ShyBiGuy954
Literotica Guru
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- Apr 10, 2013
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Biden is breaking his tax increase pledge
https://www.msn.com/en-us/money/mar...g-his-tax-increase-pledge/ar-AAMvVw9?pc=EUPP_
President Joe Biden has proposed trillions of dollars of new tax increases. He has pledged repeatedly that his tax increases will not touch anyone earning less than $400,000. These tax increases, he has promised, will only hit the very wealthy and the largest corporations.
But the president is breaking his pledge. He either does not realize or is ignoring the impact his corporate tax increases will have on millions of middle-class people earning far less than $400,000. Study after study shows that the Biden tax increases will hit millions of working people, consumers, and savers.
Tax experts all agree that corporations do not pay taxes. People pay corporate taxes. Biden has proposed more than $2 trillion in new taxes on U.S. businesses. Under his budget, corporate taxes will more than triple over the next 10 years. But corporations will not, ultimately, be paying these new taxes. Working people, consumers, savers, and investors will be paying the new taxes for years to come.
Studies show that a portion of a corporate tax increase falls on workers in the form of lower wages. The Tax Policy Center found that "most households would pay more taxes in 2022" and that "about three-quarters of middle-income taxpayers would face a tax increase" due to the Biden corporate tax increase.
A Federal Reserve Board study found that a corporate tax rate increase would lead to "significant reductions" in workers' incomes. Based on their estimates, the Biden corporate tax rate increase could cost a household earning $80,000 as much as $3,360 a year in lower wages. A 25% tax rate would cost this family nearly $2,000 a year......
https://www.msn.com/en-us/money/mar...g-his-tax-increase-pledge/ar-AAMvVw9?pc=EUPP_
President Joe Biden has proposed trillions of dollars of new tax increases. He has pledged repeatedly that his tax increases will not touch anyone earning less than $400,000. These tax increases, he has promised, will only hit the very wealthy and the largest corporations.
But the president is breaking his pledge. He either does not realize or is ignoring the impact his corporate tax increases will have on millions of middle-class people earning far less than $400,000. Study after study shows that the Biden tax increases will hit millions of working people, consumers, and savers.
Tax experts all agree that corporations do not pay taxes. People pay corporate taxes. Biden has proposed more than $2 trillion in new taxes on U.S. businesses. Under his budget, corporate taxes will more than triple over the next 10 years. But corporations will not, ultimately, be paying these new taxes. Working people, consumers, savers, and investors will be paying the new taxes for years to come.
Studies show that a portion of a corporate tax increase falls on workers in the form of lower wages. The Tax Policy Center found that "most households would pay more taxes in 2022" and that "about three-quarters of middle-income taxpayers would face a tax increase" due to the Biden corporate tax increase.
A Federal Reserve Board study found that a corporate tax rate increase would lead to "significant reductions" in workers' incomes. Based on their estimates, the Biden corporate tax rate increase could cost a household earning $80,000 as much as $3,360 a year in lower wages. A 25% tax rate would cost this family nearly $2,000 a year......
