independent study concluded that 97% of the tax increase under Biden's plan would be paid by the top

[riversedge]

An independent study concluded that 97% of the tax increase under Biden's plan would be paid by the top 1% and that there will be no tax increase for the bottom 90%. And it would raise up to $3.7 trillion over 10 years. This is how a tax proposal should look.

Link to tweet

?s=20

Link to tweet

?s=20

[ProfessorGAC]

1. Wow! This Seems To Mean...

...that Biden's commercials are telling the truth!!! A political ad telling the truth? Must be a democrat!

[jaxexpat]

2. Yeah, and naive (read that "honest and faithful") enough to think people still want the truth?

or can even tell the difference. Must be a Democrat!

[OldBaldy1701E]

3. There are Democrats AND rethugs in that 1%

If you think either side of that 1% aisle are going to suddenly accept this... well... there is this bridge...

[betsuni]

4. What are you talking about?

"There are Democrats AND rethugs in that 1%. If you think either side of that 1% are going to suddenly accept this ... well .. there is this bridge ... "

What? Both sides? No rich people can be Democrats? WTF.

[OldBaldy1701E]

7. I am not sure what you are asking...

I am saying that the wealthy in this country are from both parties. The wealthy in this country have had many issues over the years, and plenty of time to step up when they happen. The wealthy (with one or two exceptions) on both sides have not done so. This pandemic is the latest issue to come up, but it is not the first one to appear that really needed the corporate/capitalistic machine to slow the hell down so the people can recover... not just one or two rich folks but everyone. The reality remains, based on my 5+ decades of life, that the nobilit... excuse me... the wealthy are not ever going to be all in for anything that endangers their supposed power and wealth. Regardless of their political affiliation. The disparity in income and the tweaking of our society to only favor those who play this greedy game is proof enough.

[betsuni]

9. Democrats believe in Democratic issues, otherwise they'd be Republicans.

Duh.

[OldBaldy1701E]

14. I think you are missing my point...

but that's okay. We will see what happens once Biden proposes the legislation.

[SMC22307]

16. "Group of wealthy Americans write open letter asking to be taxed more"

From June 2019:

https://thehill.com/blogs/blog-briefing-room/news/449975-a-group-of-rich-americans-write-open-letter-asking-to-be-taxed

From July 2020:

'Tax us. Tax us. Tax us.' 83 millionaires signed letter asking for higher taxes on the super-rich to pay for COVID-19 recoveries
https://www.businessinsider.com/millionaires-ask-tax-them-more-fund-coronavirus-recovery-2020-7

There are more articles out there if you care to do some research. We outnumber the 1% greatly. Make sure you get people to the polls, mailbox, and/or ballot box to vote for Democrats.

[OldBaldy1701E]

25. So I see

According to the figures I am finding on Google, Wikipedia and so on, there are around 428 billionaires (with a B) in this country. Based on the number mentioned in the first article, 4.7% of them want to be taxed more. According the the information, there are 11 million millionaires in this country. Based on the number mentioned in the second article, 0.0008% of them want to be taxed more. Helpful. History has enough examples of what happens when the commoners threaten the wealthy's money to worry me about any attempt to make the upper crust pay their fair share.

I know that we 'outnumber' the 1%... we even outnumber the 3%, which is the percentage of Americans earning over 1 million last year. I plan to do what I can to remove that spoiled little rich boy and his entire cabal from our government. But, I am not going to stop demanding a more equitable society, regardless of who is in charge. Ever.

[oldsoftie]

5. $370 Billion a year. Nowhere near whats needed to pay for what we want passed.

You cannot fund a complete govt by merely taxing 1% of the population.
No one wants to admit it
We want European public programs but refuse to look at how they PAY for them.

[OldBaldy1701E]

8. Considering how much is concentrated in that 1%

I am willing to find out whether it will work or not.

[PSPS]

11. "You cannot fund a complete govt by merely taxing 1% of the population"

First, that statement, taken literally, isn't what is being proposed. But I presume that you mean that the revenue shortfall that inhibits the ability to fund a properly-functioning federal government can't be achieved by increasing taxes on the top 1%, and this is demonstrably false.

