Biden says no tax increases for incomes under $400k- It's not true.

Discussion in 'Elections & Campaigns' started by DentalFloss, Oct 13, 2020.

  1. LangleyMan

    LangleyMan Well-Known Member

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    Biden said he wouldn't increase taxes on people making less than $400,000 per year, ergo he would keep the Trump tax cut for those folks.
     
  2. LangleyMan

    LangleyMan Well-Known Member

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    It's part of the solution to this...

    E4FF00BF-39D3-4EFB-9C0E-D337D0109D18.jpeg
    Boring propaganda.
     
  3. LangleyMan

    LangleyMan Well-Known Member

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    You should stop pushing this propaganda about Powell, and by extension about economists generally. They understand the argument you're advancing and see some issues you apparently don't.

    Debt is the way we some people to postpone consumption without having to ration goods and services.
     
  4. JET3534

    JET3534 Well-Known Member

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    I learned about the Democrats not taxing the middle class during the Bill Clinton administration. At the time I made something like $66,000 a year and had to pay Alternative Minimum Tax, a for of tax designed to stick it to rich people.

    My prediction is that in the future Democrats will go after retirement accounts, because as the constantly tell us the gains of Wall Street are for the rich people.
     
  5. LangleyMan

    LangleyMan Well-Known Member

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    You tell that to indigent old folks in skilled nursing, people calling on the police to protect them from predators, and all of us relying on our military to protect us from aggressive foreign nations.
     
  6. Kode

    Kode Well-Known Member

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    Right. So is the Democratic Party really a "working class party"? Hell no. Both parties are devoted first to the top and most powerful capitalists. The DNC is just much more willing to preserve capitalism by handing out crumbs to the working class. Unfortunately it fool too many people.
     
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  7. Kode

    Kode Well-Known Member

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    I really don't care about Biden's plans for taxes. At this moment the main, overarching issue is the elimination of Trump and landing him in court for his crimes. He's planning to skip the country if he loses, probably planning to make Russia his destination, and I hope authorities move quickly to detain him as a flight risk.
     
  8. Kode

    Kode Well-Known Member

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    That's how the top 0.1% multiplied their income while keeping the median income flat for 40 years. It's time to turn that around and take back lots of that lost income. The top tax bracket should be 90% with no deductions, and income above $300,000k/yr should be taxed at 60% with brackets in between. Then the money should be used to stop the hemorrhaging of home foreclosures that are resulting from unemployment due to COVID. The unemployed should be given about $3,000/month until this mess is resolved. They helped make the top capitalist so rich; it's time to get it back when the people so desperately need it.

    Oh! And am I pressing for my own benefits from this? Nope. My income in retirement is such that I can put away about $1,000/month while living in a $700,000 home that is PAID FOR, and eat all organic foods and buy anything I want. So I'm well enough off. But most aren't and they need help.
     
  9. LangleyMan

    LangleyMan Well-Known Member

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    You were well over the median income in the 1990s. Are you saying the taxes should have been paid by people making more than $66,000 and that Democrats sold out to rich folks?
     
  10. yabberefugee

    yabberefugee Well-Known Member Past Donor

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    One thing you might add.....Corporate taxes being raised to the highest anywhere, go directly to the consumer and stockholders. That is the hidden tax that we ALL pay. Quite a shame that is hidden under the facade we are getting "even" with evil rich people. Also consider the fact savvy businesses will take their business es to other countries.
     
  11. yabberefugee

    yabberefugee Well-Known Member Past Donor

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    Government ought not to dispense charity. That is a private endeavor. The bill of rights dictates we have a right to own property. It should not be confiscated to make people more "equal".
     
    Last edited: Oct 19, 2020
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  12. JET3534

    JET3534 Well-Known Member

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    I was not rich at the time. I was middle class. I lived in a middle class neighborhood. I worked for a living. I paid a tax designed for rich people. My point is I don't trust Democrats not to raise taxes on the middle class. Does your median income stat include people who don't work? Yes at the time $66,000 was a good income. It was not the income of a rich person.
     
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  13. Bluesguy

    Bluesguy Well-Known Member Donor

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    Me>> Try again do you believe the role of the tax system to equalize incomes by taking from one person and giving to another?

    What's how? How did the top 0.1% take money from you? And do explain how taking that capital our of the markets will grow the economy and create jobs? What sane person would put their money up for such risk knowing that they will only retain 10% of any growth? What successful country has ever been successful using your tax rates. But you demonstrate the classic liberal folly, tax everything into oblivian and when there are no jobs put everyone on government subsistence and then we can be like Venezuela or Cuba. And how about you giving 90% of your $1,000 you are putting away and let's tax your house at 90% every year.
     
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  14. Bluesguy

    Bluesguy Well-Known Member Donor

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    Really? You just said in another thread
    Oh good grief did you fall for that MSM hysteria, he was JOKING at a campaign rally and you better watch out there is more evidence about Biden landing in court for his and his families crimes.
     
  15. Bluesguy

    Bluesguy Well-Known Member Donor

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  16. Horhey

    Horhey Well-Known Member

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    You may need to reread what I said. They're not going to raise taxes on anyone including billionaires.
     
