How Trump or Harris tax plans might change your income

I think nearly 10% of the US population is millionaires (by wealth, not income) and the percentage is even more if you take home equity into account.

Say what you will about the country, but there isn't a prosperity problem, only a rampant inequality problem.

Honestly they're hoping you only look at the bottom big numbers and ignore your actual insurance bracket.

Still wants to turn the country red.

It's the tariffs I'm worried about.

Times 4 years

The heritage foundation has a plan. Why come up with your own when someone has already done the work for you?

Concepts of a plan.

I haven't looked into the specifics of these policies, so I could be wrong, but I'd say no.

This graph doesn't really take into account everything it should IMO. The massive tax cuts to the wealthy are going to dramatically screw over people with lower incomes, because there'll be less money overall. I believe Trump's case would involve making up that deficit with really high tariffs on things, especially Chinese goods. This means that, although your taxes would be slightly lower on paper, you're spending a lot more money for literally everything that's made in China (or contains parts or materials from China). Typically tax cuts for the wealthy also involve money leaving crucial areas for lower income areas, like schools and infrastructure. The Harris plan (I believe) is revenue neutral, meaning for you it's literally free money with no downsides. In her case the extra money comes from slightly increasing the tax rates of the wealthy (as you can see here).

It's also worth noting that your income is taxes in the brackets it falls in. The first $39,000 is taxed at that (lower) rate, then the next bit is taxed in the next bracket, etc. Breaking the $140,000 mark doesnt mean all your income is now taxed at a higher rate. I THINK this is taken into account in this graph, but I haven't looked into it to be sure. I wanted to mention it though because it's a constant point of confusion for people.

Hope this helps.

Yes the graph says that your income would be around 0.7% higher. What the dramatic increase of the others will do to the value of your income (inflation) and hence the stuff you can actually effort with this, is up to discussion of somebody who knows this stuff better than me.

They have the most money so they’re the most responsible. Otherwise they wouldn’t have the most money. So the responsible thing is to give them all the money.

Duh.

Also, what he already did. The home office tax credit was dropped for W2 employees as part of his plan. Wasn't really noticed at the time, but circumstances later on meant that a lot of people could have been taking that credit if someone else was President. Amounts to a few hundred a year--not huge, but not nothing.

IIRC, it automatically goes back to the way it was in a few more years assuming nothing else changes.

Classic conservative playbook. Our country gave "everyone a tax break" which equates to $20 a month on average, then added fees to prescriptions, massively defunded public services and has generally made the economy worse, and thus everything cost more...

Somehow they're still popular. That's how powerful the story of "Conservative good for economy" is. Even even they're actively fucking it up, people still want to vote for them because "they are good for the economy"

The crazy thing is, there would still be obscenely rich people. They just wouldn't be quite as obscenely rich.

I'd argue, since we are an empire and the world's super power both militarily and economically, we shouldn't have any billionaires or even hundred millionaires while people are dying of starvation/malnutrition anywhere in the world.

Are you perhaps color blind? The shades of red and green were pretty clear for me at a glance.

They also believe that Jesus might make them rich so best be prepared.

He paying for it with an increase of tariffs. 20% on everything and 60% on imports from China. If you want a new computer or TV, buy it this year before your man saves America.

It's funny because Americans have been radicalized against taxes saying its wage theft and taking away all their earnings..., but historically, when taxes increase, firms have an incentive to pay their workers more so wages generally increase with tax increases. You're pecking at the reason why tit works that way. It's arguably counter intuitive but that's why the propaganda against higher taxes works so well.

How the fuck do you manage to spend 139k a year? People don't make any god damn sense.

As a programmer and my wife is a doctor, I'm in the upper brackets. But I don't care. Also happy to see the millionaires losing even more money!

In my eyes, $3000 goes a long way for someone struggling!

I'm assuming you mean they will be getting a lower portion of the increases? The chart you have here looks more like how many people fall in a given bracket.

It makes plenty of sense to shift things to greater gains on the lower end. A while back there was a study that said somewhere around $75K was the point at which actual income gains start to level off as far as what improvements it makes to your life. At that point you can probably pay your bills and afford to eat without stressing so much over every decision. I forget if that was for a single person or what, but for where I live it would be doable to be sure. Lower than that and you need that extra boost to just meet the basic needs.