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Biden is set to propose higher taxes for the rich. Here's how they work.
ABC News ^
| 2/7/23
| ABC
Posted on 02/07/2023 4:54:11 PM PST by MAGA2017
President Joe Biden on Tuesday is expected to tout the nation's economic health in his State of the Union Address, just days after a blockbuster jobs report showed a strong labor market has coincided with a monthslong easing of inflation.
Looking ahead, however, Biden is expected to propose solutions for what he considers an ongoing economic ill: income and wealth inequality.
The wealth of the top 1% increased by $6.5 trillion in 2021, according to a study the Federal Reserve released last year. That wealthiest sliver of Americans controls 32% of the country's wealth, the study found.
The Biden administration's agenda, set to be announced Tuesday night, includes two policy proposals: a new tax on billionaires and the sharp increase of a current tax on corporate stock buybacks.
"The idea is to have a commitment to reducing inequality," (LOL) Reuven Avi-Yonah, a law professor at the University of Michigan who focuses on corporate taxes, told ABC News. "There's no indication that the increase in inequality is stopping anytime soon and something should be done about it, so the Democrats say."
(Excerpt) Read more at msn.com ...
TOPICS: Breaking News; Business/Economy; Culture/Society; Government; Politics/Elections
KEYWORDS: biden; bidensotu; costoffrisizhnjubs; dacostoffrisizhnjubs; frisizhnjubs; sotu; stateofthepoopin; taxes; thejoetatoe
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1
posted on
02/07/2023 4:54:11 PM PST
by
MAGA2017
To: MAGA2017
“The idea is to have a commitment to reducing inequality,”
Idiocy.
2
posted on
02/07/2023 4:56:16 PM PST
by
ifinnegan
(Democrats kill babies and harvest their organs to sell)
To: MAGA2017
Soak the Rich. Now there’s a new idea.
To: MAGA2017
Anyone else suspect that they “cooked the books” regarding inflation and jobs just for his address?
4
posted on
02/07/2023 4:56:47 PM PST
by
sjmjax
To: All
If you want to stop “income inequality” stop importing 3rd worlders who have literally nothing.
5
posted on
02/07/2023 4:57:17 PM PST
by
escapefromboston
(Peace, commerce and honest friendship with all nations, entangling alliances with none.)
To: sjmjax
Well they did it during the mid terms so it’s likely they did it again for SOTU.
6
posted on
02/07/2023 4:58:02 PM PST
by
escapefromboston
(Peace, commerce and honest friendship with all nations, entangling alliances with none.)
To: MAGA2017
If you’re a server making $2.13 an hour plus tips, you’re rich and the IRS will be targeting you.
7
posted on
02/07/2023 4:58:15 PM PST
by
AlaskaErik
(There are three kinds of rats: Rats, Damned Rats, and DemocRats.)
To: MAGA2017
” sharp increase of a current tax on corporate stock buybacks”
The corporate stock buybacks wer an artifact of “free money” from the Federal Reserve.
Now that there are significant interest rates that party is over—classic .gov—”solve” yesterday’s problem that is not much an issue anymore.
8
posted on
02/07/2023 5:03:01 PM PST
by
cgbg
(Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
To: MAGA2017
9
posted on
02/07/2023 5:04:02 PM PST
by
cowboyusa
(There is no co- existence with Pinks and Reds)
To: ifinnegan
How is this going to help me? Is Biden going to balance the budget and cut my taxes? … I don't think so.
10
posted on
02/07/2023 5:04:28 PM PST
by
Governor Dinwiddie
(LORD, grant thy people grace to withstand the temptations of the world, the flesh, and the devil.)
To: MAGA2017
He wants to tax “unrealized gains”. That’s a wealth tax.
11
posted on
02/07/2023 5:04:46 PM PST
by
Zhang Fei
(My dad had a Delta 88. That was a car. It was like driving your living room)
To: cowboyusa
Yep. The megawealthy will have all the usual escape 21stclauses.
12
posted on
02/07/2023 5:06:54 PM PST
by
Seruzawa
("The Political left is the Garden of Eden of incompetence" - Marx the Smarter (Groucho))
To: Seruzawa
13
posted on
02/07/2023 5:07:39 PM PST
by
Seruzawa
("The Political left is the Garden of Eden of incompetence" - Marx the Smarter (Groucho))
To: Seruzawa
Or they will simply leave.
That is our plan.
14
posted on
02/07/2023 5:11:17 PM PST
by
Fai Mao
(Stop feeding the beast, and steal its food!)
To: Zhang Fei
Wont apply to dim politicians.
15
posted on
02/07/2023 5:12:13 PM PST
by
Texas resident
(Who is running our country?)
To: MAGA2017
Here’s a tbought. Rather than raise taxes, cut spending.
16
posted on
02/07/2023 5:13:50 PM PST
by
BenLurkin
(The above is not a statement of fact. It is either opinion, or satire, or both.)
To: hinckley buzzard
Fresh and exciting policy twist
To: MAGA2017
Here’s a tbought. Rather than raise taxes, cut spending.
18
posted on
02/07/2023 5:16:44 PM PST
by
BenLurkin
(The above is not a statement of fact. It is either opinion, or satire, or both.)
To: BenLurkin
Our grandchildren would appreciate it if we did both.
To: MAGA2017
20
posted on
02/07/2023 5:18:10 PM PST
by
Mouton
(The enemy of the people is the media )
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