> The plan would increase the top tax rate on Americans earning over $435,000 from 37 percent to 39.6 percent.
Democrats have caviar dreams and a tuna fish budget. $2.9 trillion over 10 years doesn’t even cover the FY 2015 budget deficit projected forward, much less any new spending.
Biden’s promise not to raise taxes on upper middle class people (making $100k-400k) is nuts. Half of all personal income, over $5 trillion, is earned by the top 25% that’s not the top 1%: https://taxfoundation.org/summary-of-the-latest-federal-inco....
Other countries heavily tax this group. In Germany, the 42% income tax rate (just a couple of notches below the 45% max) kicks in at 56,000 euros. In Sweden and Denmark, the top income tax rates kick in around 1.5x the median income (well under six figures for us).
It should not be this hard to tax all the SV and Wall Street-adjacent upper middle class people. Most are even Democrats now. They voted for higher taxes. Just do it!
Anyone who makes $100k+ in US, has health insurance with a few thousand dollars annual maximum out of pocket.
More importantly, while in the US, healthcare insurance is typically a benefit offered on top of the cash salary, in Germany, health care tax is deducted from the salary. So, if you’re American household making $100k, you’ll spend $3k on Medicare tax, and then you’ll spend up to your out of pocket max, typically less than $5k/year (and you’ll hit the max only in years in which you heavily use healthcare). In contrast, if you’re German making 100k EUR, you’ll be paying 8k EUR healthcare tax every single year.
When you factor in state taxes + all the things the US government doesn’t do for me (particularly us upper middle class folks), my effective tax rate is pretty on par with Germany.
If you think this, you probably haven't accounted for the astronomically higher costs of education, and healthcare in the United States. You also probably haven't done a full accounting of the taxes you actually pay in the United States (You need to include your employer's portion of Social Security and Medicare, which is another ~10% of your income.)
Your tax rate starts looking a lot worse, and you end up getting a lot less when you add all this up.
On the bright side, your money is paying for corn subsidies in Iowa, and 9 aircraft carrier strike groups.
Oh I've most certainly accounted for it. Paying for healthcare and education isn't that hard when you get to keep another 10-20% of your income each year.
Democrats have caviar dreams and a tuna fish budget. $2.9 trillion over 10 years doesn’t even cover the FY 2015 budget deficit projected forward, much less any new spending.
Biden’s promise not to raise taxes on upper middle class people (making $100k-400k) is nuts. Half of all personal income, over $5 trillion, is earned by the top 25% that’s not the top 1%: https://taxfoundation.org/summary-of-the-latest-federal-inco....
Other countries heavily tax this group. In Germany, the 42% income tax rate (just a couple of notches below the 45% max) kicks in at 56,000 euros. In Sweden and Denmark, the top income tax rates kick in around 1.5x the median income (well under six figures for us).
It should not be this hard to tax all the SV and Wall Street-adjacent upper middle class people. Most are even Democrats now. They voted for higher taxes. Just do it!