Current Events > How can Biden's tax plan affect anyone making <$400K?

(+) Yeah! (+)

Ive seen this argued a lot - that it will raise taxes on the middle class, regardless of what hes said. When digging around online, its a bit difficult to find a breakdown of HOW exactly that will happen. Anyone against it, can you explain why?

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Spooking posted...

one second i must make up something

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people who were making 400k will make less than 400k, making them the very demographic in question

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Are these taxes raises really going to go after the stock market/real estate people? Or it still those who make a salary like doctors/lawyers so those like Trump/Jeff Bezos continue to not pay taxes.

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It can't. The only people worried about it are brainwashed bootlickers who make less than $35k/year.

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ChopinList posted...

Are these taxes raises really going to go after the stock market/real estate people? Or it still those who make a salary like doctors/lawyers so those like Trump/Jeff Bezos continue to not pay taxes.

I dont remember what his plan was around capital gains but Im fairly sure the 400k figure is for income.

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ChopinList posted...

Are these taxes raises really going to go after the stock market/real estate people? Or it still those who make a salary like doctors/lawyers so those like Trump/Jeff Bezos continue to not pay taxes.

As long as their spending money their paying taxs to some extent. Unless you think their hording all their wealth inside Scrooge Mcduck like vaults.

And even if they target capital gains they control the withdrawals. So if they want to avoid hitting a certain tax bracket they very easily could.

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Spooking posted...

Businesses will pass the cost onto consumers, perhaps.

Like trump's tariff wars?

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It doesn't really matter, he isn't going to go for and major tax changes with a Republican Senate and bigger issues out there, especially with the economy in recovery mode.

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Like who actually makes more than 400k in income? Maybe doctors? Most other people, especially in the corporate world, likely take their money in stocks and dividends.

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CHM_Punk posted...

Taxes and mandated wage hikes are ultimately passed onto the consumer in the form of price increases on goods and services, cut hours, future endeavors, bankruptcies. It is quite fascinating how a number of people can see the damage caused by Donald Trumps tariffs, but not the damage that would be created by the Joe Biden tax plan.

Can you explain in more detail, or link me somewhere that can?

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Well right off the bat I'm assuming we may lose the Trump tax cuts (which some would argue is a tax increase)
Businesses may pass some or all of the cost to customers.

But he isn't directly raising taxes on less than 400K.

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Spooking posted...

Businesses will pass the cost onto consumers, perhaps.

by that reasoning they should have massively lowered prices when they got the huge tax cuts in the first place. instead they gave themselves huge bonuses and bought huge amounts of stock back...

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I don't think he's really put forward an actual plan as of yet.

Doesn't matter, Republicans are more than likely gonna keep majority in the senate so he's not gonna be able to change it

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monkmith posted...

by that reasoning they should have massively lowered prices when they got the huge tax cuts in the first place. instead they gave themselves huge bonuses and bought huge amounts of stock back...

Forgetting the first rule here though and that's businesses are there to make money. As much of it as they can.

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WrkHrdPlayHrdr posted...

Forgetting the first rule here though and that's businesses are there to make money. As much of it as they can.

and with that i cant see why tax payers should let them have massive tax breaks then. they're going to raise their prices as much as they can until people stop buying their overpriced shit, regardless of the tax breaks they get. better to make them pay their fair share so the system itself doesn't fall apart.

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monkmith posted...

and with that i cant see why tax payers should let them have massive tax breaks then. they're going to raise their prices as much as they can until people stop buying their overpriced shit, regardless of the tax breaks they get. better to make them pay their fair share so the system itself doesn't fall apart.

Pretty much.

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CHM_Punk posted...

Taxes and mandated wage hikes are ultimately passed onto the consumer in the form of price increases on goods and services, cut hours, future endeavors, bankruptcies. It is quite fascinating how a number of people can see the damage caused by Donald Trumps tariffs, but not the damage that would be created by the Joe Biden tax plan.

I'm not convinced they'll be able to do covid relief even

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