Biden to Unveil Tax Plan to Raise Revenues on Those Earning At Least $400,000

The rich shouldn’t be too afraid of Joe Biden’s tax plans. It’s the really rich who should be getting nervous.

The U.S. president is set to unveil a tax package on Wednesday that promises to raise revenues from those earning $400,000 or more a year. But executives and professionals making over $500,000 annually already pay relatively high tax rates.

What has potentially far greater ramifications is that Biden and Democrats in Congress are threatening to target a much wealthier group — the growing number of Americans with fortunes starting in the tens of millions of dollars — who often pay lower tax rates than many middle-class families.

Biden, along with Bernie Sanders and other members of Congress, have floated plans to end a long list of sometimes-obscure deductions, exclusions and loopholes that are favorites of the 0.1%. If some of this passes, it will transform how the very wealthy manage their portfolios and pass on their assets to future generations.

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[Loenthall]

Make no mistake: at the end of the day it will be the middle class (or rather, what's left of it) that will pay through the nose.

[jax]

I’m so sick of taxes! I pay so much in damn taxes. The government doesn’t represent me anymore. It’s theft! It’s bs.

[andysauro]

The truly rich don't pay taxes. This will affect upper middle class. Those without corporations to divest. This will prevent average Americans from moving upward.

[BruceWaynge]

Hes blatantly robbing people hes not even trying to hide it anymore 😂

[somewhatdamaged]

The middle class always ends up paying for it in the long run.

[jdwfenton]

As the Democrats spend spend spend, prices go up up up, and the value of our dollar goes down down down.

[Rightwingcommentremoved]

Looks like I can expect the rich to raise all the prices on everything I consume

[sandrabrown]

And businesses will move out of the U.S. taking our jobs with them.

[wowthatsbs]

“They’d rather the poor were poorer, so long as the rich are less rich “

[colliswilliams]

If the FED can print money out of thin air, why does the government need to raise taxes?

[leonskum]

80% dislike
20% like

This dude didn't get anywhere near 80 million votes.

[jrodeo]

I'm assuming that politicians will be exempt from this plan?

[HLTrizzay]

Still don’t understand how anyone can logically justify because someone makes more money it should cost them more to be a citizen. Even if you didn’t increase their taxes they already pay more than a vast majority.

[TheJuRK]

"As long as the big guy gets his 10%."

[mariejones]

Take 10 minutes and google the net worth of all of them and ask yourself how they got that rich? Yeah ok

[doctorstrangelove]

I knew it was coming soon they will realize 400k does not generate enough money and start looking at lower brackets 300, 200 and eventually 100 k and lower.

[rabbit-tcwv]

Everyone loves that stimulus until taxes, inflation, debt crisis and depression come around.

[ivorkovac]

...and the nightmare resumes. I guess I won't be getting a raise from my employer anytime soon, and once more my cost of living is going to go up.

[neverlandcalling]

Threshold just misses all of their government salaries...

[ZeroChillInc]

I like how they act that the tax raise won't be pushed on the working class.