ChemEngr79 Posted May 30, 2020 Report Share Posted May 30, 2020 (edited) 6 hours ago, Starkiller said: $400k is easily within the top 5% of incomes annually. And 35% is only the official number, not the actual tax rate wealthy people pay. That’s ignoring the top tax bracket has been ABOVE 90% before, too. FTFY Edited May 30, 2020 by ChemEngr79 Starkiller 1 Link to post Share on other sites More sharing options...
OILERMAN Posted May 30, 2020 Author Report Share Posted May 30, 2020 4 hours ago, Justafan said: Dems in this thread sound like (not saying they are or accusing anyone, just commenting on the overall tone) they want to raise taxes on the wealthy as a punishment for not providing them with the quality of life they believe they deserve. THAT, I am 100% in opposition of. You think people want wealthy people to pay their fair share of taxes as punishment because they are jealous? That's absolutely ridiculous. No1TitansFan 1 Link to post Share on other sites More sharing options...
OILERMAN Posted May 30, 2020 Author Report Share Posted May 30, 2020 They raised the limit on the estate tax from 5.5 a person to 11+ mill per person, so a married couple can leave 22+ mill untaxed. This basically ended it. Then they just made it where if you leave a 401k/IRA to your kids they have to withdrawal it all in 10 years. If you leave your kid 1 mill in a 401k he has to take out 100k a year, which is taxed at that kids tax rate. If you make 50k, you now make 150k and get taxed into oblivion. It really is a joke how they fuck over working people and do not tax rich people begooode, IsntLifeFunny, and ChemEngr79 3 Link to post Share on other sites More sharing options...
tgo Posted May 30, 2020 Report Share Posted May 30, 2020 16 minutes ago, OILERMAN said: The wealth tax proposal some have suggested isn't going to affect people like us, your 401k and IRAs are not going to get taxed extra from the wealth tax. Guess what suckers, your 401k is taxed at your normal tax rate, super rich people have large taxable accounts and get the capital gains rate. The entire tax code is set up for the rich. Trump's tax cut in 2017 was totally laughable in regards to giving massive breaks to the very wealthy. They tax the shit out of people with W-2 incomes and barely tax people with large amounts of wealth. Remember Romney released his returns and paid in the low teens, like 13 and 14% in taxes on his income. He didn't release earlier years that were likely single digits. I'd guarantee Trump has paid almost no income tax in years, although illegally. Which is why the capital gains rate should be what your normal tax bracket rate is. ChemEngr79, Starkiller, and OILERMAN 3 Link to post Share on other sites More sharing options...
Starkiller Posted May 30, 2020 Report Share Posted May 30, 2020 4 minutes ago, OILERMAN said: They raised the limit on the estate tax from 5.5 a person to 11+ mill per person, so a married couple can leave 22+ mill untaxed. This basically ended it. Then they just made it where if you leave a 401k/IRA to your kids they have to withdrawal is all in 10 years. If you leave your kid 1 mill in a 401k he has to take out 100k a year, which is taxed at that kids tax rate. If you make 50k, you now make 150k and get taxed into oblivion. It really is a joke how they fuck over working people and do not tax rich people But the working class get to save $100, so the GOP is looking out for them! OILERMAN, and IsntLifeFunny 2 Link to post Share on other sites More sharing options...
Pragidealist Posted May 30, 2020 Report Share Posted May 30, 2020 (edited) 6 hours ago, El Guapo said: I agree to disagree and will vote my interests as will you. And if Joe wins, taxes may be raised, depending on Congress. But there wont be enough money to pay for all the stuff... The point is many people vote for the interests of others and not just self. That’s not socialism- it’s called having morals and compassion Edited May 30, 2020 by Pragidealist rns90, and tgo 2 Link to post Share on other sites More sharing options...
thor Posted May 30, 2020 Report Share Posted May 30, 2020 58 minutes ago, OILERMAN said: Finally someone with a clue IT AIN"T YOU!!!!!!!!!!! Link to post Share on other sites More sharing options...
