That’s not entirely true. Everyone is affected by Biden’s tax plan.
Yes, you’ll pay more in taxes if you make more than 400k, even more if you’re a corporation, billionaire, investment fund manager, use gift tax loopholes in trusts, or manipulate life insurance loopholes.
If you’re part of the working class, you’ll be paying lower taxes, earning increased child or low-income housing tax credits, as well as earned income credit.
Capitalism forces even the unwilling to participate. It’s a matter of fact that the only way to afford a retirement in the last 50 years as a worker is to invest in private capital. I already want to see the total annihilation of coerced labor, I don’t want to work for my entire life.
What government or economic system doesn’t do that? Even if the system is fully autonomous and opt in, it implicitly obligates interaction if it is enforced by any means (or the use of another system is prohibited)
If you’re retired, you still pay taxes on Social Security and several forms of retirement accounts. That income would put you in the same category as the “working class.”
The plan is closing the Medicare tax loophole for $400k+ earners. I didn’t mention it because it’s an additional tax on the first category mentioned in both the meme and my comment.
That’s not entirely true. Everyone is affected by Biden’s tax plan.
Yes, you’ll pay more in taxes if you make more than 400k, even more if you’re a corporation, billionaire, investment fund manager, use gift tax loopholes in trusts, or manipulate life insurance loopholes.
If you’re part of the working class, you’ll be paying lower taxes, earning increased child or low-income housing tax credits, as well as earned income credit.
https://home.treasury.gov/news/press-releases/jy2169
What about retired people?
Retired people are generally working class too. Unless the person owns/owned a large corporation, that is.
Sure but they get their money the same way the rich do, via capital gains.
Capitalism forces even the unwilling to participate. It’s a matter of fact that the only way to afford a retirement in the last 50 years as a worker is to invest in private capital. I already want to see the total annihilation of coerced labor, I don’t want to work for my entire life.
What government or economic system doesn’t do that? Even if the system is fully autonomous and opt in, it implicitly obligates interaction if it is enforced by any means (or the use of another system is prohibited)
Not necessarily. Social Security is taxable income. About 40% of people who collect it make enough to have to pay taxes on it.
https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html#:~:text=About 40%25 of people who,in addition to your benefits.
That would be in lieu of income taxes, yes. Also doesn’t apply for ss or pensions.
Doesn’t that make them not retired?
I cannot functionally tell the difference from doing 2 hours of work at a Hampton vacation home and being retired. So I would say “not necessarily”.
It’s a dollar amount in America though.
If you’re retired, you still pay taxes on Social Security and several forms of retirement accounts. That income would put you in the same category as the “working class.”
That’s my point. A billionaire owner can be functionally retired while still being “employed”. A worker who’s 65 years old cannot.
The plan is closing the Medicare tax loophole for $400k+ earners. I didn’t mention it because it’s an additional tax on the first category mentioned in both the meme and my comment.