Quote:
Originally Posted by calculoso
There are a whole lot of ways that his tax bill could go up:
- Payroll taxes
- R&D taxes
- Real Estate taxes (including but not limited to Property tax)
- Sales taxes
- Capital gains taxes
- Tax credits that are no longer received
- Increased medicare costs due to more people
- etc etc
He said his tax bill went up sevenfold, not his tax rate. It could have been a bit here and a bit there. Attempting to limit it to one income tax in order to discredit him is extremely simplistic.
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Payroll taxes include income tax withholding (which doesn't impact the employer), SS and Medicare (constant for 2 decades now), and unemployment tax (hasn't changed and is capped in that only 7000 of the employee wage is taxed).
I can't speak to sales or real estate tax as it depends where they live. Ditto for tax credits as it relates to their area of work.
Capital gains haven't changed.
So yeah, there are unknowns. But these are the minority of taxes as compared to income, FICA and Medicare. I'll ask you to try and run some hypothetical numbers wherein someone's tax bill goes up sevenfold... the only solutions that come up are those whereby the total tax percentage they're paying is really low. Otherwise the numbers just don't work.