https://www.foxbusiness.com/money/biden-to-raise-taxes-400000-per-year

Joe Biden being dumb again.

https://www.foxbusiness.com/money/biden-to-raise-taxes-400000-per-year

Joe Biden being dumb again.

Whadaya mean “again”?  It’s always.  If he wins he’ll be the only sitting president to be featured on To Catch A Predator.

Joe Biden’s Tax Agenda Could Cost Gun Owners $34 Billion

Joe Biden’s gun tax proposals could cost gun owners upwards of $34 billion for guns and magazines they already possess.

Breitbart News reported that Biden’s proposals include a $200 tax for each AR-15 that is already owned, and that tax would also apply to other firearms Democrats label “assault weapons.”

Biden also wants to tax gun owners $200 for every “high capacity” magazine they own.

On November 17, 2020, Breitbart News reported National Shooting Sports Foundation (NSSF) numbers showing that Americans own an estimated 434 million firearms. Nearly 20 million of those firearms are Modern Sporting Rifles, firearms that the Democrats categorizes as “assault weapons."

https://www.breitbart.com/politics/2020/11/23/joe-bidens-tax-agenda-could-cost-gun-owners-34-billion/

Nah, but, but, but Biden will be "powerless" to negatively impact 2a rights. . .

Joe Biden’s Tax Agenda Could Cost Gun Owners $34 Billion

https://www.breitbart.com/politics/2020/11/23/joe-bidens-tax-agenda-could-cost-gun-owners-34-billion/

Nah, but, but, but Biden will be "powerless" to negatively impact 2a rights. . .

We got the senate, so no need worry and any law or XO will be overturned...

I don't make 400k a year, don't care about this taxes. If anything hope this lowers my taxes.

I don't make 400k a year, don't care about this taxes. If anything hope this lowers my taxes.

Focus. . . taxes on firearms, magazines, and probably even ammunition. . .

I guess one could accuse firearms enthusiasts of a case of forest for the trees, but as an advocate for 2a rights, I'm against said plan. . . interesting that you are seemingly ok with it. . .

Focus. . . taxes on firearms, magazines, and probably even ammunition. . .

I guess one could accuse firearms enthusiasts of a case of forest for the trees, but as an advocate for 2a rights, I'm against said plan. . . interesting that you are seemingly ok with it. . .

I don't see that in the fox news article.   Where did you see that?  As part of his tax ppl over 400k plans.

I am against any firearm taxes but fine with taxing people who make over 400k more.  They are separate issues. 

I don't see that in the fox news article.   Where did you see that?  As part of his tax ppl over 400k plans.

I am against any firearm taxes but fine with taxing people who make over 400k more.  They are separate issues.

focus
drck posted a breitbart article...

I don't make 400k a year, don't care about this taxes. If anything hope this lowers my taxes.

OMG!  You really ARE that dense -- or just plain stupid.

Biden promised to ROLL BACK President Trump's tax reform.  In his "politician speak", Biden is saying "No new taxes," but it translates to, "I'm going to reinstate the taxes Trump reduced on everybody."

Taxes for most middle class workers were REDUCED under Trump by an average of $6,000/year.  When/if Biden gets in, he said that on "day 1", he's cancelling those cuts.

The whole $400K tax increase is just smoke and mirrors.  Couples could easily earn $200K in Hawaii PLUS see another $200K increase in their mutual funds.  That doesn't make them rich, just richer than YOU.

The whole schtick for Dems is wealth envy.  That Billionaire is why you are not making more.  He needs to share that with YOU by paying more taxes.  How is that even logical?  The wealthiest 1% pay nearly 50% of income taxes collected in the US.  The wealthiest 10% pay nearly 90% of all income taxes collected.  And you think sticking it to anyone making over $400K is okay because YOU PERSONALLY are not affected?  Nice to see you have principles.

All it takes is for someone's parent to die and leave them a $300K home without a mortgage for that person to get screwed by the IRS.

Stop being so obtuse and ignorant.  Either that, or stop sharing your ignorance so much.  It's depressing to think there are more like you out there.

Hey Flapp

Just to use your own words.

OMG!  You really ARE that dense -- or just plain stupid.  Stop being so obtuse and ignorant.  Either that, or stop sharing your ignorance so much.  It's depressing to think there are more like you out there.

With the Trump tax cuts for wealthy, the middle and working class only saw minimal tax cuts, a few hundred dollars a year.  Maybe a pizza and a beer every month.  If you goy $6000 a year cut, you must be one of the very wealthy.  Good for you.

