Posted on 01/18/2021 6:55:35 AM PST by SeekAndFind
Despite having a majority in both houses of Congress, Joe Biden’s plan to raise taxes on the rich will still have a rough go of it in the nation’s legislature.
For some Democrats, no tax bill will go far enough in stripping the rich of their wealth. For others, it will go too far. And with a solid phalanx of Republicans adamantly opposed to any tax hikes — which they rightly point out would be suicidal in a pandemic with the economy tipping into recession — Biden’s path to success is narrow and strewn with rocks.
Biden’s campaign tax proposals included rolling back President Trump’s 2017 tax-cut law for taxpayers with income above $400,000, taxing capital gains at the same rates as ordinary income for people with income above $1 million and raising the corporate tax rate from 21 percent to 28 percent.
Democrats broadly think that wealthy people and corporations are not paying enough in taxes. A debate over how best to raise taxes on the rich was front and center during the Democratic presidential primary, with some Democratic candidates, such as Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.), taking more aggressive positions than Biden and calling for a wealth tax.
The Tax Foundation analyzed Biden’s tax proposals and their effect on the economy. It’s not a pretty picture.
According to the Tax Foundation General Equilibrium Model, Biden’s tax plan would reduce the economy’s size by 1.62 percent in the long run. The plan would shrink the capital stock by about 3.75 percent and reduce the overall wage rate by a little over 1 percent, leading to about 542,000 fewer full-time equivalent jobs.
(Excerpt) Read more at pjmedia.com ...
The Left, if they were serious would push a billionaires tax to confiscate all individual wealth over $1B. I mean, no one needs more than a billion dollars, right?
They’ll never do this because they’re run by the billionaire elites like Bezos. They only promise unless class warfare as fodder for getting votes. Like in 1984, it’s an endless war against enemies which is never concluded and never won, because it serves as a distraction to the public.
Well, none of that has ever mattered before to Democrats. They can’t wait to get their grubby hands on both our tax dollars and any leftover revenues from the past several years.
It’s what democrats do — and they’ll blame it all on Trump whatever happens as a result.
AOC and the Squat will not be amused.........................
Why can’t new presidents look at a economy and say it ain’t broke so I am not touching it. Right now they just need to let companies open back up and hang on for another year or so..
The wealthy liberal coastal elites went bonkers over the SALT deduction cap, so that's likely to go. (In other words, a tax cut.)
Most of Biden's proposals will be more symbolic than real.
the lines from The Hill there are broadly correct in describing Dem goals. Take back half the cuts in the corporate tax rate, and take back the cuts for the highest earners.
Well, looks like the old Washington Democrat vs Republican kabuki theater shuck and jive is back with a vengeance. Expect lots of fund raising letters from Republicans urgently shaking us down for money so they can defeat the latest Democrat legislative outrage.
The only rocks I see are in Biden’s head...
“And with a solid phalanx of Republicans adamantly opposed ...”
Made me laugh. The only thing Republicans are solidly for is their own career and wealth.
Boondoggle Biden needs your money so he can Waste it
“It’s what democrats do — and they’ll blame it all on Trump whatever happens as a result.”
I’ve already seen pisant leftists on facebook blaming Trump for whatever is coming. They have to clean up his “mess”.
The problem Democrats don’t understand is that the owners of a lot of businesses that closed or downsized because of Covid are not going to put more of their money into expanding/reopening if the government increases business taxes or mandates, such as a higher minimim wage.
Absolutely, but this time around I won't just throw them in the trash, I will respond with stuff they won't appreciate.
“Republicans adamantly opposed to any tax hikes — which they rightly point out would be suicidal in a pandemic with the economy tipping into recession”
Just wait for the national $15 minimum wage.
Biden and the Democrats are going to own a lot of tax sakes, which hopefully will be their undoing. Sad that we will have to wait till 2022 for the first reckoning.
“And with a solid phalanx of Republicans adamantly opposed to any tax hikes”
That right there made me throw up in my mouth a little
“the national $15 minimum wage”
As I understand it some people that already make more than $15 will actually get a pay decrease?
Nope, businesses will have to downsize. In some places 15 a hour is a lot of money. And raise taxes will kill jobs also. Not to mention having no business for so long being shut down.
The Dems will get what ever they want when they start jailing the GOP
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.