Will Biden raise taxes on those making less than $400k/yr

[dead0man]

go

[TiltsAreUnderrated]

Probably not, but he should. Despite his definition of everything under that number as middle class, $200k/year is rich, and many public services are in need of refurbishment.

[○∙◄☻¥tπ[╪AV┼cVê└]

If you count getting rid of backdoor and mega backdoor Roth IRAs then yes

[NotSoLucky]

He'd much rather tax poor people instead of his wealthy donors in Delaware and New Jersey

[Non Swing Voter]

AGI or not adjusted?

[dead0man]

AGI or not adjusted?

either

[Non Swing Voter]

AGI or not adjusted?

either

AGI = no definitely not

not adjusted = maybe.

and it also depends what they do re capital gains. 

[Torie]

Aside from perhaps some increase from a hyper technical standpoint* (another way to put it is some minor and perhaps unavoidable collateral damage, just because of the way the gears in the tax code mesh with each other), probably not. Why? Because I think it more likely than not that the reconciliation number will be much less than 3.5 trillion**, which alleviates much of the pressure for higher rates.


*as well of course excluding indirect increases, such as the increasing of the C Corp tax rate, to the extent such a tax is regressive, i.e., the higher tax is passed through to consumers in higher prices as a form of sales tax

**probably delayed too, cf Joe Manchin

[Santander]

Probably not, but he should. Despite his definition of everything under that number as middle class, $200k/year is rich, and many public services are in need of refurbishment.

$200k is rich for a healthy single person with no kids, but in a country where everything costs money and taxes aren't even that low, $200k is not remotely rich for a family with education and/or health expenses.

I am okay with higher taxes in principle, but there are so many structural reforms required to get the US government functioning remotely correctly to actually use that revenue properly.