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(11 09 21) fr article: Biden's Build Back Better plan would make the United States the highest-taxed country in the developed world if it passes as currently configured, according to a report by the Tax Foundation.
The report stated that the average top tax rate on personal income in the United Statea would hit 57.4% under the plan, making it the highest in the Organization for Economic Cooperation and Development (OECD). The U.S. is currently 23rd of 38 member countries.
The current top marginal rate at the federal level is 37%. The Build Back Better plan would push every state's top marginal federal level above 50%, with most states having a higher rate than that. With the average state tax rate at 6%, the Tax Foundation arrived at the 57.4% figure.
Eight states and the District of Columbia would have top rates over 60% under the plan, and residents of California would pay the most at 64.7%, followed by New Yorkers at 66.2%…
Democrats assert that the plan would cost $1.75 trillion over 10 years and raise $2 trillion in revenue.
The report stated that the average top tax rate on personal income in the United Statea would hit 57.4% under the plan, making it the highest in the Organization for Economic Cooperation and Development (OECD). The U.S. is currently 23rd of 38 member countries.
The current top marginal rate at the federal level is 37%. The Build Back Better plan would push every state's top marginal federal level above 50%, with most states having a higher rate than that. With the average state tax rate at 6%, the Tax Foundation arrived at the 57.4% figure.
Eight states and the District of Columbia would have top rates over 60% under the plan, and residents of California would pay the most at 64.7%, followed by New Yorkers at 66.2%…
Democrats assert that the plan would cost $1.75 trillion over 10 years and raise $2 trillion in revenue.
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Posted from newsmax.com
Taxes
Office of the President (POTUS)
World Affairs
Democrats
Politics
Posted 3 y ago
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This is the first time I've heard this.... I have been hearing that the bracket between 400K and 1 million would be 40% (about the same as George W Bush) and the highest tax bracket.... would be 43%....
https://taxfoundation.org/joe-biden-tax-plan-2020/
https://taxfoundation.org/joe-biden-tax-plan-2020/
President Biden’s Campaign Tax Plan
Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021 primarily due to the temporary CTC expansion, by 2030 the plan would lead to lower after-tax income for all income levels.
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PFC David Foster
It is basically a cross between Donald Trump's and George W Bushes tax code...
For those making under 400,000 a year, it's just like DJT's tax code.
For those making 400,000 to a million a year, the same tax amount as George W Bush.
The only difference is an extra 3%, from 40 to 43% for those making over 1 million dollars a year.... is this the part you think will sink us? Those 3 percentage points?
For those making under 400,000 a year, it's just like DJT's tax code.
For those making 400,000 to a million a year, the same tax amount as George W Bush.
The only difference is an extra 3%, from 40 to 43% for those making over 1 million dollars a year.... is this the part you think will sink us? Those 3 percentage points?
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Sgt (Join to see)
PFC David Foster - All Joe Biden’s actions are opposite Pres Trump’s - on purpose. Biden is the most anti-America, anti-citizen, America-destroying president, possibly ever, in US history. Same call for his administration. For those still fuzzy on this, It will all become evident as things get worse. Much worse.
LTC David Brown
LTC David Brown
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PFC David Foster
Sgt (Join to see) - 1.75 trillion - here is where they have negotiated to so far.
WHAT’S IN
Money to combat climate change — The largest chunk of the bill, $550 billion, would pay for tax breaks for electric vehicles and improvements to clean-energy transmission and storage, as well as money to help make communities more resilient to extreme weather events.
Universal pre-K; subsidies to reduce daycare costs — Another $400 billion would pay for a new, six-year program to guarantee free preschool for 3- and-4-year-olds. The proposal also would limit child care costs to no more than 7% of income for families earning up to 250% of a state’s median income.
Extension of expanded Child Tax Credit — The major tax change that has given millions of parents monthly checks instead of an annual credit on their tax bills, and extended that relief to more parents, would continue for another year.
End the gap in Medicaid coverage — Those living in states that refused to expand Medicaid eligibility under the Affordable Care Act could get tax credits to receive premium-free health coverage on the Obamacare health exchanges through 2025.
