Posted on 03/17/2021 10:58:29 AM PDT by RC one
President Joe Biden said in an interview broadcast Wednesday that he plans to raise taxes on Americans making more than $400,000 a year as his post-stimulus legislative plans come into focus.
"Anybody making more than $400,000 will see a small to a significant tax increase," he told ABC News. "If you make less than $400,000, you won't see one single penny in additional federal tax."
Speaking with NBC News, two administration officials earlier confirmed that Biden and his top aides are discussing the framework to increase taxes on Americans making more than $400,000 and on large corporations.
The officials stressed that the full scope of the package has not yet been finalized. Tax increases could be passed to help finance future Biden initiatives, such as a major infrastructure plan.
During the campaign, Biden pledged to at least partially roll back elements of former President Donald Trump's tax cuts. A White House official told NBC News that Biden's campaign proposals serve as a starting point for such a package.
They include:
-Increasing corporate tax rate to 28 percent (The Trump tax cuts slashed it from 35 percent to 21 percent).
-Restoring the top individual income tax rate to 39.6 percent. (Trump's tax plan cut this rate to 37 percent.)
-Taxing investment income for millionaires at the top income tax rate.
-Imposing a minimum 15 percent tax on "book income" for large companies like Amazon that currently pay little or no taxes.
-A mix of tax penalties and new minimum taxes on foreign earnings of U.S. companies, including those that offshore American jobs.
-Tax credits for caregiving and first-time homebuyers.
"If you notice the criticism of the Covid relief package from my Republican friends, is they say it spends too much money and it gives too many tax breaks," Biden told ABC News. "All these tax breaks go to the bottom 60 percent of the population. And guess what? They need it. The $1,400 check, (the) Child Care Tax Credit. They don't like it because in fact, their idea of a tax cut is to give the Trump tax cut, where 83 percent went to the top 1 percent of people in America."
Yet, with a 50-50 split in the Senate and a slim Democratic majority in the House, passage of a tax increase could be a struggle. Like the stimulus bill, it is likely to be advanced through the budget reconciliation process that requires just a 51-vote majority in the Senate — the same process utilized by Republicans to pass Trump's tax agenda and recently by Democrats to pass Biden's Covid-19 stimulus package.
Democrats are largely supportive of raising taxes. Sen. Ron Wyden, D-Ore., chairman of the Finance Committee, plans to unveil two tax hike proposals next week. One would overhaul multinational corporate taxes and the other would treat capitol gains like income, a tax structure that currently benefits the wealthy.
"Rebuilding our economy so it works for all Americans, not just mega-corporations and billionaires, starts with fixing our broken tax code and requiring they pay their fair share," Wyden said in a statement.
The tax hikes are expected to help pay for a large infrastructure bill that Democrats are beginning to formulate.
Still, a tax increase is certain to face fierce opposition from Republican lawmakers who argue, in part, any increase in rates could cause businesses to move overseas and could hurt the economy in the long run.
"I think the Trojan horse will be called infrastructure but inside the Trojan horse will be all the tax increases," Senate Minority Leader Mitch McConnell, R-Ky., said. "They want to raise taxes across the board."
By one estimate, the president's tax proposals as outlined could raise more than $2 trillion in revenue over the next decade.
"Oh, I may not get (Republican support), but I'll get the Democratic votes for a tax increase," Biden said. "If we just took the tax rate back to what it was when Bush was president, top rate paid 39.6 percent in federal taxes, that would raise $230 billion. Yet they're complaining because I'm providing a tax credit for child care? For the poor, for the middle class?"
Can anyone name one law passed at the federal level that in the past 25 years that has advanced the second amendment cause? I can't. they let the AWB sunset because they had to but other than that? they don't protect and preserve the 2A, they hold it hostage and I think that goes for just about all conservative issues.
So, I think it's pretty funny watching Mitch scramble to keep his big tax cut.
And I wonder if any Democrats will stab their voters in the back the way the republicans stabbed theirs in the back.
I think they'll hold the line and I think I'm gonna enjoy watching the GOP lose its tax cut.
I am all for it in fact.
Maybe if the GOP had done anything for me over the past 25 years. Anything.
But they haven't. They have somehow managed to lose every battle that was important to me and us all the while keeping most of us voting for them like chumps.
I hope this tax hike is PAINFUL.
Who are the people who run businesses or have investments that put
people to work.
How many ways has Biden already impacted our work force negatively.
This is a job killing cluster of measures intent on killing
the middle class.
It won’t be painful to those the Dems say they want to hurt. The billionaire class will get tradeoffs in order to offset their supposed tax increases, not to mention that most intelligent millionaires and billionaires don’t get direct revenue, so they don’t really make much that can be touched by the IRS.
It’s just those of us who rely upon direct income.
“Can anyone name one law passed at the federal level that in the past 25 years that has advanced the second amendment cause? “
Yes.
They need a 110% tax on Biden Voters. After all, if people really don’t mind higher taxes then the democrats should lead the way.
Plenty of them for sure, but listening to Mitch today, he sounded about as mad as I am about all this gun control. I actually have to go drop my tax forms off at the tax preparer’s office right now. I hate to post and run like this but I need to get it done. I did real well on the Covid stocks last year but paying the taxes on those capital gains is really gonna suck so, I know just how Mitch feels.
Imposing a minimum 15 percent tax on "book income" for large companies like Amazon that currently pay little or no taxes.
A mix of tax penalties and new minimum taxes on foreign earnings of U.S. companies, including those that offshore American jobs.
at the federal level? What?
Bait and switch. Whenever the left promises to increase taxes for the most wealthy it falls squarely on the middle class.
As someone who will pay more than $200k this year in taxes with the current tax code, I hope this increase, if passed, starts next year when my income, with deductions, is back under $400k.
-Increasing corporate tax rate to 28 percent (The Trump tax cuts slashed it from 35 percent to 21 percent).
That breaks the $400K promise right there, since many small businesses who make less are C Corporations.
they don’t protect and preserve the 2A, they hold it hostage
The 2A only really means anything in states with good gun laws. And it is in those states, when the RINO politicians at the state and federal level(which is pretty much all of them) trot out their love of the 2A to get re-elected. Even though on pretty much EVERY other issue they fold like a house of cards.
Georgia is a perfect example. The RINOs in the state government, after allowing Abrams to steal 3 elections, will be falling all over themselves next time around, trying to scare everyone about Abrams and the Left taking guns away from Georgians. And morons will fall for it.
The two most basic question for any Republican incumbent in Georgia, next year,......what did you do to stop Abrams from stealing the election and why did you vote to allow the ‘mail in voting prohibition’ to be pulled from the election bill?
Their answer will be.......Second Amendment. I’m gonna protect your Second Amendment rights. Don’t you worry about it.
And for that, they should shown the door.
Great!!
I pay the state and the Feds 43%...income tax.
That's not all...
Property tax, gas tax, sales tax...this tax..that tax....
https://www.youtube.com/watch?v=dNDYArDUgSg
Sure. let’s destroy the economy and small business. To be k with your struggling neighbors. Let’s increase their pain. How christian and conservative of you
We didn’t have dems for 25 years and they’ll be gone anyways
Mansion home theater chatter:
While you're up could you grab my Starbucks coffee and the little dish of Ben & Jerry's ice cream I left on the counter? It's the maid's day off. I don't want to miss the first airing of the Hallmark Family Special about the gay love triangle fight over custody of a transgendered child. I directed it, you know.
Oh, brother. Anyone who believes this is too stupid to live. Note that little throw-away line about making capital gains count as income. Just a little minor tweak. "Only affects the wealthy." Better think twice about that one.
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