Biden tax plan will increase taxes on middle class

Cost of living has already gone up. Gas is a big expense for a lot of people, and it increases the price on goods, basically everything is effected by the price of gas.

Idiots voted for Biden, straight up morons. Low information people, and emotional babies that thought it was just ohhhh too much to handle a president that tweet’s. Ohhhh the horrors!!! They handed the keys to the country back to the crony establishment war mongers who are hell bent on sucking every damn thing out of Americans, while doing absolutely nothing to better their lives… fuck every single biden voter, and that includes some of my family members.

I include those people in the middle class even though they are upper middle class. I dont agree with the idea that middle class only means the average person who works a retail job for $12/hr.

The problem in society is not that a doctor or the owner of a landscaping company doesn’t pay enough taxes or that after a lifetime of hard work they leave a $1.5million dollar house and a vacation cabin to their kids. The problem is the hedge fund manager who makes $400 million/year or the near-trillion dollar company that pays no taxes at all. Yet the Democrat policies are always aimed at punishing the former while ignoring the latter.

Nevermind that it is completely insane for there to be any talk of increased taxes whatsoever while our shitty government is wasting literally trillions of dollars on pointless wars and giveaways to foreign countries. Make better use of the existing revenue before you tell me you need more money.

They are upper class. People making 12/hr are lower class. That’s poverty for some families. Your definition of the rich are the top 1% of the 1%.

I agree with you on spending though. It’s out of control but blaming Dems vs reps at this point is a joke. Neither is better than the other, they don’t even really wast money in different ways anymore 80% of government spending is military, social security, medicare, and interest on the debt.

Doctors, lawyers, and small business owners aren’t what most would consider middle class. You’re talking about people making well into the top 5% or so of earners. Is that really middle class?

nationally middle class technically tops out @ $122k

$122 is absolutely middle class in NYC SF LA CHI TOR etc.

lower end actually

middle class as those earning between two-thirds and double the median household income . This Pew classification means that the category of middle - income is made up of people making somewhere between $40,500 and $122,000.

so if you take double the median by city or district, then yes many of the middle will be paying higher taxes.

I agree both parties are to blame for the insane spending. The Democrats are worse though because they want to increase the size and scope of the federal government much more than the Republicans.

We can go back and forth on this all night splicing hairs, but the issue is an estate tax on wealth transfer of gains in excess of $1M. It’s not a middle class tax.

We’re talking about spending, size isn’t really part of that discussion. Im not a fan of big government, but spending is spending.

My uncle bought a house for $90k decades and decades ago. It’s now worth well over a million. Plus he has a modest portfolio of stocks that he bought in small amounts over the decades. He was very much middle class, comfortable but careful of finances(ie: they had two cars but when his wife retired they got rid of one to save on payments), raised a family, worked a middle of the road job, neither executive nor entry level. Why should he be punished by more taxes after a lifetime of work and savings and appreciation on his home? Is that not the middle class American dream?

Austin Powers Doctor Evil GIF

Please. I have around 900 000 in the bank after 25 years in the power generation industry with at least 10 years to go. If I die in 5 years and my child inherits over 1 million, she is all of a sudden 1st class ?

From what I’ve read, the exemption is $1M per asset which would probably protect you.

But none of it is in stone yet. There’s also uncertainty wether the estate exemption would come into play. Right now, there’s no estate tax due on estates over 11.5M, 23M if it’s joint. When my folks died in 2004 the estate tax exemption was $1.5M I think. So calling this some kind of new middle class tax is just not fair.

This really is a nothing burger at this point. It sounds like there will be a lot of exemptions for most and there’s also a good chance none of it will pass.

size=spending bro.

Republicans help their rich friends and the middle class is required to pay for it.

Democrats help the poor AND their rich friends…and the middle class is required to pay for it.

Absolutely no one values the middle class. They get the short end 100% of the time.

Who says small business owners can’t be middle class?

I know a guy who owns a hot dog place that’s only open weekdays 11-5 because it’s in an industrial area. Employs about 1/2 dozen employees.

He makes around $100k a year. That’s not middle class?

1 Like

You are, but if you exceed the exemptions laid out in this plan, you cease being middle class IMO.