Here's who would pay more under Joe Biden's tax plan

[LiberalArkie]

Democratic presidential candidate Joe Biden says that if elected, he will raise taxes only on the wealthiest Americans. And indeed, analyses of his tax plan find that fewer than 2% of earners would pay more.

That’s because the nominee pegs “wealthy” at an adjusted gross income of at least $400,000 per year. Biden is proposing a marginal income tax rate increase, meaning that while it kicks in at $400,000, the more money a worker makes over that threshold, the more they’ll pay in taxes.

The plan primarily increases taxes for those earning more than $1 million a year, according to an analysis from the Tax Policy Center.

“People making between $400,000 and $700,000 are going to have a tax increase of only about 1% or less,” Seth Hanlon, senior fellow at the Center for American Progress, a left-leaning think-tank, told CNBC.

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https://www.cnbc.com/2020/10/07/heres-who-would-pay-more-under-joe-bidens-tax-plan.html

[NameAlreadyTaken]

1. So I guess Trump would be off the hook...

[brooklynite]

2. I'me ready...

[TreasonousBastard]

3. Misses an important point-- the public in general doesn't listen to that argument because...

they have some deep belief that they could earn that much. It's what gives them hope.

Mistaken belief, but belief nonetheless.

[subterranean]

7. The public also doesn't understand the meaning of "marginal tax rates."

This article tries to explain it clearly -- that it only applies to income above a certain level, not ALL income -- but there will still be many people who don't get it.

[Turbineguy]

4. Right now, the whole rotten system needs looking at.

For example: If you miss a credit card payment you get goosed for 29% interest. If you can't afford health insurance, you pay double for health care. The system is designed to impoverish people and then keep them poor.

[MoonlitKnight]

5. "I'm rolling back Trump's massive tax cut for the rich"

Should be the message.

But we are up by a lot, so what do I know?

[MissB]

6. Seems fine to me

Little small if you ask me. We might get hit with it if it’s made effective for 2020.