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How Your Taxes Will Rise Under Biden Tax Plan

posted 3 years ago by PresidentAckbar (1289)
5 replies | jump to latest

No exemption for your children and other dependents
No deductions for student loan payments
No deductions for sales and income tax
Lower property tax deduction capped at $10,000
No tax breaks for adoptions
Deduction for mortgage interest lowered by 50%
No deductions for people with large medical expenses

Small businesses and charities will also suffer under the "Cut Cut Cut Tax Plan".

No credit for drug companies to research cures for rare diseases.
No credit to hire disabled persons.

But lucky billionaires and multi-millionaires will do well under the plan as well as large corporations. For instance, in 2005, Biden paid $3.75 million, of which $1.5 million was because of the Alternate Minimum Tax. He plans to get rid of the Alternate Minimum Tax. His children can also inherit paying less in taxes since estate taxes will benefit those with over an $11 million inheritance.

Nice that the rich will be getting even richer and screw the rest of us.

[–] JoWilli (15153) 3 years ago

the rich get richer is the status quo of the dems...

[–] PresidentAckbar (1289) 3 years ago

Pretty much, taxes will go up for the middle class while the rich people get theirs lowered.

[–] Bloodworth79 (5569) 3 years ago

Have you heard what he wants to do with capital gains tax.

You would think all those tax exemptions would effect the middle and lower class most...and they flock to Biden?

But people were so anti trump it didint Matter.

High gas prices under Biden...we don't care.

High taxes under Biden...we dont care

Defund the police and military under Biden, we dont care.

Less safety from Islamic terrorism, nope we don't care.

Aoc, hunter, Omar, Talib beto,

Not budging.

Democrats are backed by a majority of the media...huge advantage for Biden.

Dems are backed by a majority of silicon valley. Huge advantage with algorithms used to surpress Republicans.

Dems are backed by a majority of hollyweird. Lots of money, power and influence from that industry.

Dems control a majority of college academia. Taught here to hate America

Dems control the FBI, lots of dedicated agents who would never let trump win.

Dems have started to pack the courts, throwing out election fraud claims, refusing to prosecute rioters, blm, and LGBTQ.

The general dumb public has no idea the disaster Biden and KAMALA will bring.

Did people enjoy 4 years of quiet and safety from Islamic terrorism?

Or did they take that for granted, because the enemy were nervous what a trump retaliation would be.
Too much at stake.

Wait trumps time out and test old joe.

Sucks

[–] JoWilli (15153) 3 years ago

great post, sadly the democrat sheep are too blind to see whats going on or they dont really care...they echo whatever big tech and the media say...the censorship of republicans grows everyday...

[–] FFNogoodnik (770) 3 years ago

According to taxFoundation.org a "Right Center" (https://mediabiasfactcheck.com/tax-foundation/) leaning site Biden's Tax plan "Expands the Child and Dependent Care Tax Credit (CDCTC) from a maximum of $3,000 in qualified expenses to $8,000 ($16,000 for multiple dependents) and increases the maximum reimbursement rate from 35 percent to 50 percent."

It will also
"For 2021 and as long as economic conditions require, increases the Child Tax Credit (CTC) from a maximum value of $2,000 to $3,000 for children 17 or younger, while providing a $600 bonus credit for children under 6. The CTC would also be made fully refundable, removing the $2,500 reimbursement threshold and 15 percent phase-in rate."

That seems quite different than

No exemption for your children and other dependents