What's new
By:
Filters

Biden's Tax Plan

JazzMan4Life

JazzMan4Life

Well-Known Member
Contributor
I've had a couple of discussions with my friends and family where many people believe that if Biden is elected, their taxes will rise.
I am under the assumption that if you make less than 400K per year, not much will change (with exceptions, of course).
This is the info I'm using: https://taxfoundation.org/joe-biden-tax-plan-2020/

Am i wrong? Anything other arguments for or against?
 
JazzMan4Life said:
I've had a couple of discussions with my friends and family where many people believe that if Biden is elected, their taxes will rise.
I am under the assumption that if you make less than 400K per year, not much will change (with exceptions, of course).
This is the info I'm using: https://taxfoundation.org/joe-biden-tax-plan-2020/

Am i wrong? Anything other arguments for or against?
Click to expand...
This is how I have always understood it.
Kinda try to get it back closer to how it used to be in the good old days when only one parent had to work. The wealthy paid hella taxes back then and it helped the rest of the country.
And guess what? The wealthy still liked being wealthy and didn't take their wealth to another country.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
 
fishonjazz said:
This is how I have always understood it.
Kinda try to get it back closer to how it used to be in the good old days when only one parent had to work. The wealthy paid hella taxes back then and it helped the rest of the country.
And guess what? The wealthy still liked being wealthy and didn't take their wealth to another country.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
Click to expand...
Wealthy people are generally pretty smart, at least when it comes to money. They tend to look for ways to protect and grow their wealth. If you make it more advantageous for them to locate their companies overseas they do. When Trump lowered taxes overall tax revenue went up. It sparked the economy and incentivized wealthy people to invest in America. If taxes are increased I hope you will not find it surprising if wealthy people once again look for the best places to put their money. My guess is that they would once again begin investing a larger portion of it overseas.
 
Joe Bagadonuts said:
Wealthy people are generally pretty smart, at least when it comes to money. They tend to look for ways to protect and grow their wealth. If you make it more advantageous for them to locate their companies overseas they do. When Trump lowered taxes overall tax revenue went up. It sparked the economy and incentivized wealthy people to invest in America. If taxes are increased I hope you will not find it surprising if wealthy people once again look for the best places to put their money. My guess is that they would once again begin investing a larger portion of it overseas.
Click to expand...

I would very much like to see the actual data on this because I've heard both sides of the story from smart people so I don't know what to believe. Any links with factual data would be appreciated.
 
fishonjazz said:
This is how I have always understood it.
Kinda try to get it back closer to how it used to be in the good old days when only one parent had to work. The wealthy paid hella taxes back then and it helped the rest of the country.
And guess what? The wealthy still liked being wealthy and didn't take their wealth to another country.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
Click to expand...

Serisouly, where are the wealthy going to go? All these other "socialist" countries that tax even higher than the US? I've always been confused as to where they would actually go.
 
Joe Bagadonuts said:
Wealthy people are generally pretty smart, at least when it comes to money. They tend to look for ways to protect and grow their wealth. If you make it more advantageous for them to locate their companies overseas they do. When Trump lowered taxes overall tax revenue went up. It sparked the economy and incentivized wealthy people to invest in America. If taxes are increased I hope you will not find it surprising if wealthy people once again look for the best places to put their money. My guess is that they would once again begin investing a larger portion of it overseas.
Click to expand...
Wonder why they were so dumb 20-30 years ago.


Sent from my ONEPLUS A6013 using JazzFanz mobile app
 
Beer said:
Serisouly, where are the wealthy going to go? All these other "socialist" countries that tax even higher than the US? I've always been confused as to where they would actually go.
Click to expand...
They will make their own country I guess.
Just like the nba players are going to make their own league.
Ya, no.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
 
We really need to just let the 1% in our country do whatever they want out of fear of them taking their money and leaving to another country.

I mean if they are committing crimes, just look the other way. We don't want them to leave! Do whatever they say. And let them do whatever they want. That should be the plan. I'm sure they will help the country in their own way out of the kindness of their hearts.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
 
fishonjazz said:
We really need to just let the 1% in our country do whatever they want out of fear of them taking their money and leaving to another country.

I mean if they are committing crimes, just look the other way. We don't want them to leave! Do whatever they say. And let them do whatever they want. That should be the plan. I'm sure they will help the country in their own way out of the kindness of their hearts.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
Click to expand...
If you will read Unlimited Wealth by Paul Pilzer then I will buy you dinner and we can talk about it. Consistently feeding your brain good information like that will change your life in ways you cannot yet imagine.
 
Joe Bagadonuts said:
What are you talking about?
Click to expand...
You are saying that if we raise taxes on the rich then they will be smart and leave the US.
I'm asking if the rich were dumb 20-30 years ago when we taxed them much higher and they didn't leave.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
 
fishonjazz said:
You are saying that if we raise taxes on the rich then they will be smart and leave the US.
I'm asking if the rich were dumb 20-30 years ago when we taxed them much higher and they didn't leave.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
Click to expand...

This is another horse **** class warfare myth. According to Forbes over 85% of the billionaires in this world still live in their country of birth.

Actually the people leaving the country right now are mostly young lower/middle class - many of them to escape student loan debt. They're mostly under employed or recently unemployed and not married and/or have no kids - so getting up and leaving is easier for them.

As for Biden's tax plan as a whole - historically speaking it's mildly progressive. The Top 5% will see their taxes go up. Everyone else will be the same or their taxes will go down. Getting rid of the cap on SSI tax is just common sense if we want to have any chance of saving social security. And while the corporate tax rate and higher tax brackets will also see an increase, they'll still be much lower by historical standards. Just look at the top tax rates during Truman, Eisenhower, etc...
 
Last edited:
fishonjazz said:
You are saying that if we raise taxes on the rich then they will be smart and leave the US.
I'm asking if the rich were dumb 20-30 years ago when we taxed them much higher and they didn't leave.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
Click to expand...
I am not saying that they will leave the US. I'm saying that their money will leave the US. This is not speculation.
 
candrew said:
This is another horse **** class warfare myth. According to Forbes over 85% of the billionaires in this world still live in their country of birth.

Actually the people leaving the country right now are mostly young lower/middle class - many of them to escape student loan debt. They're mostly under employed or recently unemployed and not married and/or have no kids - so getting up and leaving is easier for them.

As for Biden's tax plan as a whole - historically speaking it's mildly progressive. The Top 5% will see their taxes go up. Everyone else will be the same or their taxes will go down. Getting rid of the cap on SSI tax is just common sense if we want to have any chance of saving social security. And while the corporate tax rate and higher tax brackets will also see an increase, they'll still be much lower by historical standards. Just look at the top tax rates during Truman, Eisenhower, etc...
Click to expand...
Can you explain why the tax revenue went up when Trump cut taxes? Do you consider higher government revenue a good thing or a bad thing?
 
Joe Bagadonuts said:
I am not saying that they will leave the US. I'm saying that their money will leave the US. This is not speculation.
Click to expand...

Wel then who cares if we raise taxes on the rich. They are already hiding their money currently. Doesnt matter how low or high they are taxed. They will continue to be as greedy as possible and cheat the system. Real patriots


Sent from my iPad using JazzFanz mobile app
 
You must log in or register to reply here.

Share this page

Top