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2024 Presidential Election | ELECTION DAY 2024

  • Thread starter Thread starter nycfan
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  • Politics 
HeelInTheOzarks said:
Does he know he dropped out???

Isn’t that what everyone said about Joe
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It’s a funny thing — he actually said he is suspending his campaign in some key swing states so not to play spoiler in those states but remaining on the ballot elsewhere in case some event happens where he could win the election somehow.
 
As an aside, what is going on with his trousers on n this interview? It looks like he is wearing capri pants.

IMG_2522.jpeg
 


“… Even if Democrats don’t win full control of Congress, a Harris administration would be thrust immediately into a tough tax negotiation in 2025 with Republicans: Major pieces of the 2017 tax law expire at the end of next year absent congressional action, an outcome that lawmakers in both parties want to prevent. The expiration could give Harris leverage to demand support for some of her tax priorities.

If the president and Congress do nothing, about 62% of households will see their taxes go up in 2026, according to the Tax Foundation.

Former President Donald Trump, the Republican nominee, wants to extend all the expiring tax cuts, for a total of $4 trillion over a decade. On top of that, he proposes to layer further cuts—a lower corporate tax rate and tax exemptions for tips and Social Security benefits—and running mate Sen. JD Vance (R., Ohio) has talked about a larger child tax credit. Trump also would impose tariffs that would recoup some of that lost revenue but also raise consumers’ costs.

… Under [Biden’s most recent budget that Harris says she supports] plan, the top marginal income-tax rate for individuals would climb to 44.6% across almost all income types, compared with today’s lower top rates (23.8% on capital gains, 29.6% on some business income and over 39% on wages). High-income people would still pay lower rates on some of their income, but those marginal rates at the top matter because they can affect decisions about investments.

Harris, adopting Biden’s plan, also would create a novel system that would tax the unrealized capital gains of people with net worth exceeding $100 million. Capital gains currently aren’t taxed until assets are sold, and they are exempt from income tax at death, giving people an incentive to hold assets and pass them to heirs. (Estate taxes can still apply.)

Under the Harris plan, that top slice of households (about 0.01%) would pay an annual minimum tax of 25% of their income—using a broader definition of income that includes unrealized gains. The proposal contains provisions that let taxpayers spread out payments, helps them deal with the difficulty of assessing hard-to-value assets and addresses liquidity constraints. The most far-reaching Harris tax proposal, it might be the least likely to become law and survive court scrutiny. …”
 
(Cont’d)

“… Under Harris, capital gains for households making at least $1 million would be taxed as ordinary income. Unrealized capital gains, above a $5 million per-person exclusion, would be taxed at death. That tax would have some exemptions for family businesses, residences and personal property.

… Corporations would face a 28% tax rate, up from 21% today, and large companies would pay a 21% minimum tax instead of the current 15%. They also would pay higher taxes on foreign profits. The higher corporate rate would apply on a broader tax base because the 2017 law removed some breaks, and the increase would push the U.S. back toward the high end of countries’ tax rates.

…
For all of Harris’s disagreements with Trump, she has also promised to prevent any tax increases on households making under $400,000, extending most of the expiring Trump tax cuts. (For this purpose, Democrats ignore the effects of corporate tax increases on middle-income workers and shareholders.)

Such a policy effectively would lock her in to extending most of the 2017 tax law that she and every other Democrat in Congress voted against. During her 2020 presidential campaign, she had proposed repealing the Trump tax law.

Harris has proposed additional tax cuts on top of those extensions. She would revive the expanded child tax credit that was in place for 2021, which gives households $3,000 for most children and $3,600 for those under age 6.

… As president, Harris would add another tier for newborns with that year’s tax credit worth $6,000.

…
She also would revive an expanded version of the earned-income tax credit for low-income families, continue larger tax-credit subsidies for health insurance and exempt some tips from taxation—an idea first popularized by Trump.

Parents, in particular, would see their taxes go down, Lautz said. Some people would leave the income-tax rolls while others who already get net benefits from the income-tax system would get even larger refunds. …”

Harris has not said her position on eliminating the SALT cap (which impacts high earners from disproportionately blue states) or the looming reversion of the estate tax per-person exemption, which is set to return to pre-2017 levels of nothing is done.
 
nycfan said:
For all of Harris’s disagreements with Trump, she has also promised to prevent any tax increases on households making under $400,000, extending most of the expiring Trump tax cuts. (For this purpose, Democrats ignore the effects of corporate tax increases on middle-income workers and shareholders.)

Such a policy effectively would lock her in to extending most of the 2017 tax law that she and every other Democrat in Congress voted against. During her 2020 presidential campaign, she had proposed repealing the Trump tax law.
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WSJ seems confused about the definition of "most". Extending the Trump tax cuts would mean that 83% of the dollars would go to the top 1% (People making more than $800,000 a year).

They are trying to blow smoke up our asses by using the word "most" here to mean "extending the tax cuts to most American households" and not "extending the tax cuts cover most of the lost tax revenue".

**** the WSJ.
 
nycfan said:
I am voting for Harris no matter what but nothing in her tax proposal is good for me at this particular stage of life and it would be pretty negative for my bottom line if her plans are implemented. 🤷‍♀️
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I realize I am in a different life stage than you, but my perspective on it is that it is a very good problem to have. My mentality is that I would much rather be in a position where I am having to pay more taxes because I have more income and assets, than the opposite. My household would in all probability be one of the ones that would theoretically see the 44.6% top marginal income tax rate in 2026 under a Harris presidency, and I personally view it as a price well worth paying if it means that we have an administration that will finally tackle the immigration and border security problem, will continue to choke out Russia and other autocratic dictatorships, will continue to strengthen our democratic allies abroad, will codify bodily autonomy, etc.

My wife and I have a couple of close friends from medical school who are a dual physician couple in two of the highest paying specialties, clearing about $1 million a year between the two of them combined. The husband, with whom I am especially close, is constantly complaining about his tax bill over the last year since they have been full-time attendings. I’m like, dude, you make $1 million per year. Even if you are clearing, say, $600,000, you are not going to find too terribly many people in our country who feel the slightest bit sorry for you.
 
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CFordUNC said:
I realize I am in a different life stage than you, but my perspective on it is that it is a very good problem to have. My mentality is that I would much rather be in a position where I am having to pay more taxes because I have more income and assets, than the opposite. My household would in all probability be one of the ones that would theoretically see the 44.6% top marginal income tax rate in 2026 under a Harris presidency, and I personally view it as a price well worth paying if it means that we have an administration that will finally tackle the immigration and border security problem, will continue to choke out Russia and other autocratic dictatorships, will continue to strengthen our democratic allies abroad, will codify bodily autonomy, etc.

My wife and I have a couple of close friends from medical school who are a dual physician couple in two of the highest paying specialties, clearing about $1 million a year between the two of them combined. The husband, with whom I am especially close, is constantly complaining about his tax bill over the last year since they have been full-time attendings. I’m like, dude, you make $1 million per year. Even if you are clearing, say, $600,000, you are not going to find two terribly many people in our country who feel the slightest bit sorry for you.
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Not asking for pity or really even complaining … I’m voting for the policies because I can see beyond my personal tax bill.

I will add that when you pay quarterly tax payments, including FICA and the Obamacare surcharge (rather than having taxes deducted from each paycheck) you really perceive the amount of the taxes. It is what it is.
 
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