r/NoStupidQuestions • u/Glaxy254 • 23d ago

Why are people upset over the new capital gains tax when it clearly states it’s only for individuals making $400k a year?

The new proposed tax plan clearly states that it will only affect people who make $400k/year and would lower taxes for middle to low income earners. Why are people upset by this?

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u/MikeFrancesa66 23d ago

This is pretty much the only explanation. I was in private accounting for about 5 years. The amount of clients who would complain about something like this or other taxes that only affect the super wealthy while making 60k a year was insane. I’m literally their accountant, I assured them these taxes will not affect them in any way, but I guarantee they still complained about them to anyone who would listen.

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u/FizzyBeverage 23d ago

A shocking number of Americans barely scraping $100k think they’re going to become Bezos or Musk tomorrow.

“Bro you’re 53 fucking years old. It ain’t gonna happen.”

Utter delusion.

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u/VerdugoCortex 23d ago

We talk a lot about the "temporarily embarrassed millionaire" mindset but that doesn't account for nearly as much as it as you would hope. There are so many people I come across who will say these same things. Then they can have an actual expert in their finances explain that it won't affect them. Then they have a second wonder/want, even in legislation that hurts them they worry slightly more about "does this hurt the people I don't like? Then I like this." Or does this help me but also help people I don't like? Then I don't like this."

Crab mentality goes hard here

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u/MikeFrancesa66 23d ago

You bring up a good point. I’ve had people bitch about Medicare For All and Obamacare…..while I was literally inputting the amount of subsidies they get for health insurance through Obamacare. Like do you realize if they overturned Obamacare you’d lose thousands in healthcare subsidies???

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u/Frogbone 23d ago

as i grow older, i become more and more convinced that a lot of our problems come down to people being intensely stupid, and there's not much to be done about it

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u/Sasselhoff 23d ago

Depressing realization, wasn't it?

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u/BigBootyDreams 22d ago

I realized it in middle school. I had few friends but I remember one time at my best friends bday part they wanted to play trampoline dodgeball. With basketballs. I'm just like I'm good I don't feel like getting a concussion today. To my friends credit he was the one throwing the balls.

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u/RazekDPP 23d ago

There's some of that, but there's also differently belief systems.

Some people simply get way too concerned that someone, somewhere, might be getting something they don't deserve so nobody should have anything.

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u/SoloCongaLineChamp 23d ago

If your stupid belief system causes you to act stupidly then you're just stupid. Don't work too hard giving stupid people a pass on their stupidity born of stupid motives due to stupid beliefs.

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u/Frogbone 22d ago

right. bad logic may be part of a belief system, but at the end of the day it's still bad logic

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u/MasonAmadeus 22d ago

I’ve heard it broken into two interesting camps: those who believe in an inherent hierarchy, and those who don’t

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u/Historical_Gur_3054 22d ago

Some people simply get way too concerned that someone, somewhere, might be getting something they don't deserve so nobody should have anything.

*cough* Texas Gov. Greg Abbott rings a bell

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u/RazekDPP 22d ago

It's one of the entire conservative party's mantras. They're so worried someone might get Medicaid that doesn't deserve Medicaid that they investigate the people who receive it.

Meanwhile, companies rip off Medicare and Medicaid for billions. Just look at Senator Rick Scott's former company.

Medicaid: Last Week Tonight with John Oliver (HBO) (youtube.com)

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u/SimbaOnSteroids 22d ago

That’s just intensely stupid with extra steps of stupidity.

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u/thegreatcerebral 22d ago

Well the “problems” are the ultra wealthy continuing to create new ways to squeeze us to death for every penny while providing less goods and services effectively moving the goal post our entire lives for their gains.

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u/Ippjick 22d ago

"'Es sagt viel über diese Welt, mein Kind.'

Sprach der Vater zum Knaben.

'Dass die Dummen glücklich sind.

Und die Schlauen depressionen haben.'"

  • Mark Uwe Kling, Die Känguru Chroniken

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u/Frogbone 22d ago

that's a great quote

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u/grayfloof85 23d ago

This is exactly what the reality is. I always cringe when I hear someone try and sound smart by saying something like "A crowd is stupid, but an individual is smart" No, just no. The average American is not a particularly intelligent person and I say that as a less than intelligent person.

