Why I hate Biden's tax plan on the rich

[Deleted member 546149]

Now before I start let me say that I do not endorse Biden nor Trump, I don't give a damn about either candidate. What I do notice about one of these candidates is that they have a destructive tax plan that will destroy America. What is the plan, to tax the rich. Now that may not seem very bad but let me explain. You see, Mr.Biden acts like the rich owes the government something for being successful in life. Even if they do, how much is the question? 37 to 39 percent tax increases will come to those making over $400K a year. Now Mr.Biden suggests this will help America but it won't. People who work in industries that pay no more than $400k a year will no longer want to work in that industry because they will be treated like they work $20k a year so they will quit that job, if everyone does so then no one will work in that industry. Also, high-paid CEOs will no longer want to be rich since their taxed so much, and those who want to be rich one day will forget it. Thanks to Biden since many will leave those jobs no one will do it meaning the economic system is fucked if this tax plan happens

 

[Xzi]

Also, high-paid CEOs will no longer want to be rich

Lmao, not sure how to respond to that one. Let me put it to you this way: after their second house and yacht, a lot of rich people would no longer know how to live if they weren't rich.

$400K+ a year, you're living the good life in America, even in most coastal states. Trump cut their taxes in half, so they can afford to pay "regular" rates again. In our most prosperous decades as a country, the top tax bracket was between 70% and 90%. Nobody needs as much money as Bezos, he couldn't spend it in a million lifetimes. Maybe he's hoping to digitize himself or become immortal some other way, IDK.

 

[Deleted member 546149]

Lmao, not sure how to respond to that one. Let me put it to you this way: after their second house and yacht, a lot of rich people would no longer know how to live if they weren't rich.

$400K+ a year, you're living the good life in America, even in most coastal states. Trump cut their taxes in half, so they can afford to pay "regular" rates again. In our most prosperous decades as a country, the top tax bracket was between 70% and 90%. Nobody needs as much money as Bezos, he couldn't spend it in a million lifetimes. Maybe he's hoping to digitize himself or become immortal some other way, IDK.

However, will there be a rich anymore. With these taxes, it would be impossible to have that lifestyle. If your Bezos that's fair but for millionaires, not billionaires.

 

[SG854]

WiiMiiSwitch what are you doing in the politics section causing trouble.

Get back to the EOF this instant! Now!
You got yourself into big trouble young man.

 

[Deleted User]

Didn't expect to find you here, like, at all

 

[Xzi]

However, will there be a rich anymore. With these taxes, it would be impossible to have that lifestyle. If your Bezos that's fair but for millionaires, not billionaires.

Nonsense, the rich will keep getting rich and the poor will keep getting poorer, that's the way the system's designed. Even if/when Biden raises their taxes, they can afford expensive tax lawyers to reduce their rate to a fraction of what's advertised.

 

[Deleted member 546149]

WiiMiiSwitch what are you doing in the politics section causing trouble.

Get back to the EOF this instant! Now!
You got yourself into big trouble young man.

Oh no! I talked about politics. I hate politics what am I doing here? I have to go back to using the caps lock key and yelling about my polls. What have I done! I've made a huge mistake!

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Didn't expect to find you here, like, at all

I KNOW WHAT HAPPENED TO ME

 

[osaka35]

However, will there be a rich anymore. With these taxes, it would be impossible to have that lifestyle. If your Bezos that's fair but for millionaires, not billionaires.

Not how US taxes work.

It is NOT: once you make 400k, all of your income is suddenly taxed at 37-39%.
It IS: once you make 400k, all income made BEYOND 400k gets taxed at 37-39%.

But really, if they aren't going to bother closing the loopholes that allow them to pay less than what they should, somehow I doubt the higher tax bracket for incomes over a certain amount is going to do much.

 

[Deleted member 546149]

Nonsense, the rich will keep getting rich and the poor will keep getting poorer, that's the way the system's designed. Even if/when Biden raises their taxes, they can afford expensive tax lawyers to reduce their rate to a fraction of what's advertised.

