Biden: "I'm Not Gonna Raise Your Taxes"...

[Mac1958]

Biden is a liar. He will raise taxes on us all

Obama did the same thing with the Bush tax cuts. He kept the cuts for lower incomes and eliminated for the rich.

With a $2 trillion deficit, we can’t afford such generosity for the rich

They're intellectually paralyzed by their slavish obligation to believe the Laffer Curve. It doesn't work.

Here's a crazy idea: No tax cuts without first cutting spending. We always hear the GOP crow about cutting spending, don't we?

So let's have the GOP candidates RUN FOR OFFICE on cutting Social Security, Medicare, Medicaid and a shitload of departments. If they win enough seats, they can FIRST make YUGE cuts in those programs, and THEN they can cut taxes correspondingly.

Think they'll take me up on that?

 

[my2¢]

IMO, SS should not be paid to those who did not pay in

I'm not too aware of the qualifications for Social Security, have read it is somehow credit based....

Are You Eligible?
When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. The number of credits you need to get retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (usually, this is 10 years of work).

Social Security in retirement

The Social Security retirement benefit is a monthly check that replaces part of your income when you reduce your hours or stop working altogether.

www.ssa.gov

 

[Penelope]

Anyone who has stocks and dividends will be hit when "capital gains" is taxed as regular income.
That nails most retirees, unless its in a 401k or IRA.

Cry me a river

Those 401ks are taxed like income. Just like capital gains should be. Very few Americans have substantial savings in stocks

Half of all American households own stocks and/or bonds and capital gain tax is applied to more than just the sale of them including real estate, coins, and art. As always you know only what you are spoon-fed by EatTheRich.com.

2. When did the Net Investment Income Tax take effect?
The Net Investment Income Tax went into effect on Jan. 1, 2013. The NIIT affects income tax returns of individuals, estates and trusts, beginning with their first tax year beginning on (or after) Jan. 1, 2013. It does not affect income tax returns for the 2012 taxable year filed in 2013.

Who Owes the Net Investment Income Tax
3. What individuals are subject to the Net Investment Income Tax?
Individuals will owe the tax if they have Net Investment Income and also have modified adjusted gross income over the following thresholds:

Filing Status​	Threshold Amount​
Married filing jointly	$250,000​
Married filing separately	$125,000​
Single	$200,000​
Head of household (with qualifying person)	$200,000​
Qualifying widow(er) with dependent child	$250,000​

Taxpayers should be aware that these threshold amounts are not indexed for inflation.

If you are an individual who is exempt from Medicare taxes, you still may be subject to the Net Investment Income Tax if you have Net Investment Income and also have modified adjusted gross income over the applicable thresholds.

4. What is modified adjusted gross income for purposes of the Net

Questions and Answers on the Net Investment Income Tax | Internal Revenue Service

Section 1411 of the IRS Code imposes the Net Investment Income Tax (NIIT). Find answers to questions about how the code may affect your taxes.

www.irs.gov

 

[my2¢]

Next you must learn that our economy doesn't grow through taxation and you'll be on the road to recovery.

And I highly suggest you brush up on what deficit spending does for our economy.

 

[SAYIT]

What you refer to is simply theft . Thievery is never acceptable

Taxes are the price we pay to live in a civilized society......Oliver Wendell Holmes

The devil is in the details. The top 25% of personal income tax filers already carry 86% of the total federal income tax burden. What would satisfy you, Comrade Winger?

96%?

106%?

Let's face it ... envy drives your leftist hatred and y'all would not be satisfied until everyone is as miserable as you.

 

[SAYIT]

You really have to laugh at people who believe in Biden. they probably believe in the tooth fairy. those with money will just move it to another country. They will use the tax loopholes. They will up prices, lower wages or hours. if the tax burden is too much they will close the doors...

Like petulant children they believe others must pay for their weed and vid games and they don't understand (or care) how wealth and jobs are created. They just want "free stuff" and they want it now!!

 

[SAYIT]

The democrats also want the money you have in your 401(k).............they have the plan ready to go....they call it Guaranteed Retirement Accounts.....typical Newspeak..........they want to confiscate the money in your 401k, and then "gaurantee" you a return for your retirement.........that would be the deal..........

The democrat party is vile...and should never have power again.

If I and my employer had never had to pay into Social Security I would have retired on double and almost triple what I have but thanks to social security I get less each month.

Which is the way the democrat party wants it.....poor and vulnerable makes for more democrat party voters.