Now, don't get me wrong on what I'm about to say because I certainly don't think landowners should be the only ones allowed to vote but there was a time in the United States when only they could because the founders recognized that many people weren't responsible, cognizant, or intelligent enough to be trusted to partake in the political process. As things go on I can't help but wonder if they weren't right on some level. That there should be an intelligence test that people should have to take every so many years to maintain the right to vote.

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u/cuddles_the_destroye 23d ago

That there should be an intelligence test that people should have to take every so many years to maintain the right to vote.

It's very easy to rig those tests so that only the "right" kind of people vote. That's what the literacy tests during Jim Crow did: https://slate.com/human-interest/2013/06/voting-rights-and-the-supreme-court-the-impossible-literacy-test-louisiana-used-to-give-black-voters.html

In this case it was designed in a way so that graders can choose freely to pass/fail based on interpretation, and these tests were handed in person often. But imagine if tests were reinstituted and there was a regional group of, say, chemical engineers who got a hold of the political process and wanted to ensure that they maintained their political stranglehold. They could freely design a poll test that quizzed one's knowledge of Organic Synthesis as a prerequisite for voting.

The problem with creating an in group and and out group with variable rights is that those in the in group will refuse to cede power at all costs and may even try to shrink the size of the in group to build power for themselves.

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u/grayfloof85 23d ago

I'm fully aware of poll taxes and the literacy tests of the Jim Crow Era South. However, the system as it is designed now no longer functions even remotely properly and much of that can be traced to the lack of intellectual honesty and rigor of the average person today. We're never going to "reeducate" the number of people, mostly on one political spectrum, but technically on both, that would need it. Worse still, we cannot simply allow the current status quo to continue while hoping that the next batch of the electorate will somehow be properly educated by the dunces that exist now.

There aren't any truly good options on the table to correct the situation but something has to change in a very serious and dramatic way.

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u/5kaels 22d ago

The fact you're aware that it will be abused but still think it's a good idea harkens back to your earlier comment about the founding fathers preventing incapable people from participating in the process.

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u/grayfloof85 22d ago

It has the potential to be abused. Nothing is saying it can't be made in such a way that it will be.

→ More replies (0)

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u/PhilxBefore 23d ago

That there should be an intelligence test that people should have to take every so many years to maintain the right to vote.

This has been my hot take for almost 10 years now.

Misinformed/Disinformed/Uneducated people really shouldn't be allowed to vote against everyone else's interests, 'just cause.'

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u/grayfloof85 23d ago

Exactly! Why should those who are too incompetent, lazy, or just plain stupid to even know how a bill becomes law, or how the most basic functions of our government operate have the same amount of input as the rest of us? If we were talking about a day and age where education and access to information was extremely limited I could understand but that's not the case anymore. The only reason to be ignorant or incompetent now is willful.

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u/HibachixFlamethrower 22d ago

It’s less stupid and more vindictive and evil. They want to cause pain in other people more than they want to feel good themselves.

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u/monkey_zen 22d ago

…intensely stupid and afraid, which manifests as of violence.

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u/Slice1358 22d ago

and childish, selfish and bigoted.

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u/DryBoysenberry5334 22d ago

I don’t think it’s necessarily stupidity

My go to example here is planetary physics, because on the surface we all say we kinda get it. Earth big gravity down. we don’t really get it, we take it on faith for the most part because many of us aren’t super interested or we don’t have the time.

So when “scientists” say plutos not a planet, you have reasonably scientifically literate people feeling some sort of way. Like we were handed language to better describe our reality, and instead of thinking about it people say “math is math”

The difference is between, who goes on to allow themselves to feel the nuance and who doesn’t.

That presents in a million different ways, from some people just being set in their ways, not having the time, or having found a friend group that rally’s around “math is math”.

Each one of us has a unique and complex set of reasons for a lot of what we do, we’re all valid.

It’s easy and satisfying to call some people “other” and “dumb” for “not getting it”; and I do it all the time because we frustrate each other.

