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Biden's Tax Plan

fishonjazz said:
We really need to just let the 1% in our country do whatever they want out of fear of them taking their money and leaving to another country.

I mean if they are committing crimes, just look the other way. We don't want them to leave! Do whatever they say. And let them do whatever they want. That should be the plan. I'm sure they will help the country in their own way out of the kindness of their hearts.

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If you will read Unlimited Wealth by Paul Pilzer then I will buy you dinner and we can talk about it. Consistently feeding your brain good information like that will change your life in ways you cannot yet imagine.
 
Joe Bagadonuts said:
What are you talking about?
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You are saying that if we raise taxes on the rich then they will be smart and leave the US.
I'm asking if the rich were dumb 20-30 years ago when we taxed them much higher and they didn't leave.

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fishonjazz said:
You are saying that if we raise taxes on the rich then they will be smart and leave the US.
I'm asking if the rich were dumb 20-30 years ago when we taxed them much higher and they didn't leave.

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This is another horse **** class warfare myth. According to Forbes over 85% of the billionaires in this world still live in their country of birth.

Actually the people leaving the country right now are mostly young lower/middle class - many of them to escape student loan debt. They're mostly under employed or recently unemployed and not married and/or have no kids - so getting up and leaving is easier for them.

As for Biden's tax plan as a whole - historically speaking it's mildly progressive. The Top 5% will see their taxes go up. Everyone else will be the same or their taxes will go down. Getting rid of the cap on SSI tax is just common sense if we want to have any chance of saving social security. And while the corporate tax rate and higher tax brackets will also see an increase, they'll still be much lower by historical standards. Just look at the top tax rates during Truman, Eisenhower, etc...
 
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fishonjazz said:
You are saying that if we raise taxes on the rich then they will be smart and leave the US.
I'm asking if the rich were dumb 20-30 years ago when we taxed them much higher and they didn't leave.

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I am not saying that they will leave the US. I'm saying that their money will leave the US. This is not speculation.
 
candrew said:
This is another horse **** class warfare myth. According to Forbes over 85% of the billionaires in this world still live in their country of birth.

Actually the people leaving the country right now are mostly young lower/middle class - many of them to escape student loan debt. They're mostly under employed or recently unemployed and not married and/or have no kids - so getting up and leaving is easier for them.

As for Biden's tax plan as a whole - historically speaking it's mildly progressive. The Top 5% will see their taxes go up. Everyone else will be the same or their taxes will go down. Getting rid of the cap on SSI tax is just common sense if we want to have any chance of saving social security. And while the corporate tax rate and higher tax brackets will also see an increase, they'll still be much lower by historical standards. Just look at the top tax rates during Truman, Eisenhower, etc...
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Can you explain why the tax revenue went up when Trump cut taxes? Do you consider higher government revenue a good thing or a bad thing?
 
Joe Bagadonuts said:
I am not saying that they will leave the US. I'm saying that their money will leave the US. This is not speculation.
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Wel then who cares if we raise taxes on the rich. They are already hiding their money currently. Doesnt matter how low or high they are taxed. They will continue to be as greedy as possible and cheat the system. Real patriots


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Joe Bagadonuts said:
I am not saying that they will leave the US. I'm saying that their money will leave the US. This is not speculation.
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You don't pay income tax on money you already have. If then are earning money in the US, they will keep earning money in the US.
 
Joe Bagadonuts said:
Can you explain why the tax revenue went up when Trump cut taxes? Do you consider higher government revenue a good thing or a bad thing?
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The economy continued the upward trend started by Obama. US tax revenues increased by over 50% during the4 Obama budgets.
 
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