House Democrats have proposed legislation that could end Trump tax cuts for the wealthy and corporations. If passed, this could implement some of the biggest tax increases in decades. But while these tax changes aim to make good on President Joe Biden’s promises to tackle inequality, they are smaller-scale in an effort to win over moderate Democrat support. The new plan proposes raising the top capital gains tax rate from 20% to 25% instead of nearly doubling it to 39.6% as Biden had initially proposed. And the corporate tax rate would only go up to 26.5% instead of 28%. Let’s break down how these tax changes could affect you A financial advisor may be able to help with tax planning. SmartAsset’s free advisor matching tool can match you with financial advisors in your area.
What Was Originally Proposed?
Initially, President Biden laid out a variety of tax proposals that included increasing the top capital gains tax rate from 20% to 39.6%. With the high earner Medicare surtax of 3.8%, the top rate would become 43.4%. Under his original plan, both short-term and long-term capital gains would be taxed the same way, with the top income tax bracket featuring a rate of 39.6%.
Trump’s tax cuts were a total failure by their own stated metrics. It makes sense to reverse failures.
We dont have a tax problem, we have a spending problem. Cut back on profligate federal spending by 10% across the board and that will be a start.
Joe's idea? Raise taxes so we can spend even more! Anytime you hear a democrat throw around the word "invest" - run for the hills!
Fuck off, traitor; Americans are trying to repair the damage to their country caused by seditious conservatives, again.
We dont have a tax problem, we have a spending problem. Cut back on profligate federal spending by 10% across the board and that will be a start.
Joe's idea? Raise taxes so we can spend even more! Anytime you hear a democrat throw around the word "invest" - run for the hills!
Trump’s tax cuts were a total failure by their own stated metrics. It makes sense to reverse failures.
How is this hard to understand?
It's actually enforcing federal tax law, passed by Trump in TCJA.
Trump capped deductions for state and local taxes, but left a loophole that only billionaires and millionaires can use to get around it.
It's worth $50B/yr.
Why are we finding $50B tax cuts for hedge funds when regular folks have to pay up?
Why do you want this?
Don’t you support repealing failed policies?By the same token, Im going to guess you support lowering taxes on the wealthy (Democrats) by repealing the cap on SALT taxes?
You've had a tax problem ever since reagan (piss be upon him) lowered them
We dont have a tax problem, we have a spending problem. Cut back on profligate federal spending by 10% across the board and that will be a start.
Joe's idea? Raise taxes so we can spend even more! Anytime you hear a democrat throw around the word "invest" - run for the hills!
Lets cut spending before considering any tax increases.
Don’t you support repealing failed policies?
Just a yes or no is fine.
You've had a tax problem ever since reagan (piss be upon him) lowered them
Hey Felix, how about they add a rider that gives refundable tax credits to poor people for the exact amount that’s raised here by increasing taxes on the rich, thereby not raising taxes? Better yet, let’s add a dollar so it’s a net tax cut!
Since tax increases are what you don’t like, surely you are on board here.
So protect the elites, screw the little guy.
True to form...
Shall we pass more tax cuts for private planes and golf courses?
Of course they pay taxes, how could you be so ignorant as to not know this?The poor dont pay taxes. Plus they get paid to overpopulate the nation with all the child tax credits, which is truly silly.
What more do you want?
Okay, let’s use Republicans’ own stated metrics for the Trump tax cuts.So long as you do not get to define failure, yes.
Plus they (the poor) get paid to overpopulate the nation with all the child tax credits
I could understand it if you made this as a tongue-in-cheek comment, but this bollocks actually seriously makes sense to you, doesn't it?
No wonder you'll fall for it every freaking time when rich conservatives tell you that the solution to society's problems involves giving money/tax breaks to rich people who don't need them.
Liar.Tax cuts at the top mean jobs at the bottom.
Tax cuts at the top mean jobs at the bottom.
Just one question.Lets cut spending before considering any tax increases.
We did once during the term of Bill Clinton. Then you righties cam behind him blew it up with tax cuts for the rich.Everyone benefits from the lack of wasteful spending by government. Lets balance the budget for once.
The cap on SALT taxes was a Trump attack on blue states. You people don't give a shit about most of your bitching.By the same token, Im going to guess you support lowering taxes on the wealthy (Democrats) by repealing the cap on SALT taxes?