Nyc and California will raise taxes and so will Biden.
so maximum marginal tax, which is 52-53% today (state local federal fica) will go up to 70% as California/ny adds 2-4% and Biden now adds 13% to social security
good luck all
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Because your average American really cares about how new tax introductions will affect the wealthy right? Yeah sure, Joe the hardware store owner in Viola, TN really thinks the biggest problem ATM is how increased taxes are fucking the rich.
Get a clue dude. Most of the country hates rich people anyways.
With $15 min wage, Joe's hardware store will not be in business for much longer...
except $15 is still below inflation-adjusted minimum wage from 1950s.
And where are his customers going to shop? If they didn't need hardware he wouldn't be in business.
Go learn a little about history and then come back and talk to the adults
Loled at all the monkey shit I got. First of all, it's not 1950s anymore - small businesses won't be able to compete with global giants if their costs go up dramatically. Second, those terrible policies of 1950s were directly responsible for the death of American manufacturing and outsourced jobs, so not sure why would you bring that up as if it was ever a good policy.
Are you retarded? How is how the average American feels about taxing the wealthy relevant here at all? OP is talking about high earners readying themselves to pay higher taxes.
It's not that big of a deal. Politics in this country bounce back and forth more than a girl's head who is down on her knees. 70% top rates won't last forever and I think most smart people understand that.
Ha, just wait until your first bonus. You won't be so nonchalant on taxes after that.
An IB analyst won’t have to actually worry about such things for another 20 years. Most people on WSO won’t end up much more than marginally affected.
Get over yourselves.
Pretty sure the threshold for the top rate will be much higher than analyst income. Thinking it will at least be $400k.
confirmed: this guy is a virgin.
Pretty sure you nerds in sweater vests crying over the tax rate--which doesn't even affect you--are the driest dicks left.
What a freaking username OP.
His street name is "little cheng" - pretty gangster.
Anyone here know anyone that has experience with like the expensive tax lawyers and stuff that find clever deductions? Can MDs afford them? Or is that entire concept just in books and movies?
You can't really do much about your taxes if you're an employee. In fact, you can't really do much until you're earning $3M - $5M a year. Yes, you can do things before then, but nothing cool, especially as an American. It's actually harder to bring down tax liabilities as an American than many other nationalities.
Uncapping of social security tax isn’t going to be passed. NY and CA may actually be less likely to raise taxes since they’re more likely to get bailouts. Additionally, Biden could potentially reinstate SALT deductions, which would be a tax cut for high earners in those states (probably unlikely).
With such a slim majority, I doubt we’ll see massive changes to the tax code. Maybe slight increase in capital gains, reversion to income tax rates prior to Trump, and like a 5% increase in corporate tax rates.
0% chance salt deduction passes. Taxes at minimum go up 5-10%
Glad we have our very own Nate Silver on here.
You do understand there is nothing the GOP can do to stop it, right? For the same exact reason the Democrats couldn't - it's called a reconciliation bill and it only needs a simple majority.
Though Mr Trump and his supporters may leave very little of American democracy left to legislate over, at the current rate
Well we know DeBlasio is happy...banked on a blue senate/bailout and the slimeball is gonna get it and not face consequences for his absurd actions.
https://nypost.com/2020/12/17/de-blasio-says-his-nyc-budget-plan-hinges…
My liberal home state announced just an hour ago that in-person dining, shopping, etc is now a go at 50%, literally an hour ago they announced this.
Coincidence it times with the almost-certain GA senate race? Idk but the amount of blue states that are banking on a bailout are truly disgusting and won't face the ramifications of bad policy decisions, poor budgeting, and flat out pandering to the lowest common denominator.
Well that is a switch isn't it? It is usually the red states that get help (net) from the federal government.
Get ready to get fined for not wanting to get anally fucked by trans-women with a strap-on.
Haha how about you suck your American master's D hard enough that they give you a green card or some? Or maybe they include your shit hole as part of the West civilization? LOL
Oh god here we go.. 8 years of republicans crying over the black guy becoming president, 4 years of democrats crying over trump.. and now we’re back to 4 more years of republicans crying and snowflake tears
I don’t care about anything except my effective tax rate
Ok intern
Then don't object to being called a fascist or a bigot.
taxation is theft
Then get out of your country's soil. Go build your own house, make your own electricity, pave your own roads and don't bother coming into town if you get mauled by a bear.
nah
Maybe it's just that my family is an anomaly, but most of my family makes 400k+ with some being bonafide HNWI and with the exception of one uncle who is effectively an anarcho-capitalist every single one of them is not only in favor of being taxed more, they also think a number well above 50% wouldn't be the end of the world for the top bracket. The real issue should be about what the taxes are being used for. A country as rich as America has no business being such a miserable shit hole for a majority of the population and in their eyes (mine too but since I've never paid taxes I'll refrain from opining) if their money that would just end up sitting in the markets becoming a slightly bigger number every year and instead going towards people that need it and improving the lives of the destitute so be it. The whole "acquire wealth and forget all but self" of most of y'all on here is not only incredibly discouraging its sadly probably representative of wall street as a whole. But I guess at the end of the day we all die so who cares if greed was our only motivator.
