With the coming Democrat inflation, that will be every burger-flipper in town.
Posted on 04/22/2021 12:25:26 PM PDT by SeekAndFind
Drop dead face down in your pudding, Bidet.
I figured it would take a year for the markets to tank. 2020 is going to be a Dem massacre.
With the coming Democrat inflation, that will be every burger-flipper in town.
sorry, 2022
The NYT has just published the first "official" leak detailing the outline of President Biden's "American Family Plan", the second part of his administration's signature "Build Back Better" proposal (the first part, entitled the "American Jobs Plan", was unveiled during a live press briefing in Pittsburgh earlier this month).
The second phase of Biden's sweeping "Green New Deal"-inspired program centers on what administration officials call "human infrastructure".
Should it pass in its current form, it would entail spending hundreds of billions of dollars on universal pre-kindergarten, expanded subsidies for child care, a national paid leave program for workers and free community college tuition for all.
While the overhaul will raise taxes on investors and millionaires via a proposal for a top marginal income tax rate at 39.6% (up from 37%, the level it was reduced to under Trump) a controversial increase in capital gains tax for individuals earning more than $1 million per year (raising the rate to 39.6% from 20%) was also included as part of the package described by the NYT.
Of course, any change in capital gains rates could have potentially profound implications for financial markets: if the new rate taxes effect next year, there could be serious selling pressure on stocks before year-end 2021 as investors seek to lock in gains at the lower rate.
What's more, the plan in its current form will also propose eliminating a provision of the tax code that reduces taxes for wealthy heirs who sell assets they inherit, like art or property, that have risen in value. As he discussed during the rollout of pt. 1, the package would also raise revenue by increasing enforcement at the IRS to bring in more money from wealthy Americans who evade taxes. All provisions under discussion would keep the tax rate on individuals earning $400k per year or less steady, in keeping with a promise made during the campaign. During his briefing in Pittsburgh, Biden said he would remain open to all revenue suggestions, so long as they don't violate this one rule.
Other tax provisions regarding the estate tax and capping dedications on the wealthy are also in play. While rich Democrats demand that Biden find a way to remove the cap on SALT deductions that was included in President Trump's landmark tax cuts, the NYT reports that the plan would extend through 2025 an expanded tax credit for parents (essentially a monthly payment from the government for most families) that was created on a temporary basis by the $1.9 trillion economic aid package signed into law last month.
That’s the Rat definition of “fair share”.
“The man is a hostage to the radical Left in his admin and party”
The man is an ignorant, incompetent boob without any moorings or philosophical core. He only does what he is told. “Joe, eat your pudding. Joe, raise capital gains taxes.”
RE: 2020 is going to be a Dem massacre.
I know you mean 2022, but you are making one assumption which might no longer be valid - that elections in future will be like they were in the past before the November 2020 elections where Trump was cheated from a victory.
This rotten and corrupt voting system is STILL IN PLACE. I’m not sure if putting your hope on 2022 is going to be realistic.
And they wonder why millionaires like Elon Musk and Larry Ellison have moved out of California. Would you want to give away 56 percent of your profits, in addition to other high taxes you're paying?
Destroyers, usurpers, depraved.
No mention of eliminating the step-up in asset basis to market value when a spouse dies. But I’m sure the author just forgot to put that in his article.
The Dems had an effort in about 5-6 known corrupt Dem cities, Detroit, Philly, Atlanta, cities in MI and Wisconsin and parts of Phoenix area and LV. Not sure if this was a scalable operation. Hopefully the purple Congressional districts in many places can still have some semblance of legality.
Exactly. Hence my reference to him being a hostage. Dutifully doing what he’s told to do by President Harris and the other, behind the scenes, puppet masters. I guess Dr Jill is so intoxicated being FLOTUS that she could care less what is being done to her husband. But, given what is being said about that family I doubt she’s even paying attention, if not wholeheartedly complicit in it, to keep that title, nice house and free rides on a really nice plane.
I don’t really think he’s a hostage to the left. In his muddled mind he is creating a great legacy in the style of LBJ and FDR. We are all going to suffer through a dementia’s ego trip.
As if there were any doubt they are idiots.
The billionaires and zillionaires will move their big bucks into trusts and foundations. Then they themselves manage these for a healthy amount, and the kids like Chelsea C take them over. That money will never see capital gains taxes.
If you tax something, you will end up with less of it.
This is not new, nor was it when Ronald Reagan made that observation over 40 years ago.
The Democrats/Socialists/Communists cannot possibly be so stupid as to not know this or other basic rules of economics; they are doing this ON PURPOSE - and that purpose is to bleed the United States of America until it is destroyed, one papercut at a time.
He has to single handed mess with and destroy every little thing. No stone left unturned.
yup.
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