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Biden tax increase
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Attackcoog Offline
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Post: #41
RE: Biden tax increase
(10-09-2020 08:00 AM)bobdizole Wrote:  I have been looking into this since the VP debate the other night when Pence said under Biden taxes would go up on the middle class. I have read Biden's website and several independent analysis of his economic plan and I can not find anything that would indicate people would take home less money on their paychecks if they make less than $400k. VP Pence was adamant about that fact, and he isn't a pol to make things up. This doesn't cover some of Biden's other crazy ass tax ideas, but specifically that point they argued. I'm not voting for Biden regardless, but this one I wish Trump's team would elaborate on why Biden's plan would increase taxes


Here is a link and bit for the AUP
Biden tax plan breakdown

Quote:The Biden tax plan would repeal the major tax reductions passed in 2017; it would increase the top individual federal income tax rate from 37% to the pre-Trump rate of 39.6% and the corporate rate from 21% to 28%. The tax benefit afforded itemized deductions would be capped at the 28% tax rate. Tax rates would be graduated so that taxpayers with incomes below $400,000 would not see rate increases.


Wealthy individuals. To make the tax treatment of wage-earners and wealthy investors similar, taxpayers whose income exceeds $1 million would pay the same rate on investment income as applies to wages. In addition, the carried interest “loophole,” claimed by many private-equity and hedge-fund managers, would be eliminated. These fund managers pay capital gains tax rates—currently levied at 20%—instead of ordinary income rates on their “carried interests,” i.e., high, fixed-rate participations in their funds’ profits, while making little or no capital investment.

There isnt enough detail to tell, but it appears to me, the diffierence could be stark for families under 400K if you dont have $24K in replaced "deductions". While the Trump plan eliminated alot of deductions, it also raised the standard deuction for a married couple to $24K. Many middle and lower income families didnt have many deductions under the old system, so for low-to-middle income folks, its hard to see how getting rid of Trumps plan will help most of them. Also, the Trump tax cuts allowed small business's to deduct the first 20% of income---so any small sole proprietor will lose "bigly".. If you are in the 100K-400K range, where you probably have some decent deductions---you might be ok. But just remember--Biden also claimed his administration's Obamacare Bill would save you $2500 a year on your health insurance. How'd that work out for Americans? Well--health insurance almost doubled in cost for most middle income folks in case you need a refresher.

BTW--be very careful in calling "independent" groups "independent". Dont have time to look it up---but Il bet money sight unseen those "independent" groups claiming the Biden Tax PLan doesnt hurt anyone under $400K are simply left wing think tanks with "safe" sounding names. Frankly, any tax claim is BS until without knowing the actual tax circumstances faced by any specific individual. I did very well under the Trump plan---my sister saw no savings at all under the plan--mainly because her husbands rather large employee driving expense deduction was disallowed (he's a wine sales rep--so he's an "employee", but must pay his own automobile/travel costs).
(This post was last modified: 10-09-2020 06:48 PM by Attackcoog.)
10-09-2020 02:11 PM
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VA49er Offline
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Post: #42
RE: Biden tax increase
Just noticed Biden's tax plan eliminates the Section 1031 exchange. That is HUGE when it comes to purchasing/selling real estate. For those that aren't familiar, a 1031 exchange allows an investor to swap one piece of real estate property for another without paying any federal income tax — even if the property you’re unloading is greatly appreciated.
10-12-2020 03:29 PM
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Pony94 Offline
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Post: #43
Biden tax increase
(10-12-2020 03:29 PM)VA49er Wrote:  Just noticed Biden's tax plan eliminates the Section 1031 exchange. That is HUGE when it comes to purchasing/selling real estate. For those that aren't familiar, a 1031 exchange allows an investor to swap one piece of real estate property for another without paying any federal income tax — even if the property you’re unloading is greatly appreciated.


Defer payment. I know you understand it but way too many people are spouting off that’s a loophole for people to get out of paying any taxes ever.


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10-12-2020 03:42 PM
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VA49er Offline
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Post: #44
RE: Biden tax increase
(10-12-2020 03:42 PM)Pony94 Wrote:  
(10-12-2020 03:29 PM)VA49er Wrote:  Just noticed Biden's tax plan eliminates the Section 1031 exchange. That is HUGE when it comes to purchasing/selling real estate. For those that aren't familiar, a 1031 exchange allows an investor to swap one piece of real estate property for another without paying any federal income tax — even if the property you’re unloading is greatly appreciated.


Defer payment. I know you understand it but way too many people are spouting off that’s a loophole for people to get out of paying any taxes ever.


Sent from my iPhone using Tapatalk

That's because most people just parrot what they are told. A 1031 exchange isn't tax avoidance, it's tax deferrment, like you stated. Eventually that tax will be paid. It's not a loophole by any stretch of the imagination but the talking heads don't need their followers to know that.
10-12-2020 04:28 PM
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CrimsonPhantom Offline
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Post: #45
RE: Biden tax increase
10-12-2020 05:20 PM
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