#46 President Joe Biden

mrussel1 said:

cincybearcat said:

Halifax2TheMax said:

Damn you Brandon!

WASHINGTON – President Joe Biden and first lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released Friday ahead of Monday's tax filing deadline.

President Biden earned $610,710 in 2021, paid 25% in federal taxes, returns show (msn.com)

Wife and I didn’t make nearly that much and paid a higher %.  It’s the only thing both dems and repubs agree with…people like us should be paying the vast majority of the taxes. Repubs protect the rich and super rich. Dems protect people that don’t pay hardly any taxes to begin with. The middle and upper middle always getting stuck with the bill at the end of the night. 

FTR, when the news makes the statement that you paid x in federal taxes,  it usually means income tax,  and doesn't include social security and Medicare. 25% is a pretty decent tax rate when you exclude those social benefits. Curious if you were including those or not.  

Fair enough….cause I believe I was including it all. But still…my point going to remain the same. Cause it’s for sure not going to be a lower % than Bidens 

Gern Blansten said:

cincybearcat said:

mrussel1 said:

cincybearcat said:

Halifax2TheMax said:

Damn you Brandon!

WASHINGTON – President Joe Biden and first lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released Friday ahead of Monday's tax filing deadline.

President Biden earned $610,710 in 2021, paid 25% in federal taxes, returns show (msn.com)

Wife and I didn’t make nearly that much and paid a higher %.  It’s the only thing both dems and repubs agree with…people like us should be paying the vast majority of the taxes. Repubs protect the rich and super rich. Dems protect people that don’t pay hardly any taxes to begin with. The middle and upper middle always getting stuck with the bill at the end of the night. 

FTR, when the news makes the statement that you paid x in federal taxes,  it usually means income tax,  and doesn't include social security and Medicare. 25% is a pretty decent tax rate when you exclude those social benefits. Curious if you were including those or not.  

Fair enough….cause I believe I was including it all. But still…my point going to remain the same. Cause it’s for sure not going to be a lower % than Bidens 

It absolutely is lower unless you make more than $611K/year

Ummm it’s a % I’m talking about. Not total $. But I have to check my records to see but am away.

so no it’s not “absolutely lower” that’s just dumb 

mrussel1 said:

cincybearcat said:

Gern Blansten said:

cincybearcat said:

mrussel1 said:

cincybearcat said:

Halifax2TheMax said:

Damn you Brandon!

WASHINGTON – President Joe Biden and first lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released Friday ahead of Monday's tax filing deadline.

President Biden earned $610,710 in 2021, paid 25% in federal taxes, returns show (msn.com)

Wife and I didn’t make nearly that much and paid a higher %.  It’s the only thing both dems and repubs agree with…people like us should be paying the vast majority of the taxes. Repubs protect the rich and super rich. Dems protect people that don’t pay hardly any taxes to begin with. The middle and upper middle always getting stuck with the bill at the end of the night. 

FTR, when the news makes the statement that you paid x in federal taxes,  it usually means income tax,  and doesn't include social security and Medicare. 25% is a pretty decent tax rate when you exclude those social benefits. Curious if you were including those or not.  

Fair enough….cause I believe I was including it all. But still…my point going to remain the same. Cause it’s for sure not going to be a lower % than Bidens 

It absolutely is lower unless you make more than $611K/year

Ummm it’s a % I’m talking about. Not total $. But I have to check my records to see but am away.

so no it’s not “absolutely lower” that’s just dumb 

He means that it should be a lower effective rate because of the whole concept of marginal income tax. As your income increases,  the marginal rate increases as well.  It's the entire basis of our progressive tax rate system. 

Don't forget our boy Gern here is a CPA if I'm not mistaken. 

Right but there are tax brackets is all I meant.  You have a  wide range that fit into each no? So if talking %'s.

But you are right it's probably cause I am typing as a tax payer and not using the correct terminology for a tax preparer!  Sorry Gern,

Gern Blansten said:

cincybearcat said:

Gern Blansten said:

cincybearcat said:

mrussel1 said:

cincybearcat said:

Halifax2TheMax said:

Damn you Brandon!

WASHINGTON – President Joe Biden and first lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released Friday ahead of Monday's tax filing deadline.

President Biden earned $610,710 in 2021, paid 25% in federal taxes, returns show (msn.com)

Wife and I didn’t make nearly that much and paid a higher %.  It’s the only thing both dems and repubs agree with…people like us should be paying the vast majority of the taxes. Repubs protect the rich and super rich. Dems protect people that don’t pay hardly any taxes to begin with. The middle and upper middle always getting stuck with the bill at the end of the night. 