It might surprise you to learn that stock market gains like mutual funds are taxed at 15% capital gains rate, and only when they are sold.

The federal estate tax exemption is $11.58 million.  So if your estate you pass on to your kids is worth more than that, then the amount higher than that will be taxed by the feds.  It really does not apply to a $300,000 house like you stated.

It would be refreshing if you could be a little more factual and a little less sharing of so much ignorant BS.

 

I am against any firearm taxes but fine with taxing people who make over 400k more.  They are separate issues.

People who make that money often own a business.  If they have to pay more taxes, guess what...they will raise their prices.  So this will affect YOU and you should not be fine with any undoing of Trumps taxation.

Here is an example: Someone owns an apartment building.  They are now taxed more, guess what the landlord will do next?  Increase the rent.  We are already seeing in states that increased min wage to $15.  People are angry that prices of goods increased as well, or workers lost hours.  AOC didn't understand how tax breaks work and cost NY the Amazon center.  This would have provided 30,000 jobs.  That's 30,000 people paying taxes, buying goods like coffee, food, etc..., paying rent/mortgage, using taxi's, etc...How many businesses could have benefited from the increase in sales? 

His tax plan that provided breaks to many big companies brought jobs back from overseas.  AT&T,T-Mobile, Apple, Chevy, just to name a few brought jobs back.  AT&T even gave a huge amount of money back to employees ($1,000 each).

Hey Flapp



With the Trump tax cuts for wealthy, the middle and working class only saw minimal tax cuts, a few hundred dollars a year. 

I paid $1400 less in taxes than the year before, and I made more money.

I paid $1400 less in taxes than the year before, and I made more money.

Then you can afford more red dots...

Hey Flapp

Just to use your own words.

OMG!  You really ARE that dense -- or just plain stupid.  Stop being so obtuse and ignorant.  Either that, or stop sharing your ignorance so much.  It's depressing to think there are more like you out there.

With the Trump tax cuts for wealthy, the middle and working class only saw minimal tax cuts, a few hundred dollars a year.  Maybe a pizza and a beer every month.  If you goy $6000 a year cut, you must be one of the very wealthy.  Good for you.

It might surprise you to learn that stock market gains like mutual funds are taxed at 15% capital gains rate, and only when they are sold.

The federal estate tax exemption is $11.58 million.  So if your estate you pass on to your kids is worth more than that, then the amount higher than that will be taxed by the feds.  It really does not apply to a $300,000 house like you stated.

It would be refreshing if you could be a little more factual and a little less sharing of so much ignorant BS.

 

This is almost 2 years old -- Feb 2019.  As wages and salaries increased, so did the tax reduction benefits:

https://www.foxbusiness.com/economy/trump-tax-cuts-and-the-middle-class-here-are-the-facts

A family of four with annual income of $73,000 is seeing a 60 percent reduction in federal taxes --
totaling to more than $2,058. According to the Heritage Foundation, the typical American family will
be almost $45,000 better off over the next decade because of higher take-home pay and a stronger
economy.

Tax reform doubled the child tax credit from $1,000 to $2,000, giving over 22 million American families important
tax relief. The standard deduction was doubled from $6,000 to $12,000 ($12,000 to $24,000 for a family) giving tax
relief for over 105 million taxpayers that took the deduction prior to tax reform and simplifying the code for tens of
millions Americans that will not take the standard deduction instead of itemizing.

While the rhetoric of the left has sought to portray the Republican tax cuts as a negative for the middle class, nothing
could be further from the truth. The reality is, the middle class has seen strong tax reduction, higher take home pay,
more jobs and more economic opportunity.

I agree that the wealthiest/highest earning Americans benefited most, but that's because they are already paying the most.  Do I really have to post the "If beer worked like taxes" story for you?

As for the house, maybe I didn't say what I was thinking.  if the home was not your residence, and you sell it for $300K, you have to meet certain guidelines to not have to claim that as income/capital gains.  Several different situations involved, like using it as a rental until it sells, etc.  So, that was more of a "it depends" situation.  Let's say the parent died with $300K in their 401K with you inheriting it (as opposed to the estate).  It's considered “In Respect of a Decedent” and is reported as your income.

OMG!  You really ARE that dense -- or just plain stupid.

Biden promised to ROLL BACK President Trump's tax reform.  In his "politician speak", Biden is saying "No new taxes," but it translates to, "I'm going to reinstate the taxes Trump reduced on everybody."

