Biden Set to Unveil Plan Increasing Taxes on Wealthy

Apr.26 -- President Joe Biden will provide details this week on his plan to increase taxes on the investments, income, and estates of the wealthiest Americans. Bloomberg’s Marty Schenker reports.

[walterheisenberg]

Those liars always say only the rich will pay more. They don't but we do.

[InventiveHarvest]

Due to the economic effect of incidence, it doesnt matter who you tax. Because of elasticity of demand, poor people will end up paying the tax through the price mechanism.

[p.s.]

Taxing death during a pandemic is insensitive, ill advised and across the board a bad idea.

[RobertJones-zrom]

Raise taxes ☑️
Take guns ☑️

Wait a seen this before....

[johnmccombs]

His attack on pipelines and fossil fuels has hit the pocketbooks of the poor. The poor need to drive to work with gasoline up 30-40%. And, fuel costs drive up the cost of trucking groceries which poor people eat. He's just started. It will get worse!!

[rockcreekoutdoors]

maybe take away the riches tax breaks instead of raising the tax they don’t pay anyway.

[beverlykelly]

@ md... if you think the tax reform is only going to affect billionaires then you're in for a surprise. I don't make a billion, not even close, but I'm very, very, shall we say, good.

[beverlykelly]

What is he thinking? Some of us really struggled to get here. We earned it. Nonone gave it to me and Biden thinks I'm supposed to support Tom, dick and Mary? Why? This is so unfair!

[painkillerjones]

Last time Clinton did this, several long-term American companies collapsed, or moved to another country. We're lucky to still have a boating industry in the USA.

[postholedigger]

The taxes that affect working people are virtually non existent for wealthy people. The middle class flat tax (FICA) is actually around 13% for working people. One half shows up on your pay stub and the 1/2 the company pays is deducted from your pay before you are paid. The process is called norming. In contrast, a person who makes 60 million dollars a year pays about 1/400th of one percent; virtually zero. The middle class wealth tax (property tax) can easily be 10% for a working person. For a billionaire living in a mansion, even though the dollar amount of tax seems high, the percentage impact against their overall wealth is virtually zero. Every single non federal income tax tax adds up and comes to about 30% for working people and virtually zero for wealthy people. Working people usually nave to live in states that have state income tax. That is where the jobs are. Wealthy people can establish a place of residence in states that have no state income tax (Texas, Florida etc.) and are exempt from state income tax in the states where they actually make their money. Big ticket items such as country club dues, jet airplanes, limousines, yachts, etc. are listed as business expenses and are generally exempted from sales tax. If a working person buys a fishing rod they can't write it off and get a tax break. A billionaire can buy a golf course and write of the entire expense.

The only tax that has any effect on the wealthy is the US Federal Income Tax. Unfortunately, when raising or lowering "taxes" is discussed, that is the only tax that is referred to. Nobody ever discusses lowering the price of traffic tickets which are taxes aimed directly at working people. The wealthy should not be required to pay more but they should be required to pay the same percentage the non wealthy have to pay. The 30% non federal income tax taxes should be factored into the total tax obligation based on the total financial compensation.
david

[michaelriches]

40 percent. Bull xxit. I don't care who you are. Almost 1/2 to the government. We are not slaves! Replace the government with an AI program.

[kentrlau]

woohoo, finally get the chance to pay my fair share!

[beverlykelly]

@purple dinosaur... are you confused? Just so you know, I'm black, so what the hell are you talking about?

[hiimpeyton]

Did you know ice cream isn’t taxed? Can someone tell me why. It’s fucking ice cream. Instead of increasing taxes that already exist, we should start taxing stuff like that. But I’m yet to see anyone on either side say this because this country’s political system is trash

[BL-nojp]

It’s past time the rich corporations cough up their wealth to do business in this country. If they don’t like it, let em sell their cheap goods where nobody has the money to pay for what they want for nothing in return.

[chriskuhz]

Full speed ahead for biden. Is uhm what's the thing hey you now the guy he's there with the dude and the thing we do and thats what it is come on Hey...