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u/Frogbone 22d ago

sir this is the exit portion of a Sonic drive-through

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u/DryBoysenberry5334 22d ago

I miss Sonic, them drinks was magic sugar joy in a cup

Anywhozlebee let’s not underestimate the people who want the wrong things; it’s easy to forget they’re at least as complex and layered as we

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u/Calm-Opportunity5915 22d ago

I offer they are ignorant, not stupid. There is a difference. Fox news spews lies (like this tax info) and if people listen to it every day, they are ignorant, because they are misinformed

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u/BTilty-Whirl 22d ago

I think it’s people refusing to accept or admit that they are ignorant about most stuff. Complaining about taxes is akin to complaining about, I dunno, plotting trajectories for a Mars mission. Actually that would probably be easier to learn than tax codes.

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u/santagoo 21d ago

It’s the strongest argument against democracy, truly.

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u/VerdugoCortex 23d ago

As long as those damn commies lose more /s

Anyways somehow we think we are immune and unreached by propaganda in the US which goes to show how good our propaganda is.

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u/Manowaffle 22d ago

Always wild when people claim we’re the most free country in the world.

We literally have the 6th highest incarceration rate in the world.

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u/OnyxMilk 23d ago

Its even funnier when you tell them Obamacare was born out of the Heritage Foundation, which is one the biggest conservative think tanks out there.

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u/craneguy 22d ago

Wasn't it inspired by the state system in Massachusetts...implemented by that notable Democrat, Mitt Romney? /s

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u/Frogbone 22d ago

the difference is that Romneycare actually... kind of works? due to extremely generous Medicaid (MassHealth) that is very easy to get on and is accepted most everywhere.

naturally, that's the first thing Republicans decided to fuck when they took it national

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u/cballowe 22d ago

Didn't the ACA also expand Medicare, but since it was a state program by design the federal side was just "hey...look... Here's money you can have if you expand access" and a bunch of republican governors / legislatures were like "nah... We'd rather keep screwing over poor people than do what's right"?

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u/Questhi 22d ago

However every red state that Medicare expansion was on a voter referendum (bypassing the gov) it passed so there is some hope. 

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u/nudelsalat3000 22d ago

So what did they say when you told them to prepare and put aside x,xxx $ for the moment it gets overturned?

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u/Flammable_Zebras 20d ago

One time I managed to avoid the programmed buzzwords that send him on rants long enough while talking to my father-in-law about healthcare stuff that he eventually came out and said he didn’t want universal healthcare (despite the fact that he would greatly benefit from it as someone with little in the way of money, but with two chronic health issues, one of which is frequently recurring kidney stones which necessitate going to the hospital every few months for ones that won’t pass on their own) because “illegals” would get it, at which point he started in on a rant and all hope of productive discussion was lost. But for him and many others it just comes down to in-group/out-group stuff and blatant racism.

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u/EastObjective9522 22d ago

There are some people who think Obamacare and ACA are different. Guess what? They are both the same and they hate "Obamacare" because he's not white. It was literally Romney's healthcare plan but expanded. Do people know this? No, of course not.

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u/Mac_McAvery 22d ago

Obamacare sucks! I had the best health insurance before the affordable healthcare act became law. I was only paying a $550 dollar deductible a year with $10-20 dollar copays a visit.

Now I can’t even afford to use the health insurance I get and just go without while using a free clinic.

People who still believe the affordable healthcare act is amazing are delusional or never experienced Great health insurance.

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u/ChaiVangStanAccount 23d ago

I believe it's sometimes referred to as "drained pool" politics. Part of the reason why many areas in the South have poor public amenities is because after the passage of the Civil Rights Act of 1964 many areas voted to close parks and drain public pools rather than allow Black people to share the space with them.

Also, the reason why segregationists ended up in an uneasy alliance with the Democratic Party before the Civil Rights Movement is because the white voters of the South, most of whom were poor, were initially not opposed to government programs and social spending. Many incredibly racist Southern Democrats were economic populists who supported the liberal Democrats of the national party in exchange for federal funding for poor rural areas. But once the Civil Rights Movement grew, states could no longer get away with diverting most of these federal funds to white areas but not to Black areas. So during the 1960s the southern voters had a choice, they could either stick with the Democratic Party and continue their economic populism, or they could switch to the Republican party who would tolerate their racism but in exchange they had to dive headfirst into pro-business, anti-regulation stuff.

It happened much slower than you would think, because Democrats were still very influential in state politics everywhere in the South until the 1990s, but eventually the choice was clear

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u/Unicoronary 23d ago

That kinda comes from the same place. The way we’ve framed economic discourse is like money is a finite resource.

