CNBC: Under Biden Plan, Top Tax Rate 62 Percent

[audiophile]

https://www.newsmax.com/newsfront/biden ... id/992605/

Seems too high to me.

[bmw]

In fairness, the net increase looks like only 2.6% since they're counting a number of taxes in that calculation.

[km1125]

In fairness, the net increase looks like only 2.6% since they're counting a number of taxes in that calculation.

How do you figure? Even though the 'payroll tax' is not an income tax, it's a distinction without a difference, as we'd all have to pay it. I agree you could ignore the state part, as the feds don't have much say in that one, but the total number is something that anyone should be concerned with.

"The first is a top rate going from 37 to 39.6%. And then you've got the payroll tax of 12.4% applying to income over $400,000,” CNBC’s Robert Frank said.

“So, half of that payroll tax is paid by employers, so you add those two changes together, and you get a new top federal rate of 45.8 percent. "

[audiophile]

I agree KM.

I think it's an increase on 15% (2.6% + 12.4%).

[Rate This]

In fairness, the net increase looks like only 2.6% since they're counting a number of taxes in that calculation.

How do you figure? Even though the 'payroll tax' is not an income tax, it's a distinction without a difference, as we'd all have to pay it. I agree you could ignore the state part, as the feds don't have much say in that one, but the total number is something that anyone should be concerned with.

"The first is a top rate going from 37 to 39.6%. And then you've got the payroll tax of 12.4% applying to income over $400,000,” CNBC’s Robert Frank said.

“So, half of that payroll tax is paid by employers, so you add those two changes together, and you get a new top federal rate of 45.8 percent. "

Considering at one point it was 90% and it’s been cut all the way to 35 and it’s created much of the federal debt that we have... it might be time to do some increasing. The folks over $400,000 can afford it. You cannot cut taxes in perpetuity and expect fairy dust to make everything stay ok or base your calculations for what will happen as a result of your cuts on pie in the sky thinking. It doesn’t work.

[audiophile]

Do they make $400,000 every year?

What if the next year they make zero or lose 400,000? Is that fair?

What if someone inherits some property should they have to pay H*** taxes on a one-time event?