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Biden tax plan...

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
"Currently earnings above $132,900 are not subject to Social Security or Medicare taxation. I would uncap it so that all earned income regardless of the amount would be subject to both taxes, continuing the same rates and also requiring the employer's match"

Absolutely Correct.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
"Currently earnings above $132,900 are not subject to Social Security or Medicare taxation. I would uncap it so that all earned income regardless of the amount would be subject to both taxes, continuing the same rates and also requiring the employer's match"

Absolutely Correct.
Better make sure the benefits are never subjected to means testing.
 

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Social Security department came out with figures that half of Americans earn less than $35,000.
That seems low. One doesn't pay that much Federal and State taxes on $35,000.
No wonder government trying to get more money from the higher income brackets.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
Social Security department came out with figures that half of Americans earn less than $35,000.
That seems low. One doesn't pay that much Federal and State taxes on $35,000.
No wonder government trying to get more money from the higher income brackets.

Can't EVER cut anything, why is it always higher, bigger, more, more, more?

 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Why?
Will that working person add more back to the economy than the rich corporation? Or is it always about feelings?
The working person contributes to economy by being a consumer as well as worker -and a tax break gives them more $ to put back in the local economy

Some workers pay far more taxes than the wealthy we just saw it in our own president - (who loved to stiff the workers/not pay the contractors on his building projects he was well known for it )
 

TMG

Junior Member
Joined
Jul 28, 2007
Professional Status
Certified Residential Appraiser
State
California
That's nice but won't really help here when most homes are over $1,000,000.
Also, there's low inventory and so it won't help buyers.

Political promises don't really have to work, or even get implemented. It's the thought that counts.
 

DTB

Elite Member
Joined
Jun 11, 2004
Professional Status
Certified Residential Appraiser
State
Illinois
The working person contributes to economy by being a consumer as well as worker -and a tax break gives them more $ to put back in the local economy

Some workers pay far more taxes than the wealthy we just saw it in our own president - (who loved to stiff the workers/not pay the contractors on his building projects he was well known for it )

Don't be silly and fixated with one line on a Federal Tax Return.

Do you really think someone making 35K contributes more in taxes and general economic benefit than someone making say 350K? If you do, let's see the numbers. :peace:
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
The working person contributes to economy by being a consumer as well as worker -and a tax break gives them more $ to put back in the local economy
A family of four making $60,000 pays virtually no income taxes. My wife and I pay more than the median family income in taxes. I pay my fair share and am tired of people saying otherwise.
 

Fernando

Thread Starter
Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
It's all relative. If I say I pay 6 digit figures in taxes, then I see everyone not paying their fair share.
 
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