"Biden planning first major tax hike in almost 30 years"


https://thehill.com/homenews/administration/543180-biden-planning-first-major-tax-hike-in-almost-30-years-report

This post was edited by Black XistenZ on Mar 16 2021 09:28am

It wont affect you unless you're making 400k usd

Good lol

We've been letting the highest earners take advantage of the system for too long.

This is a good thing.

We've tried the neoliberal model of cutting taxes and choking social services for near 50 years and it's not worked. Time to go back to the formula that's proven to raise people out of poverty.

I didnt say I'm categorically against all provisions in this bill, I'm just not surprised that "uber moderate" Joe Biden comes around with tax hikes.
Depending on the specifics, a hike of the estate tax could indeed hit the middle class and/or suburbia though.



Raising the corporate tax back to 28% is probably for the better, as are higher taxes for very high income individuals ($400k/$1m being the threshold cited in the article), but a hike of the estate tax could directly affect the middle class as opposed to the rich. I'm also not so sure what the ramifications of meddling with LLCs will be.

This post was edited by Black XistenZ on Mar 16 2021 09:37am

The estate tax currently affects basically nobody but people with estates worth tens of millions of dollars. Even pretty well off families typically don't have that when they die.

Well, like I said, it depends on the specifics. For example, if Biden changed it so that it applies to all estates worth more than, say, $2m, that would affect quite a few (upper) middle class families.

Hopefully not because there are tons of people who are in the middle class who contribute to their 401k's plus other investments like homes which can end up being worth a few million by the time the estate is passed on.

From what I understand current estate taxes are basically on estates that are 11.7+ million and you only pay in what is excess to that number which honestly I'm okay with because that pretty much excludes the middle class.

This post was edited by ofthevoid on Mar 16 2021 10:51am

Yes, that's reasonable. For now, I'll assume that Biden (and his advisors and strategists) are smart enough not to piss away the inroads Democrats made in upscale suburbs in 2018-2020 with policies like that.

This post was edited by Black XistenZ on Mar 16 2021 11:10am

trying so hard to create a scenario where this hurts the (already backpedaled to "upper") middle class. it's so transparent what you're doing, lol...

High-earners are the back-bone of government revenue. Show some respect to the people you rely on to deliver you your government services.



The corporate tax rate is already too high. The United States needs to accept that it cannot tax world-wide income and focus on creating a hospitable climate for corporations within the country.

If taxes need to go up, that is better achieved by income taxation or VAT.