What a deceptively shitty chart. What the fuck am I looking at?
I’m disabled and make less than $20k a year in SSDI. What’s in it for me? Oh and fuck Trump regardless.
Wait. Who am I voting for based on this graph if I’m making 200k, and why?
This is purposely not clear.
What do you mean this is purposely not clear? Is interpolation so hard for folks?
If you make $200k, you’re probably going to land somewhere between the $130k and $330k income levels, meaning your tax savings under Trump’s proposed plan will be between $4k and $9k, likely roughly $6.5k. For Harris’ proposed plan you’ll be between $3k and $2k, likely close to $2.5k.
Yes, the amounts aren’t linear, so it’s hard to say exactly where you will land, but also these are proposed plans, so they’re estimates to begin with. I wouldn’t be adjusting my personal budgeting off of a wish list from two people who do not control tax laws.
It doesn’t take a rocket scientist to understand from the chart that for most Americans (see, median household income $81k), Harris’s tax proposal will net more savings on their annual income, while Trump’s plan favors people in higher income brackets.
Trump’s plan will increase the national deficit because everyone pays less in taxes. Harris’ plan tries to be closer to revenue neutral by putting more of the tax burden on the top 1%.
Who you vote for is your decision, but the fact that we have a populous that can’t understand fairly straightforward tables to help inform decision-making is part of the reason why we are so fucked.
Thank you for the straight answer. I’m financially illiterate.
Don’t forget 2016 when Trump said he was going to cut taxes for all Americans and the plan Congress pushed through raised taxes on average by 4000 a year for middle and working class incomes. But the super rich got back millions and millions.
Yes. I do remember that.
Do you lack the ability to think of others when looking at the graph?
If everyone was voting what’s best for them according to this graph, the election would be a blowout win for Harris.
“but one day I might be a millionaire.”
“Not if you’re paying more taxes than millionaires”
Classic Game theory
You couldn’t have just spent that time explaining it rather than being snarky? This graph either says Donnie is raising my tax or my income will go up more.
Not everyone is always on top of their game and the smartest person on the Internet…
Then your income will increase by a little over $2000.
Wtf? Why am I benefiting most under Harris? Shouldn’t that be the guys on the very bottom?
I mean, I’ll take it, but…weird?
(also fuck Trump, he can eat dirty diapers)
Wherever each candidate’s darkest green category lies is where the concentration of power that keeps them supported resides.
If the ultra rich pay a fair percentage, the tax burden falls for the rest of everyone.
tax/eat the rich B)
MAGA voters be like: Red scary, ugh.
Honestly they’re hoping you only look at the bottom big numbers and ignore your actual insurance bracket.
I thought the top 0.1% was more like $3 million. Either way it’s still an incredibly large amount of money for 1 in 1000 people to be making. With 131 million households that’s 131000 households making more than $14 million per year which is WILD. One in a thousand isn’t that uncommon, yet I’d never guess who were making that kind of money. They must just be living in completely separate spaces.
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.
Millionare in assets is vastly different than $1 million per year in income. It’s pretty much a requirement to have $1 million in assets to be able to retire lately and assuming years of compounding growth in the market this is pretty easily attainable by retirement for most (I know this is a big assumption but our whole economy is built on it).
“Millionaire in assets” is even less impressive when you factor in someone’s home value. Like, Zillow keeps telling me my condo is worth $350k. I guess I am worth that on paper, but it’s not liquid or “walking around” money.
Unless your mortgage is totally paid off you aren’t necessarily worth that much on paper.
Now imagine inflation and the weakening dollar under trumps plan
It’s the tariffs I’m worried about.
But Trump said tariffs don’t impact prices and he’s a completely rational and trustworthy person who most certainly understands economics!
Of all the things that have changed since Reagan took office, it’s nice to see that ‘fiscal responsibilty’ still means massive unfunded tax cuts for the people who need them the very least.
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.
And it’s worth it, because then they get hoard it in off shore accounts and spend it on politicians who will give them more money to hoard in off shore accounts… You know. Trickle down economics.