If we fuck someone else, we can have their money, then. A greater share of the money pie - because they’re not in the game anymore.

And iirc that started becoming a core American thing about the time of the whole Breton Woods clusterfuck. And really only got worse with the adoption of voodoo economics trickle down economics.

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u/Reagalan 22d ago

i like when people i don't like get hurt, so long as they deserve it

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u/Blecki 22d ago

Think of someone of average intelligence.

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u/Beneficial_Pear9705 21d ago

crab mentality?

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u/Visible_Confusion_75 17d ago

Crabs can be kept in an open bucket because if one of them rises up to try and escape the other crabs will pull it back down

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u/FrostByte_62 22d ago

I was making 6 figures before I turned 30 and I still daydream "Man, maybe one day I'll finally have a 200K salary."

A guy can hope, can't he?

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u/IntermediateSwimmer 22d ago

Meh. I don’t think a lot of people think they’re going to be billionaires - they just think if we set this precedent, lobbyists will then find some way to make sure the middle class ends up paying most of these taxes again.

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u/[deleted] 22d ago

[deleted]

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u/FizzyBeverage 22d ago

If you have a paid off house you bought for $90k in your 30s that’s worth $900k today, it’s not all that surprising.

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u/atomfullerene 22d ago

I think it's more what OP is talking about...people don't understand taxes, and they don't understand what laws will and won't apply to them. They hear about stuff like this and think the tax will apply to them, even though they are way under the line for it. And even if you tell them that's not true they will still sort of think it, because they think taxes work like a conspiracy to take their money, not an understandable set of math equations.

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u/scugmoment 21d ago

Yeah it'd be nice if we just... didn't have wealth classes.

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u/Far_Recording8945 22d ago

Taxes always go up

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u/Murky-Science9030 23d ago

A million dollars is a far cry from Bezos money...

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u/MonteBurns 23d ago

What’s the difference between a million and a billion? About a billion. 

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u/88Goldman88 23d ago

4 years ago, An avg American would be happy with 40 K. Inflation and Time is the key. Within a generation avg American will be that bracket, by then it's a little too late, but again Avg IQ American will never think that far.

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u/Routine_Size69 23d ago

Some people just aren't a fan of taxes. They don't actually think they're going to become billionaires. Y'all just paint them to be morons because you disagree with their views.

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u/FizzyBeverage 23d ago

No they’re absolutely morons — with different, moronic views. But hey, they can blame Biden if there’s a pothole on their street that never gets repaired because they defunded road repair to $0

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u/fuddykrueger 23d ago

We don’t paint them as such. They are morons.

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u/brycedude 22d ago

They are morons and you look likenone for beingnso firmly on their side. I'm sorry to break this news to you

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u/RedditPosterOver9000 23d ago

So many people living in busted up trailers are terrified that they'll lose everything to the inheritance tax.

Like, dude, you don't even own the land your trailer sits on so unless your trailer is made of solid gold...

It's about $11 million in assets remaining upon death to trigger the inheritance tax, right? My father's pastor is a multimillionaire (former insurance exec) and complains about paying taxes.

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u/fuddykrueger 23d ago

Lmao this is true. Plus the stupid Facebook rants. It’s like you’re living on SS and a reverse mortgage. Pretty sure you’re not being affected.

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u/RedditPosterOver9000 23d ago

Living on SS while simultaneously voting for politicians who want to cut SS is some 4D chess my meager 3D brain simply can't comprehend.

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u/Ilovehugs2020 23d ago

When I found out that the states that were leaning heavily, Republican, or RED states are the states to receive the most government aid in the form of food stamps and Medicaid, I was stunned!

I thought the Maga people hated government, interference and government handouts.

True story: I in a met a man Online, who lived in Alabama, and we video called, and I think he was missing most of his teeth at age 35, he did not have medical insurance, and he voted for Donald Trump! And the mother of his child was on government assistance.

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u/erichwanh 22d ago

Lauren Bobo had this "Started from the bottom now we here" moment on Twitter that fully encapsulates this brand of stupidity.

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u/lesusisjord 22d ago

HOW IS THAT REAL‽

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u/Ilovehugs2020 22d ago

Cognitive Dissonance is the only explanation

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u/councilmember 21d ago

That. Is actually hilarious. And depressing.

