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Biden's tax plan will lead to a combined rate
of as high as 62% for those making more
than $400k in some states - the highest
increase in three decades, tax group claims

Original Article

Posted By: Imright, 10/20/2020 10:44:27 AM

The highest earners in the states of New York, New Jersey and California could end up facing a combined state and federal tax rate of 62% under Democratic presidential nominee Joe Biden's tax plan, in what would be the highest tax rate implemented in more than 30 years.The high rate would affect those earning more than $400,000 whilst those earning below that level would likely receive tax cuts, according to the Tax Foundation, a low-tax advocacy group.The analysis does not reflect what people pay in reality, because it does not include any tax dedications, offests or credits, which people all routinely claim and which lead to the effective tax rate.

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Reply 1 - Posted by: Jethro bo 10/20/2020 10:50:46 AM (No. 578444)
Remember the bad old days when Democrats attacked millionaires only? It was always the millionaires that were money grubbing and evil and putting the common people down and needed to pay their fair share. Now it looks like the sub half millionaires are a big problem. Wonder how long it will be before Dems define down evil wage-earners to included the burger flippers working for a 'living wage'?
6 people like this.

Reply 2 - Posted by: Chuzzles 10/20/2020 11:10:28 AM (No. 578471)
Gotta pay off the deadbeat blue states who run through money like water through a broken dam. #1, Antifa/BLM already defines minimum wage job holders as evil for holding those jobs and helping evil corporations make money.
2 people like this.

Reply 3 - Posted by: Clinger 10/20/2020 11:12:44 AM (No. 578475)
Please keep two essential concepts in mind: 1) Any tax increase will result in lower taxes collected 2) Taxes that are placed on others and not directly on you, find their way to you Biden recently repeated the lie that Trumps tax cuts led to increasing debt. NO they correlated to increasing debt. The tax cuts led to record levels of taxes collected. The only way for these indisputable facts to coexist is for spending to have outpaced the increased revenue. We can't allow ourselves to remain ignorant and incapable of presenting essential facts because things get a little wonky. The Laffer curve is very real. The concept that a tax on our neighbors is a tax on us is more difficult to explain. People react. Businesses asked to pay higher taxes will seek to preserve their real returns on their efforts and investment and pass that on to consumers. When exposed to global competition that means less business and less jobs for Americans. Individuals also have choices. How they react impacts all of us. The singling out of certain high earners is an easy sell and suckers people into thinking it won't affect them, when it absolutely will. This is essential knowledge.
5 people like this.

Reply 4 - Posted by: paral04 10/20/2020 11:24:09 AM (No. 578490)
This is slavery.
3 people like this.

Reply 5 - Posted by: RuckusTom 10/20/2020 11:24:38 AM (No. 578492)
Come work for me for a $1 a day. That's not as much as you'd make working for a millionaire, but it's a job - since they won't be hiring anymore because they're paying your salary in taxes if Biden wins.
4 people like this.

Reply 6 - Posted by: Starboard_side 10/20/2020 11:26:32 AM (No. 578494)
Everyone needs to stop trying to rationalize the 62% rate, and let it linger instead. Trump should be able to make some headway here even though Biden likely will want to pounce on the false allegation of Trump only paying $150 one year. Even the rapper 50 Cent, stated he's voting for Trump after hearing about the Biden plan. Let the low-flow voters react in similar manner.
2 people like this.

Reply 7 - Posted by: DVC 10/20/2020 12:26:09 PM (No. 578569)
Very bad for job creation to have these high tax rates. Senator Phil Graham, Texas, retired, once said, "No poor many ever hired me." Yep, a critical point when the left spouts about getting even with "the rich" by taxing them into the poor house.
1 person likes this.

Reply 8 - Posted by: Dino Sayer 10/20/2020 12:33:01 PM (No. 578576)
And that’s only based on what Joe Biden admits to. Chances are he would say oh boy things are worse than I thought, you all get tax hikes.
1 person likes this.

Reply 9 - Posted by: padiva 10/20/2020 1:06:07 PM (No. 578618)
Dem goal is to have the government provide everything for the people. Republicans believe that people should (learn) to take care of themselves.
2 people like this.

Reply 10 - Posted by: ConservativeYogini 10/20/2020 1:19:29 PM (No. 578633)
One flaw in thinking that raising taxes will result in more money for govt to spend is that people who work hard to make their money will be very disincentivized to work so hard to give it to the govt. So they will work hard up to the cut-off ($400K) and then stop. Or they will move their taxable wealth creating out of the country. These wealth creators aren't stupid.
3 people like this.

Reply 11 - Posted by: JHHolliday 10/20/2020 1:49:39 PM (No. 578660)
Those states mentioned will then see a real outflow of their tax paying residents. And if anybody thinks that the four hundred thou number will stay there is dreaming. The high earners will leave, tax revenue will drop and then they will rope in the $300,000 people. Tax revenue will fall even lower and now the 200 grand folks will get a dose of the 62% confiscation, then....we’ll you get the idea.
2 people like this.

Reply 12 - Posted by: ARKfamily 10/20/2020 1:56:09 PM (No. 578664)
So the Biden family can milk millions and millions from wherever they want and Joe Biden has heartburn with someone making more than $400 thousand. What a hypocrite.
1 person likes this.

Reply 13 - Posted by: smokincol 10/20/2020 2:43:54 PM (No. 578697)
this is not slo jo's plan! he hasn't had a plan since he decided to steal his wife Jill from her husband. really do not see what she see's in him. he's a bigger philanderer than ted kennedy, who also had a really great woman who made the mistake of marrying the POS.
0 people like this.

Reply 14 - Posted by: ColonialAmerican1623 10/20/2020 10:54:00 PM (No. 579113)
Like the Faux Squaw, that's the amount just over what they make; ie the President earns $400k. Too bad if taxpayers do.
0 people like this.

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