NYC top marginal income tax rate will be 70.2% under Build Back Better

[C3D]

How many of NYC’s billionaires and hundred millionaires will move to Florida? Even the Bloomberg’s of the world can’t afford those kind of levies.

And these numbers don’t include social security tax, which was previously proposed to be 7.5% on the “rich” (>$400K per year, currently it’s capped at about $10K per year, will be uncapped under that old proposal). That takes you to 77.7%, at what point is it not worth doing anything anymore?

Build Back Better would make US income tax rate highest in developed world

The proposal currently before the House of Representatives would raise the average top tax rate on personal income to a whopping 57.4 percent.

nypost.com

 

[spat]

The wealthy don't have income, they have wealth. Income is for lower classes.

That's the definition of wealthy.

The rate could he 110% and it wouldn't phase the likes of Bezos and Gates one bit.

 

[That_FNG]

People who have money also have the means to move to places where their money is appreciated

 

[TEOTWAWKI inc.]

That means our tax rate will be a bargain at just 63.7%(swag method). Thank you, Dear Leaders.

 

[ArmedCorgi]

The revolution was faught over a 2% tax rate.

 

[cgrutt]

Believe my dad was taxed at 70+% under Carter could be wrong but he sure loved Regan. There were many other options those days though to shelter income. Not so much anymore.

 

[Jmac00]

Build --- back --- better

would indicate, that something had to be torn down or destroyed in order to build it back up. Obviously Poopy Pants Biden is right on schedule of destroying our economy, and now it seems hes about to make everything monumentally worse

as someone once said "If Socialist knew anything about economics, they wouldn't be socialists"

 

[GOPerfect]

Good.

As usual, I see the most positive in this.

The wealthy will never give up their wealth; it is what they are.

They will raise the costs of everything to ensure their wealth remains.

The more, non-wealthy this affects, the more of America will wake up.

We are desperate need of a good awakening. It is nearly upon us. It will be fun.

 

[spat]

Good.

As usual, I see the most positive in this.

The wealthy will never give up their wealth; it is what they are.

They will raise the costs of everything to ensure their wealth remains.

The more, non-wealthy this affects, the more of America will wake up.

We are desperate need of a good awakening. It is nearly upon us. It will be fun.

Tax rate doesn't matter at all to the wealthy.

They have wealth not income. Income is a middle class (or lower tier of rich) thing.

You can set the tax rate to 100% and you won't get an extra dime from Gates, Bezos, Musk, or Zuckerberg.

 

[GOPerfect]

Tax rate doesn't matter at all to the wealthy.

They have wealth not income. Income is a middle class (or lower tier of rich) thing.

You can set the tax rate to 100% and you won't get an extra dime from Gates, Bezos, Musk, or Zuckerberg.

I understand this. Very much so. Wealth and income is very different.

They will perceive this as a fight against what they have and they will hit back.

It has happened many times in the past, it will occur in the present and will continue into the future.

 

[spat]

I understand this. Very much so. Wealth and income is very different.

They will perceive this as a fight against what they have and they will hit back.

It has happened many times in the past, it will occur in the present and will continue into the future.

On the contrary.

I think they will see this as an opportunity to extract a little more wealth from the middle class.

They may have even engineered this with that in mind.

 

[GOPerfect]

On the contrary.

I think they will see this as an opportunity to extract a little more wealth from the middle class.

They may have even engineered this with that in mind.

This is my exact point.

Did I not say this? If not, it is 100% what I meant.

 

[spat]

This is my exact point.

Did I not say this? If not, it is 100% what I meant.

Sorry, I misunderstood then.

I thought you meant they were going to take their wealth and flee the country.

 

[Acer-m14]

Joes build back better is to beat Obamas gas and oil prices ..

 

[Saltwater60]

I can’t stand these cocksuckers. How the fuck does the government get more of what I earn than I do? Yes I understand this is a graduated tax, but why would I put out Capitol to possible make 30% of it a year back? This is what they don’t understand. The other thing they don’t seem to want to admit is they won’t just leave nys and nj because of the tax rate some will just leave the USA. This is what happened in France when they passed a wealth tax. They repealed this tax within three years because so many wealthy fled it was a net equal. The government made no more money.

 

[C3D]

Palm Beach, here we come!! - Michael Bloomberg.