El Guapo Posted May 30, 2020 Report Share Posted May 30, 2020 7 hours ago, OILERMAN said: You think people want wealthy people to pay their fair share of taxes as punishment because they are jealous? That's absolutely ridiculous. https://www.forbes.com/sites/greatspeculations/2018/08/01/what-does-it-take-to-be-in-the-top-1-percent-not-as-much-as-you-think/#b96e45e2511c Fair share is still thrown around all the time but who decides that? I pay enough. You pay for all the shit that I not only disagree with as policy but sure as hell don't want to pay for. Link to post Share on other sites More sharing options...
El Guapo Posted May 30, 2020 Report Share Posted May 30, 2020 7 hours ago, OILERMAN said: The wealth tax proposal some have suggested isn't going to affect people like us, your 401k and IRAs are not going to get taxed extra from the wealth tax. Guess what suckers, your 401k is taxed at your normal tax rate, super rich people have large taxable accounts and get the capital gains rate. The entire tax code is set up for the rich. Trump's tax cut in 2017 was totally laughable in regards to giving massive breaks to the very wealthy. They tax the shit out of people with W-2 incomes and barely tax people with large amounts of wealth. Remember Romney released his returns and paid in the low teens, like 13 and 14% in taxes on his income. He didn't release earlier years that were likely single digits. I'd guarantee Trump has paid almost no income tax in years, although illegally. How much does Pelosi pay? Kerry? You always throw out conservatives, although Mitt is anything but. She makes less than 200k and is worth what 100 mill? You think her tax policy will take her money away? Link to post Share on other sites More sharing options...
OILERMAN Posted May 30, 2020 Author Report Share Posted May 30, 2020 Anyone that has the slightest understanding of the tax code can see wealth is under taxed while earned income is taxed fully. Making all forms of income(capitol gains) taxed at the regular rate and a wealth tax is more than reasonable. Bill Gates gave away like 30 bill in 2019, his net worth still increased 12 bill Starkiller 1 Link to post Share on other sites More sharing options...
OILERMAN Posted May 30, 2020 Author Report Share Posted May 30, 2020 9 hours ago, Starkiller said: But the working class get to save $100, so the GOP is looking out for them! House Speaker Paul Ryan deleted a tweet Saturday touting the GOP tax overhaul after critics called him out for appearing out of touch with the reality of low-income individuals' financial situations. The tweet shared the story of a secretary who, according to a report by the Associated Press, was "pleasantly surprised her pay went up $1.50 a week." "A secretary at a public high school in Lancaster, PA, said she was pleasantly surprised her pay went up $1.50 a week ... she said [that] will more than cover her Costco membership for the year," Ryan tweeted with a link to the full article. A basic Costco membership costs $60 a year. Starkiller 1 Link to post Share on other sites More sharing options...
El Guapo Posted May 30, 2020 Report Share Posted May 30, 2020 9 hours ago, Pragidealist said: The point is many people vote for the interests of others and not just self. That’s not socialism- it’s called having morals and compassion What interests of others are you talking about? Morals and compassion sound great- makes you feel good. Why does that involve taking hard earned money and giving it to someone else? No one is stopping you from giving more of your money away. Its easy talking about morals when you have no skin in the game. Link to post Share on other sites More sharing options...
WVTITAN Posted May 30, 2020 Report Share Posted May 30, 2020 Anyone who thinks Biden will try to make progressive changes are fooling themselves. WG53 1 Link to post Share on other sites More sharing options...
oldschool Posted May 30, 2020 Report Share Posted May 30, 2020 1 hour ago, WVTITAN said: Anyone who thinks Biden will try to make progressive changes are fooling themselves. His primary role will be in restoring integrity and normalcy to America both at home and abroad. I doubt he'll have much chance to do anything else. StephenIsLegend, ChemEngr79, and tgo 3 Link to post Share on other sites More sharing options...
Titans279 Posted May 30, 2020 Report Share Posted May 30, 2020 I think this article is basically pointless. It's a take for a takes sake. No one voted for Biden because of his "progressive" platform. No one expects this kind of agenda to get through a senate where Kyrsten Sinema and Joe Manchin have veto power. And I'll say again it doesn't really matter what his platform is if he ends up mostly hiring more moderate or conservative Dems to be in his administration. Link to post Share on other sites More sharing options...
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