FTR, when the news makes the statement that you paid x in federal taxes,  it usually means income tax,  and doesn't include social security and Medicare. 25% is a pretty decent tax rate when you exclude those social benefits. Curious if you were including those or not.  

Fair enough….cause I believe I was including it all. But still…my point going to remain the same. Cause it’s for sure not going to be a lower % than Bidens 

It absolutely is lower unless you make more than $611K/year

Ummm it’s a % I’m talking about. Not total $. But I have to check my records to see but am away.

so no it’s not “absolutely lower” that’s just dumb 

Biden's % is absolutely higher than yours. Without doubt. His income is mostly wages and S Corp earnings so he is very likely in the 35% bracket.

If a lot of his income was long term capital gain you might have an argument but that is not what makes up his income.

Right but a combined income of $419,000 (married/joint) would hit that bracket too, wouldn’t they?  Thankfully, or not, we are below that for now. So yup he’s paying higher %. 

Gern Blansten said:

cincybearcat said:

Gern Blansten said:

cincybearcat said:

Gern Blansten said:

cincybearcat said:

mrussel1 said:

cincybearcat said:

Halifax2TheMax said:

Damn you Brandon!

WASHINGTON – President Joe Biden and first lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released Friday ahead of Monday's tax filing deadline.

President Biden earned $610,710 in 2021, paid 25% in federal taxes, returns show (msn.com)

Wife and I didn’t make nearly that much and paid a higher %.  It’s the only thing both dems and repubs agree with…people like us should be paying the vast majority of the taxes. Repubs protect the rich and super rich. Dems protect people that don’t pay hardly any taxes to begin with. The middle and upper middle always getting stuck with the bill at the end of the night. 

FTR, when the news makes the statement that you paid x in federal taxes,  it usually means income tax,  and doesn't include social security and Medicare. 25% is a pretty decent tax rate when you exclude those social benefits. Curious if you were including those or not.  

Fair enough….cause I believe I was including it all. But still…my point going to remain the same. Cause it’s for sure not going to be a lower % than Bidens 

It absolutely is lower unless you make more than $611K/year

Ummm it’s a % I’m talking about. Not total $. But I have to check my records to see but am away.

so no it’s not “absolutely lower” that’s just dumb 

Biden's % is absolutely higher than yours. Without doubt. His income is mostly wages and S Corp earnings so he is very likely in the 35% bracket.

If a lot of his income was long term capital gain you might have an argument but that is not what makes up his income.

Right but a combined income of $419,000 (married/joint) would hit that bracket too, wouldn’t they?  Thankfully, or not, we are below that for now. So yup he’s paying higher %. 

It’s crazy to see how much money goes to taxes when each year….I don’t like to look at it till I have to  

no....the brackets are based on taxable income so if total income was $419K you would be in the 32% bracket.  Biden is solid in the 35%. The more income you have in the higher brackets pushes your effective rate up.

And just to be sure you know...only the income that enters the next bracket gets taxed at the higher rates. It doesn't pull all of your income to that rate.

The Trump tax changes in 2017, where you get the 'standard' deduction and it's a pretty damn high number, made it difficult for someone like Biden to pay less in effective tax rate than Cincy.  Isn't that generally true (or possible)?  Whereas today that is far less likely?

Gern Blansten said:

cincybearcat said:

Gern Blansten said:

cincybearcat said:

Gern Blansten said:

cincybearcat said:

mrussel1 said:

cincybearcat said:

Halifax2TheMax said:

Damn you Brandon!

WASHINGTON – President Joe Biden and first lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released Friday ahead of Monday's tax filing deadline.

President Biden earned $610,710 in 2021, paid 25% in federal taxes, returns show (msn.com)

Wife and I didn’t make nearly that much and paid a higher %.  It’s the only thing both dems and repubs agree with…people like us should be paying the vast majority of the taxes. Repubs protect the rich and super rich. Dems protect people that don’t pay hardly any taxes to begin with. The middle and upper middle always getting stuck with the bill at the end of the night. 

FTR, when the news makes the statement that you paid x in federal taxes,  it usually means income tax,  and doesn't include social security and Medicare. 25% is a pretty decent tax rate when you exclude those social benefits. Curious if you were including those or not.  

Fair enough….cause I believe I was including it all. But still…my point going to remain the same. Cause it’s for sure not going to be a lower % than Bidens 

It absolutely is lower unless you make more than $611K/year

Ummm it’s a % I’m talking about. Not total $. But I have to check my records to see but am away.

so no it’s not “absolutely lower” that’s just dumb 

Biden's % is absolutely higher than yours. Without doubt. His income is mostly wages and S Corp earnings so he is very likely in the 35% bracket.

If a lot of his income was long term capital gain you might have an argument but that is not what makes up his income.

