New estimates by Congress’s official forecasters show Democrats’ tax cuts — included in their March stimulus package — will drive down tax rates on low- and middle-income people so much this year that those earning less than $75,000, on average, will owe nothing in federal income taxes.
Those making between $75,000 and $100,000 will pay a scant 1.8 percent average tax rate this year, the nonpartisan Joint Committee on Taxation predicts.
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That, uh, sounds like a good idea? If there’s enough of them to support the revenue needs then this is a hit it out of the stadium and over the stadium parking lot policy.
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Revenue 
The cuts are a big reason why individual income taxes are now projected to plummet this year by one-third to $1.22 trillion, from $1.8 trillion.
Income taxes are kind of stupid. They hammer high wage W-2 types while sparing the truly wealthy. The cap gains hike is a great idea but they have to follow through with enforcement because avoidance and outright evasion are going to be rampant. Have to make examples of people and actually put them in jail.
Strongly believe that w2 income up to 100k should be barely taxed, if at all. Middle class already gets hammered by state/property/sales tax.
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High CG tax is bad because it is both unfair and distortive Warren Buffet pays no tax because he holds his shares forever, but some guy who sells a business he’s been building for a lifetime gets hammered. Or he decided not to sell and passes it on to his failson to avoid the tax, and the failson runs it into the ground.
The way out is to tax consumption of income rather than realization. Just require people to report all their investment and debt accounts. If there are net outflows, add that amount to taxable income. If there’s net investment, subtract it. Buffett still pays no tax, because he lives modestly, but the super yacht/private island people get crushed. And it’s much harder to avoid.
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This guy should pay his taxes and feel grateful about how privileged he was to have that opportunity.
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Just got our tax bill for 2020 
Less vomit inducing than 2019 though. Probably paid more in taxes over the last 2 years than Trump has his entire life, great system.
But how many jobs did you create?
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It could have been worse, just imagine if you made even more money and it put you in a higher tax bracket!
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This is a pretty informative summary of what’s actually in the Biden plan:
I regularly turn down raises so I don’t get put in a higher tax bracket.
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I’m confused, I read somewhere here that the tax obligation for income earners under 100k would go down - did I misread something
the politico article stated that tax obligation for 2021 went down for people making under 100k because it was including the stimulus payments as a tax decrease. unless the stimulus payments are going to become permanent which is highly doubtful i don’t think much is really going to change for income earners under 100k.
Isnt this generally a really bad idea since we are on a graduated tax system?
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And yet Ive heard people say it in total sincerety
Indeed. We are ridiculing those people by mimicking their dumb thinking. It’s the hottest new trend on the internet.
Don’t forgot about working overtime isn’t worth it because of the taxes…
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