Despondency, desperation, disillusionment, dependency, and chaos all serve the Democrat Socialist Party.

 

[Penelope]

Long-term capital gains
If you can manage to hold your assets for longer than a year, you can benefit from a reduced tax rate on your profits.

• For 2019, the long-term capital gains tax rates are 0, 15, and 20% for most taxpayers.
• If your ordinary tax rate is already less than 15%, you could qualify for the 0% long-term capital gains rate.
• For high-income taxpayers, the capital gains rate could save as much as 17% off the ordinary income rate.

Guide to Short-term vs Long-term Capital Gains Taxes (Brokerage Accounts, etc.) - TurboTax Tax Tips & Videos

Not all capital gains are treated equally. The tax rate can vary dramatically between short-term and long-term gains. Generating gains in a retirement account, such as a 401(k) plan or an IRA, can also affect your tax rate.

turbotax.intuit.com

.

 

[SAYIT]

You can pay it or take your business elsewhere. Did he drop his hourly rate when Trump gave him a huge tax cut?

Probably not, but he may have hired another paralegal.

Actually I retired years ago and rarely need a R/E attorney these days. I believe his assistant just sent that form letter to everyone on his client list.

The extra $50/hour would not have hurt me ... like all prop developers I would have passed the increase along to those who bought my condos.

Easy peasy.

 

[Penelope]

Tax cuts for the ACA would affect the wealthy.
----------------------------------------
Killing The NIIT

Most tax cuts would come by killing the NIIT, which applies to income from capital gains, dividends, royalties, and some annuities. High-income households receive an outsized share of investment income.

The TPC's distributional analysis excludes premium subsidies, which technically are designed as tax credits but largely function as spending. These subsidies primarily benefit low- and moderate-income households who purchase insurance through the ACA’s marketplaces. Of course, by overturning the law, the Supreme Court not only would end the premium credits, it also would eliminate the health insurance the subsidies support.
--------------------------------

By Overturning the ACA, The Supreme Court Would Cut Taxes Substantially For High-Income Households

Last week, President Trump said the Administration will urge the US Supreme Court to overturn the entire 2010 Affordable Care Act. While the High Court...

www.taxpolicycenter.org

 

[SAYIT]

Everyone benefit from other people taxes.

They are not going to raise taxes on less than 400,000 , I think that is too much.

Very, VERY naïve.

Businesses pass the costs on to consumers, just like the meme in the op says. That's you.

That is what the problem is.

Yup ... the prob is too many self-absorbed twits like you who just can't think beyond their feelings. Reality doesn't care about your delicate sensibilities, Princess ... grow up.

 

[TheParser]

Our 46th President has no choice but to raise taxes in order to pay for Medicare for all and for reparations to certain folks who think that they are owed reparations and for social benefits to help those ladies & gentlemen who will be coming to this country without authorization.

I am sure, however, that those people who voted for the Dems will be delighted to pay higher taxes for such a noble agenda.

 

[DBA]

Long-term capital gains
If you can manage to hold your assets for longer than a year, you can benefit from a reduced tax rate on your profits.

• For 2019, the long-term capital gains tax rates are 0, 15, and 20% for most taxpayers.
• If your ordinary tax rate is already less than 15%, you could qualify for the 0% long-term capital gains rate.
• For high-income taxpayers, the capital gains rate could save as much as 17% off the ordinary income rate.

Guide to Short-term vs Long-term Capital Gains Taxes (Brokerage Accounts, etc.) - TurboTax Tax Tips & Videos

Not all capital gains are treated equally. The tax rate can vary dramatically between short-term and long-term gains. Generating gains in a retirement account, such as a 401(k) plan or an IRA, can also affect your tax rate.

turbotax.intuit.com

.

Yes, long term capital gains are lower than short-term. The only issue I see is that very wealthy folks, meaning ones that are living off their daddy's trust funds, can pay less in tax(vs regular income tax rates) by selling stocks they have owned more than one year. I personally don't have a problem with this. These folks take money out to spend and invest. I don't envy them, but rather strive to get to that point myself. The left envies them all the while living in their parent's basement until they are 35.

 

[Penelope]

Everyone benefit from other people taxes.

They are not going to raise taxes on less than 400,000 , I think that is too much.

Very, VERY naïve.

Businesses pass the costs on to consumers, just like the meme in the op says. That's you.

That is what the problem is.

