62.64%
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At what point does money leave?
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Odd piece, the way they intermingle state and federal taxes to make it sound like Biden’s plan takes us back to pre-Reagan era taxes..
But this:
Biden’s plan would raise the top individual income tax rate from 37 to 39.6%.
Just brings us back to 2017. Like Biden has been saying.
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https://www.nationalreview.com/2020/10/dire-rates-the-biden-tax-plan/
On the individual side, the top individual rate will rise to 39.6 percent. Biden advocates other increases in the top marginal rate through some additional measures. First, he phases out itemized deductions, which lifts the rate by about 1.2 percent (taking us to 40.9 percent). Then he removes the cap on the 12.4 percent Social Security tax (lifting the rate to 53.3 percent), with the capital-gains rate rising to equal the ordinary tax rate. This Social Security tax trick was already used before when Democrats removed the cap on the Medicare tax, so add the 3.8 percent from that to our rate to get up to 57.1 percent.
Think the 100 percent tax example was too extreme? Well, if you now consider that most Americans live in places with an income tax (with combined state and local rates climbing to above 15 percent in some locales), and factor in that you might have to pay 8.5 percent of income to pay for health insurance, then you can see how similar these proposed hikes are to my absurd example.
The plan does not end there, of course. The capital-gains rate for wealthy individuals is lifted to 39.6 percent (so get ready to sell everything in December if Biden wins). Biden even hacks away at retirement savings, ending the deductibility of IRA contributions and replacing that with a fixed credit.
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Lame-stream media.
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Seems like raising the Social Security tax to all salaries is something that both sides have talked about. I believe it is a “easy“ way to keep more money going into Social Security.
I think it is probably a good idea.
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Seems like raising the Social Security tax to all salaries is something that both sides have talked about. I believe it is a “easy“ way to keep more money going into Social Security.
I think it is probably a good idea.
@taiwan_girl said in 62.64%:
Seems like raising the Social Security tax to all salaries is something that both sides have talked about. I believe it is a “easy“ way to keep more money going into Social Security.
I think it is probably a good idea.
But it is a tax increase, and makes Biden's claim that "no one who makes less than $400K per year will see a tax increase" a
liedeception. -
Seems like raising the Social Security tax to all salaries is something that both sides have talked about. I believe it is a “easy“ way to keep more money going into Social Security.
I think it is probably a good idea.
@taiwan_girl said in 62.64%:
Seems like raising the Social Security tax to all salaries is something that both sides have talked about. I believe it is a “easy“ way to keep more money going into Social Security.
I think it is probably a good idea.
The easiest way to address that one, is to take the cap off.
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@taiwan_girl said in 62.64%:
Seems like raising the Social Security tax to all salaries is something that both sides have talked about. I believe it is a “easy“ way to keep more money going into Social Security.
I think it is probably a good idea.
The easiest way to address that one, is to take the cap off.
@taiwan_girl said in 62.64%:
Seems like raising the Social Security tax to all salaries is something that both sides have talked about. I believe it is a “easy“ way to keep more money going into Social Security.
I think it is probably a good idea.
The easiest way to address that one, is to take the cap off.
that is what I meant. Instead of social security tax stopping at (I think) ~ USD$120,000, have it go to all salary.
