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Biden's 'Soak the Rich' Tax Hikes in Trouble on the Hill
PJ Media ^ | 01/18/2021 | Rick Moran

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.

The Hill:

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 ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: biden; taxes; taxhikes
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To: SeekAndFind

A $400,000 income used to be nearly unimaginable.
Now it is barely enough to make ends meet. /s


41 posted on 01/18/2021 8:20:33 AM PST by Honest Nigerian
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To: SeekAndFind

One of the 1st things Congress will do is repeal the Trum tax cuts and restore state income tax deductions.


42 posted on 01/18/2021 8:30:42 AM PST by DownInFlames (Ga)
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To: SeekAndFind

Welcome to oligarch communism. Their wealth tumors grow unchecked, while we get ritually bled.


43 posted on 01/18/2021 8:33:55 AM PST by 9YearLurker
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To: SeekAndFind

leading to about 542,000 fewer full-time equivalent jobs.


Right there that number is too small. We need to increase it 10 fold - the more people on unemployment and welfare, the better the economy - Pelosi think.


44 posted on 01/18/2021 8:34:36 AM PST by PIF (They came for me and mine ... now its your turn)
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To: glimmerman70

Why can’t it all be just left alone? Why do we need a constant stream of new laws? How can anyone plan or do business with a near constantly shifting tax and regulatory setting? They can’t really. They do so in spite of the giverment and not because of it.

Our nation sucks and sucks worse every day.


45 posted on 01/18/2021 8:44:20 AM PST by Sequoyah101 (I have a burning hatred of anyone who would vote for a demented, pedophile, crook and a commie whore)
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To: Reno89519

If biden gets sworn in, the 2022 midterms won’t matter.


46 posted on 01/18/2021 8:51:04 AM PST by Texas resident (Biden is China's bitch)
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To: Red Badger
AOC and the Squat will not be amused...

The Squat.. I am amused.

47 posted on 01/18/2021 8:51:40 AM PST by Thommas (The snout of the camel is in the tent.)
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To: Bruce Campbells Chin

Considering the average profit at full service restaurants is 3-5% most won’t make it out of the scamdemic. Too many scared people listening to too many false profits.
A $15 minimum wage would be the stake through the heart for any restaurant owner contemplating re-opening or even remaining in business.

A $15 minimum wage?
Can we say Inflation freight train?
Why yes, yes we can!
Hyperinflation here we come!


48 posted on 01/18/2021 8:52:54 AM PST by oldvirginian (The glass is half empty because the damned thing is cracked and leaking. The 2020 election is proof.)
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To: SeekAndFind

The ultra wealthy are a protected class so the democrats will raise taxes on the poor and they will skyrocket. The pro American poor are the threat.


49 posted on 01/18/2021 9:05:50 AM PST by drypowder
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To: butlerweave
Boondoggle Biden needs your money so he can Waste it

He won't waste that money. He will give it to welfare recipients, who will pass it along to drug dealers and Indian immigrants who own 7-11 stores. The other big beneficiaries will be woke government employees who will be paid outrageous salaries to oversee this giveaway.

The average American will be taxed to support this nonsense, but will not directly receive any benefit.

I will benefit by changing my investment strategy to tilt toward convenience stores, rent-to-own purveyors of low quality furniture at high prices, and the like. There is opportunity in every challenge.

50 posted on 01/18/2021 9:11:17 AM PST by CurlyDave
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To: Flick Lives

“Soak the rich” did not work in 1935, under FDR’s New Deal, and it won’t work today.

It is impossible to tax wealth beyond the first attempt at confiscation. Beyond that, the very wealthy simply hide their wealth in ways the tax collector cannot touch.

The rich won’t miss any meals.


51 posted on 01/18/2021 9:15:36 AM PST by alloysteel (No night is so dark, that it cannot fall into an absolute blackness. But hope springs eternal.)
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To: SeekAndFind

Tax the Rich till they’re Rich no more.

It isn’t just a Song Lyric.

I used to think that was crazy. Now I’m all for it, starting with Bezos.


52 posted on 01/18/2021 9:17:40 AM PST by Kickass Conservative (THEY LIVE, and we're the only ones wearing the Sunglasses.)
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To: servantboy777
$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.

And NO ONE talks about UNFUNDED LIABILITIES.

The doom of which I speak is a MOUNTAIN called "unfunded liabilities" — $122 TRILLION in payments the government owes and has promised its citizens — without the funds to fulfill those obligations.

53 posted on 01/18/2021 10:26:46 AM PST by VideoDoctor
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To: SeekAndFind

“Rich,” in this case, meaning everyone who works.


54 posted on 01/18/2021 11:14:10 AM PST by TBP (Progressives lack compassion and tolerance. Their self-aggrandizement is all that matters. )
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To: Texas resident

Sorry to break it to you, it is no longer and If, it is now a When. Short of him dying and Harris being sworn in, he’ll be sworn in.


55 posted on 01/18/2021 11:19:04 AM PST by Reno89519 (Buy American, Hire American! End All Worker Visa Programs. Replace Visa Workers w/ American Worker)
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To: SeekAndFind

If you took every dime from the ‘rich’, it wouldn’t run this
nation very long. Then you’d have no wealthy people to tax.

The wealthy pay a very large portion of the taxes in this
nation comparatively. That would cease.

Who would then make up the loss? NOBODY!

This continual class warfare angle is tedious.


56 posted on 01/18/2021 11:19:49 AM PST by DoughtyOne (We are all to be treated like the Randy Weaver family and Banch Dividian folks now.)
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To: butlerweave

Joe Boondoggle and Commiela Harrass.


57 posted on 01/18/2021 11:22:19 AM PST by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: VideoDoctor

>>unfunded liabilities” — $122 TRILLION<<

And you’ve been paying attention in class I see. Good addition to the post.


58 posted on 01/18/2021 5:09:07 PM PST by servantboy777
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