Biden's Tax Plan

[BigRedBuster]

35 minutes ago, Archy1221 said:

But keep in mind that roughly 50% of the population doesn’t even pay federal income taxes.  

Ahhhh...that old one liner that has been explained over and over again but Republicans keep trying to act outraged over these millions of working age people who are milking the system and not paying taxes.

 

 

[TGHusker]

21 minutes ago, Archy1221 said:

How do you give a tax cut to those who don’t pay federal income taxes?  That’s 45-47% of households right there. 

Follow the bouncing ball:   spending cuts - I didn't say tax cuts for those people.    Tax cuts benefit the upper crust, spending cuts affect the others.  How do you pay for tax cuts? - by implementing spending cuts.

[BigRedBuster]

How about we make sure everyone is paying their fair share and at the same time make sure the government is being as efficient with our money as possible.  No more projects like spending $110 million dollars per airplane.

 

Then, see how the budget falls out and make adjustments as needed to actually pay the bills.

[Archy1221]

22 minutes ago, BigRedBuster said:

Ahhhh...that old one liner that has been explained over and over again but Republicans keep trying to act outraged over these millions of working age people who are milking the system and not paying taxes.

 

 

1) is it false?

2) I never said I was outraged.  Maybe your projecting

3) never claimed people were milking the system.  Possibly more projection on your part

[BigRedBuster]

5 minutes ago, Archy1221 said:

1) is it false?

2) I never said I was outraged.  Maybe your projecting

3) never claimed people were milking the system.  Possibly more projection on your part

OK, usually this statistics is brought up by someone who is trying to act outraged over it.  

Is the statistic false?  It's at least very misleading until you dive into the numbers.  It's usually thrown out trying to make people think there are this huge percentage of working age people who aren't paying taxes.  In reality, it's only 4.7% of working age Americans that don't pay Federal Income taxes and most of the time, that's a one or two year thing and then they start paying again.

 

If that's not what you were trying to do with the statistic, OK.

 

So, correct me if I'm wrong, but to make the point you were trying to make, the 4.7% figure is more appropriate.

 

LINK

[Archy1221]

17 minutes ago, BigRedBuster said:

In reality, it's only 4.7% of working age Americans that don't pay Federal Income taxes

Your numbers are wrong even by your own source. 

[BigRedBuster]

2 minutes ago, Archy1221 said:

Your numbers are wrong even by your own source. 

I literally almost quoted the article word for word.

 

1. Of that 14.4% who pay no federal taxes, 9.7% are elderly, leaving only 4.7% who are working-age Americans paying no federal taxes

[Archy1221]

1 minute ago, BigRedBuster said:

I literally almost quoted the article word for word.

 

1. Of that 14.4% who pay no federal taxes, 9.7% are elderly, leaving only 4.7% who are working-age Americans paying no federal taxes

Ya, check out the bolded part and get back to me.  

[Archy1221]

6 minutes ago, BigRedBuster said:

I literally almost quoted the article word for word.

 

1. Of that 14.4% who pay no federal taxes, 9.7% are elderly, leaving only 4.7% who are working-age Americans paying no federal taxes

You are moving the goalposts now 

[Dr. Strangelove]

27 minutes ago, BigRedBuster said:

I literally almost quoted the article word for word.

 

1. Of that 14.4% who pay no federal taxes, 9.7% are elderly, leaving only 4.7% who are working-age Americans paying no federal taxes

@Archy1221 and yourself is not necessarily wrong.

 

Only a small few do not pay income tax. However, nearly 49% of Americans are tax liabilities. Meaning that after taking the standard deduction and claiming various tax breaks, they end up as a net liability.

[Archy1221]

28 minutes ago, Dr. Strangelove said:

@Archy1221 and yourself is not necessarily wrong.

 

Only a small few do not pay income tax. However, nearly 49% of Americans are tax liabilities. Meaning that after taking the standard deduction and claiming various tax breaks, they end up as a net liability.

@BigRedBuster’s article that shows 4.7% paid no federal tax is a total number of people who paid zero federal income tax AND zero payroll tax.  The number of people who pay a net zero (or receive money) federal income tax, which as you noted is much much larger.  Our discussion was and is on federal income tax rates which is why his numbers are wrong.  

[BigRedBuster]

17 minutes ago, Archy1221 said:

@BigRedBuster’s article that shows 4.7% paid no federal tax is a total number of people who paid zero federal income tax AND zero payroll tax.  The number of people who pay a net zero (or receive money) federal income tax, which as you noted is much much larger.  Our discussion was and is on federal income tax rates which is why his numbers are wrong.  

Ahhh....i stand corrected. 
 

the number is actually 11%. 
 

https://www.taxpolicycenter.org/taxvox/remember-47-percent-who-pay-no-income-taxes-they-are-not-who-you-think

 

Quote

Only 11 percent of those age 25-55 do not pay federal income tax 

Thanks for setting me straight.  

[Archy1221]

4 minutes ago, BigRedBuster said:

Ahhh....i stand corrected. 
 

the number is actually 11%. 
 

https://www.taxpolicycenter.org/taxvox/remember-47-percent-who-pay-no-income-taxes-they-are-not-who-you-think

 

Thanks for setting me straight.  

Do people between 20-25 or between 55-65 not have jobs?

[BigRedBuster]

7 minutes ago, Archy1221 said:

Do people between 20-25 or between 55-65 not have jobs?

A large portion of people younger than 25 are in college or making very little. Older than 55 start to retire. 
 

that’s why 25-55 is considered “working age”. 

[Danny Bateman]

22 hours ago, Danny Bateman said:

Seriously, based on what I read today, here is the broad outline of Biden's tax hikes:

 

• Increase corporate rate 
• Increase income tax on >$400K
• Increase estate tax
• Reduce tax benefits for pass-throughs and LLCs
• Increase capital gains tax

GOOD. If those are the priorities that make one a whacko tax-and-spend liberal out for wealth redistribution, well, I guess, count me in. 

 

10 hours ago, BigRedBuster said:

 

Here is where the Republicans need to wake up on taxes.  I'm right with them that people need to keep as much of their own money as possible.  But, when higher income people pay a lower effective tax rate than lower income people, that's just wrong.  Everyone needs to pay their fair share and being able to work the system as an upper income person, needs to stop.  Tax rates don't necessarily need to change that much. 

 

Where Republicans have excelled is convincing low income people to protect upper income people from having their income taxed similar to their own.

 

Well said BRB. I think most people here would agree with this.

I get if people like @JJ Husker directly have their livelihood impacted by some of these changes because of their specific business situations.

 

But just as a real-world example for me, I worked for two employers last year and had a long layoff with a move in between wherein I drew unemployment benefits. I went to do my taxes tonight. Since I chose not to withhold on the UI, it ate up my refund pretty substantially. But then I get a notification from my software that due to the American Rescue Plan passing, they will be implementing changes affecting UI and will affect my return. I looked it up and it looks like they included a provision to shield the first $10,200 UI per taxpayer from taxable income.

 

So the comparison is Dems passing a tax break which will directly affect the money in my pocket vs. the GOP railing against what I listed above and trying to convince me it's a big deal to me.

 

Stuff like this is why it's been easy to vote almost exclusively D. There's two groups and it's pretty clear there's one who does stuff to benefit people like me and one who doesn't.