Biden Plan Will Raise Taxes on the Middle Class

[Grokmaster]

SO MUCH FOR THE NEVER-ENDING "TAX CUTS FOR THE RICH" TRUMP TAX PLAN LIES:


Biden Plan Will Raise Taxes on the Middle Class



President Biden’s promise to raise taxes only on the richest Americans cannot possibly be upheld if he is successful with the centerpiece of his tax plan. That, of course, is to repeal the Tax Cuts and Jobs Act (TCJA) passed during the Trump administration. The primary effect of the TCJA was to reduce taxes for Americans in the bottom 80 percent of the income distribution. Put another way, the top 20 percent of earners were the only ones who did not get a tax cut under the TCJA. Americans earning between about $40,000 and $80,000 per year benefited most from the TCJA, and millions of others at the lowest income levels were taken off the tax rolls altogether.


President Biden, along with House and Senate Democrats, have pledged to reverse all that.

For example, the president vows to eliminate the so-called “stepped-up basis” rule for inherited property. The president refers to this as a “loophole” that allows the rich to game the system. It is no loophole. In fact, it is a specific rule of law under Internal Revenue Code §1014. This law was not a part of the TCJA. It has been on the books since 1954 but is only now under attack by Democrats looking for ways to take more of your money.

Here’s how it works.



Suppose your parents own a home worth $200,000. They purchased the home decades ago for, say, $50,000. If they gift the home to you prior to their passing, your basis in the home is the same as theirs: $50,000. That means if you sell the home for its current value of $200,000, you must pay capital gains tax on the profit of $150,000 — the difference between basis and sale price.

By contrast, if you inherit the home after their death, your basis is equal to the fair market value of the property as of the date of death — in this example, $200,000. See: Code §1014(a)(1). Now if you sell the property for $200,000, there is no capital-gains tax because there’s no gain (sale price minus basis equals gain).


(etc...etc)

https://www.yahoo.com/news/biden-pla...103004546.html


2022 IS JUST AROUND THE BEND....

[Grokmaster]

BIDEN IS LYING ABOUT HIS TAX PLAN...JUST LIKE HE'S LYING ABOUT THE BORDER, THE GEORGIA VOTER LAW, HIS SON AND CHINA...ETC.ETC...

[Grokmaster]

THE NPresident Biden’s promise to raise taxes only on the richest Americans cannot possibly be upheld if he is successful with the centerpiece of his tax plan. That, of course, is to repeal the Tax Cuts and Jobs Act (TCJA) passed during the Trump administration. The primary effect of the TCJA was to reduce taxes for Americans in the bottom 80 percent of the income distribution. Put another way, the top 20 percent of earners were the only ones who did not get a tax cut under the TCJA. Americans earning between about $40,000 and $80,000 per year benefited most from the TCJA, and millions of others at the lowest income levels were taken off the tax rolls altogether.


President Biden, along with House and Senate Democrats, have pledged to reverse all that.




THE MIDDLE CLASS, WHO GOT THE LARGEST % TAX CUT UNDER THE TRUMP PLAN, WILL TAKE THE BIGGEST % TAX INCREASE WHEN BIDEN ENDS IT.

[Mr.Badguy]

The taxes WILL ALREADY INCREASE STARTING NEXT YEAR dumbass, it was built into Trump's tax plan. Https://taxfoundation.org/no-stealth...n-biden-taxes/

Trump's tax swindle and trickle down in general should be thrown in the trash bin of history as the failure it has always shown itself to be.

[LV426]

The taxes WILL ALREADY INCREASE STARTING NEXT YEAR dumbass, it was built into Trump's tax plan. Https://taxfoundation.org/no-stealth...n-biden-taxes/

That's right.

Conservatives built a tax increase on the bottom 99% into their tax cut.

[Wolverine]

The taxes WILL ALREADY INCREASE STARTING NEXT YEAR dumbass, it was built into Trump's tax plan. Https://taxfoundation.org/no-stealth...n-biden-taxes/

Trump's tax swindle and trickle down in general should be thrown in the trash bin of history as the failure it has always shown itself to be.

So you are saying it should remain in place correct?

