Proving the Biden Contention

The rich who must be taxed more are those earning more than I do.

The President’s tax reform would apply the taxes consistently to those making over $400,000,

The President is paid $400,000 a year.

20 thoughts on “Proving the Biden Contention”

  1. Note the careful reference to how much a “couple” got from Trump’s tax cut.

    Despite Biden’s campaign words talking about individuals, the plan, admitted by Biden’s press secretary Jen Psaki a while ago, is for the £400,000 limit to apply to family incomes, so this will hit a lot more than just those earning more than $400,000.

  2. Does the US do household taxation? This side of the pond it’s been individual taxation for as long as been making tax returns.

  3. It appears almost certain that Biden will revoke Trumps $10k SALT deduction ceiling which will go a very long way towards offsetting any federal tax rate increases for the well-off in blue states.

  4. Dennis, CPA to the Gods

    Does the US do household taxation?

    Nope. Two single persons living together file separate tax returns, for example.

    Individual tax return filing statuses:
    Married, Filing Jointly
    Married, Filing Separately
    Head of Household (essentially single with dependents)
    Qualifying widow(er) with dependent(s)

    The IRS uses the term “household” to indicate an individual taxable unit… could be a return with any of the statuses above. Two persons unmarried, living together, filing separate tax returns with single status counts as two households.

  5. jgh

    A married couple can – under current law – choose to file individually or as a married couple.
    If one is much higher paid than the other, this can reduce the amount of tax paid.

  6. Dennis, Your Guide To The USA

    It appears almost certain that Biden will revoke Trumps $10k SALT deduction ceiling which will go a very long way towards offsetting any federal tax rate increases for the well-off in blue states.

    Don’t bet on it. It may pass, but it isn’t a slam dunk. Dems are deeply divided on this issue… by both ideology and state.

  7. Bloke in North Dorset

    The economist Anthony Davies often talks about what is a “fair” tax on the Words and Numbers podcast and relates the following. I paraphrase, of course.

    When surveyed about what is a fair amount of tax for the rich most Americans reckon just 30%. It turns out that when you do all the summing up and deductions the rich par around 33%. (it might be 33% and 34%, I can’t be bothered looking it up).

    It also turns out that what Americans think the middle class and poor should be paying in taxes is also about what they are paying. In the case of the poor that doesn’t account for handouts.

    Another one of the gems he likes to tell is that when asked Americans think that most companies make more than 35% profit. As he says, if they do everyone should stop work and start a company. In reality its 3% and lower for the likes of Walmart where its nearer 1%.

  8. “when asked Americans think that most companies make more than 35% profit.” That may well be a view held in Ely too.

  9. In the UK, for most of the history of income tax, a wife’s income was deemed that of the husband and taxed on him.

    There was a “married man’s allowance” and it was possible, after 1914 for a woman to file her own tax return (although the combined incomes were still taxed on the husband) and after 1971 married couples could elect for separate taxation although both would then be taxed as if single, lose any marriage tax allowance and this only benefitted couples if they were both high earners.

    Absent the separate Taxation election, tax returns completed by the husband would include a column for the wife’s income.

    Truly independent taxation only only arrived in the 1990/91 tax year. Even then there was still a “married couple’s allowance” which went to the husband unless elected otherwise. This allowance was reformed and then finally scrapped in 2000.

  10. I’d reinstate transferable tax allowances in the UK if I could wave a wand. And abolish the discount for single occupancy in property taxes. There are too many financial incentives for couples to split up or never get together in the first place.

  11. “Truly independent taxation only only arrived in the 1990/91 tax year”

    It was announced well in advance. I can remember putting some money into a savings account for my wife in the Channel Islands. Interest was calculated daily but credited only when a withdrawal was made. So she could withdraw interest in a year when she had her own Personal Allowance.

    I think that was the first time I’d ever done anything that showed much interest in, or competence with, savings and investments. Apart from finding some Deutschmarks in the sock drawer back when Wilson had imposed exchange controls on travellers: the mystery of how the money found its way there was never to be solved.

  12. @ dearieme
    Yes I remember taking a three week holiday to Switzerland when you could only take 50 quid out of the country. Godfearing churchgoing doctors, my parents; we must have been extremely parsimonious.

    @ John Turning

  13. Biden taxes Americans making over $400k
    Biden makes exactly $400k

    Gavin Newsom outlaws indoor dining during the pandemic
    Gavin Newsom enjoys indoor dining during the pandemic

    Democrats impeach Trump for encouraging “patriotic” and “peaceful” marching
    Democrats turn a blind eye to Maxine Waters literally calling for violence in the streets

    Trump voters are kept in solitary confinement for walking into the Capitol and putting their feet on Nancy Pelosi’s desk
    AntiFa rioters set police precincts on fire, with people inside, and most get released after a few days IF they even get arrested

    New York Post is censored by Twitter for posting a true story about the son of the president; “hacked material” and “fake news” used as an excuse
    Twitter turns a blind eye to Russian collusion conspiracy theories about Trump, including the Steele Dossier

    Twitter censors true New York Post story about the co-founder of BLM buying four houses, claiming the information is an “invasion of privacy”
    Twitter issues zero penalties to LeBron James’ account after he outs a Columbus police officer and wrongly accuses him of murder

    Washington Post devotes its resources to “fact-checking” Trump for 4 years
    Washington Post announces it will de-prioritize fact-checking Biden, claiming it’s less necessary

    MSM claims Trump is “sabotaging our democracy” by criticizing the news media
    MSM calls for the banning of Fox News and Newsmax

    Joe Biden and gun control groups preach about gun safety
    Joe Biden and gun control groups tell us to “shoot two blasts [a so-called ‘warning shot’] with a shotgun” to defend ourselves

    Leftists call Trump “anti-Science” for not letting the federal government completely control the lives of citizens
    Leftists avoid wearing masks when told they don’t work, wear double-masks outside even when vaccinated, when told they work

    Leftists call for defunding police, abolishing borders, banning firearms, killing fascists, claim to be “autonomous”
    Leftists take over a dozen city blocks by force, set up concrete barriers, carry semiautomatic weapons, aggressively enforce arbitrary laws, beg for supplies and services from local government and businesses

    And on, and on, and on with the double standards.

  14. The Other Bloke in Italy

    Oeprijraeor, thank you for compiling that list. One is aware of them in small groups, but a very full list is useful.

  15. Biden makes exactly $400k
    Does that include his honoraria from Hunter?

    Indeed would a comparison between Biden’s previous tax returns and his bank accounts reveal anything unusual?

  16. All the years he’s been in politics Biden knows how to launder his money by now, I imagine even a crack team of forensic accountants would struggle to find anything innocuous.
    That’s why career politicians are in favour of publishing tax returns, it’s because they have made sure theirs are sanitised and have the correct virtue signalling already.

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