Posted on 03/07/2024 12:42:55 PM PST by backpacker_c
President Joe Biden plans to launch a raid on the super rich, hiking taxes for corporations and billionaires like Elon Musk and Jeff Bezos.
White House officials said the steps were part of a proposed 2025 budget to be released next week, and aimed at reducing the federal deficit by $3 trillion over 10 years.
The tax plans are expected to form a core part of Biden's re-election campaign, contrasting markedly with presumptive Republican nominee Donald Trump, whose 2017 'Tax Cuts and Jobs Act' slashed taxes on companies and the wealthy.
(Excerpt) Read more at dailymail.co.uk ...
Of course he will exempt himself, the Prodigal Junkie, Barry Sotero, ChuckU, Team Mitch and all the rest of the Swamproots.
They will just leave, they have the means. Us “little guys” will be stuck with the $35 Trillion dollar debt.
All business expenses are passed on to consumers or else the business goes bankrupt.
Did the profits just appear out of thin air or did they come from their customers?
Corporate taxes are also double taxation. We pay taxes on the income or realized capital gains after the same money was already taxed at the corporate level.
Corporations don’t pay tax. They pass it on to the consumers. I’m guessing inflation would skyrocket! Anyway, brilliant! Absolutely brilliant! /S
The paperwork to repair a spillway on a medium size pond (actual job cost $10k) will go up from $250k to $350k...
I appreciate the hate towards these people. We share it.
In the 1950’s the top tax rate was 90%.
The Zuckerbergs nor anyone else ever paid near 90%. They employed armies of lawyaers, battalions of accountants-
and in the end, Uncle Sam collected around the same 20% of the GDP that they have since WWII.
This is somewhat similar to guns in that they know they’re never banning guns but it is easier to blame guns than deal with Democrats killing each other. They know that they’re never collecting over 25% of the GDP in taxes but it is far easier to promote higher taxes on the rich than it is to cut spending.
Other forms of business taxes are definitely passed on to the customer — like payroll taxes, excise taxes, sales taxes on materials and supplies, etc.
It’s semantics.
The money all comes from the same place.
Corporate rate of 0% vs a corporate rate of 50% is going to yield significantly lesser prices to the consumer.
Corporate taxes are a joke. Both sides spend insane money collecting and avoiding them to an end that doesn’t matter even if the nation wasn’t buried in debt.
They are another moat that the rich-corp America employs to inhibit competition. They can repatriate income at will while mom and pop have no such financial wherewithal.
Agreed, these big companies almost exclusively support Leftists, let them swim in they’re own filth.
I mean, the similarities are remarkable.
These Democrats share a sickness: Carter believed in a soul but ignored his own; Biden believed but knows he forfeited it ages ago. That left both completely open to the Left, run by people who have explicitly, sometimes openly, rejected their soul and embraced Moloch -- some of the very people Biden wants to 'tax'. If it wasn't just el bizzaro funny at every level, it would be nearly unbearable.
If Biden is going to lamely attempt "Soak The Rich", the Deep State has sided with Trump. Whether to draw him into amnesty or a regional war or both, is yet to be revealed.
What you said. And then, instead of bringing our debt down, they spend even MORE!
And Joe wonders why his ice cream and snack containers are getting smaller with less product in them.
(It MAY be brilliant because Joe’s voters are too stupid to know they will be paying corporate taxes.)
Unfortunately, that’s absolutely correct.
They truly ARE that stupid.
You're whole premise here is absurd.
Suppose Ford expects to pay no corporate taxes for 2024 due to one-time charges that reduce its net revenue to $0. And suppose GM expects to pay $2 billion in corporate income taxes for the same year.
Does this mean an F-150 pickup truck will cost less this year than a comparable Chevrolet 1500 -- just because of this tax differential?
Please provide any evidence you can find to support this statement.
I did half the research for you -- to document the historical corporate tax rates:
Prices on goods are based on the market and the supply/demand curve or line.
And we honestly don't know how increased corporate taxes or millionaire/billionaires, would impact the price of goods or service.
We can be sure that it may result in a reduction in asset valuation (stocks/buildings/etc), as those assets are now producing less revenue (after taxes). But a company is either profitable or not and has assets that can be used for new ventures that can potentially turn a profit.
The only thing that tax cuts on the wealthy has given us is increased valuations on stocks as they're able to send more of the company's return back to their investors either through dividends or stock repurchases.
The only real expected results are deflationary due to a reduction in asset valuations, a lowering of the budget deficit and thus a lowering in the trade deficit (as those have largely moved hand in hand)
Cutting government spending is not a working option as the Republicans themselves can't even agree on what to cut let alone get it past the Democrats.
Gas prices are a solid example, Refineries make their income while prices are increasing and Gas stations makes their money while prices are decreasing due the "stickiness" of gas prices.
If they leave, impose a 40% reentry tariff on any of their products.
25% billionaires tax to raise $500B over the next ten years. Drop in the bucket
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