New Tax Bracket

[scotchtiger]

The Trump administration is suggesting a new tax bracket. It would start at $2.5M for individuals and $5M for married filing jointly. The rate would be 39.6%, taking it back to the pre-Trump tax cut rate for the top income tier.

While I'm wary of any tax increases, clearly this makes more sense that the moronic tax hike on everyone making over $400K that Biden and Harris both supported. It's very much in line with options I have proposed on this board in the past.

Where does everyone stand on this issue? Here's my take:

• I don't like tax increases, but if we're going to increase income taxes, this is the appropriate income level and rate adjustment
• This should shut up anyone whining about tax cuts for the rich, as now the rich will be paying the same top tax rate that they did before Trump

 

[yoshi121374]

The Trump administration is suggesting a new tax bracket. It would start at $2.5M for individuals and $5M for married filing jointly. The rate would be 39.6%, taking it back to the pre-Trump tax cut rate for the top income tier.

While I'm wary of any tax increases, clearly this makes more sense that the moronic tax hike on everyone making over $400K that Biden and Harris both supported. It's very much in line with options I have proposed on this board in the past.

Where does everyone stand on this issue? Here's my take:

• I don't like tax increases, but if we're going to increase income taxes, this is the appropriate income level and rate adjustment
• This should shut up anyone whining about tax cuts for the rich, as now the rich will be paying the same top tax rate that they did before Trump

I would support it, but they already walked it back and it's not gonna happen.

 

[UrHuckleberry]

curious how many people fall in this category for the type of income that falls under income tax. I would support it.

 

[Allornothing]

The Trump administration is suggesting a new tax bracket. It would start at $2.5M for individuals and $5M for married filing jointly. The rate would be 39.6%, taking it back to the pre-Trump tax cut rate for the top income tier.

While I'm wary of any tax increases, clearly this makes more sense that the moronic tax hike on everyone making over $400K that Biden and Harris both supported. It's very much in line with options I have proposed on this board in the past.

Where does everyone stand on this issue? Here's my take:

• I don't like tax increases, but if we're going to increase income taxes, this is the appropriate income level and rate adjustment
• This should shut up anyone whining about tax cuts for the rich, as now the rich will be paying the same top tax rate that they did before Trump

I make much less than 400,000 a year, but I too, pay my taxes.

I can't imagine how you "high wage earners" feel about giving their hard earned money to bullsh!t.

 

[scotchtiger]

curious how many people fall in this category for the type of income that falls under income tax. I would support it.

If you listen to the democrats, it must be a ton. All I hear about are the billionaires milking the lower tax rates.

 

[Allornothing]

curious how many people fall in this category for the type of income that falls under income tax. I would support it.

Do you realize that almost half or more of the country doesn't pay anything? On top of that, do you realize how many people who don't even hold a job, and get thousands of dollars from the EIC?

 

[UrHuckleberry]

Do you realize that almost half or more of the country doesn't pay anything? On top of that, do you realize how many people who don't even hold a job, and get thousands of dollars from the EIC?

Not sure what that has to do with what I said my friend?

 

[UrHuckleberry]

If you listen to the democrats, it must be a ton. All I hear about are the billionaires milking the lower tax rates.

I guess my thought was just that a lot of the richest people aren't making money from like W2 income that would be taxed at these rates. Feels like the real priority would be closing loop holes etc is all. I won't claim to be some kind of tax genius. Wasn't even trying to be combative.

 

[fatpiggy]

I voted do not support because i think a flat tax is the most fair way to tax. We are all created equal.

I also don't support ANY tax increases until we see accountability in our government. Cut spending instead. The DOGE findings show us no one in government has concern for our dollars. The fact we couldn't come close to passing an audit is criminal.

 

[scotchtiger]

I guess my thought was just that a lot of the richest people aren't making money from like W2 income that would be taxed at these rates. Feels like the real priority would be closing loop holes etc is all. I won't claim to be some kind of tax genius. Wasn't even trying to be combative.

Oh I agree with you. Which is why I think the democrat talking points on the subject are moronic.

 

[dpic73]

I'll be honest it would make me see Trump in a more favorable light if he actually did it, but he won't.

I'm sick watching them destroy all these aid programs and services that help the poor while not taking any of the medicine themselves. Given the massive budget deficit we have, it's the right thing to do.

 

[UrHuckleberry]

Oh I agree with you. Which is why I think the democrat talking points on the subject are moronic.

If people are making it as simple as you're saying I would agree. But I tend to think theres another side of things where democrats say "we need to tax the rich better" and that we've cut taxes too much for the highest earners, and they don't actually mean "W2 tax income brackets" alone.

But no doubt there are dumb democrats.

 

[scotchtiger]

If people are making it as simple as you're saying I would agree. But I tend to think theres another side of things where democrats say "we need to tax the rich better" and that we've cut taxes too much for the highest earners, and they don't actually mean "W2 tax income brackets" alone.

But no doubt there are dumb democrats.

One of my biggest pet peeves in the whole conversation is the "Wall Street billionaires aren't paying their fair share!" paired with raising taxes on hardworking families making $400K. It makes no sense whatsoever. It's obviously just trying to rile people up with a "yea **** those guys!" attitude while creating a totally unrelated broad tax hike.

 

[yoshi121374]

The real question I have moving forward is this, If the Federal Government is cutting services and sending them back to the States, it makes sense that they would cut taxes across the board since the cost should be smaller.

At what point do state income taxes start to go up and replace the current Federal taxes? Are we just playing a fiscally version of a shell game?

 

[dbjork6317]

The Trump administration is suggesting a new tax bracket. It would start at $2.5M for individuals and $5M for married filing jointly. The rate would be 39.6%, taking it back to the pre-Trump tax cut rate for the top income tier.

While I'm wary of any tax increases, clearly this makes more sense that the moronic tax hike on everyone making over $400K that Biden and Harris both supported. It's very much in line with options I have proposed on this board in the past.

Where does everyone stand on this issue? Here's my take:

• I don't like tax increases, but if we're going to increase income taxes, this is the appropriate income level and rate adjustment
• This should shut up anyone whining about tax cuts for the rich, as now the rich will be paying the same top tax rate that they did before Trump

Support it but this is obviously DOA in a Republican controlled congress. Not even sure why the White House floated this and strongly doubt they pursue it with any vigor.

 

[UrHuckleberry]

One of my biggest pet peeves in the whole conversation is the "Wall Street billionaires aren't paying their fair share!" paired with raising taxes on hardworking families making $400K. It makes no sense whatsoever. It's obviously just trying to rile people up with a "yea **** those guys!" attitude while creating a totally unrelated broad tax hike.

I'm fine with that opinion. My pushback is just that you take that opinion and feeling and read every comment from a democrat on taxes through that lens. I get it. But just saying it ends up unfair on a lot of comments I would guess.

 

[Clemson Goat]

If you listen to the democrats, it must be a ton. All I hear about are the billionaires milking the lower tax rates.

I'm thinking there's around 758 billionaire's in the US as of 2024.

 

[EOTiger82]

get back to you when i hit the lottery