Yup ... the prob is too many self-absorbed twits like you who just can't think beyond their feelings. Reality doesn't care about your delicate sensibilities, Princess ... grow up.

View attachment 399647

I do and I have voted to raise taxes, but I think like I have said, it should be lower than 400,000.

 

[DBA]

Tax cuts for the ACA would affect the wealthy.
----------------------------------------
Killing The NIIT

Most tax cuts would come by killing the NIIT, which applies to income from capital gains, dividends, royalties, and some annuities. High-income households receive an outsized share of investment income.

The TPC's distributional analysis excludes premium subsidies, which technically are designed as tax credits but largely function as spending. These subsidies primarily benefit low- and moderate-income households who purchase insurance through the ACA’s marketplaces. Of course, by overturning the law, the Supreme Court not only would end the premium credits, it also would eliminate the health insurance the subsidies support.
--------------------------------

By Overturning the ACA, The Supreme Court Would Cut Taxes Substantially For High-Income Households

Last week, President Trump said the Administration will urge the US Supreme Court to overturn the entire 2010 Affordable Care Act. While the High Court...

www.taxpolicycenter.org

Define "rich". It is a very relative term.

 

[Penelope]

Long-term capital gains
If you can manage to hold your assets for longer than a year, you can benefit from a reduced tax rate on your profits.

• For 2019, the long-term capital gains tax rates are 0, 15, and 20% for most taxpayers.
• If your ordinary tax rate is already less than 15%, you could qualify for the 0% long-term capital gains rate.
• For high-income taxpayers, the capital gains rate could save as much as 17% off the ordinary income rate.

Guide to Short-term vs Long-term Capital Gains Taxes (Brokerage Accounts, etc.) - TurboTax Tax Tips & Videos

Not all capital gains are treated equally. The tax rate can vary dramatically between short-term and long-term gains. Generating gains in a retirement account, such as a 401(k) plan or an IRA, can also affect your tax rate.

turbotax.intuit.com

.

Yes, long term capital gains are lower than short-term. The only issue I see is that very wealthy folks, meaning ones that are living off their daddy's trust funds, can pay less in tax(vs regular income tax rates) by selling stocks they have owned more than one year. I personally don't have a problem with this. These folks take money out to spend and invest. I don't envy them, but rather strive to get to that point myself. The left envies them all the while living in their parent's basement until they are 35.

Things happen such as medical bankruptcy, most people do not want to live in their parents basements. Perhaps you tell me how someone , 2 making 10 bucks and hour can live in the US, not without the ACA. That is why the rich are yelling about the ACA.

---------------------------------------------That would be 41,600 for two people working 40 hours a week for 52 wks. Also with child care, children and the cost of kids, rent or mortgage, food, utilities, etc,

NOT in the USA.

 

[Penelope]

Tax cuts for the ACA would affect the wealthy.
----------------------------------------
Killing The NIIT

Most tax cuts would come by killing the NIIT, which applies to income from capital gains, dividends, royalties, and some annuities. High-income households receive an outsized share of investment income.

The TPC's distributional analysis excludes premium subsidies, which technically are designed as tax credits but largely function as spending. These subsidies primarily benefit low- and moderate-income households who purchase insurance through the ACA’s marketplaces. Of course, by overturning the law, the Supreme Court not only would end the premium credits, it also would eliminate the health insurance the subsidies support.
--------------------------------

By Overturning the ACA, The Supreme Court Would Cut Taxes Substantially For High-Income Households

Last week, President Trump said the Administration will urge the US Supreme Court to overturn the entire 2010 Affordable Care Act. While the High Court...

www.taxpolicycenter.org

Define "rich". It is a very relative term.

Individuals making over 125,000 or married couple making over 250,000.

 

[Norman]

So, how is all the new spending paid for... the non-functional Biden economy will be able to pay for it?

Unicorns?

 

[my2¢]

The top 25% of personal income tax filers already carry 86% of the total federal income tax burden.

Each time I see some form of that quote I'm aware it is based on taxable income which arouses my suspicion about our tax laws and who is influencing the definition of "taxable income" for us all. Plus, with the relatively low threshold on the maxing out of the Social Security tax, I sure would like to see how the figures (based on income class) stand in regards to payroll taxes.

 

[Remodeling Maidiac]

Everyone benefit from other people taxes.

They are not going to raise taxes on less than 400,000 , I think that is too much.

Ending Trumps tax cuts IS A TAX INCREASE ON EVERYONE.

There is a serious lack of common sense among you lefties