That’s not entirely true. Everyone is affected by Biden’s tax plan.
Yes, you’ll pay more in taxes if you make more than $400k, even more if you’re a corporation, billionaire, investment fund manager, use gift tax loopholes in trusts, or manipulate life insurance loopholes.
If you’re part of the working class, you’ll be paying lower taxes, earning increased child or low-income housing tax credits, as well as earned income credit.
Not necessarily. Social Security is taxable income. About 40% of people who collect it make enough to have to pay taxes on it. They’d be in the same tax brackets as the lower end of the working class. The remaining 60% make too little to pay taxes on their annual income.
Capitalism forces even the unwilling to participate. It’s a matter of fact that the only way to afford a retirement in the last 50 years as a worker is to invest in private capital. I already want to see the total annihilation of coerced labor, I don’t want to work for my entire life.
The plan is closing the Medicare tax loophole for $400k+ earners. I didn’t mention it because it’s an additional tax on the first category mentioned in both the meme and my comment.
That’s not entirely true. Everyone is affected by Biden’s tax plan.
Yes, you’ll pay more in taxes if you make more than $400k, even more if you’re a corporation, billionaire, investment fund manager, use gift tax loopholes in trusts, or manipulate life insurance loopholes.
If you’re part of the working class, you’ll be paying lower taxes, earning increased child or low-income housing tax credits, as well as earned income credit.
https://home.treasury.gov/news/press-releases/jy2169
What about retired people?
Retired people are generally working class too. Unless the person owns/owned a large corporation, that is.
Sure but they get their money the same way the rich do, via capital gains.
Not necessarily. Social Security is taxable income. About 40% of people who collect it make enough to have to pay taxes on it. They’d be in the same tax brackets as the lower end of the working class. The remaining 60% make too little to pay taxes on their annual income.
https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html#:~:text=About 40%25 of people who,in addition to your benefits.
Capitalism forces even the unwilling to participate. It’s a matter of fact that the only way to afford a retirement in the last 50 years as a worker is to invest in private capital. I already want to see the total annihilation of coerced labor, I don’t want to work for my entire life.
The plan is closing the Medicare tax loophole for $400k+ earners. I didn’t mention it because it’s an additional tax on the first category mentioned in both the meme and my comment.