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 ...
Yeah. By way of having the number of their work hours slashed.
40 hours a week? Cant afford that anymore. From now on you work only 20 hours a week.
The wealthy already pay more as a percentage of their income. And if the taxes go too high, they will rely more on tax shelters just like they have always done. What thinking person really believes that increasing taxes on the wealthy actually causes them to pay more, or results in more revenue to the government?
Corporations, of course, do not pay taxes. Customers of corporations pay taxes. The leftist politicians know this, but still roll this out as a dog whistle for their base.
$27.8 Trillion debt / 130.6% debt to GDP ratio currently. The last $2.8 Trillion omnibus bill has yet been added. So we are currently $30 Trillion in debt.
I say all that to say this...by the time Harris/Biden/Pelosi/Schumer run through the next four years with all their Utopian nonsense, we will likely be knocking on $50 Trillions door.
Can you spell.....hyper-inflation?
Tax increases...across the board, restoration of regulation(s), Green new deal, Paris accords, student loan forgiveness, medicaid/medicare for all, amnesty for 20+ million illegals, rise in oil prices/fuel prices.
Yea...gonna be fun boyz and girlz.
The RATs in Congress are millionaires too.
You are right, their billionaire owners will be left alone while small business owners will be utterly destroyed. They are suffering through a pandemic and this piece of sh— Biden is talking about stomping them down further with a $15 minimum wage hike.
Can you imagine owning a restaurant where you already get NO customers and you got 10 employees and now you have to come up with $150 dollars EVERY HOUR just to pay them, never mind the rent, the energy bills, the maintenance, the insurance, the food costs, the equipment and meanwhile the effin state is telling you that you can’t have any customers or a very limited amount. It’s impossible to do business
Gosh darn it, he tried - he’ll just have to raise taxes on the middle class to get the money. /s
That's how communism works.
“As I understand it some people that already make more than $15 will actually get a pay decrease?”
And many more people will be replaced by a machine.
Where’s my check, Joe?
“40 hours a week? Cant afford that anymore. From now on you work only 20 hours a week”
Just like when hussein was Resident. Why? Because that is actually who we’re dealing with....him and soros of course.
I tell any liberal that wants to discuss tax policy that the Dems only want to soak the upper middle class. Never the real rich. That’s their masters. If they really wanted to go after the rich they’d change trust law. That ain’t happening.
Don't kid yourself.
We should have an Amazon tax. **** Jeff Bezos.
I bet many of the cooks/waitresses/hostesses all voted Democratic. Well, good news. Amazon is hiring for now. (Amazon is going to automate big time. Maybe 50% of their jobs will disappear in 5 years. Up to 90% in 10 years. Hope you can code.)
Supposedly, no-one making under $400,000 in gross income will see a change in tax rates.
Riiiiight.
And even if so..$400K as a cut-off today..$40K cut-off tomorrow is a pretty sure thing.
What he is rolling back is the 10% SALT deduction cap.
That one sent Schumer and Nanners thru the roof.
It affected them personally.
Oops. 10,000
Biden’s President of DC’s ‘white liberal elites’...
No way white trash ‘elites’ would stand for a real tax increase ... Biden will have to do the democrat ‘normal’ - tax the middle class... then give to elites.. and to the elites’ pets...
Democrats always threaten to tax the rich. This is how they encourage the rich to give them political donations. “Give us enough money, and we’ll leave you alone.” It’s called a shakedown.
Priority One. The first 100 days haven't even started yet...
Oops, no, I was wrong. Impeach Trump, ban gendered pronouns in Congress, THEN raise taxes. Two empty gestures first, then rob the masses. You guys really fooled me this time...
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