Posted on 04/30/2024 9:31:38 AM PDT by SeekAndFind
Biden is again on a tax-raising rampage. He proposes to increase income taxes by nearly $5 trillion for corporations. Increasing the corporate income tax rate to 28% (from 21%) will be a great driver of negative effects on the U.S. economy, reducing long-run GDP by 0.9%, the capital stock by 1.7%, wages by 0.8%, and full-time jobs by 192,000. Additionally, Biden's new tax proposals include increasing the recently enacted corporate alternative minimum tax rate from 15% to 21% and denying business deductions for employee compensation above $1 million.
Biden proposes an increase of the corporate income tax that's a higher tax rate than in communist China, France, and the U.K., each at 25%. Add to that rate the average state corporate income tax of 4% and the average combined rate will be 32%, the second-highest corporate income tax rate (just below Colombia) in the developed world.
As the late, great Paul Harvey used to say, "Corporations don't pay taxes." Households bear the burden of corporate income tax increases in the form of higher prices and/or slower wage growth.
Biden repeatedly said he wouldn't raise taxes on anyone earning less than $400,000, but has now proposed to raise taxes on almost everyone. He says he's going to let Trump's Tax Cuts and Jobs Act (TCJA) expire, which will be a massive middle-class income tax hike because it was a massive middle-class tax cut. Wealthy people saw their taxes reduced, but the TJIA actually transferred a larger portion of the tax burden onto the wealthy.
His most insidious tax increase has to be his 44.6% 'national wealth tax.' One of the most significant aspects of this proposed tax will be its impact on capital gains (and all gains) which will be subject to a federal tax rate of 44.6%.
(Excerpt) Read more at americanthinker.com ...
Reagan’s deregulation and tax reductions took a couple of years to be manifest then brought on the longest boom in our history.
Warren Beatty?!
Free college, free abortions, tax the rich. Popular, if somewhat dated, campaign promises the 'rats spout around election time. I'm hoping nothing will come of it.
From a 9 year old article at America Thinker.
Dr. Warren Beatty (not the liberal actor) earned a Ph.D. in quantitative management and statistics from Florida State University. He was a (very conservative) professor, and specialized in using statistics to assist/support decision-making. He is now retired. Dr. Beatty is a veteran who served in the U.S. Army for 22 years. He blogs at rwno.limewebs.com.
Thank you! Good to know.
See post 24.
I think that Trump will turn the economy around pretty quickly the same way that he did in 2017 by using executive orders to lift the smothering regulations that handcuff our economy. The same regulations that Brandon reinstated that totally undermined our economy after he stole the election. Unencumbered with ridiculous regulations, our economy has an amazing ability to self-correct.
U R welcome. Search engines weren’t of any help. He has been writing at American Thinker for many years so I clicked on one of his ancient articles..
My bookie took my bet that the economy would recover overnight Pipeline open drilling starting back up dump all of Biden’s idiot plans import tariffs..........................
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BIDEN UNDERSTANDS TAXES JUST FINE.
HE & OBAMA are doing exactly what they want to do.
May I remind everyone that corporations do not pay taxes. They’re embedded in the price of their products and services. This will only add to inflation and more pain for consumers.
He understands power, and is drawn to it as intelligently as a moth to a flame. Other than that, he understands nothing.
Those behind Biden certainly do understand. It is part of total economic warfare.
7) Completely flush all departments internally and relocate them to fly-over country or elsewhere otherwise the cancer will continue festering.
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