Biden to propose first major tax hike in 30 years

[RobDownSouth]

President Joe Biden is planning to unveil the first major tax hike in 30 years.

It won't affect any of the usual suspects who habitually squeal "Taxes BAD!"

The proposal

• Raising the corporate tax from 21 percent to 28 percent
• Increasing the income tax rate on people making over $400,000
• Expanding the estate tax
• Paring back tax preferences on pass-through businesses such as limited-liability companies
• Setting up a higher capital-gains tax rate for individuals making at least $1 million.

Let teh pearl clutchin' begin

 

[JackLuis]

Maybe he'll back Liz's Wealth Tax too?

 

[Ramone45]

Spending Cuts would be a good idea also

 

[Dribble]

Well lowering the corporate tax didn't improve corporate infrastructure...only increased the CEOs income...

 

[freakyguy41]

Spending Cuts would be a good idea also

The only line item which should be cut is military spending.

Otherwise, increased spending... and budget overspending... will have to take place to spur the economy. No different than fascist republican overspending EXCEPT again the democrat is working to restore the economy whereas fascist republicans grossly overspend when they've already got a growth economy.

 

[freakyguy41]

Well lowering the corporate tax didn't improve corporate infrastructure...only increased the CEOs income...

Agreed... and as the sixth time in row fascist republican trickle down failed... it's absolute proof that fascist republicans are legislating wealth to the most wealthy. Any corporate tax cuts should be restricted to development of new products, increased productivity and/or improved efficiency... not unrestricted such that the funds can be used in stock buy backs to enrich the 1%.
In fact, Biden should consider clawing back the $ 450 billion from the initial Covid relief bill paid to major corporations. Let them seek Chapter 11 protection without the $ 450 billion... then let the dust settle and we'll see who wants to stay in business and who doesn't.

 

[BoyNextDoor]

Trump raised my taxes

 

[phrodeau]

The Tuckerites are calling for defunding the military. That’ll save a few trillion dollars.

 

[icanhelp1]

The only line item which should be cut is military spending.

Otherwise, increased spending... and budget overspending... will have to take place to spur the economy. No different than fascist republican overspending EXCEPT again the democrat is working to restore the economy whereas fascist republicans grossly overspend when they've already got a growth economy.

^^^^^^^



Perhaps you should educate yourself on our current economic outlook before spouting off on something you know nothing about. Biden's $1.9 trillion folly will do much more harm than good starting with severe inflationary pressures in the near future. Chuck, Nancy and Sleepy Joe sold you a bill of goods.

https://thehill.com/opinion/finance/536463-our-rebounding-economy-doesnt-need-more-stimulus-checks

Our rebounding economy doesn't need more stimulus checks:


BY LIZ PEEK, OPINION CONTRIBUTOR — 01/29/21 11:30 AM EST 764THE VIEWS EXPRESSED BY CONTRIBUTORS ARE THEIR OWN AND NOT THE VIEW OF THE HILL
166


It’s apparently impolite to ask, but can someone please explain why Democrats are so keen to send out $1,400 to able-bodied Americans who are still employed? That’s what’s in President Biden’s $1.9 trillion “relief” package, but, really, it’s time GOP legislators asked: relief from what?

For sure, COVID-19 has pummeled our country and our economy. There’s plenty of misery, ten million people are out of work and tens of thousands of small businesses are on the brink of failure.

But surely those are the people whom we should be helping, not those who still have jobs and whose incomes have not been impacted by the pandemic. After all, we could just as easily have sent those folks checks two years ago or we could send them $5,000 today instead of $1,400. There’s no rhyme or reason for the handouts, no logic to the amounts and the timing, except perhaps that Democrats think the payments will help them keep control of Congress in 2022.


That’s not good enough.

Astonishingly, in all the discussion about the relief bill, we’ve heard precious little about the actual state of the economy. Mostly what we hear is alarming forecasts, and especially from Democrats.

Biden recently warned, "We remain in a once-in-a-century public health crisis that’s led to the most unequal job and economic crisis in modern history… And the crisis is only deepening. It’s not getting better. It’s deepening."

That is not true. The economy is still operating below its pre-pandemic level, but it has bounced back far faster than expected and should continue to grow.

The media, of course, has been enthusiastically echoing Biden’s warnings. US News & World Report recently ran a story with this headline: “Slumping Economy May Well Need Joe Biden’s $1.9 Trillion Booster Shot.”

The piece cites a weakening labor market and says the stimulus might be needed as the economy “stumbles into 2021.” But the report also acknowledges that the recent downturn in hiring has mostly been in sectors hit by the increased lockdowns in states such as California.


As Douglas Holtz-Eakin, president of the right-leaning American Action Forum, recently noted, "The economy lost 140,000 jobs in December because the leisure and hospitality sector lost almost half a million jobs, while the rest of the economy added jobs."

The unexpected hiring downturn in December was a blow, to be sure, but it was largely the result of policies that shut down businesses, not a slump in demand.

The real picture is this: The economy is rebounding sharply from the COVID-induced downturn that began nearly a year ago. The government has just reported that GDP grew by 4 percent in the fourth quarter. There’s a good chance that will be revised higher; the Atlanta Fed GDPNow forecasting model had the quarter expanding by more than 7 percent, based on recent strong data.