[LV426]

So you are saying it should remain in place correct?

Not at all...the 2017 Russia Tax Cut should be completely repealed, as should the 2003 Bush Tax Cuts, the 2001 Bush Tax Cuts, the 1997 Corporate Gains tax Cut, and every tax cut during Reagan.

Tax cuts destroy economies.

[Geeko Sportivo]

SO MUCH FOR THE NEVER-ENDING "TAX CUTS FOR THE RICH" TRUMP TAX PLAN LIES:


Biden Plan Will Raise Taxes on the Middle Class



President Biden’s promise to raise taxes only on the richest Americans cannot possibly be upheld if he is successful with the centerpiece of his tax plan. That, of course, is to repeal the Tax Cuts and Jobs Act (TCJA) passed during the Trump administration. The primary effect of the TCJA was to reduce taxes for Americans in the bottom 80 percent of the income distribution. Put another way, the top 20 percent of earners were the only ones who did not get a tax cut under the TCJA. Americans earning between about $40,000 and $80,000 per year benefited most from the TCJA, and millions of others at the lowest income levels were taken off the tax rolls altogether.


President Biden, along with House and Senate Democrats, have pledged to reverse all that.

For example, the president vows to eliminate the so-called “stepped-up basis” rule for inherited property. The president refers to this as a “loophole” that allows the rich to game the system. It is no loophole. In fact, it is a specific rule of law under Internal Revenue Code §1014. This law was not a part of the TCJA. It has been on the books since 1954 but is only now under attack by Democrats looking for ways to take more of your money.

Here’s how it works.



Suppose your parents own a home worth $200,000. They purchased the home decades ago for, say, $50,000. If they gift the home to you prior to their passing, your basis in the home is the same as theirs: $50,000. That means if you sell the home for its current value of $200,000, you must pay capital gains tax on the profit of $150,000 — the difference between basis and sale price.

By contrast, if you inherit the home after their death, your basis is equal to the fair market value of the property as of the date of death — in this example, $200,000. See: Code §1014(a)(1). Now if you sell the property for $200,000, there is no capital-gains tax because there’s no gain (sale price minus basis equals gain).


(etc...etc)

https://www.yahoo.com/news/biden-pla...103004546.html


2022 IS JUST AROUND THE BEND....

EVERYTHING IN YOUR POST IS A FUCKING LIE!

WHAT A LIAR! WHAT A TRUMPTARD!

[Grokmaster]

EVERYTHING IN YOUR POST IS A FUCKING LIE!

WHAT A LIAR! WHAT A TRUMPTARD!

YEAH. SURE IT IS.

AND THEN THERE'S THIS:


Would Biden’s Tax Hike Really Spare the Middle Class? Nope

Raising the corporate levy would hurt ordinary workers, not just people earning $400,000-plus.

President Joe Biden is reportedly considering the first major tax increase in several decades. It won’t be clear whether higher taxes are worth paying until more is known about the spending programs they would finance.

But it’s not too soon to say that at least one aspect of Biden’s approach doesn’t add up: The promise to leave middle-class taxpayers alone.

A top White House economist made clear on Monday that Biden doesn’t want to impose costs on anyone earning less than $400,000 per year. At the same time, the White House is likely to push for a higher corporate tax rate. These goals are incompatible. If the corporate rate goes up, it will reduce the incomes of the middle class.

The corporate tax rate was lowered from 35% to 21% as part of the 2017 tax law. Biden is said to be considering an increase to 28%. Tempting though it is to wish that faceless entities like corporations would shoulder the burden, sparing individuals the pain, in reality corporate taxes are always financed by people. The only question is which ones.

A higher corporate rate lowers the after-tax return on additional investment. Less investment makes workers less productive, which in turn makes them less valuable. If workers are less valuable, then businesses will reduce efforts to attract and retain them, putting downward pressure on starting salaries and restraining wage growth. So the burden of the corporate tax increase would fall on workers in the form of lower wages.




https://www.bloomberg.com/opinion/ar...e-middle-class

[Grokmaster]

Many tax cut provisions, especially income tax cuts, will expire in 2025,


LIE SOME MORE FUCKHEADS....