I don't mind 5 to 10 percent tax increases for the rich, however, Biden is discriminating against them for their success. It's honestly sad. Instead of the rich who spent years of dreaming getting richer, they get poorer. I've always disagreed with that saying because the poor can be rich with hard work, but this makes me feel bad. I grew up in a poor family, but this still makes me sad how they treat the rich

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Not how how US taxes work.

It is NOT: once you make 400k, all of your income is suddenly taxed at 37-39%.
It IS: once you make 400k, all income made BEYOND 400k gets taxed at 37-39%.

But really, if they aren't going to bother closing the loopholes that allow them to pay less than what they should, somehow I doubt the higher tax bracket for incomes over a certain amount is going to do much.

Well, fake news for me, but still, my sayings can still work because it could be a slight difference like $400,100 for example

 

[Xzi]

Well, fake news for me, but still, my sayings can still work because it could be a slight difference like $400,100 for example

Then only that $100 will have 39% taken out of it. That's how progressive tax brackets work.

 

[Deleted member 546149]

Then only that $100 will have 39% taken out of it. That's how progressive tax brackets work.

I can't argue with that, however, I still believe the rich shouldn't be discriminated

 

[Xzi]

I can't argue with that, however, I still believe the rich shouldn't be discriminated

My friend, the rich are the closest thing we have to royalty in capitalist America. Donald Trump was elected solely because he was rich (or perceived to be). They're the ones who get the lower classes to discriminate against each other in order to avoid a proletariat unified against them. Simply put: feeling bad for the top 10-15% of "earners" is a waste of your time. They took the vast majority of their wealth from the excess value generated by workers lower down on the chain. Or they were born into it and never did an honest day's work in their lives.

 

[SG854]

The Rich also gets all the Women

 

[Deleted member 546149]

My friend, the rich are the closest thing we have to royalty in capitalist America. Donald Trump was elected solely because he was rich (or perceived to be). They're the ones who get the lower classes to discriminate against each other in order to avoid a proletariat unified against them. Simply put: feeling bad for the top 10-15% of "earners" is a waste of your time. They took the vast majority of their wealth from the excess value generated by workers lower down on the chain. Or they were born into it and never did an honest day's work in their lives.

Well, imagine you worked hard your entire life then the government gives you the middle finger. Also, it's deadly for economics as less may take the job

 

[Xzi]

The Rich also gets pays for all the Women

FTFY.

Well, imagine you worked hard your entire life then the government gives you the middle finger. Also, it's deadly for economics as less may take the job

If you actually worked hard to earn your wealth, you should want to give others the opportunity to do the same. We can't even afford to repair our crumbling roads and infrastructure without the rich paying their fair share in taxes. If all our bridges start collapsing around the same time, that would be deadly for economics.

 

[Deleted member 546149]

The Rich also gets all the Women

OH YEAH, ANOTHER REASON NOT TO TAX THEM. THE WOMAN

 

[SG854]

IDK about CEO'S not wanting to be rich. They still wanna be rich. Taxing them higher won't stop that. And they do it through tax loopholes and putting their money in secret off shore bank accounts lol.

 

[Deleted member 546149]

IDK about CEO'S not wanting to be rich. They still wanna be rich. Taxing them higher won't stop that. And they do it through tax loopholes and putting their money in secret off shore bank accounts lol.

I'm going back to the edge. I hate politics

 

[SAIYAN48]

Do you know why taxing the rich is a good thing? It's so scum like Moscow Mitch don't get to make $53/min.

 

[Deleted member 546149]

Do you know why taxing the rich is a good thing? It's so scum like Moscow Mitch don't get to make $53/min.

Do you know why taxing the rich is a good thing? It's so scum like Moscow Mitch don't get to make $5/min.

I agree with taxing the rich just not overdoing it