For those of you that believe Biden on this whole "only making the wealthy pay" and "no one making under $400K" will pay a penny more!" nonsense, I'm going to let you in on a little secret...
First, you must understand he's talking about 2 different tax things. Let's start with the $400K first. This little tidbit refers to INCOME tax. If you're making over $418K(married) you're getting taxed @ 35% which is the 2nd highest percentage as it relates to income tax.
Here's where people get confused. Income is the money you get paid from your job. When politicians talk about the wealthy "making money and paying less in tax than average people" they're purposefully misleading you.
Yes, wealthy people "make" lots of money but that low tax they're paying is on capital gains. There are 2 types of capital gains "Short Term" and "Long Term". Short term is when you make money on something you've held for less than a year.
Short term gains are taxed like regular Income. Same exact percentage rates. So, if you buy and sell stock all in one year and make money from that sale, let's say $20k, if that is the ONLY money you made that year, your tax burden is 22%
Long term gains have a different set of tax brackets. 0%, 15% and 20%. So if you're making money on your investment to the tune of $501,000 a yr on investments you've held for over 1yr, your rate is 20%
20% is LESS than 22%....HOW IS THIS FAIR???
If you, average Joe, earn $500k from your job, you'll be taxed @ 35%, but if your Apple stock you bought 2 years ago earns $500k & you decide to sell it off, you'll only be taxed @ 20% on that income.
Here is where Biden thinks you're dumb. He is using the tax brackets for income when referring to your tax burden (35%) & comparing it to Long Term capital gains when the wealthy SELL their stock (20%) and telling you you're paying more in tax.
Why would he purposefully deceive you? I'll tell you why, he needs you to feel slighted by the wealthy so you'll support garbage legislation like Build Back Better. Why should you care? Because increases on cap gains taxes affect YOU too. Not just the wealthy.
You're helping him set the tax rates you will pay when you sell stocks & take payouts from your 401k & you won't even notice because you aren't ready to declare that money yet.
Speaking of which, you might want to pay attention to Yellen talking about unrealized capital gains because that means they want to tax your investments for whatever it earns in that calendar year instead of at the time you actually access it.
Why does that matter? Well, because tax rates change, if they increase gains tax now and decide to tax unrealized gains they get that money NOW even though you can't access that money till retirement without a tax penalty.
You don't have any investments so why should you care? Because you're being played! Why would you be mad that the rich guy is only paying 20% in capital gains tax...YOU ARE LITERALLY PAYING $0. There is no math on Earth that results you paying more wealth tax than the wealthy
By supporting legislation like this you're giving the government more and more power. Power like access to your bank account ($600 ring a bell?)

Ask the Greeks how that worked out for them when the gov began seizing tax money directly from people's accounts.

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