Biden Vows to Raise Taxes on Anyone Earning Over $400,000

[DonViejo]

Source: Bloomberg


By Nancy Cook and Jennifer Jacobs

March 17, 2021, 8:26 AM EDT Updated on March 17, 2021, 10:04 AM EDT

White House is beginning to reveal details of economic plan

Biden said tax hikes were unlikely to receive GOP support

President Joe Biden said anyone earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy.

“Anybody making more than $400,000 will see a small-to-a-significant tax increase,” Biden said during an interview on ABC’s Good Morning America that aired Wednesday. “You make less than $400,000, you won’t see one single penny in additional federal tax.”

Biden acknowledged that he was unlikely to receive support from Republican lawmakers for any type of tax hike, but said he would get Democratic votes.

The president’s remarks, taped on Tuesday during a visit to Pennsylvania, show the emerging outlines of his next economic proposal. Buoyed by the passage of the $1.9 trillion Covid-19 relief bill, Democrats are now planning for an even more ambitious legislative package to fund infrastructure, child- and elder- care and fighting climate change.

Read more: https://www.bloomberg.com/news/articles/2021-03-17/biden-vows-to-raise-taxes-on-anyone-earning-more-than-400-000

[jorgevlorgan]

1. It's about damn time

Now if we can just get the highest marginal tax rate to pre reagan levels, we will have made progress!

[Yeehah]

2. Thank you President Biden for taking the side of the working man

in the class war.

[nykym]

3. Well that's all well and good BUT

When are they going to address the regressive tRUMP tax that is killing the rest of us.

[marble falls]

7. Raising taxes on incomes over $400,000 ought to dent the exPresident*'s tax disaster.

[nykym]

8. I am for raising taxes on those making over $400k but not reinstituting things like

deducting donations, mortgage, medical and so on that the small fingered vulgarian OK'd do nothing to alleviate the burden on the middle class.

[marble falls]

10. I am against tax deductions for art contributions to museums. And I teach art ...

... fine art has turned into a slick tax dodge for the super wealthy. They get buildings named after them for dodging taxes.

But all those deductions existed before the vulgarian showed up by over a half century.

Having made enough to itemize my returns of the past, I found I had to have over $8,000 in bills to be worth deducting. Mortgage interest is something the middle class uses an awful lot, too.

What I DO NOT want is flat tax. I want graduated taxes, with an EFFECTIVE rate of at least 35% for the wealthiest. I want corporations taxed in the US for money made and deposited elsewhere.

[nykym]

11. Agreed!

we lost so much in the way of deductions,since the tax bill passed that we are getting hit harder and harder to make up the difference.

[JustABozoOnThisBus]

26. I sort of like our public municipal art museums.

If not for charitable deductions, that art would simply hang on rich people's walls, unavailable for field trips, or just aimless wandering.

[PoindexterOglethorpe]

18. We still have the mortgage interest rate deduction. That never went away.

Have no idea why you'd think that it's still not around. As for medical deduction, your medical costs have to be some significant percentage of your income for that to kick in. I sincerely hope I never have such expenses.

I'm getting $900 back from my federal taxes (everything I paid in last year) thanks to installing solar panels several years ago. I'm happy for that deduction.

I'm one who benefits mightily from the much larger standard deduction. I don't have enough stuff to itemize, so I'm very happy.

[Trueblue1968]

25. i would go for a TAX hike for anyone making over 1/2 million ..... $500 K

[twodogsbarking]

4. Tax code is absurd

Scrap it and start over.

[marble falls]

6. This tax code or all tax codes?

[Lonestarblue]

9. I don't know that you can scrap it, but it definitely needs to be simplified.

There are so many loopholes for big business and the wealthy that only their tax accountants truly know about. And definitely laws for real estate development need to be changed. Trump showed us that he was able to pay no taxes for years. At the least, there should be an alternative minimum tax. I got caught in that little nightmare for a few years, and it infuriated me because I made just enough to have to pay a lot more in taxes. Meanwhile people like Trump paid no taxes.

Even though I have benefitted from the mortgage tax deduction, I’m beginning to think that it is unfair. In many areas, houses are so expensive that young people, and especially minorities,,never have the opportunity to buy a property and share in that tax advantage.

But I understand the urge to just start all over and get rid of the junk. Perhaps Malcolm Forbes was on to something with his flat tax ideas, though it would need to be graduated rather than his plan to take billionaires at the same rate as those making poverty wages. It would be interesting to see how things would change if no one had deductions, just a flat rate on whatever they earned.

[marble falls]

5. If he makes this happen, it'll be a miracle.

[JohnSJ]

13. While this could be done through reconciliation, I am not sure every Democrat in the Senate will be

on board

[marble falls]

15. Too many wealthy in Congress. Campaign chests may be free speech, but they say a lot of bad things.

[JohnSJ]

16. True, but I think more of an influence would be big money PAC's directed at them to vote against

this

[marble falls]

19. That PAC money becomes their wealth: they promote themselves with it, even steal it.

Why would the same tool that corrupted them not corrupt us? It becomes the battle of bigger and bigger and more and more PACs. Too much money in the campaigns from sources not directly impacted by specific offices is a big, rather huge problem and the answer is not more money, it's less money.

[NurseJackie]

12. Whew! It ain't us.

[greenjar_01]

14. Good

[piddyprints]

17. I'm all for it.

And I would be if I made over $400K.

The big question is if he can get it done? And the second big question is what happens in the next election if he does?

[PoliticAverse]

20. What happens in the next election if he doesn't? n/t

[Warpy]

21. For once, I won't have to pay increased taxes

people on the bottom have had to pay them since Reagan, taxes like property taxes, state taxes, sales taxes, OASDI, license fees, and a dozen other ways they've floated the government on our backs.

I would love to see the Reagan tax scam scrapped and a return to post Depression progressive taxation. Reaganomics worked exactly the way we sour lefties said it would back in 1980--extreme wealth for the few, misery for everybody else.

[vsrazdem]

22. Anyone making over 33,000 a month should be paying more in taxes.

[IronLionZion]

23. Might get more support for raising capital gains taxes than income

I support a raise in income tax rates but doubt we'd get enough senators to pass it.

Meanwhile, the capital gains rates are pretty low. It's 15% for $80,000-$441,450 and 20% for more than that for single filers. The wealthy have been making a killing off the stock market a hell of a lot more than income. Trump's tax cuts and stimulus have mainly lifted stock prices and dividends. Raise those rates to match the income rates, and we can see some shrinking deficits that Republicans claim to care about only when Dems are in charge.

https://www.irs.gov/taxtopics/tc409

[Salviati]

24. I'm glad that they're citing actual income levels

Rather than just saying "The top x% of incomes"

With an actual dollar amount, people can instantly see where they are relative to that, and how much more income that represents than what they're making now. With the "Top X%" phrasing, in this country, people are naturally going to assume that they are higher up than they really are. It's been something that has bugged me for decades about the messaging...