Right but a combined income of $419,000 (married/joint) would hit that bracket too, wouldn’t they?  Thankfully, or not, we are below that for now. So yup he’s paying higher %. 

It’s crazy to see how much money goes to taxes when each year….I don’t like to look at it till I have to  

no....the brackets are based on taxable income so if total income was $419K you would be in the 32% bracket.  Biden is solid in the 35%. The more income you have in the higher brackets pushes your effective rate up.

And just to be sure you know...only the income that enters the next bracket gets taxed at the higher rates. It doesn't pull all of your income to that rate.

But even that 35% is often not very accurate. I don’t know any specifics on Biden’s returns, but rich people sometimes get ridiculous tax breaks. If you spend enough money on your hobbies and you have a good tax guy, they find ways to write it off. A multimillionaire with huge land and lots of horses? Great, it’s just a failed business opportunity so everything you out into your hobby of horses is now a tax write off. Like the central coast of California? Buy a big house and a bunch of land, plant a few grapes and now that’s just a failed winery and a tax write off. 

Gern Blansten said:

mace1229 said:

Gern Blansten said:

cincybearcat said:

Gern Blansten said:

cincybearcat said:

Gern Blansten said:

cincybearcat said:

mrussel1 said:

cincybearcat said:

Halifax2TheMax said:

Damn you Brandon!

WASHINGTON – President Joe Biden and first lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released Friday ahead of Monday's tax filing deadline.

President Biden earned $610,710 in 2021, paid 25% in federal taxes, returns show (msn.com)

Wife and I didn’t make nearly that much and paid a higher %.  It’s the only thing both dems and repubs agree with…people like us should be paying the vast majority of the taxes. Repubs protect the rich and super rich. Dems protect people that don’t pay hardly any taxes to begin with. The middle and upper middle always getting stuck with the bill at the end of the night. 

FTR, when the news makes the statement that you paid x in federal taxes,  it usually means income tax,  and doesn't include social security and Medicare. 25% is a pretty decent tax rate when you exclude those social benefits. Curious if you were including those or not.  

Fair enough….cause I believe I was including it all. But still…my point going to remain the same. Cause it’s for sure not going to be a lower % than Bidens 

It absolutely is lower unless you make more than $611K/year

Ummm it’s a % I’m talking about. Not total $. But I have to check my records to see but am away.

so no it’s not “absolutely lower” that’s just dumb 

Biden's % is absolutely higher than yours. Without doubt. His income is mostly wages and S Corp earnings so he is very likely in the 35% bracket.

If a lot of his income was long term capital gain you might have an argument but that is not what makes up his income.

Right but a combined income of $419,000 (married/joint) would hit that bracket too, wouldn’t they?  Thankfully, or not, we are below that for now. So yup he’s paying higher %. 

It’s crazy to see how much money goes to taxes when each year….I don’t like to look at it till I have to  

no....the brackets are based on taxable income so if total income was $419K you would be in the 32% bracket.  Biden is solid in the 35%. The more income you have in the higher brackets pushes your effective rate up.

And just to be sure you know...only the income that enters the next bracket gets taxed at the higher rates. It doesn't pull all of your income to that rate.

But even that 35% is often not very accurate. I don’t know any specifics on Biden’s returns, but rich people sometimes get ridiculous tax breaks. If you spend enough money on your hobbies and you have a good tax guy, they find ways to write it off. A multimillionaire with huge land and lots of horses? Great, it’s just a failed business opportunity so everything you out into your hobby of horses is now a tax write off. Like the central coast of California? Buy a big house and a bunch of land, plant a few grapes and now that’s just a failed winery and a tax write off. 

The average person who can’t afford that has to pay taxes on their average properties.
So that’s why many rich people actually do pay a lot less in taxes than they should.

The key word is "loss".  Why is it smart to lose money in order to save tax? 

I agree that if you own a horse farm to keep your horses and you turn it into a business for write offs that can make sense. But keep in mind there are hobby loss rules that prevent you from doing this too long. 

But none of these are the case for Biden's return. 

It’s smart for the taxpayer if it’s money you were going to spend anyway to make it look like a business expense or a loss. It’s not smart to intentionally lose money, but that’s not what they do, it’s money they spend anyway.
There are way too many tax write offs and loops holes.
I just met a realtor, who even in this market is doing very well. Just bought a decked out F150 to pull a camper. Told me since that’s what Hendricks to meet his clients the 70k he spent on his truck is a tax write off. I think even things like that are dumb, a truck is a horrible car to drive around and meet fliers, why does that deserve a tax break?
Ther rare way too many opportunities for tax breaks, and the more you make and spend the more opportunities you have.