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Message
Biden calls for middle-class tax hike
Posted on 4/25/24 at 8:18 am
Posted on 4/25/24 at 8:18 am
gonna need another "package" for Ukraine in a few months
Biden calls for middle-class tax hike
President Joe Biden has repeatedly said he won’t hike taxes on anyone earning less than $400,000, but then this week he promised on X to hike taxes on just about everyone.
Now, to be fair, Biden may not have understood that’s what he’s saying.
Joe Biden
@JoeBiden
Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt.
That tax cut is going to expire.
If I’m reelected, it’s going to stay expired.
Letting the Tax Cuts and Jobs Act expire and “stay expired” would be a massive middle-class tax hike because the Tax Cuts and Jobs Act was a massive middle-class tax cut. Yes, wealthy people also saw their taxes reduced by the TCJA, but the law actually shifted a greater portion of the tax burden onto the wealthy.
The TCJA doubled the child tax credit and the standard deduction while lowering everyone’s tax rates. Letting this law expire would cut the standard deduction in half, cut the child tax credit in half, and increase everyone’s marginal rates. Keep in mind that rich people don’t use the standard deduction, and the child tax credit phases out for the wealthy, and so these tax hikes would really only hit the non-rich.
A family of five earning $90,000 (slightly below the median in Biden’s home state of Delaware) would see its marginal tax rate jump from 12% to 15%, and would see its $6,000 in tax credits fall to $3,000 under the Biden plan.
LINK
Biden calls for middle-class tax hike
President Joe Biden has repeatedly said he won’t hike taxes on anyone earning less than $400,000, but then this week he promised on X to hike taxes on just about everyone.
Now, to be fair, Biden may not have understood that’s what he’s saying.
Joe Biden
@JoeBiden
Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt.
That tax cut is going to expire.
If I’m reelected, it’s going to stay expired.
Letting the Tax Cuts and Jobs Act expire and “stay expired” would be a massive middle-class tax hike because the Tax Cuts and Jobs Act was a massive middle-class tax cut. Yes, wealthy people also saw their taxes reduced by the TCJA, but the law actually shifted a greater portion of the tax burden onto the wealthy.
The TCJA doubled the child tax credit and the standard deduction while lowering everyone’s tax rates. Letting this law expire would cut the standard deduction in half, cut the child tax credit in half, and increase everyone’s marginal rates. Keep in mind that rich people don’t use the standard deduction, and the child tax credit phases out for the wealthy, and so these tax hikes would really only hit the non-rich.
A family of five earning $90,000 (slightly below the median in Biden’s home state of Delaware) would see its marginal tax rate jump from 12% to 15%, and would see its $6,000 in tax credits fall to $3,000 under the Biden plan.
LINK
14
Posted on 4/25/24 at 8:19 am to djmed
Its coming, regardless.
The Stimmie hangover.
The Stimmie hangover.
Posted on 4/25/24 at 8:20 am to RogerTheShrubber
Your TDS is off the charts 
Posted on 4/25/24 at 8:21 am to RogerTheShrubber
Politicians aren't going to buy themselves... EVERYONE else must be forced to contribute!
Posted on 4/25/24 at 8:22 am to RogerTheShrubber
quote:
The Stimmie hangover.
Are you upset you that you dont receive yours anymore
Posted on 4/25/24 at 8:25 am to SDVTiger
quote:
Are you upset you that you dont receive yours anymore
Unlike you populist folks, didnt need any. I worked through 2020. Instead of sitting on my arse and collecting unemployment, I found another job.
Posted on 4/25/24 at 8:28 am to djmed
I'm not in favor of it but I love watching people complain about stuff that they are voting for.
Posted on 4/25/24 at 8:37 am to RogerTheShrubber
quote:
Unlike you populist folks, didnt need any. I worked through 2020. Instead of sitting on my arse and collecting unemployment, I found another job.
I worked through covid, never missed a day of work, never asked for a stimulus check, but I'm still a populist according to you. You're not making the point you think you are.
Posted on 4/25/24 at 8:38 am to RogerTheShrubber
quote:
Unlike you populist folks, didnt need any.
bullshite. You want to tax the rich because you aren’t where you thought you would be at this point in your life. You’re an elite hating populist poor.
Posted on 4/25/24 at 9:09 am to djmed
How about, you know, fricking reducing federal spending instead of raising federal taxes?
Posted on 4/25/24 at 9:16 am to djmed
quote:
Letting this law expire would cut the standard deduction in half, cut the child tax credit in half, and increase everyone’s marginal rates.
That is going to hurt the middle class and seniors bad.
Posted on 4/25/24 at 9:21 am to Kattail
quote:as did the Inflation Construction Act.
That is going to hurt the middle class and seniors bad.
Posted on 4/25/24 at 9:25 am to djmed
Welp. There will go more of my money to fund shite I vehemently oppose.
Gotta appreciate how DC utilize the fact that most Americans don't actually pay attention to what's happening...and will believe that trump's tax reform only helped the filthy rich...and that only Biden will help them.
Gotta appreciate how DC utilize the fact that most Americans don't actually pay attention to what's happening...and will believe that trump's tax reform only helped the filthy rich...and that only Biden will help them.
This post was edited on 4/25/24 at 9:28 am
Posted on 4/25/24 at 9:26 am to djmed
Well that's just great , I'll have to cut my budget even more. Guess I can go from two meals a day down to one and none on the weekends .
FJB !
FJB !
Posted on 4/25/24 at 9:31 am to TigerAxeOK
Don't you know reducing federal spending is racist, homophobic, and sexist?
Posted on 4/25/24 at 9:40 am to djmed
This tax scam was not a middle class tax cut. That is the biggest lie being sold.
Even with the standard deduction, my taxes increased when this law was passed.
Even with the standard deduction, my taxes increased when this law was passed.
Posted on 4/25/24 at 9:42 am to RogerTheShrubber
Roger on cue to defend Biden’s policies and pretend Trump will do the same to justify his stances
Posted on 4/25/24 at 9:44 am to CreoleTigerEsq
quote:
Even with the standard deduction, my taxes increased when this law was passed.
No they didn’t. Your overall burden may have increased because your income changed, but your effective rate went down. Mathematically impossible to say otherwise. Why would you lie about it?
Posted on 4/25/24 at 9:47 am to BBONDS25
quote:
No they didn’t. Your overall burden may have increased because your income changed, but your effective rate went down. Mathematically impossible to say otherwise. Why would you lie about it?
Inb4 he posts he made over 500k and files 1099
Posted on 4/25/24 at 9:48 am to CreoleTigerEsq
quote:
This tax scam was not a middle class tax cut. That is the biggest lie being sold.
Even with the standard deduction, my taxes increased when this law was passed.
Anyone with zero dependents under 16 and itemized deductions in excess of the 24k prior to the TCJA would not have benefited (other than a reduced rate), but that doesn't mean it did not help millions of other middle class families.
This post was edited on 4/25/24 at 9:50 am
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