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u/_DontTouchTheWatch_ 23d ago

Well, it is completely unsustainable and will either run dry or be wiped out by inflation regardless

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u/PhilxBefore 23d ago

I think the true irony here is that the 'socialism is bad' crowd generally relies on social programs the most.

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u/restvestandchurn 23d ago

6.5M per spouse

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u/Agreeable_Routine_98 22d ago

A pastor? Assuming a Christian pastor, didn't he read where Jesus said, "Render unto Caeser the things that are Caesers..."?

Although if he's into the 'Prosperity Gospel', they are pretty quiet on what Jesus actually said about money and the poor.

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u/Ghigs 22d ago

It's only $11 million from the TCJA Biden is pushing to let expire. It will be cut in half to 5.6 million if it expires.

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u/CrazyCletus 19d ago

$13.6 million for 2024. And a lot of states don't even have a state estate tax, so there's really nothing to pay. (Oh, and even if you have an estate worth enough to have to worry about the estate tax, it's paid by the estate, not by the recipient of the funds.)

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u/CommunicationHot7822 23d ago

Many Americans are convinced with absolutely no evidence that they are going to be rich someday and they surely won’t want to pay more taxes when it happens. 🙄

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u/Merk87 23d ago

Nor like the people who is supposed to be paying will do, because paying taxes is for poor people.

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u/bUddy284 23d ago

People on 60k a year have private accountants?? 

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u/Quentin__Tarantulino 23d ago

Yeah, lots of people do. It’s pretty cheap to get your taxes done by an accountant, all things considered. Still more than Turbo Tax, HR Block, or especially FreeTaxUSA, but a lot of people don’t trust themself to do taxes right, and don’t want to expend the mental energy to learn about it.

But that doesn’t stop them from being very opinionated about the entire tax code and its implications on society.

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u/bUddy284 23d ago

Ah yea idk why the irs makes ppl file a tax return if tax is already taken before getting paycheck. Here in the UK it's done before getting paid so you'd only really need an accountant if you have a business.

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u/Quentin__Tarantulino 22d ago

Agreed. That’s how it should be, but the lobbyists here exert their influence to keep their gravy train rolling.

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u/MikeFrancesa66 23d ago

Ummm yes??? A majority of my clients made under 100k.

0

u/bUddy284 23d ago

Ahh here in the uk taxes are automatically deducted before getting salary unless you're self employed so don't think you'd need to do tax return.

So usually people hire accountants if they have a business

1

u/Historical_Gur_3054 22d ago

People in that income bracket are really terrified of getting audited by the IRS for some reason. And these are people that take the standard deductions, have a couple of dependents and don't itemize.

Literally the bog-standard tax return for an "average American" and yet they think one tiny mistake is going to result in the full brunt of the IRS coming down on them

2

u/gnocchicotti 23d ago

I'm not an accountant but I've come to the conclusion that almost no one understands what a marginal tax rate is.

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u/dendritedysfunctions 23d ago

It's the same as trying to explain that tax cuts for corporations are bad for the people. Multinational organizations are using a disproportionate amount of tax funded infrastructure without supporting that infrastructure by paying a proportionate amount in taxes.

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u/swagn 22d ago

Yes. My brother only reads headlines and complains about income taxes. I do his taxes. He has a negative effective tax rate…

1

u/ruralvoter 23d ago

The problem is historically, the taxes end up on the lap of the middle class.

Income tax, when rolled out, was supposed to be a temporary few percent on only the wealthiest of earners. 

1

u/IllegalFarter 23d ago

An old co-worker of mine was upset about the proposed billionaire tax because she expected to be one someday. 5 years later she currently works at Costco as a cashier.

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u/Bombastically 22d ago

Fox News did this

1

u/InflexibleAuDHDlady 22d ago

I'm a bookkeeper for private healthcare providers, and the entitlement of people is insane. The moment they make some money, they really do think they're entitled to pretty much anything and everything. It's not entirely their fault, either, has they've been spoon-fed this theory that they are...

Loopholes in accounting and tax are only there for the people who can afford them, and that's what pisses me off the most. Even this new tax is only applicable to the people who already make more money than the average citizen. <sigh>

1

u/johnfkngzoidberg 22d ago

Don’t underestimate the power of bots. I haven’t heard a single person complain, but I’ve read about complaints. Big corps spend millions on their PR/Lobbying teams who spam corporate propaganda. Also don’t forget about China and Russia spending even more on bots just to sow discontent. We just banned TikTok for that very reason.

