When will the Administration address paying the Bill for COVID-19?

[WarGamer]

Many European countries (recently the UK) are announcing new taxes.

COVID cost the Treasury somewhere in the $3-4T neighborhood.

Being a Fiscally responsible adult...

This means we MUST increase receipts to the Treasury.

Many options (pick one or more):

1) 5% Wealth Tax (one-time) with 1% annually. (The UK Wealth Commission recommends this)

2) Levy a special VAT tax for a set period of time... 5 or 10 yrs.

3) Restructure Tax brackets.

Top bracket, currently 37% to 50%

4) Tax Capital Gains as regular income. Why should a plumber get taxed more in actual WORK than a dude riding in a golf cart sucking up a profit because Tesla went up that morning?

5) "Per Transaction" Wall Street fees.

6) Tax Corporations on their income, not profit.



For me... this is NOT negotiable.

The Tax System in this country is the ROOT of all problems.

NO ADMINISTRATION should be coddling the wealthy to the detriment of the average American.

[marble falls]

1. Easy. Cancel the next FMB or aircraft carrier. Cancel the F-35 program.

[WarGamer]

2. EXCELLENT start.

[StClone]

3. And the planned Atomic Arsenal Modernization

[marble falls]

4. Put it on the list!

[PSPS]

5. There's at least $23 trillion in un-taxed earnings in offshore accounts.

[brush]

6. Thanks for your concern. And shouldn't you also ask how...

we're going to pay for the 1.7t tax cut for the wealthy three years back that added so much to the deficit but aided mostly the rich? How about the Iraq war also, another republican money drain of billions where greenbacks, cash, were shipped to Iraq by the pallet load and immediately disappeared? Some probably in diplomatic pouches and duffel bags sent back to the States.

[mvd]

7. I agree that debt shouldn't always be a concern

Let’s at least wait until the pandemic is winding down to give it much thought. Though some of those ideas are good for a continued government for all the people: I like a 50% top tax rate, a wealth transaction tax, cutting defense, and looking at what we are spending overseas - really all of the above are interesting ideas.

[demtenjeep]

8. yes

I am tired of these

"concern" people

[littlemissmartypants]

9. Welcome to DU, WarGamer. nt

[WarGamer]

23. tyvm... nt

[MichMan]

11. Pres. Biden would get pummeled if he did that and raised taxes

He pledged multiple times that no one making under $400,000 would get a tax increase.

The increase in the standard deduction from the last tax cut made my taxes go down significantly, since I haven't itemized in well over a decade. If it was rescinded, my taxes would go up and I am far from anywhere near $400,000

[Fullduplexxx]

13. Trump's tax plan will raise taxes on the middle class

This is not a Middle Class tax plan. The richest 5 percent of taxpayers collectively get 50% of the tax cuts in 2019; in 2027 the top 1% will get back $9,090 on average in tax cuts; more than six times the average amount everyone else will get combined.
One in 3 taxpayers face a tax increase in 2027. In 2019 28.8 million taxpayers will pay more in taxes or see no difference; that number grows exponentially by 2027, when 29% of taxpayers will face a tax hike. By 2027, 61 million people will pay more or the same in taxes (50 million will pay more). The bottom three income brackets receive a net INCREASE in taxes by 2027, while the top 1% continues to receive an average tax cut of $9,090.
People in 19 states will see their federal taxes rise by 2027. The states with the biggest net increase are Florida, North Carolina, Louisiana, Idaho and Maine.
Foreign investors get a bigger share in this tax plan than U.S. taxpayers. In 2027, $22 billion of the tax cuts go to foreign investors; compared to the $8 billion in net benefit to all U.S. taxpayers.
The tax provision (AMT) that cost Donald Trump $31 million in 2005 is gone through 2025. This means the super-wealthy will be more likely to be able to use loopholes to avoid paying taxes altogether.

It should be an easy sell

[MichMan]

15. What about 2024 and all those under $400k whose taxes will go up?

Remember what happened to Bush 1 when he said "Read my lips, no new taxes" ? He lost. Joe said no one making under $400,000 will have their taxes go up.

There are a lot of lower income people that got a big tax cut due to the increased standard deduction that will see their taxes go up if the 2017 tax cut is eliminated.

Do you think they give a damn about the AMT or SALT deductions?

[mvd]

16. There's no doubt those tax cuts disproportionally favored the rich

It was bad policy and should go. If you are so worried about what Repukes might say, and I am not, Biden already said he may not repeal all parts of that massive giveaway.

[mvd]

12. That would also put corporate taxes closer to where they belong

So another good thing about repealing it. The cuts overwhelmingly went to the rich. Biden won’t push any new increases for the middle class - this is just reversing bad policy.

[WarGamer]

22. Here's the problem

If the Corporation claims no profit, pays no taxes.

Very easy for Corporations to get out of taxes.

Tax them on Gross Income.

[SmartVoter22]

14. You forgot the Estate Tax

Every inheritance, regardless of how the wealth was accumulated in the first place or how Congress wants to define it's legal definition, is actually new income for the recipient. It never existed until that point.
Everyone should easily see this as new income, not a carryover of some one else's income, to another person - which could be anyone or any 527 PAC!
Tax all income as new income, something the recipient had no legal authority over, when added to a will. Come on Congress...define income a little clearer.
Congress can do that, yes it can re-write a dictionary. It often does a 're-define' for tax laws, such as the Estate Tax.

I understand that a family farm is expensive, but no more or less, than buying any other business or some franchises. There should be some consideration of a family owned business, not just a farm, but $22 Million is not common or average or close to any reality. The owner of such assets, can use that as asset capital and ask a bank for a loan, to buy anything they want. This is not 'special income' or a capital gains, as the recipients should be part of management by this point. And in many cases they are.

Tax all inheritance at the average lowest rate (28%) and give the recipient (beneficiary) a five-year period to pay it off, if over the $11 Million threshold amount. The benefit is the lowest tax rate and that is more than generous for the nation to provide the family owned business.
This would not apply to owners outside one single immediate family. (No cousins, uncles, aunts, g-parents, etc) Cancel the outlier family members from any 'special consideration' and tax them at the full income rates, for the amount inherited.

We want fair tax laws and we can get them by having Congress set some simple definitions, set some simple tax rates and eliminate anyone trying to ride this exceptional tax situation, other than the immediate family who is actually legally working for the entity being passed on.

[WarGamer]

21. Add it on!!

But let's focus on the people who are literally stacking millions in the closet on a slow day...

[panader0]

17. The top 1% took 50 trillion from the bottom 90%---check this Time article:

There's where the money should come from.
https://time.com/5888024/50-trillion-income-inequality-america/

[WarGamer]

19. So which of my options do you like then?

I think the 5% one-time Wealth Tax for all net worth over $750k is a good place to start... that was the recommendation of the UK Wealth Commission earlier this year...

[Kaleva]

18. Are you in any position to negotiate?

[WarGamer]

20. As much as anyone...

I choose where my donations go and I choose when to contact my representatives.

There can be NO progressive agenda while allowing the rich to breathe all the air out of the room while the 99% are on the floor crawling searching for a little oxygen.

Why is the minimum Social Security disbursement $600/mo for people who have a shallow work history, who may have spent decades caring for others?

$600/mo isn't even enough to afford cat food living in a cardboard box.