pdub wrote: ↑Wed Jan 22, 2025 1:11 pm
Increase the top tax rate on the wealthiest Americans to 39.6 percent. One of the 2017 tax cut’s clearest giveaways to the wealthy was cutting the top income tax rate from 39.6 percent to 37 percent, exclusively benefitting the wealthiest households—those in the top one percent. This rate cut alone gives a couple with $2 million in taxable an annual tax cut of more than $36,400. The President’s plan restores the top tax bracket to what it was before the 2017 law, returning the rate to 39.6 percent, applying only to those within the top one percent.
End capital income tax breaks and other loopholes for the very top. The President’s tax reform will end one of the most unfair aspects of our tax system: that the tax rate the wealthy pay on capital gains and dividends is less than the tax rate that many middle-class families pay on their wages.
And here's the thing. If you are working multiple jobs and making over $300K you pay 24% on everything.
And the top earners are not paying 37%. As a stockholder, if you keep your income under $200K and pay out the rest as qualified dividends, your tax rate is 22% on income and only 15% on your dividends. You could pay an effective rate more in the range of 18%. At this income level you also have disposable income which you can put into a money losing LLC and reduce your rate even further while building a tangible asset, or town. Next thing you know, the IRS is sending you a refund check for 2/3 your salary. It's weird but that is how the system is set up now and I am expecting it to get more skewed soon.
It is conceivable that people making twice your income pay less taxes than you. I personally don't think that is fair and have said so. I am willing to pay more to relieve the debt of others who probably need the tax relief more than me. Increasing my tax bill next year to 37% across the board does nothing to my quality of life or what I do. But decrease the tax debt on multiple families by a proportional amount would have lessened the stress on a lot of people and that would seem like a good thing for the stability of our society.
But I have only one vote and luckily Kamala wasn't elected and those beautiful, beautiful tax cuts for deserving capitalists were not erased.
The people have spoken and this is how they want it cuz roadkill patriots want to see brown people and sluts punished and Kamala didn't pass the purity test of the comrades; and the price of eggs.
Thank you roadkill patriots and comrades for your debt service. Next time you are in the Empire stop by and I'll buy you a beer, seriously, it's least I can do.
