Biden wins White House, vowing new direction for divided U.S.

Re:Biden wins White House, vowing new direction for divided ... by wolco2 on Saturday November 07, 2020 @01:48PM (#25017414)

Closer relations with China. Reverse on immigration. US attracts/accepts more foreign workers. Probably a raising dollar and lower stockmarket. The high taxes might see some flee high tax states/regions (living in New York city making 400k will cost you 60%+ of income tax) to lower cost states or out of country or remote.

Overall remote work should increase with a different lockdown tone at the federal level creating uncertainy in commercial real estate.

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Re:Biden wins White House, vowing new direction for divided ... by bradlys on Saturday November 07, 2020 @01:55PM (#25017508)

You won’t see 60% income tax on 400k. That would require an additional 10%+ new income tax (which no one is asking on a 400k income). Even then, you’d not lose 60% of your income. You’d lose around 35%-40% to taxes still because of how tax brackets work.

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Re:Biden wins White House, vowing new direction for divided ... by wolco2 on Saturday November 07, 2020 @02:17PM (#25017844)

Anything after 400k would be taxed at that rate, 62%.

"In California, New Jersey and New York City, taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%"

https://www.google.com/amp/s/www.cnbc.com/amp/2020/10/19/tax...

The question is how does this affect many FAANG employees? Is a move out of state an option?

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Re:Biden wins White House, vowing new direction for divided ... by tiziniano on Saturday November 07, 2020 @02:52PM (#25018431)

It is an option, but remember something that the Democrat party was talking about in 2016... a global tax. Prediction, that will make a big comeback under Biden

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