Well the good thing is that they don't have to wait for tax rates to increase if that's how they feel, they can gladly write additional checks to the IRS to fulfill their wants and needs.
I on the other hand, do not want to pay more in taxes, thanks.
Cool story on the bonafide HNWI though.
I'll make sure to let them know
Man if you think America is a shithole, you don't get out much.
Should've been more clear, the US is still undeniably one of the better places in the world to live but there is a definite divide between the haves and have-nots that most other nations of comparable wealth do not have and the United States being richer than all of them for the most part shouldn't have such a divide. I think almost everyone can agree that this economic split (among other things) is one of the leading reasons for the political environment we find ourselves in.
The prospect of paying 60% effective tax after working 100 hrs per week is unamerican.
Just wait until cap gains are taxed as ordinary income and Liz Warren passes her annual wealth tax on unrealized gains.
All you socialists out there should quit your dirty capitalist finance jobs and go live in Cuba or Venezuela for a couple months, I'm sure you'll all come back with refreshed minds and new outlook on life :)
Cheers from Eastern Europe
Here is neink number 2 lol
Called this. Don't forget cap gains taxed at ordinary income if reported income > 1 mil. Fuck me lol... Ima need Biden to repeal that SALT tax and we'll call it even. I'll hold assets for sale past his presidency.
60% is around the max globally, I don't think the US will actually push it. I'm in a high tax bracket and I do not mind things done on the margin (e.g. 2-3%). I also don't mind living in a high tax city/state as long as they are committed to keeping infrastructure and public areas well maintained (it's like paying high country club fees -- ok slap me but make it worth it s'il vous plait).
I think gov needs to lower tax rates on investments (20% of cap gains max pls) and figure out a better way to feed capital back into the system. There's so much inflation in high-end assets and collectables because there aren't enough productive uses for capital right now.
In my informed opinion, this is because of the lack of a truly ambitious spending plan on by gov to expand ppf. I want to see something like a $30-40t package spent over 10 years to invest in infrastructure, energy, education, healthcare, technology, and such. A big driver behind social issues (poverty, unemployment of low skilled workers, low pay, etc.) are due to anemic demand resulting in very little inflation, which would be addressed partially by a spending package. The current trajectory is leading us towards a two-class system, which is not great and is the premise of most dystopian novels you have read.
Can't wait to experience what communism feels like!
Says the intern who makes $0.
Says the guy who has a less net-worth than me
For real estate, the removal of the 1031 exchange is going to have dire implications for commercial real estate and could cause segments of the market to freeze (pray for all the investment sales brokers in NYC). I don't agree with it at all and really hope that Biden's plan to remove it was more about political theatre/ trying to look tough against the rich in order to get the farther-left Dems. I don't agree with the tax raises, but if you're going to do them, please do them at a time that makes sense (ie. not when the economy is still in a weak spot and consumer spending drops will add to the pain). Joe will bring some stability though and I really hope that he is a relatively "boring" president for the country's sake. Think we all need a break from politics.
It's time to relax, work not more than 40-50h/week and enjoy life. People in this country work too much. Hopefully, these crazy taxes will change some people's priorities.
sound nice in theory, but in practice a disincentive for "working too much" as you put it goes a long way towards lowering overall productivity, entrepreneurship, economic competitiveness, etc. things that drive broader prosperity + advances in standard of living.
true for the country as a whole, but your personal happiness may increase from working less even with a significant salary drop.
You can't be serious with that comment...
yeah, I'm joking, but with a grain of truth.
Just do what many liberals do.
Vote for Democrats then move to a Republican state to avoid the high state tax.
Yep that's what your mama did after she married your dad.
Time to put the booze away Sumerian.
Why is everyone saying Biden will the raise the tax immediately? It's 50-50 in the senate right now, any dissent in the democratic party and the bill doesn't pass. And there are democratic senators inclined to not pass tax raises. If you think about all the other stuff a Biden administration and congress have to do first like COVID-19, it seems a ways off. Maybe after 2022 if the Dems take a majority in the senate and house, but that's a ways off.
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