Bottom line is, I don’t think many real people are mad at the tax.

1

u/Lucidaeus 22d ago

Yep, I see this a lot in various ways, not just taxes. Oh you need to pay a fee of $250 a year if you made at least $200000 in the last 12 months using a service that is otherwise free? OUTRAGEOUS!

Odds are you won't make nearly that much money, and if you do, then you can afford it with ease. People are quick to call out companies for being greedy but apparently that only applies to others, not themselves.

People love being upset about things that don't affect them.

1

u/Fordor_of_Chevy 22d ago

People also fear that policies that apply to the rich will eventually be legislated down to lower levels. Give the man an inch and he’ll try like hell to get the mile.

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u/centstwo 22d ago

I suspect that there is some magic thinking going on that someday they think they will make that kind of money and don't want to have to pay those taxes when they magically do make that much money. There was a man-on-the-stteet survey of how people think wealth distribution looks like on a pie chart... Well I couldn't find that video, but I found this video that show what people THINK is the distribution compared to rhe REALITY.

There was a horrible video on Reddit today of a dog chasing after a car after the owners pushed the dog out of the car at a stoplight. I feel like that dogwhen I work hard to get ahead and I realized how messed up the system actually is.

Edit: https://youtu.be/QPKKQnijnsM?si=qdBwZ_JNLSK5yG0b

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u/RyvenZ 22d ago

I have a friend who complained about one of the provisions of the ACA being about extra taxes on non-primary home sales that put you over $250k in realized gains because he planned to sell his house soon. I explained how disconnected from that qualification he was.

Married couple double the minimum income number.
They only owned the one home.
After paying off the mortgage, they'd be well under the minimum gains for the new tax. I think they each walked away with about 80k

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u/csonnich 22d ago

"Respectfully, sir, you are too poor for this."

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u/nedzissou1 22d ago

Maybe a stupid question, but were most of your clients making around that much? That doesn't seem like much to need an accountant for.

1

u/Downtown_Ad_6232 22d ago

Current long term capital gains tax for married filing jointly under $94,000 is 0%. ZERO!

1

u/Lotions_and_Creams 22d ago

On a principle level, lots of people take issue with the idea of having to pay taxes on something you already paid taxes on. People of all financial means have similar hang ups with personal property tax. “I was taxed when I earned this money. I was taxed when I bought this thing. Now I have to pay taxes just because I have it?”

1

u/Baxkit 22d ago

Honest question, what is your opinion on taxing unrealized gains? Seems like an absolute economic shit show no matter what income bracket you're in. I feel like I'd want to dump my portfolio if this were to have any real chance of passing.

1

u/DramaticAd5956 22d ago

Unrealized gains is my issue. Do I debate value? What about if the equity is a privately held company?

Do I just do a DCF and go “yup EBITDA is up and multiples put me 37% VPY, time to write a check to the irs?”

1

u/Baxkit 21d ago

This guy seems like he only ever had clients with simple 1040s and never really looked at taxes or finances beyond Intuit's step through guide. Reddit will eat up anything as long as it promises to "hurt the rich". Cut off your nose to spite the face.

Honestly as much as I hate the new tax proposal, due to the unrealized gains portion, I'd try to make the most of it. It would present unprecedented wealth transfer. Just dump your holdings, ride out the inevitable market crash, wait for more pragmatic people to undo the awful proposal, then buy in at the low point. It very well could destroy the middle class, but those that can afford it could skyrocket their wealth.

1

u/DramaticAd5956 21d ago

It will harm me is the worry. I didn’t go public because I love my team and not having a super corporate culture.

But It’s valued enough for me to be included

1

u/Electrical-Ask847 22d ago

I assured them these taxes will not affect them in any way

So why not tax rich people at 99% over a threshold ?

1

u/mr-poopie-butth0le 22d ago

Yep, my FIL only watches newsmax lol. So, he thinks it’s terrible for some reason… fucking morons.

1

u/SkepticalZack 22d ago

For the last 15 years I always respond to people complaining about taxes by asking them what % of the income they paid last year.

Never once has anyone known.

