Posted on 11/20/2020 9:14:53 AM PST by SeekAndFind
President-elect Joe Biden has promised to raise taxes on America’s richest corporations “on day one” of his presidency.
Morris Pearl, a former managing director at BlackRock, writes that the Biden tax plan could be one of the most progressive the country has ever had that “maps out an equitable future for America.”
Billionaire businessman John Catsimatidis disagrees. As CEO of Red Apple Group, Catsimatidis owns the largest supermarket chain in New York City, in addition to owning and operating assets in the energy, real estate, finance and insurance industries.
“Giving the government more money to spend the government way — is pretty dumb. I don't think the government has been spending money the right way in the last few years, and I believe low taxes has attracted companies to come back to the United States,” Catsimatidis told Yahoo Finance Live. “[If they raise taxes] all they’re going to do is find a way to leave again.”
President Trump’s 2017 tax cuts reduced the corporate rate to its current 21% from 35%, one of the highest in the world. Biden wants to raise the rate to 28%, which is still lower than it’s been anytime between World War II and Trump’s tax cuts. Biden also supports a so-called “Amazon Rule,” which involves a 15% minimum tax rate on net annual income for corporations making over $100 million a year. It’s a way to prevent companies including Netflix, Starbucks and the rules’ namesake from dodging their tax bill because of loopholes and special tax breaks.
On individuals, Biden proposes raising the income tax rate on people who earn over $400,000 a year from 37% to just under 40%, as well as raising the capital gains tax rate for the nation’s highest earners.
(Excerpt) Read more at finance.yahoo.com ...
Yeah, where ya gonna go? Inquiring minds want to know. :-)
Why would anybody in their right mind vote for someone who promises to make our country worse and our lives more miserable? I guess I answered my own question.
And they all donated money and voted for him...
All the European countries are pushing the World Economic Forums the “Great Reset”..even Trudaeu in Canada. Not safe there..will be worse than US if Biden raises tax.
Amazon and such need to start paying some tax. Amazon is getting out of control. My wife and I own 3 corporations and we have to pay taxes.
RE: Why would anybody in their right mind vote for someone who promises to make our country worse and our lives more miserable?
1) Because they are so caught up in the “INEQUALITY” and “NOT PAYING YOUR FAIR SHARE” narrative.
2) Because they believe that it is the job of government to provide of their basic needs and the government needs money and the RICH ought to be providing the money since they have more than enough.
3) Because MOST think that their pocketbooks will not be affected. How many in this country earn over $400,000 a year?
“And they all donated money and voted for him...”
Bezos sides with the democrats and the democrat mob placed a real quillotine outside his DC residence on the sidewalk with a sign that said Kill the Rich.
I know, it does not make sense. Talking about a rope to hang yourself.
Biden and democrats in general, always play to the lowest common denominator. That being those in the population who are least informed and least educated, who are told that it’s corporations and the rich who are not paying their fair share.
The dummies in the population buy into the nonsense, and then go and vote for those who pretend to be fighting for ‘the little guy’. The little guy is the one most hurt by the democrats, and that little guy is the one who will lose their jobs and will have their jobs shipped overseas, and who wont be able to find jobs because the rich corporations will seek the lower cost operations centers overseas, and the more hospitable and business friendly areas.
The little guy is the one most hurt by higher taxes, because the price of everything goes up proportionately to the higher cost that the higher taxes bring. Higher taxes means loss of jobs, loss of buying power and more misery.
Dumb and dumber are the ones doing the voting, thereby hurting themselves the most. The rich corporations and the rich people, always find a way to keep that which they built, while the little guy end up reaping the consequences of the people leading them towards self-destruction.
Ironically, when you understand that taking a company offshore means that it can operate in an environment with much looser financial reporting requirements and often subject to the kind of grifting perfected by the Clintons and Biden, it becomes more clear. There are two meanings to “reducing regulation”. One is, to allow business to prosper and yield returns for participants including workers and shareholders, if applicable. The other is, to allow such businesses to make 20:1 and 50:1 payoffs to entities like the Clinton Foundation and the Bidens.
Biden would like nothing more than to receive payment for inducing US companies to leave the US and offshore to China or some other country. These are not wild accusations; this is precisely what the Clintons and Bidens have done, with multiple examples. Uranium One. CFEC. That they degrade the US’ independence and self-sufficiency as a byproduct is sadly a big plus for them. These people have learned to harness money flows. They could care less as to the social and economic impacts upon the US. If they could receive payments from a Chinese firm making and smuggling Oxycontin pills into the US, they’d jump at the chance as long as they could figure out a cutout scheme. They’d call it the World Trauma Foundation, aka “WTF”.
Heck, the Democrats aka Demoncrats always carp about taxing the rich and never do.
I worked for a well known multinational and they moved money from country to country to achieve the lowest overall tax rate. They are based here but the USA isn’t their focus - it’s China because that’s where they see growth.
This is a disgustingly liberal company.
Really, really stupid idea. $400k is not very much in some places with high costs of living. People in that pay range are also the ones who do the most extra spending with lower tax rates which boosts the economy and puts food on the table of the working and middle classes.
Lack of independence is the goal and getting more people on government assistance to control them.
He ran for Mayor but did not win. I kinda wish John Catsamatides were NYC Mayor instead of the Commie Bill De Blasio...
And all the idiots who are cheering this on don’t have the slightest clue that the corporations will just pass the cost of higher taxes onto the consumer. A local bar has a slogan...”We cheat the other guy and pass the savings onto you.” The government may tax the other guy, but there will ultimately be no savings or benefit for the average American.
That’s what China wants him to do.
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