Posted on 09/12/2021 6:23:34 PM PDT by Libloather
House Democrats want to raise the corporate rate to 26.5 percent as part of nearly $3 trillion in tax increases to defray the cost of their next big spending package, while boosting to top rate for individuals to 39.6 percent.
The Ways and Means Committee is also planning to call for a new 3 percent surtax on people making more than $5 million, sources familiar with Chair Richard Neal’s still-unreleased plan say, as well as increasing the top capital gains rate to 28.8 percent from 23.8 percent .
Neal also wants to raise taxes on multinational corporations’ overseas profits, tighten estate tax rules and pare back deductions for some unincorporated businesses.
And he wants new limits on supersized individual retirement accounts, additional restrictions on deductions companies take for highly compensated employees and new “wash sale” rules for people who own cryptocurrencies.
Taken together, the proposals would be the biggest tax increase in decades and appear to be enough to cover most of what even progressive Democrats hope to spend on their coming "reconciliation" package. Lawmakers want the money to finance a dramatic expansion of the government’s safety net.
The proposals, set to be formally unveiled as soon as Monday, would also amount to a major step forward for Democrats as they sort out their plans for what would likely be the most consequential legislation of the Biden administration.
(Excerpt) Read more at msn.com ...
Very excited at the Politico. Not really sure what that means.
Why not 98%.
It will get them to their goal of destroying America that much quicker.
What is a super-sized Individual Retirement Account?
Anything over 500 dollars.
“ What is a super-sized Individual Retirement Account?”
************************************************************
Any money level they capriciously decide to set.
Can we just tax the Chamber of Commerce members, nationwide?
I see that the “Ways to be Mean” Committee is at it again. They do realize that corporate taxes take away from the number of people they can employ, don’t they?
Oh, wait, we’re talking “D” people here. Never mind...
What a joke.
Feral government spending is completely decoupled from tax revenues now.
The spend whatever they please.
The only purpose of taxation is to punish the people they hate.
You know what? Let them.
The dotcom boom of the early 1990’s is a huge reason why people think increases in taxes won’t hurt the economy, and the more tax increases that actually don’t get lucky and coincide with a once-in-a-lifetime event like the advent of the world wide web, the better the case for lower taxes and the bigger the effect of tax relief later... if that ever happens of course.
More theft by democrat taliban party government.
The Leftists’ message is they own you. They own you financially and they own your body.
It's NEVER EVER enough. If they raise $1 in new taxes, spending will go up $5. Then they'll raise taxes $5 to cover that spending and spending will go up $20. FedZilla is insatiable.
Out of control inflation.
Out of control Govt spending
So of course Dems will triple down and raise tax rates to do even more damage to the economy.
Corporations don’t pay taxes. You do. All Corp taxes do is make the Corps collect the taxes in higher prices form you.
The Biden Democrats have taken the US back to the 1970s again in just 9 months. Apparently their goal is to take the US back to the 1930s
Politico reported Tuesday that congressional Democrats are “aghast” that some people have managed their wealth responsibly and amassed multimillion-dollar individual retirement accounts
Corporations do NOT pay taxes.
They will raise the price on the products or goods they sell.
The customers will pay the taxes. ALWAYS.
Taxes are part of the cost of doing business. Like lights, power, raw materials, etc. etc.
If they cannot make a profit, they are forced to close, an a bunch of employees lose their jobs.
If taxes are cheaper overseas, they’ll move there, taking the jobs with them.
Corporations don’t pay taxes. Period.
It is just stupid to try to be fair or get even, especially when those efforts hurt those you’re trying to help the most.
Inflation will go through the roof. The middle class will become extinct.
Peter Thiel supposedly has an IRA worth around 5 billion dollars. Government considers all tax-deferred accounts their property until all taxes due are paid, so the temptation to simply confiscate accounts like this must be overwhelming to progressives.
It gets rolled into prices. i.e. we all pay it. I live in bourbon country. I think a fifth of GOOD bourbon would cost about $4 if there were no taxes in the production and retail line.
Bloomberg Wall Street Week…. Guest Blair Effron opines on how the economy will do well as it did under Obama admin with tax hikes. Looked up this clown and kaching every Clintoon fool is involved with this guy.
And then there was this… http://stateofthenation.co/?p=46558
Blair’s company on this list
These are the Globalist-controlled corporations run by Deep State CEOs.
Posted on January 9, 2021 by State of the Nation
These 150-plus multinational corporations have CEOs demanding that Biden be made president immediately.
150 corporations (multi-national) funding this deep state…. It’s us against them. Bigly!
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