Biden Tax Hike 400k+

Neat, Bloomberg saw one of their news posts was popular, so they tore down the paywall.


https://www.bloomberg.com/news/artic...9YEpxZHJtaJkw8

President Joe Biden’s budget will propose hiking payroll taxes on Americans making over $400,000 per year and allowing the government new power to negotiate drug prices as part of an effort the White House says will extend the solvency of a key Medicare program for another quarter century.
“The budget I am releasing this week will make the Medicare trust fund solvent beyond 2050 without cutting a penny in benefits,” Biden said Tuesday in an op-ed published in the New York Times shortly before the announcement. “In fact, we can get better value, making sure Americans receive better care for the money they pay into Medicare.”
The president’s budget, which will be released Thursday, proposes raising Medicare taxes from 3.8% to 5% on annual income above $400,000, and eliminating a loophole business owners and higher-earners can exploit to avoid additional taxes, according to a White House fact sheet. Biden’s plan would also help bolster Medicare reserves through some $200 billion in prescription drug reforms over the next decade by allowing the insurance program to negotiate costs on more medications and sooner after they come to market.
The Medicare portion of the budget plan was announced by the White House on Tuesday and reported earlier by the Washington Post.
The moves are part of a concerted effort by the White House ahead of looming negotiations over the debt ceiling and government funding, where Republicans vow to seek deep cuts to federal spending.
Biden’s plan has little chance of becoming law, especially after Republicans took control of the House of Representatives this year, but the proposal is an important signpost for negotiations over government spending, and offers the president a chance to publicly outline his priorities.

So, who's opposed to having the wealthy pay their share?
Or who here doesn't understand tax brackets?

The wealthy already pay their fair share of taxes, fair share meaning all of them. If massive government revenue is what they’re after (it’s not), it’s not going to come from the wealthy. There’s just not enough of them (and they have good accountants). The only way this gets done is to follow the European model and tax TF out of the middle class. It’s simple mathmatatics.

This is fine with me. I’ve been a proponent of taxing the poor for decades. And none of this withholding bullshit either, people receive every dime they earn and have to save and write the irs a check every quarter. Show them how the other half lives for once. The system will last a few months before there’s a tax revolt and Washington is burnt to the ground. European capitals are still standing only because the citizens have been programmed since birth to pay their taxes and stfu about it.

and eliminating a loophole business owners and higher-earners can exploit to avoid additional taxes

So what you are saying is Senile Biden NOW wants to close a loophole in the tax law that HE and the rest of the Biden Crime Family took advantage of for years to avoid paying his fair share of taxes?

Is that what you are saying?

Or did his staff put out some bullshit plan to pander to the ill informed and brain dead leftist voters knowing it has zero chance of ever happening. And dementia addled Senile Biden doesn't even know what is in the plan?

So what you are saying is Senile Biden NOW wants to close a loophole in the tax law that HE and the rest of the Biden Crime Family took advantage of for years to avoid paying his fair share of taxes?

Is that what you are saying?

Or did his staff put out some bullshit plan to pander to the ill informed and brain dead leftist voters knowing it has zero chance of ever happening. And dementia addled Senile Biden doesn't even know what is in the plan? Originally Posted by berryberry

Oh please, don't pretend that it just isn't him.
Every. Single. Person. In Washington profits from those loopholes.



And I bet the majority of them make FAR more than 400k per year. Most of it under the table too

Oh please, don't pretend that it just isn't him.
Every. Single. Person. In Washington profits from those loopholes.



And I bet the majority of them make FAR more than 400k per year. Most of it under the table too Originally Posted by onawbtngr546

Deflect, deflect, deflect. Typical

So what you are saying is Senile Biden NOW wants to close a loophole in the tax law that HE and the rest of the Biden Crime Family took advantage of for years to avoid paying his fair share of taxes?

Is that what you are saying?

Or did his staff put out some bullshit plan to pander to the ill informed and brain dead leftist voters knowing it has zero chance of ever happening. And dementia addled Senile Biden doesn't even know what is in the plan? Originally Posted by berryberry

So you’re saying you don’t want this loophole closed?

So you’re saying you don’t want this loophole closed? Originally Posted by Mistershark

Sure what it sounds like. In place of taxing the rich, keep the loopholes open so that the rich pay a 0% income tax. Trickle down economics. Stuff that the people in power want to have done so they remain in power.


There is no reason that the ultra rich shouldn't be paying their share. If you have more, you pay more. Totally unfair if someone making minimum wage has to pay, lets say, 20% of their first 40k, whereas the mega wealthy pay the same 20% on their first 40k, then 0.01% on everything else.

Dafaq are you talking about? High earners already pay WAY more. If you want everyone paying their “fair share”, a flat tax does exactly that. How is it “fair” for a guy making 300k to pay 37% when another guy who makes 30k only pays 12%. You don’t want a fair tax system, you want to punish the successful out of jealousy, spite, or some other lame reason.

So you’re saying you don’t want this loophole closed? Originally Posted by Mistershark

Please show me exactly where in this statement I made a comment for or against this loophole. Be specific

So what you are saying is Senile Biden NOW wants to close a loophole in the tax law that HE and the rest of the Biden Crime Family took advantage of for years to avoid paying his fair share of taxes?

Is that what you are saying?

Or did his staff put out some bullshit plan to pander to the ill informed and brain dead leftist voters knowing it has zero chance of ever happening. And dementia addled Senile Biden doesn't even know what is in the plan?

Sure what it sounds like. In place of taxing the rich, keep the loopholes open so that the rich pay a 0% income tax. Trickle down economics. Stuff that the people in power want to have done so they remain in power.


There is no reason that the ultra rich shouldn't be paying their share. If you have more, you pay more. Totally unfair if someone making minimum wage has to pay, lets say, 20% of their first 40k, whereas the mega wealthy pay the same 20% on their first 40k, then 0.01% on everything else. Originally Posted by onawbtngr546

If you would have paid attention to this thread

https://eccie.net/showthread.php?t=2904603

You would see that the Top 5% paid 62.7% of all income taxes in 2020. I think most rational people would say that is far more than their fair share

Of course you ignored that thread because leftist lies were exposed. And chose to start this thread pandering to those who don't know any better about an unserious proposal that has zero chance of passing

Please show me exactly where in this statement I made a comment for or against this loophole. Be specific Originally Posted by berryberry

So you agree with President Biden on this? Cool cool cool.

Which part of “for or against” didn’t you understand?

Sure what it sounds like. In place of taxing the rich, keep the loopholes open so that the rich pay a 0% income tax. Trickle down economics. Stuff that the people in power want to have done so they remain in power.


There is no reason that the ultra rich shouldn't be paying their share. If you have more, you pay more. Totally unfair if someone making minimum wage has to pay, lets say, 20% of their first 40k, whereas the mega wealthy pay the same 20% on their first 40k, then 0.01% on everything else. Originally Posted by onawbtngr546

You sure as hell don't know the tax code very well sir

So you agree with President Biden on this? Cool cool cool. Originally Posted by Mistershark

It's really quite sad you don't understand "for or against"

Please show me exactly where in this statement I made a comment for or against this loophole. Be specific

It's nothing but a political ploy. He knows damn well it will never fly, he is only trying to score brownie points

If any politician wanted to level the playing field they would suggest a flat tax or eliminate income tax and put in a consumption tax.