the US itself is in major debt. So Biden plans on increasing the tax , which would be the first major increase since 1993 , which is extremely weird. The wealthiest Americans and the biggest cooperations now would have to pay more tax!! I do think this is long overdue and should be done but people of the middle class should be exempted from this , , more specifically people without a job.
What do you think ?
Is this a right move ?
Ofcourse it would surge the unrest amongst people and they might be on the streets anyways how should the Government handle this ? Should the major tax hike be done in small steps?
https://www.foxbusiness.com/economy/biden-reportedly-planning-first-major-tax-hike-in-next-economic-package
Considering the wealthy didn't need and the country couldn't afford to cut taxes when trump pushed for tax cuts for the wealthy, this is long over due. Instead of getting the deficit under control and starting to pay down the debt during one of the best economic expansions in history, one which trump constantly tried to take credit for as the greatest economy ever, republicans instead looted the treasury and passed tax cuts the country couldn't afford, exploding the deficit back to over a trillion dollars a year during a booming economy and before Covid even hit.
No one in the United States make "tens of billions of dollars" a year
It's certainly extremely rare, but I wouldn't say no-one. Jeff Bezos made $75bn in 2020, including $13bn in one day.
But of course, as with all billionaires, this isn't money that goes into his bank account. In general the wealth fluctuates considerably, and is based on the company's share price.
I do agree with your statement in general, it's very rare... just thought I should say there are a few people who make that kind of money, even if largely from share price changes. I'd imagine Elon Musk is similar.
Those are unrealized capital gains, taxed at a rate of 0%.
Whatever wealth Bezos made in 2020 or in 2021 won't be taxed until he decides to sell his shares. Bezos is 57 years old and he can easily hold on to his shares for another 25 years. And this is also one of the reasons why I have a feeling that these tax cuts will end up targeting mostly the upper middle class. The super-rich can make use of various loop holes, which makes them immune to any of these tax slab changes.
Years back, some said the united states needs a great firewall of china. They said america would benefit by emulating CCP policy. I never agreed with their proposals to build an internet kill switch, great firewall of china. Nor did I agree with plans to implement surveillance or other measures which could infringe upon privacy, rights or freedom.
China's tax cuts however I support 100% wholeheartedly. This is the type of policy the US should pursue and implement to its fullest potential.
Just the pendulum swings in the other direction and after the tax cuts by the Republican Trump administration, some tax increases by the Biden administration should follow. Moreover, as far as I remember, this was one of the election promises of the new administration in economic policy. All these great firewalls and restrictions on the freedoms and privacy of citizens can eventually lead to a decrease in the economic activity of citizens. Yet China and the United States have slightly different political and cultural traditions to try to replicate the Asian traditions of government. China's tax cuts however I support 100% wholeheartedly. This is the type of policy the US should pursue and implement to its fullest potential.
China has utilized tax cuts in an effort to boost economic growth for some time now. 
Years back, some said the united states needs a great firewall of china. They said america would benefit by emulating CCP policy. I never agreed with their proposals to build an internet kill switch, great firewall of china. Nor did I agree with plans to implement surveillance or other measures which could infringe upon privacy, rights or freedom.
China's tax cuts however I support 100% wholeheartedly. This is the type of policy the US should pursue and implement to its fullest potential.
Quote
China economy: Beijing unveils $298bn tax cuts to boost growth
March 2019
Opening the annual session of China's parliament, he forecast slower growth of 6% - 6.5% this year, down from a target of around 6.5% in 2018.
China has struggled with a slowing economy and a US-led trade war.
It plans to boost spending, increase foreign firms' access to its markets, and cut billions of dollars in taxes.
https://www.bbc.com/news/business-47450223
March 2019
Opening the annual session of China's parliament, he forecast slower growth of 6% - 6.5% this year, down from a target of around 6.5% in 2018.
China has struggled with a slowing economy and a US-led trade war.
It plans to boost spending, increase foreign firms' access to its markets, and cut billions of dollars in taxes.
https://www.bbc.com/news/business-47450223
Years back, some said the united states needs a great firewall of china. They said america would benefit by emulating CCP policy. I never agreed with their proposals to build an internet kill switch, great firewall of china. Nor did I agree with plans to implement surveillance or other measures which could infringe upon privacy, rights or freedom.
China's tax cuts however I support 100% wholeheartedly. This is the type of policy the US should pursue and implement to its fullest potential.
What do you think ?
I think the best plan Biden di was to roll out plan to vaccine 100 million USA citizens in 100 days. He was so successful to vaccine them in 58 days and not 100. This fact increased USA GDP growth for this year for more then 1%. If this will continue, USA economy will go back to normal in June.
IMO it was necessary to include by the current presidency of Joe Biden an increase to the tax. They had not received a significant raise in 30 years. In addition to this, former President Trump reduced taxes in 2017.
The current Coronavirus crisis will make the process difficult but it will be necessary because the country is in debt.
The current Coronavirus crisis will make the process difficult but it will be necessary because the country is in debt.
Quote
The nation's deficit totaled a record $ 3.1 trillion for the 2020 fiscal year, and the national debt more than $ 28 trillion.
Any resolution in this regard will come into effect from 2022 according to the article. 
No one in the United States make "tens of billions of dollars" a year
It's certainly extremely rare, but I wouldn't say no-one. Jeff Bezos made $75bn in 2020, including $13bn in one day.
But of course, as with all billionaires, this isn't money that goes into his bank account. In general the wealth fluctuates considerably, and is based on the company's share price.
I do agree with your statement in general, it's very rare... just thought I should say there are a few people who make that kind of money, even if largely from share price changes. I'd imagine Elon Musk is similar.
This is highly unusual for united states and i am not sure if this kind of taxation would actual go into force because USA has legal lobby system ,this means that goverment could and is paid off to sway their decisions, this is the biggest problems of this country and could mean that taxation of rich wont happen even if everyone besides the rich want it.
Tax hikes shouldn't target the general population, I mean the current pandemic crippled the finances of many so I think it is bad if that tax hike affects them but it can still work out fine if minimum wage increase is coupled with that tax hike. The best thing that Biden can do is to stop the bombing in Middle East and repeal the rich people favored tax regulations done by Trump and tax the rich people more and reduce military spending.
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