Let's put Biden's tax plan into reality:

Assume you earn $400,001 a year. Your income taxes would go *up* by a whopping 1 penny. Yes, 1 cent. How about $500,000? Your income taxes would go *up* by...$1,000. In terms of total tax burden, that is an increase of .02%. Why?.../1

...because, as always, the GOP tries to convince people that their *total* tax bill will go up, when it is only their *marginal* taxes for every dollar over $400,000 in income. So, if you raise income taxes by 1% - which is what it would be from $400,000-$700,000 - you are.../2

...adding 1 additional penny of tax per dollar earned over $400,000. The taxes below would not have a higher rate. Now, the Biden plan *does* shift tax benefit to work income over investment income. The philosophy: People who work should have tax relief, people who simply..../3

...rake in money from their investments should pay a little bit more. This has one additional benefit: The people who earn their income exclusively from work, who now have near zero savings, would have additional income that might go to savings, if they choose. In other.../4

...words, the disgusting amounts of wealth showered on the wealthy would be dropped just a smidge - they wouldn't be broke, they would just have a tiny decrease as a percent of their income from investments - so that the vast vast majority of Americans have the ability to.../5

...have more take home pay and possibly saves. Right now, the GOP flattens wage increases for the middle class, so that the richest of the rich can get more and more and more. Notice: Bottom 90 percent have had, on average, only a total of 16.7% wage growth in almost 40 years...

...this is unsustainable. The rich have to pay more. There is no way around it. Greed of the top 1% is killing us. And one note: If we simply said, "Let's bring back taxes to the celebrated levels of tax cuts under Reagan" taxes on the rich would go up FAR more than under...

...Biden plan. Cut cut cut has driven us below a point that even Reagan thought was economically feasible. That is why he raised taxes after 1981 tax cut in 1982. We're now far below the 1981 tax rate numbers.

So, Reagan's plan was tougher than Biden's.
end