Oh boy 2000 extra dollars. That’ll really turn things around for me…
That’s a month and a half of rent. You know what I would give to be a month and a half ahead on rent right now??
No, it’s two good dinners a month, or 1/10th your rent per month, doled out statistically bi monthly.
I mean it’d help a little but I doubt it would be life changing. It certainly won’t push the needle from struggling to living comfortably for me. Meanwhile the top 1% get their taxes raised by .01%. Woohoo.
It’s better than giving them a bigger break though right? That’s what the chart is supposed to show. It’s not supposed to change your life it’s just supposed to help you instead of hurt you.
No, 167k is nothing when you have $14 million. I want them to pay their share. I pay like 30% of my income in taxes and I’m left with fuck all. If they paid 30% of theirs they’d be left with almost $10 million.
That’s what the chart is supposed to show. It’s not supposed to change your life it’s just supposed to help you instead of hurt you.
In that case this is pointless because Trumps plan as it’s shown here doesn’t hurt me either. It’s a difference of $400.
There’s a lot of other changes too. This is just tax.
Like raising the minimum wage
The ones that make 14 million or more would have AT LEAST $544,135 to waste on Trump propaganda (comes from 376,910 + 167,225)
Times 4 years
Times so much more :P
Trump has a plan?
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.
It is a good plan, maybe the best plan that was ever planned.
IMO, it should incorporate a logarithmic target at homelessness in the entire nation. Those in the top brackets have no right to obscene wealth while anyone is lying in a gutter or going hungry.
The crazy thing is, there would still be obscenely rich people. They just wouldn’t be quite as obscenely rich.
The real key is, they wouldn’t miss it at all. Yet they hang on every bit of it.
This is what I’m always saying. The more dollars you have, the less each one matters. Going from 40k to 50k is a big jump. Going from 400k to 500k is a bigger jump in absolute numbers, but will make far less of an difference.
I knew a guy who told me that “his family struggled, too” when both parents were bringing home mid six figures. I’m sorry but like what. Learn to budget.
That’s a common feeling among the children of well off parents when the parents are budgeting properly. What happens is that the parents do the smart thing and invest the extra and set aside an emergency fund. Having to dip into either one is psychologically a failure. They have a budget, and they only “struggle” because they want to stay within that budget.
That might mean having store brand mac and cheese for lunch and driving a ten year old Toyota Corolla. To their children, they don’t seem well off. In fact, they’re the only people who can be properly considered middle class. That is, instead of being one step away from being homeless, they’re two steps.
If I had kids I could see how they misinterpret things I say and anxieties I express as implying we’re struggling. I was unemployed for a while last year and had to dip into savings. My new job pays less and our savings haven’t been noticably growing so it’s making me say things like “do we need this?” or “can we spend less on Christmas?” We still have a very large buffer (and we’re fortunate to have it). But I could definitely see a naive child thinking it meant things were very rough for us.
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.
I hate to break it to you, but as a resident of the former military and economic superpower, having a super wealthy elite class and a dirt-poor underclass is a feature of being said superpower.
A well-fed and housed underclass has no need to volunteer for a large enough military force to be present anywhere in the world within, these days, 48 hours.
And your elite hoarding the wealth in assets they trade and speculate on the stock exchanges gravitates more money into said exchanges from across the world. Without their capital invested in said markets they’d merely be competing with other markets around the world not dominating them.
My advice, enjoy your empire whilst you still have it and do what you can reasonably do to financially prepare for when it starts to dwindle.
If the US ever collapses there are no financial plans that will help. The entire global economy will be gone.
I assume this isn’t including some of the other things in Trump’s proposals like getting rid of tax credits for having a child.
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.
Now factor in the impact of tariff driven inflation on the poor and see if Trump’s top numbers are still positive.
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”
As long as I can remember, Republicans would inevitably crash the economy, Democrats would set it back on a good course (which of course takes a while), and the Republicans would go and crash it again. They got pretty good at timing the crash so it was right as they were leaving power.
https://www.nytimes.com/2021/02/02/opinion/sunday/democrats-economy.html#