  17. Bluesguy

    Bluesguy Well-Known Member Donor

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    Sure I'll tell them, the Federal Government is not responsible for you local police or nursing and nowhere does the Constitution authorize federal charity. It DOES explicitly authorize national defense, that is not charity.
     
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  18. Bluesguy

    Bluesguy Well-Known Member Donor

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    He said on day one he would eliminate the Trump tax rate cuts. Trump drastically but the middle and lower income groups taxes. And BTW his $400,000 level is not indexed for inflation so every year it will dive deeper into the middle class. And those higher taxes on the higher incomes will absolutely affect the lower incomes as those businesses which pass through taxes to personal incomes pass that tax increase on to their customers.
     
  19. JET3534

    JET3534 Well-Known Member

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    Well I will add my personal story. The last year I worked I earned close to $300,000. I worked long hours that affected my health and commuted to and from Washington DC every day. I forget the exact numbers, but one year I paid over $90,000 in income tax. So I said to hell with it and stopped working My standard of living has not changed a bit and now I never get up before 10 AM -- whereas I used to get up at 4:30AM. My point is this. People don't work to give large amounts of money to the Government They work to receive the benefits of their labor. The same obviously applies to investing capital and taking risks. We have a global economy and capital can be invested accordingly.


    I have two questions:

    1. Do you think the economy is a zero sum game.

    2. What moral right does the government have to take more money (as a percentage) from successful people than they doi from unsuccessful people?

    3. If you want to help people why not do it directly with your money - or do you just want to help people with someone else's money.
     
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  20. JET3534

    JET3534 Well-Known Member

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    I have to wonder how many Americans have ever taken an economics class of any kind. For this people your post might has well have been written in Greek.
     
  21. Bluesguy

    Bluesguy Well-Known Member Donor

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    "and general Welfare of the United States". In the Constitution that's the FEDERAL GOVERNMENT not the PEOPLE and if you read the entire clause it spells out those obligations and duties which must be paid for and it's not about the PEOPLE.

    They don't "claim" it they earn it and when people are most able to act in their own self interest then we have the most freedom and liberty and thus the adequacy of the Constitution to foster that and what has made us the most economically power nation in history at least until recent times when liberals and progressives have attempted to make us a government dependent peoples unable to act in our own self interest.


    Yes, hint poverty doesn't cause crime, it's the other way around and yes we do a good job of catching criminals and bringing them to justice why would you want anything less you think we should just let criminals roam the streets a prey on the law abiding citizens?

    Oh yea like Cuba has eliminated poverty. And how has China increased the wellbeing of it's citizens the last few decades, by moving more towards capitalism and freer markets, they got a long way to go but if you want to give up your freedoms and liberty and go live in the land of milk and honey as you seem to think is China feel free.

    Well when you start at near the bottom.............. and they have done so by adopting more free market and capitalistic economic polices NOT more communisms and socialism.

    Not compared to us and they are doing so through the private sectors.
     
  22. XploreR

    XploreR Well-Known Member

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    Biden says no tax increases for incomes under $400k- It's not true.
    I disagree. One prominent theme throughout the 2020 campaign, & for ALL the candidates, was the starkly unfair tax system that favors the wealthy. Bernie Sanders burned the issue into the minds, hearts & souls of most Democrats. I don't believe the members of the Democratic party or the Democratic voters themselves would tolerate raising taxes on the lower incomes again. I believe Biden really wants & will pursue raising taxes on those making over $400,000., & raise taxes on corporations to the tune of about 28% as he's stated.
     
  23. TOG 6

    TOG 6 Well-Known Member

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    As Englishmen, with all the rights and privileges of their cousins back home, the founders' and framers' view on the proper role of government derived directly from the common experience and expectations of all such Englishmen - they inherently possess certain unalienable rights; among said rights are Life, Liberty and the pursuit of Happiness, that to secure these rights, governments are instituted among men, and any such government receives its just powers from the consent of the governed.

    Nowhere in their history or legal/political understanding of the releationship between the government and the people is found -any- idea that the "proper role of government" is to "provide for the common welfare" -- and so it is impossible for the framers to discard such a notion.

    Thus, your claim here is unsupportable nonsense
     
  24. LangleyMan

    LangleyMan Well-Known Member

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    The idea government can be paid for by rich people, or even mostly by the rich, is flat out dumb, but so, too, is the idea a guy making less than the median wage should pay the same percentage as someone making $200,000+.

    Democrats will likely raise taxes eventually on at least the upper-middle--say, $150,000 per year family income--while Republicans will try to cut government services or income disbursements (Social Security, Medicaid, etc.).

    Any middle-class person who relies on his labor for income and thinks he'll be better off under Republicans is dreaming.
     
  25. TOG 6

    TOG 6 Well-Known Member

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    The inadequacy you claim does not exist, as the Constitution deals with every situation in the manner deemed proper by the people who wrote and ratified it -- certain powers belong to the federal government, and the rest to the states, as supplied by their constitutions.
    In this, there's -no- governmental need that cannot be properly addressed at one level or the other, including "individuals that can no longer make their own way".
    At some point, the Chinese people will demand freedoms the state will not allow, and they will fall into another civil war.
    Such is the nature of enlightenment.
     

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