Taxes for most middle class workers were REDUCED under Trump by an average of $6,000/year.  When/if Biden gets in, he said that on "day 1", he's cancelling those cuts.

The whole $400K tax increase is just smoke and mirrors.  Couples could easily earn $200K in Hawaii PLUS see another $200K increase in their mutual funds.  That doesn't make them rich, just richer than YOU.

The whole schtick for Dems is wealth envy.  That Billionaire is why you are not making more.  He needs to share that with YOU by paying more taxes.  How is that even logical?  The wealthiest 1% pay nearly 50% of income taxes collected in the US.  The wealthiest 10% pay nearly 90% of all income taxes collected.  And you think sticking it to anyone making over $400K is okay because YOU PERSONALLY are not affected?  Nice to see you have principles.

All it takes is for someone's parent to die and leave them a $300K home without a mortgage for that person to get screwed by the IRS.

Stop being so obtuse and ignorant.  Either that, or stop sharing your ignorance so much.  It's depressing to think there are more like you out there.

Meh.  I just checked my taxes i saw no real improvement or detriment because of Trumps tax plan.   I personally could care less if he reversed that.  Yes I think about myself first. Why should I worry about someone else's taxes?  Someone has to pay for the debt Trump helped run up.   When I start making 400k then I'll care about it but for now I rather it be them than me. 

Meh.  I just checked my taxes i saw no real improvement or detriment to Trump tax plan.   I personally could care less if he reversed that.  Yes I think about myself first. Why should I worry about someone else's taxes?  Someone has to pay for the debt Trump helped run up.   When I start making 400k then I'll care about it but for now I rather it be them than me.

Spoken like a true blinders-wearing, low-information, "screw the country, what's in it for ME?" Millennial.

Looks like we have another practicing economists in our midst. . .

I'm not educated much in global economies, so I tend to keep my mouth shut on such things.  That said, "ya'll got that twisted homies". 

People who make that money often own a business.  If they have to pay more taxes, guess what...they will raise their prices.  So this will affect YOU and you should not be fine with any undoing of Trumps taxation.

Here is an example: Someone owns an apartment building.  They are now taxed more, guess what the landlord will do next?  Increase the rent.  We are already seeing in states that increased min wage to $15.  People are angry that prices of goods increased as well, or workers lost hours.  AOC didn't understand how tax breaks work and cost NY the Amazon center.  This would have provided 30,000 jobs.  That's 30,000 people paying taxes, buying goods like coffee, food, etc..., paying rent/mortgage, using taxi's, etc...How many businesses could have benefited from the increase in sales? 

His tax plan that provided breaks to many big companies brought jobs back from overseas.  AT&T,T-Mobile, Apple, Chevy, just to name a few brought jobs back.  AT&T even gave a huge amount of money back to employees ($1,000 each).

This is true up to a certain point.  The patrons of said business have to be willing to pay these new costs, else they go to another business.  Capitalism still exists.  I am not completely against the corporations part of his tax plan I do agree with that,  but I would cut all subsidies.  But that's another story.  In the end the countries debt have to be paid somehow and trump ran up the debt even more.  We have to do something in the end.

This is almost 2 years old -- Feb 2019.  As wages and salaries increased, so did the tax reduction benefits:

https://www.foxbusiness.com/economy/trump-tax-cuts-and-the-middle-class-here-are-the-facts

I agree that the wealthiest/highest earning Americans benefited most, but that's because they are already paying the most.  Do I really have to post the "If beer worked like taxes" story for you?

As for the house, maybe I didn't say what I was thinking.  if the home was not your residence, and you sell it for $300K, you have to meet certain guidelines to not have to claim that as income/capital gains.  Several different situations involved, like using it as a rental until it sells, etc.  So, that was more of a "it depends" situation.  Let's say the parent died with $300K in their 401K with you inheriting it (as opposed to the estate).  It's considered “In Respect of a Decedent” and is reported as your income.

If you are not doing a 1031 Exchange you are doing it wrong.  And from my research on inheritance tax you don't appear to be correct on that.
https://turbotax.intuit.com/tax-tips/estates/what-are-inheritance-taxes/L93IUc3sC

I don't see that in the fox news article.   Where did you see that?  As part of his tax ppl over 400k plans.

I am against any firearm taxes but fine with taxing people who make over 400k more.  They are separate issues.

Again, you don't understand things. The people who make the products are taxed at higher rates which gets passed down to those who buy products. Guess who? You and me. It's not Rocket science.

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