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 ...
We did in hotels. We tried for a 20% total net profit. That included every expense. This was with 50 million in overall revenue.
Our room rates were set with that goal. Of course, rates fluctuate but we strive for the yearly average rate depending on average occupancy percentage.
30 years doing the books.
Guess it’s different in other industries.
And we honestly do know with 100% certainty all else equal
50% corporate tax rates will result in higher prices than 0% corporate tax rates.
Those Reagan, Bush and Trump tax cuts for the rich that resulted in 60% of all filers paying $0.
The only tax cuts for the wealthy have given us is the most progressive tax code maybe ever with the US wealthy paying a higher percentage of the whole than any other first world nation on earth.
The "progressive" tax code is a farce, and a laughable one at that. It punishes professionals who are high wage earners, while allowing the investor class effectively a free pass. The parts of the economy that have seen the largest gains are usually those that are able to take advantage of tax offsets, such as up until recently the various Real Estate sectors. Deferring capital gains via borrowing against assets which have appreciated is something that should not be allowed and you can defer such gains in Real Estate via swaps so long as you reinvest the total value of a sale in a new property.
All income should be taxed basically the same with very few exceptions (such as government bonds used for infrastructure, not baseball parks like currently). And if Corporations are considered "legal" individuals we should tax them exactly like any other "legal" individual is taxed.
I think I heard him mention a corporate tax proposal I have followed for years. Frankly I have considered top executive salaries of $10,20,30 million and more to be outrageous. When my few shares of a corporations stock were dropping from over $50 down to $5, I was shocked. Then I got the annual corporate report and saw that there were 11 top executives who were all being paid more than $10 million. Meanwhile I think I heard him say that he is proposing that corporations no longer be able to deduct more than $1 million in salary from their tax filings. This would then require the stockholders to decide if these guys are really worth their obscene multimillion dollar salaries, or their dividends would go down. Without these huge deductible salaries, the companies would have to pay more income tax, and we would not be subsidizing those astronomical pay scales.
A point was also promised that no one earning under $400,000 would have any increase in taxes from the provisions he proposed.
You’ve done nothing for me but call up is down wasting my time.
Taxes come from profits which come from customers. Although GAAP does not consider them a “business expense” they are clearly an expense of the business.
It is a 100% certainty that with all else equal higher corporate taxes leads to higher prices.
No other outcome is possible.
The onus isn’t on me, you’re the one making the extraordinary claim as if corps have a unicorn crapping cash to pay their expenses.
I’d offer as proof that executive pay in the most taxed and regulated industries often is the highest executive pay. As taxes and regulations are a moat inhibiting competition insuring their power and pay. But I’m not the one needing to prove anything here.
Just proving higher taxes results in lower prices in and of itself in any form would be a feat.
I’m done with up is down world. Believe whatever it is that floats your boat.
More than 40% of U.S. households will owe no federal income tax, down from last year, according to a new analysis.
Down from 57% during the pandemic with a 10yr avg of 44%.
That is the highest number in the first world but Reagan, Bush and Trump tax cuts were for the rich who end up paying more of the whole than ever and anywhere else on earth.
The parts of the economy that have, has and will see the largest gains are technology.
Let’s rail against corp taxes, dividend and realized capital gains taxes and pretend that they are all too low despite being double taxation and accumulated not too low in the slightest.
That 40% of households that pay no taxes is largely made up of full time students, 1/3 of which are above the age of 65 and are assumed to be retires.
https://www.cnbc.com/2022/10/28/more-than-40percent-of-us-households-will-owe-no-federal-income-tax-for-2022.html
Almost 60% of non-payers make less than $30,000 and another 28% make between $30,000 and about $60,000. Only about 0.6% of the top 20% of earners — or those making about $190,000 or more — will pay no federal income taxes this year.
It would be really great of those leaches making less than $30,000 a year started paying their fair share.
1. GAAP does not consider corporate income taxes to be a business expense because they're not expenses. I wrote a big check in 2023 for my company's income taxes from the 2022 tax year. This was not a deductible business expense on my 2023 tax return that I filed this year.
2. Prices are set by supply and demand, not tax considerations. ExxonMobil paid $20 billion in corporate income taxes in 2022. Chevron paid $14 billion for the same year. If you drive down the road and pass an Exxon station and Chevron station next to each other, their fuel prices are likely to be identical.
3. Just proving higher taxes results in lower prices in and of itself in any form would be a feat. I never said any such thing. I simply pointed out that corporate income taxes and prices are not correlated. Go back to Post #116 (I assume you never followed up on it). I posted the corporate income tax rates for the U.S. since 1934. Please find a half dozen products -- or even just one -- and post the price history in the U.S. relative to those changing tax rates. Or maybe don't bother. I will save you the time. There is no correlation.
CA and NY have a wealth tax and the rich have been fleeing those states ion droves.
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They just get replaced by by other uber-wealthy suck ups. The state governments of NY and CA have been abusing tax payers for eons, but they always manage to find new (and willing) victims.
“I believe even the Dems know that a federal wealth tax is unconstitutional.”
No, it is not.
The threshold for the richest state might be $35 million.
The threshold for the poorest state might be $750,000 to meet the per capita requirement.
The amount collected on wealth from $750,000 to $35 million would then be rebated plus a 5% ‘inconvenience’ bonus.
The indirect wealth tax of “The Articles of Confederation” is an indirect tax and would not violate the “direct tax...in proportion” clause of the current Constitution:
Article VIII. All charges of war, and all other expenses that shall be incurred for the common defense or general welfare, and allowed by the united States in congress assembled, shall be defrayed out of a common treasury, which shall be supplied by the several States in proportion to the value of all land within each State, granted or surveyed for any person, as such land and the buildings and improvements thereon shall be estimated according to such mode as the united States in congress assembled, shall from time to time direct and appoint.
The taxes for paying that proportion shall be laid and levied by the authority and direction of the legislatures of the several States within the time agreed upon by the united States in congress assembled.
Yes, that is what they’re going to do beginning with tax year 2023.
The 87k IRS agents are on the payroll. Last week I got into my LinkedIn account and saw that I had a contact where “Someone from a government agency” had been snooping around.
I figure it wasn’t the FBI, since I stopped going to all those yucky gun sites...
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