Major tax hikes announced by Biden, good luck if you think this benefits you. (Edit) Summary: 1. > 550k / 650k 39.6% income tax 2. Annual report to IRS on all your banking activity 3. LTCG and dividends to 43.4% from 23.4% for $1M+ 4. No step up basis for death tax 5. Additional 43.4% death tax + existing death tax on $1M+ of assets 6. No more interest carry forward 7. No more 1031 exchanges above $500k 8. 3.8% “senior and small business” surtax above $400k of income. http://twitter.com/ryanlellis/status/1387428227627499527 https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/28/fact-sheet-the-american-families-plan/
If you make more than 523k, this is really nothing.
Updated, definitely not.
Typical Democrat policy: harass, attack, and tax the people who actually earn in order to “benefit” those who contribute the least to society.
hahahhahah let me guess you drive only on private roads you paved and hand grow your own vegetables and own your own farm and completely sustain yourself alone rightttt
I think you have a fundamental misunderstanding of... well, everything. Does the government grow your vegetables?
Fantastic.
California has the largest GDP by far. Liberal states also have the highest per capita GDP. If other states could start pulling their weight... that would be great.
How’s life for those at the bottom?
I don’t earn 1M. But looks like everyone will now pay the 4.3% Medicare tax without it ending. Yay, tax for a useless healthcare system. Evidently I’m too poor to be impacted. I haven’t seen the new tax rates for 200k+ income, given they want to jack it up.
Medicare is a much better system than the majority of private insurers’ catastrophic/bronze/silver plans. I find a lot of tech workers are somewhat spoiled by 100% employer provided gold plans/HMOs, and don’t realize how terrible the market really is, especially for family plans (and I say this as someone who once worked for MSFT when they had the “never see a bill” Cadillac plans). It’s why Bernie’s Medicare for All platform has gotten a lot of popularity recently, imo.
I hate to break it to you man, but Canada and maybe even China has better diagnostic and preventative healthcare (which I would have to pay for out of wallet). The quality and depth of service in the US is mediocre unless you pay extra for a private hospital (and you have to find a good one at that too). The Us healthcare system is useful, if you’re on the brink of death though. Sort of.
What does 2 mean? Don’t they already get report on all banking activity?
Every deposit and withdrawal. Currently they get interest, dividends, and reports on suspicious activity like a large deposit or withdrawal or odd amounts as far as I know. But not in banking sector so I don’t know for sure, just what I report on my own returns and what little I know about anti money laundering and know your customer laws.
Oh wow. This is something else
Fuck this fucking plan
Might as well move to canada at this point
At least in Canada you will get free healthcare in exchange for your high taxes.
Great!
Great news