 

[MothMan]

Exacto mundo!! Wealthy liberal progressives “escaping” to those “free states” spreading their love for you before them. Gotta luv it!

 

[cgrutt]

Economics be damned!



I'll add increase incentive for both successful individuals and lucrative businesses to flee Marxist regimes as we have seen so many times over the past 20 years...

 

[Dr. Evil]

Hey Biden Fan Boys...

YOU
OWN
THIS
SHIT.

Build back better BITCHES. Let me know when you start to miss the mean tweets.

Actually, never mind. You folks make me sick as it is.

 

[spat]

Hey Biden Fan Boys...

YOU
OWN
THIS
SHIT.

Build back better BITCHES. Let me know when you start to miss the mean tweets.

Actually, never mind. You folks make me sick as it is.

I could sure go for some mean tweets about now, how 'bout you guys ?

 

[Cooolone]

When people think that taxing the rich is going to fly, they forget a few things. One that by ratio to population, the tax gains from that strategy is a huge fail because there aren't that many Billionaires to begin with... Second is that those Billionaires have a multitude of vehicles they utilize to hide income and assets and will continue to do so, regardless of these BS changes. Lastly, the tax base of the widest field that will generate revenue is from the middle income level filers, meaning me & you... The plan to increase auditors by 300% current levels isn't to chase billionaires and their accountants, I can assure you! Biden and his boys will be squeezing mom and pop's for every fucking $0.01 they can find... to fund their liberal progressive agenda!

That's it... Everything else is gobbly goop bullshit!

 

[GOPerfect]

I could sure go for some mean tweets about now, how 'bout you guys ?

I send mean and nasty Tweets all of the time. I love pissing off the left, the soft and the snowflakes.

 

[SonOfSun]

Hey Biden Fan Boys...

YOU
OWN
THIS
SHIT.

Build back better BITCHES. Let me know when you start to miss the mean tweets.

Actually, never mind. You folks make me sick as it is.

 

[holdover]

They cant do 70% unless they change the currency, otherwise, Joe blow is going to cheat his ass off , cash only deals cash only work trade, barter. Like the Russian people did during the cold war . But if they go digital like they are talking about , its going to be much tougher to cheat the man.

 

[TEOTWAWKI inc.]

They are turning us into slaves.

The Fear of Domination: Resistance Against Tyranny - Journal of the American Revolution

The threat of continued oppression and an encroaching condition of slavery was central to the American colonists’ call for separation from Great Britain and the corresponding shift to direct resistance. While the lack of effective political representation was crucial, importantly the colonists...

allthingsliberty.com

 

[TEOTWAWKI inc.]

 

[cgrutt]

They are turning us into slaves.

The Fear of Domination: Resistance Against Tyranny - Journal of the American Revolution

The threat of continued oppression and an encroaching condition of slavery was central to the American colonists’ call for separation from Great Britain and the corresponding shift to direct resistance. While the lack of effective political representation was crucial, importantly the colonists...

allthingsliberty.com

No refuge could save the hireling and slave
From the terror of flight or the gloom of the grave,
And the star-spangled banner in triumph doth wave
O'er the land of the free and the home of the brave.

 

[Saltwater60]

They cant do 70% unless they change the currency, otherwise, Joe blow is going to cheat his ass off , cash only deals cash only work trade, barter. Like the Russian people did during the cold war . But if they go digital like they are talking about , its going to be much tougher to cheat the man.

This is why they want access to all bank accounts with over $600 in them or over $600 of transactions per year.
If they do this it will hurt the economy beyond repair. There are many that will stop doing side work and those jobs will not be replaceable because no employer will hire some one for a few days per week evenings or weekends. Most side workers will not establish a legit business.

 

[SonOfSun]

This is why they want access to all bank accounts with over $600 in them or over $600 of transactions per year.
If they do this it will hurt the economy beyond repair. There are many that will stop doing side work and those jobs will not be replaceable because no employer will hire some one for a few days per week evenings or weekends. Most side workers will not establish a legit business.

Good. Fuck em' Do it above board like everyone else or go choke on it.

 

[spat]

Good. Fuck em' Do it above board like everyone else or go choke on it.

Nah. None of that money should belong to the government anyway.

If some guy manages to keep some I'm OK with it.


If a crew of robbers broke into a restaurant you were eating in, and demanded everyone's wallet, would you be pissed at the guy who keeps an extra $50 in his shoe because he didn't lose everything too ?