How Biden's taxes hit the richest, but skip the suburban base

[Yo_Mama_Been_Loggin]

WASHINGTON — President Biden is proposing trillions in new taxes, crafting a precise hike that would affect the most wealthy investors but not the kind of educated upper middle class suburban voters who abandoned the Republican Party and helped push Democrats to recent victories.

Biden’s plans include raising the corporate tax rate to 28 percent, changing how corporate earnings are taxed at home and abroad to boost revenue, requiring heirs to multi-million dollar fortunes to pay taxes on inherited stocks and nearly doubling the capital gains tax, but only for high earners, by treating it like regular income. Plus he wants to boost IRS funding to increase audits on the same groups.

Just as notable is who his taxes leave out. Upper middle class, even elite, professionals who earn their income through salaries are largely untouched. As Biden put it in his speech: “We’re going to reward work, not just wealth.”

These taxpayers showed a willingness to support Democrats in 2018 and 2020 as the party made major gains with college educated voters in metro areas, who also served as a powerful source of donors.

https://www.msn.com/en-us/news/politics/capital-punishment-how-biden-s-taxes-hit-the-richest-but-skip-the-suburban-base/ar-BB1gbOFY

[Diamond_Dog]

1. Very smart

[Hoyt]

2. Problem is, the plan(s) only raises $150 B a year, not even enough to cover 2 months of deficit.

Sooner or later, some politician is going to have to tax more and into middle class to pay for healthcare, childcare, bolstering Social Security, infrastructure, education, deficit reduction, jobs, and so much more.

Guess it’s a start.

[Probatim]

3. This will be spun, as always, as job-killing taxes and middle class taxation.

And they'll whip the loonies into a frenzy over this.

[AZ8theist]

5. Already has....

Just listen to the comments by Moscow Mitch and Rubio the Cowardly Hypocrite....

[BigmanPigman]

4. MSNBC reported that this has a ton of approval from

a huge majority of Americans. They want to nail the greedy and the super greedy. No more trickle down was one of my favorite parts of his speech.

[russ1943]

6. Biden has pledged not to raise taxes on incomes below $400,000

Biden has pledged not to raise taxes on incomes below $400,000, say it again………………..Biden has pledged not to raise taxes on incomes below $400,000
Celinda Lake, a Democratic pollster, said framing new taxes on the rich and business as making them pay their “fair share,” a phrase Biden used in his speech, appeals especially well with voters.
She noted that progressive political groups ran advertising to counter Republican attacks that Biden would raise taxes, typically by highlighting his $400,000 pledge.

Biden's capital gains tax increase would only take effect for people who make more than $1 million per year in total income.

The Biden tax plan reflects the prevailing progressive view on how inequality is driven: The ultra-rich are invested in the stock market, which rises faster than workers' salaries, the profits made off the market are subject to lower taxes than the rate on wages, and many of those gains are never taxed at all because their children inherit their stocks and the prices reset.
As Biden put it in his speech: “We’re going to reward work, not just wealth.”