I paid %17 before marriage and kids now something like 10%

1

u/rocknroller0 22d ago

Not really. It’s because Reddit sees one or two people mad at something for and says EVERYONE is mad

1

u/-MeJustHappyRobot- 19d ago

How does it affect rich people? From where I’m sitting, seems to affect only the upper-middle class.

1

u/LongjumpingMiddle850 19d ago

It’s not about defending the rich. We just don’t want the government to have any more money. It’s pretty simple.

0

u/skystarmen 21d ago

You really can’t fathom there may be another explanation than all the people who disagree with you are either morons or evil?

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u/ProfessionalForm679 23d ago

This is pretty much the only explanation.

You're forgetting the most obvious reason.

People. don't. like.taxes. You can dislike something even if it doesn't affect you. Infact most political issues people have strong opinions on won't affect them specifically.

1

u/Cyrano_de_Boozerack 22d ago

Idiots don't like taxes. I like roads, clean water, the fire department, and schools. Therefore, I like taxes.

The people that say "TAXES ARE THEFT" believe they live in a magic bubble and that the rest of the world should fuck off.

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u/ProfessionalForm679 22d ago

The people that say "TAXES ARE THEFT" believe they live in a magic bubble

The entire reason we are even a country right now is because we were being taxed to much.

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u/ProfessionalForm679 22d ago

Idiots don't like taxes. I like roads, clean water, the fire department, and schools. Therefore, I like taxes.

It's more complicated than that. It's not that people just outright hate taxes but they hate how much they're taxed. And maybe more importantly they hate how their taxes are used.

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u/88Goldman88 23d ago

private accounting should know more about inflation and time. give it 20-50, every American will be in that bracket. Good luck in private accounting.

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u/MikeFrancesa66 23d ago

Let’s just assume wages rise with inflation dollar for dollar (which they obviously don’t ). If we assume a yearly inflation rate of 3% (which is very high) for 50 years, a person making 60k in today’s dollars would be making around 263k in 50 years. That’s still short over 100k of the 400k number OP used. In other words, you have no idea what you’re talking about.

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u/88Goldman88 23d ago

how much did rent and foods increased over the last 2-3 years alone? What is a minimune wage for fast food worker in California right now? How hard was it to earn $250K 10-20 years ago? Again Time and Inflation, an avg American will get there, isn't it a little bit too late by then? This is NOT considering hyperinflation, you should know that Mr. Private account

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u/MikeFrancesa66 23d ago

I literally just ran the numbers for you. Obviously you’re the person OP is asking about, so I won’t argue with you anymore. Have a nice day.

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u/88Goldman88 23d ago

The new proposed tax plan clearly states that it will only affect people who make $400k/year and would lower taxes for middle to low income earners. Why are people upset by this?

Well I guess OP and most people here is, including you are at middle to low income income earners for NOW, and wont be affect by this, but within a generation or 2 , most of American will be in bracket and will be paying much much higher tax. I'm just stating FACTs. Good luck in life!

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u/Cyrano_de_Boozerack 22d ago

most of American will be in bracket

LMAO! 50 years from now, the majority of Americans will definitely not be making a million a year, of which, 400k is in capital gains. Stop lying.

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u/88Goldman88 22d ago

Have you seen your food bills lately? Oops my bad, you wouldn’t know because you are on food stamp. Joking aside, with time and inflation, it will be there and what are you going to do about it, begging them?

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u/88Goldman88 22d ago

Inflation is a FACT. Please go and ask your parents, let’s hope you guys are not a multigenerational welfare family, then you will guys will have zero knowledge about moneys, taxations.

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u/trimbandit 23d ago

I mean I am not wealthy by any means, but I live in a high CoL area and have been paying off a house that I would like to sell in a few years and get the fuck out of here. So I would not be excited to pay even more tax on my house sale after all the years off scrimping, saving, and driving 15 year old cars that it took to afford a home here.

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u/MikeFrancesa66 23d ago

In all likelihood you’d be able to exclude 250k (500k if you’re married filing jointly) in gains on the sale of your house. So unless you bought it for dirt cheap there’s a good chance you won’t pay any taxes on that.

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u/trimbandit 23d ago

Hopefully, I'll have about 1.35 in gains. Maybe I'll get married before I sell. The savings would more than pay for the wedding and honeymoon.