Here are the massive tax increases coming your way in a second Biden term

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• DarkShaggy@lemmy.world ⁨8⁩ ⁨months⁩ ago

  Last tax increase I got was under trump…

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  • wintermute_oregon@lemm.ee ⁨8⁩ ⁨months⁩ ago

    Same here and it was substantial.

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    • BobaFuttbucker@reddthat.com ⁨8⁩ ⁨months⁩ ago

      Uhhh, the Trump tax increases most affect those making under $200k, through 2027 I believe.

      Whatever tax increases you’re feeling it’s more likely to be thanks to Trump.

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• RedditWanderer@lemmy.world ⁨8⁩ ⁨months⁩ ago

  “coming your way”. They are coming to corporations. The conservatives are trying to spin that these tax increases to corporations will just be passed on to consumers.

  Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

  Yeah like not taxing the rich is definitely lowering prices. Suddenly conservatives don’t like the free market so much. They want you to forget that we’re fine with them increasing the prices, they’ve increased them so much someone else will start becoming cheaper, and that’s what they don’t want.

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  • RedditWanderer@lemmy.world ⁨8⁩ ⁨months⁩ ago

    “coming your way”. They are coming to corporations. The conservatives are trying to spin that these tax increases to corporations will just be passed on to consumers, like that’s our problem.

    Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

    Yeah like not taxing the rich is definitely lowering prices. Suddenly conservatives don’t like the free market so much. They want you to forget that we’re fine with them increasing the prices, they’ve increased them so much someone else will start becoming cheaper, and that’s what they don’t want.

    Theyre also hoping you don’t click on Trumps tax plan. Trump is whining his super plan is going to expire, but that plan was for the rich

    Enacted by former President Donald Trump in 2017, the law drastically overhauled the nation’s tax code, including reducing the top individual income tax bracket to 37% from 39.6% and nearly doubling the size of the standard deduction.

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  • Anticorp@lemmy.world ⁨8⁩ ⁨months⁩ ago

    Exactly. They’re paying substantially lower taxes now, but they keep raising prices. They will never pass savings on to consumers, only expenses.

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• GrymEdm@lemmy.world ⁨8⁩ ⁨months⁩ ago

  Tax the obscenely rich, and spend it on better goals. There’s a huge problem with wealth inequality at the cost of majority well-being and it’s going to take taxes to fix it.

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  • wintermute_oregon@lemm.ee ⁨8⁩ ⁨months⁩ ago

    We already tax the rich. They already pay more than their fair share. If you have proof otherwise, I’d like to see it. The last tax cut actually increased revenue.

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    • GrymEdm@lemmy.world ⁨8⁩ ⁨months⁩ ago

      Here’s an Oxfam report on wealth inequality. Some excerpts:

      • “Elon Musk, one of the world’s richest men, paid a “true tax rate” of about 3 percent between 2014 and 2018. Aber Christine, a flour vendor in Uganda, makes $80 a month and pays a tax rate of 40 percent.”
      • “Worldwide, only four cents in every tax dollar now comes from taxes on wealth. Half of the world’s billionaires live in countries with no inheritance tax for direct descendants. They will pass on a $5 trillion tax-free treasure chest to their heirs, more than the GDP of Africa, which will drive a future generation of aristocratic elites. Rich people’s income is mostly unearned, derived from returns on their assets, yet it is taxed on average at 18 percent, just over half as much as the average top tax rate on wages and salaries.”
      • “During the pandemic and cost-of-living crisis years since 2020, $26 trillion (63 percent) of all new wealth was captured by the richest 1 percent, while $16 trillion (37 percent) went to the rest of the world put together. A billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent.”

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    • fartington@lemm.ee ⁨8⁩ ⁨months⁩ ago

      [deleted]

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• Anticorp@lemmy.world ⁨8⁩ ⁨months⁩ ago

  Trump didn’t lower taxes for people during his term. Sure, he issued a temporary 2% tax rate reduction, but he’s a shifty little lair, and he eliminated several tax credits that benefitted ordinary working people, and people paying student loans, and students, and parents. My tax bill went up $2000 under his “tax reduction”. He’s a fucking scammer, and a lair, and it’s pathetic that 30% of Americans can’t see that.

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  • wintermute_oregon@lemm.ee ⁨8⁩ ⁨months⁩ ago

    Don’t you believe everyone should pay their fair share?

    Or do you think everyone should pay your way?

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    • Anticorp@lemmy.world ⁨8⁩ ⁨months⁩ ago

      Your question attempts to shift the conversation to some ideological argument rather than addressing the reality of the statement. Taxes for ordinary people went up under trump.

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• uzi@lemmy.ca ⁨8⁩ ⁨months⁩ ago

  A second Biden term would be good to force the country into reality of the consequences of their choices once suburban women become too broke to travel, have to share one vehicle, have to cut back on clothes shopping, and no more lattes/frapucinos, and cut back a lot on restaurants.

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  • BobaFuttbucker@reddthat.com ⁨8⁩ ⁨months⁩ ago

    At some point it’s not the fault of the people, it’s the fault of those that own the system the people are trapped in.

    You can’t keep blaming consumer spending habits as cost of living rises and pay stays mostly stagnant. Eventually, if you want anything fixed you need to acknowledge it’s corporations and the ultra-wealthy adding to their wealth that’s mainly the problem.

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    • uzi@lemmy.ca ⁨8⁩ ⁨months⁩ ago

      The more the wealthy are taxed, the more that working people are garaunteed to forever stay poor. What would make it fair is eliminate the payroll tax, eliminate corporate tax because corporations only exist on paper, they do not use any resources, the people do. Also, eliminate the income tax, and cut government funding, cut government programs, cut government spending. Then replace it with either a single universale flat tax so everybody can do their taxes on a single page, or a consumption tax, but never both taxes.

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  • wintermute_oregon@lemm.ee ⁨8⁩ ⁨months⁩ ago

    Hell people learned that the first term

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• Alice@hilariouschaos.com ⁨8⁩ ⁨months⁩ ago

  I have a question

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