Biden's tax plan won't raise many Americans' taxes, unless you're rich - Business Insider

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Biden's tax plan won't raise many Americans' taxes, unless you're rich

a variety of modifications to the current tax law, including repealing parts of Trump's tax law, raising corporate taxes and taxes on foreign profits, closing loopholes in real estate tax code, and eliminating fossil fuel subsidies.

Even though many Americans won't see a major difference in their tax bill under this plan, hikes in corporate taxes could slightly decrease their take-home pay and investment returns. This difference is largest for those in the top 1.5%, who Penn economists estimate would get the equivalent of a 17.7% pay cut. The following chart shows what Americans, broken down by class, could expect their effective tax rate to be under Biden's plan with his proposed corporate taxes factored in.

For many Americans outside the top 1% — those earning $710,000 or more — Biden's proposed tax rate is still lower than what they were paying before the 2018 Tax Cuts and Jobs Act, the Penn

 

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Yeah but the high class crap will raise prices so will be same s**it

I´m very surprise to see many middle class and lower class families agree and cheer for more suffering. When you raise taxes on corporations who do they think end up paying, when their products prices also rise.

It’s unbelievable that a business publication is openly lying about finances for politics. I should not have to explain this but anyone who thinks 4 trillion is simply coming from the rich and stupid beyond words. The numbers could never work period

Yeah,but it also prevent ppl becoming rich.

Its called Tax creep, make no mistake, it will affect everyone, not just the rich

Unfortunately, there isn’t enough money to take from the rich, as well they surely own their own politicians by now thanks to Citizens United. So we know what that means, the “vast” middle class that doesn’t own politicians will pick up the tab.

I have discussed this with my attorneys and they are preparing me for a biden administration. I will NOT be paying more taxes so you can give then to the poor. I earned my money, and I'll keep it.

Same shit was said when the bloody thing was first introduced. so how about NO!. He and his tax bill can both fuck right off.

Tax every one of the fuckers making millions off this fake market. Every single one of them deserve 49% income tax every one of them and guarantee that they’ll still be able to afford another lambo or mansion

There is zero chance 400k is the line in the sand.

You mean Harris Tax plan

Impossible.. the math does not work! Your taxes will go up Why can not one biden voter give me an answer to why they are voting for him

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Bullshit

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