Hearing coverage for Medicare recipients.
Reduced premiums for health insurance bought on the ACA marketplace.
Improved Medicaid coverage for home care services.
$150 billion to expand access to affordable housing.
Bigger Pell Grants for low-income college students.
Expanded free school meals.
WHAT’S OUT
Paid family and medical leave — The 12 weeks of paid leave for new parents and other caregivers was pared back during negotiations to four weeks, and then ultimately removed from the proposal.
Dental and vision care for Medicare recipients.
Efforts to rein in prescription drug prices — though Rep. Frank Pallone, a New Jersey Democrat who leads the Energy and Commerce panel, says he is “committed to finalizing an agreement” that would include changes like allowing price negotiations.
Funding for two years of tuition-free community college ($109 billion).
The Clean Energy Performance Program, which provides financial incentives to utilities to transition away from fossil fuel uses ($150 billion).
The social spending bill would be paid for through a 15% minimum tax on large corporations, as well as a new surtax on the income of multi-millionaires and billionaires, the wealthiest 0.02 percent of Americans, the White House said. Biden has pledged that no one earning less than $400,000 annually will pay more in taxes.
The plan also relies on revenue raised from rolling back some of the Trump administration’s 2017 tax cuts, and more IRS efforts to combat tax evaders.
The Biden administration released details of the framework Thursday morning as the president gave an in-person sales pitch to House Democratic legislators before departing on a long-planned trip to Italy and Scotland.
The latter half of that trip involves a global climate conference, and Biden’s arrival without congressional action on any meaningful U.S. steps to combat climate change would undercut efforts to ask other countries to also reduce greenhouse emissions.
WHAT’S IN
Money to combat climate change — The largest chunk of the bill, $550 billion, would pay for tax breaks for electric vehicles and improvements to clean-energy transmission and storage, as well as money to help make communities more resilient to extreme weather events.
Universal pre-K; subsidies to reduce daycare costs — Another $400 billion would pay for a new, six-year program to guarantee free preschool for 3- and-4-year-olds. The proposal also would limit child care costs to no more than 7% of income for families earning up to 250% of a state’s median income.
Extension of expanded Child Tax Credit — The major tax change that has given millions of parents monthly checks instead of an annual credit on their tax bills, and extended that relief to more parents, would continue for another year.
End the gap in Medicaid coverage — Those living in states that refused to expand Medicaid eligibility under the Affordable Care Act could get tax credits to receive premium-free health coverage on the Obamacare health exchanges through 2025.
Hearing coverage for Medicare recipients.
Reduced premiums for health insurance bought on the ACA marketplace.
Improved Medicaid coverage for home care services.
$150 billion to expand access to affordable housing.
Bigger Pell Grants for low-income college students.
Expanded free school meals.
WHAT’S OUT
Paid family and medical leave — The 12 weeks of paid leave for new parents and other caregivers was pared back during negotiations to four weeks, and then ultimately removed from the proposal.
Dental and vision care for Medicare recipients.
Efforts to rein in prescription drug prices — though Rep. Frank Pallone, a New Jersey Democrat who leads the Energy and Commerce panel, says he is “committed to finalizing an agreement” that would include changes like allowing price negotiations.
Funding for two years of tuition-free community college ($109 billion).
The Clean Energy Performance Program, which provides financial incentives to utilities to transition away from fossil fuel uses ($150 billion).
The social spending bill would be paid for through a 15% minimum tax on large corporations, as well as a new surtax on the income of multi-millionaires and billionaires, the wealthiest 0.02 percent of Americans, the White House said. Biden has pledged that no one earning less than $400,000 annually will pay more in taxes.
The plan also relies on revenue raised from rolling back some of the Trump administration’s 2017 tax cuts, and more IRS efforts to combat tax evaders.
The Biden administration released details of the framework Thursday morning as the president gave an in-person sales pitch to House Democratic legislators before departing on a long-planned trip to Italy and Scotland.
The latter half of that trip involves a global climate conference, and Biden’s arrival without congressional action on any meaningful U.S. steps to combat climate change would undercut efforts to ask other countries to also reduce greenhouse emissions.
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