Harris' tax proposals

[Katscratch]

Yeah and the original federal income tax was sold as only 1% for most people. You probably would have fallen for that one too.

The 16th Amendment was instituted in 1861 and it was a 3% flat tax: https://www.archives.gov/milestone-documents/16th-amendment

Are you amenable to change as times change?
Has the American standard of living, including the relative standard of disposable income and American standard of living, improved since then compared to other developed nations?

Do you have another nation's tax system that you prefer? If so, please name that nation. Because if you cannot name a better way, then you're just a grumpy old guy complaining.
Finally, you understand that the legislative branch passes tax legislation, not the Executive branch, right? Politicians propose stuff that has little to no chance of being implemented - that is normal.

 

[New Pal Boiler]

What year was that? The 16th Amendment was instituted in 1861.

Wrong.

 

[Katscratch]

Wrong.

Sorry - re-checked it. First federal income tax in 1861. 16th Amendment in 1909.

 

[tjreese]

Yeah and the original federal income tax was sold as only 1% for most people. You probably would have fallen for that one too.

and social security never used to be taxed. So the blob forces you to pay and if you work for an entity they pay the other 6 to 6.5% in addition to your percent taken and "IF" you live long enough to recoup some of your money that grew at a much lower rate than you would have grown the money...they then tax your money "returned" to you in monthly increments (time value of money) and call their financial raping a "benefit". Is there an end to the dems mostly in just how many taxes are enough?

 

[TheGunner]

The 16th Amendment was instituted in 1861 and it was a 3% flat tax: https://www.archives.gov/milestone-documents/16th-amendment

Are you amenable to change as times change?
Has the American standard of living, including the relative standard of disposable income and American standard of living, improved since then compared to other developed nations?

Do you have another nation's tax system that you prefer? If so, please name that nation. Because if you cannot name a better way, then you're just a grumpy old guy complaining.
Finally, you understand that the legislative branch passes tax legislation, not the Executive branch, right? Politicians propose stuff that has little to no chance of being implemented - that is normal.

USA prior to 2021

 

[Katscratch]

USA prior to 2021

Not so much:​

 

[boiler_89_]

So you truly do not know who this tax proposal applies to? Boilermaker03 would

Why wouldn't I? I paid the 25% when that was the top tax rate. A lot of people pay the top tax rate when they inherit property from their parents causing a massive tax event once sold. If it was 44.5% that would be devastating.

I'm not the one that doesn't know what they're talking about.

You should look up step-up basis.

 

[TheGunner]

Not so much:​

20% inflation tax, thanks Joe Biden

Biden’s 20 Percent Inflation Tax Costs American Families Over $17,000 Per Year | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

 

[Katscratch]

20% inflation tax, thanks Joe Biden

Biden’s 20 Percent Inflation Tax Costs American Families Over $17,000 Per Year | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

That isn't a tax. But yes, inflation was real and is not fun when it happens. I am pretty sure that Joe Biden was not the only one responsible for it, but it happened on his watch, so he owns it. Thank goodness that seems to have greatly subsided.

 

[Katscratch]

USA prior to 2021

Did you find it surprising that the top marginal tax rate in the USA prior to 2021 has been overwhelmingly higher than the top marginal tax rate since 2021?

 

[TheGunner]

That isn't a tax. But yes, inflation was real and is not fun when it happens. I am pretty sure that Joe Biden was not the only one responsible for it, but it happened on his watch, so he owns it. Thank goodness that seems to have greatly subsided.

It only subsides when salaries increases match the inflation. So over the past 3 yrs, inflation is up 20+%. Until everyone’s pay increases 20+%, it will be an issue. Because everyone wants more pay to keep pace with inflation, their pay will go and thus, companies will pass along their costs as higher prices. All of this results in “sticky inflation” and I doubt we stay under 2% consistently for another year or more.

 

[TheGunner]

Did you find it surprising that the top marginal tax rate in the USA prior to 2021 has been overwhelmingly higher than the top marginal tax rate since 2021?

It wasn’t from 2003 to 2012. And no one working today has faced a 50% tax rate unless they landed a high paying job out of school and are working past 65. The back and forth from 25-39.+% during the mid 80s to today is nothing more than the political parties bickering back and forth. Dems raise taxes to justify spending more (except Clinton who benefited from the tech boom) and Republicans just cut taxes when they get in office.

 

[tjreese]

That isn't a tax. But yes, inflation was real and is not fun when it happens. I am pretty sure that Joe Biden was not the only one responsible for it, but it happened on his watch, so he owns it. Thank goodness that seems to have greatly subsided.

in real life I don't think it has subsided at all... if you consider when he took office instead of starting at ground zero each year.