The deficits we're dealing with today, like virtually all of the other systemic maladies we have, had their genesis during the reign of Reagan. One of his first actions was to cut the top tax bracket by 2/3. That's when the US turned from the largest creditor nation to the largest debtor nation. And we have suffered as a country ever since, 40 years ago. The very presence of billionaires reflects a failing society.

[oldsoftie]

13. Please show how its "demonstrably false".

You CANNOT raise enough money raising taxes only on the top 1%. Even if you had a wealth tax. It will NOT raise enough. No accurate accounting shows that it will. I'm not against the rich paying MORE, i'm just realistic about what we get.
The Op even shows it. 370B a year is just over a 10% increase in revenue of our current (deficit) budget. And that ignores even TRYING to pay down the Nat debt (which trump said he'd pay OFF!!)

[Turin_C3PO]

15. We're already deep in debt

might as well go further by funding good programs.

[oldsoftie]

18. So we just throw our hands up & say "good luck!" to everyone under 40.

At least you're honest!

[Turin_C3PO]

22. Don't put words in my mouth.

[oldsoftie]

24. You said "might as well go further (in debt) by funding good programs". Whats the difference.

I'm already broke, I may as well run up my credit cards!

Someday someone has to pay. But not us!

[PSPS]

21. I did

To put it in clearer detail, here you go:

Top marginal federal income tax rates:

Pre-Reagan = 70%
Post-Reagan = 28% (a 60% decrease)

(A "marginal tax rate" is the tax on only those earnings over a specific amount, not all of the earnings. Lesser amounts are taxed at a lower rate.)

Nobody expects the debt to be paid off instantly but the yearly deficit can be reversed to a surplus and the debt paid off over time by undoing at least part of the republican subterfuge. And don't forget that there's about $23 trillion in untaxed earnings hidden in offshore accounts.

[oldsoftie]

23. Pre-Reagan there were also a ton more deductions. Nobody paid 70%.

Its just like when people refer to the rates of the 1950s before JFK reduced the rates. Hardly ANYONE paid those rates or anywhere near them because of deductions. Rates dont matter, people will find a way NOT to pay over a certain amount.

Putting the nat. debt aside, the 2020 deficit is over 3 trillion dollars. These increases in the OP would only cover 10% of the DEFICIT; before even trying to pay for new programs. As for your offshore earnings number I think you need to move a decimal. I believe its more like 2.3T.
Then we have to consider that many people pay zero into the income tax system. We have nothing like the tax systems of Europe, where EVERYONE pays; either thru income taxes or VAT taxes. Emulating their revenue collections are really the only way this ever has a chance at working. We want what they have but just wont accept how it needs to be paid for.

[calimary]

6. Well? Isn't it their turn now?

This really isn’t that hard. ANY pre-schooler can understand this one.

The haves and have mores were all escorted to the front of the line. They got to be first. They got nice big generous tax cuts first.

So, now, it’s SOMEBODY ELSE’s turn to move up to the front of the line. Like all those lower down on the money scale, who REALLY need the help, and need it RIGHT NOW, and were left at the end of the line. They had to wait. Now those who got, last time, get to move to the end of the line, themselves.

Now, THEY can wait. And since the rich have all done just fine during the pandemic, THEY’RE best-suited to take one for the team now.

Seems only fair.

[shawn703]

10. Is he going to get rid of Trump's "blue state" tax?

The cap on SALT deductions? That’s what has screwed me when he gave himself and his cronies a tax cut.

[roamer65]

17. If he doesn't, there should be revenge on the taker states.

Cutting federal funding down to the amount they send to DC, on a yearly basis.

[ihas2stinkyfeet]

12. when the 1% dont pay, the 99% do. and in forms you cannot cheat your way out of.

like property and sales taxes.
the 1% can shop elsewhere or be like tax cheato and walk out of cartier w an empty box and get their diamonds routed through new jersey. but those property taxes are harder to cheat on.
tho he manages anyway, most cant.
and payroll taxes that are harder still.

[oldsoftie]

19. Which is why we need a national sales tax. Cant evade it.

There's a reason counties across the country pass sales tax increases to fund programs; they WORK.
I'm SO tired of seeing wealthy people get out of paying the proper taxes simply because they dont get a W2 or 1099. And its so easy its pitiful.

[Wounded Bear]

20. Why do you think Repubs hate it so much?