Posted on 06/28/2020 2:23:18 PM PDT by Libloather
In 2016, Hillary Clinton ran for president proposing $1 trillion in tax increases. Would President Trump’s blue-collar boom ever have gotten off the ground with such a back-breaking tax burden?
But now, four years later, former vice president Joe Biden thinks he has a better idea. In his third run for the White House, Biden is proposing tax increases of nearly $4 trillion over the next 10 years. If he wins in November and these increases were to pass, they’d be the highest in American history - indeed, in world history.
President Trump’s 2017 tax reform cut taxes for corporations, small businesses, blue-collar workers and the middle class. Since the 2016 election, employers have added 7 million new jobs and, until the COVID-19 pandemic this spring, Trump’s tax reform package created an economy that produced the lowest unemployment in American history for Blacks, Hispanics and Asians, along with increases in wages and middle-class incomes.
Are Biden’s proposed tax increases what America needs while our economy is still mired in the coronavirus downturn, and now beset by anti-police protests? What will happen to jobs under that farsighted “leadership”? How long until America’s economy could return to where it was at the beginning of 2020?
Biden proposes an outright repeal of Trump’s tax reform package, raising taxes on the middle class, blue-collar families and American corporations, large and small. Such tax increases would return America’s corporate tax rate to close to 40 percent, the highest in the world.
(Excerpt) Read more at thehill.com ...
Biden winning. Unthinkable. Wonder what a “Biden’s won, what are your plans” thread would look like?
Such a tax increase would depress the economy to such that only a fraction of the projected revenue would be realized and further tax raises would be deemed necessary and passed. Meanwhile the spending programs that occasion the tax raises would go on unabated so that inflation then hyperinflation would become the norm. The ten year program of tax increases would reduce the country to standards not seen in a Western country in a century. Of course regimentation is part and parcel of any Democrat administration and we would quickly see the advent of the appurtenances of a Stalinist State.
The takers far outnumber the producers.
Yes.
Every now and then the hill lets someone like these guys write. Not often but every now and then.
EVERYONE’S taxes will go up. The Left says that the tax cuts at the low end were minuscule. Okay then everyone get out a checkbook and write the government a check to make up the difference. after all, really it wasn’t “much”.
What I fear is when Social Security runs out of money in about 2030, the Govt will realize there is a ton of money sitting on the sidelines, untaxed, sitting in 401Ks. They were say something like the Stock Market to risky for Americans and only Govt, with its ability to print money is the only safe place for investing, so hand your 401K over and they will put it in a special “account” and presto it is gone, but the it was virtual money that you never had anyway.
Half the country would be praising Joey as the country literally falls into ruin.
Come on Jimmy, the elite will not cut off their noses to spite their face. The people with the power to change things are invested heavily in the stock market. If the government tried to dip into 401(k) and IRA funds, the powerful will know in advance. That would cause a massive sell-off of stocks, killing the goose that lays golden eggs for the powerful/wealthy. Ergo, it ain't happening. Thanks for playing, we have some nice parting gifts, but 401(k) and IRAs are safe.
And when they do that, go ahead and predict what will happen next.
There are a lot more voters w/o 401Ks than with and I bet there is a racial disparity too - eat the rich as they say
There are a lot more voters w/o 401Ks than with and I bet there is a racial disparity too - eat the rich as they say
You have to take into consideration pensions. They are all invested in the stock market. Do you really think their are more "likely voters" that have no vested interest in the stock market (401(k)s, IRAs, stock ownership, company ESOPs, stock options, pensions, mutual funds, etc.). I'll bet dollars to doughnuts, the reason people have traditionally pulled the lever as James Carville said, "its the economy, stupid". The main reason for that was both employment and the stock market, and one goes hand in hand with the other. The stock market (returns on investment) is king.
their = there
That was proposed a decade ago.
Well, it won’t be Biden, but Hillary will do it too.
I, On the other hand, worked hard in the private sector my entire life. I do have a pension, but not much of one. It is small. And I have had to build my own retirement by scrimping and saving and investing in several different IRA vehicles. I will work several years beyond retirement age before taking Social Security., But I’m sure the income taxes will rise under Biden. So much for working longer.
If Biden wins, what am I to do? My friends, above, will be fine. But I may be forced to sell all my stock just in order to avoid Biden’s taxes. I know he wants to double, possibly even triple, capital gains taxes. Moreover, what will my stocks be worth? A Biden presidency would send the stock market into freefall. So much for my retirement plans. At least, I will be able to count on having millions of people like me in the same boat.
Your fears are real. Mumblings I am hearing are means testing SS, make over an X amount of dollars, your payments are reduced. Already being done at the VA, I applied for VA benefits and the form asked for my yearly income, number of kids, wife’s work info,who is my healthcare provider, their number, address, etc....when returning the form I asked the VA rep what is all of that about, he said my “ benefits” will be assigned a number, 1-9, niumber 1 being full benefits, number nine fewer benefits in conjunction with my existing work provided health care benefits. The rush to a cashless digital currency like China just announced will insure ALL your earnings, savings , and assets will be used to assign you your “ benefits” reduction plan. Do note: we are not there yet, China stated they could not launch the digital currency till 5G was wired nation wide, it is now. I do not support 5G in the US for that reason, once up and running here in the US, everything will be running on the 5G platform...the last hurdle to a cashless, 100 percent controlled and monitored society. Isn’t technology great?
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