For instance, housing is booming. The National Association of Realtors recently reported, “Existing-home sales rose in December, with home sales in 2020 reaching their highest level since 2006.” In addition, the Commerce Department reported that housing starts rose nearly 6 percent in December to a seasonally adjusted annual rate of 1.669 million units last month, compared to forecasts of 1.560 million.

Manufacturing is also doing well. From the Institute of Supply Management we hear that the Manufacturing PMI for the U.S. jumped to 60.7 in December from 57.5 in November, exceeding forecasts of 56.6 and heralding the fastest growth in the sector since August 2018. Rising backlogs and orders suggest the gains will continue.

More good news came from higher shipments and new orders for capital goods in December and a positive read on business conditions from the National Association for Business Economics.

 

[adrina]

One really shouldn't use Liz Peek's articles as anything besides bird cage liner. She's just another conservative sellout hypocrite partisan hack. Like the poster who referenced her.

 

[BoyNextDoor]

Maybe when Liz Peek is president she can make policy.

 

[Ramone45]

One really shouldn't use Liz Peek's articles as anything besides bird cage liner. She's just another conservative sellout hypocrite partisan hack. Like the poster who referenced her.

Ad hominem/Non-Responsive. Don't like the points, denigrate the person. So boringly formulaic.

 

[adrina]

Ad hominem/Non-Responsive. Don't like the points, denigrate the person. So boringly formulaic.

You are under the mistaken impression that I give two shits about arguing with an ignorant trumper.

 

[Ramone45]

You are under the mistaken impression that I give two shits about arguing with an ignorant trumper.

I know, because that's all you've got.

 

[adrina]

I know, because that's all you've got.

If it makes you feel better to think that, please go right ahead. The reality is that after the last dozen years of conservative hysteria you guys have lost all credibility. I don't really care what you think - you're just another hypocritical sellout trumper in a long line of them. You deal in lies, alt facts and invented reality - there's nothing new about you inventing another bit in order to soothe your obviously very fragile ego.

 

[OldJourno]

I'm not sure why we need a tax hike since we're heading into the Summer of Recovery II.
Some would argue the recovery was already here for states that weren't shut down. Indeed, the government's own employment statistics prove that.
Maybe the tax hikes will level the playing field in terms of spreading the misery.
Down in Georgia Jimmy Carter is smiling. He is about to lose the title of Worst Modern-Day Democrat President.

 

[Fuzzy1975]

I'm not sure why we need a tax hike

Well might I suggest you need a tax hike to pay off the 3 Trillion the US was short in it's 2020 budget.

After all, to pay the bills a Government either cuts spending, or needs to increase taxes to pay down debt.

Hell with that 2020 deficit and the bill for your previous deficits, you need a tax hike to just pay for the interest on that debt.

For all you religious folks, if the borrowing rates rise, god help you on even paying your debt charges.....

 

[Ramone45]

If it makes you feel better to think that, please go right ahead. The reality is that after the last dozen years of conservative hysteria you guys have lost all credibility. I don't really care what you think - you're just another hypocritical sellout trumper in a long line of them. You deal in lies, alt facts and invented reality - there's nothing new about you inventing another bit in order to soothe your obviously very fragile ego.

It does make me feel better. Thanks

 

[Comshaw]

I'm not sure why we need a tax hike since we're heading into the Summer of Recovery II.

Why do we need a tax hike. Well let's look at that for a moment. For years the Republicans have claimed to be the party of fiscal responsibility, unlike those freakin' tax and spend Democrats. So what happens when they come to power in 2018? On one end they immediately begin to cut taxes for corporations, claiming it would be good for the economy, and on the other push spending to an all-time high, claiming deficit spending would be good for the economy. In other words, they were not taxing and spending anyway. It did help the economy, but not much more than the actions taken by the previous administration. So what happens right after the 2020 elections? They return to the old mantra of "we need to be fiscally responsible and not raise taxes or spending!" Mealy mouthed bullshit that is. At least the Dems are honest about needing to try to support their spending with taxes.

Some would argue the recovery was already here for states that weren't shut down. Indeed, the government's own employment statistics prove that.

And who the hell is going to argue that? There ain't a fuckin' whit of factual evidence to back it. If there is, show me and I'll eat my words.

Maybe the tax hikes will level the playing field in terms of spreading the misery.
Down in Georgia Jimmy Carter is smiling. He is about to lose the title of Worst Modern-Day Democrat President.

No, he's smiling because, like the snake trying to swallow its own tail, the Republicans are eating the credibility of their party. Otherwise how to explain all the members of that party abandoning it in a fit of disgust.

Comshaw

 

[BoyNextDoor]

Why we need a tax hike: https://usdebtclock.org/

and its because of idiocy like this: The F-35's total "life cycle" cost is estimated at $1.727 trillion in current dollars. Of that, $1.266 trillion is for operations and support of the advanced plane that's a flying supercomputer.

 

[icanhelp1]

Ad hominem/Non-Responsive. Don't like the points, denigrate the person. So boringly formulaic.

The article I referenced was directed at individuals who have a somewhat limited understanding of economics not someone who’s cerebral capacity is flawed and skewed with socialist progressive ideals. Cut spending in one area to fund another spending project only makes sense. Raising taxes to spend more is ludicrous and irresponsible behavior.

 

[BoyNextDoor]

You directed this at GOP Senator Roger Wicker?

 

[icanhelp1]

Why do we need a tax hike. Well let's look at that for a moment. For years the Republicans have claimed to be the party of fiscal responsibility, unlike those freakin' tax and spend Democrats. So what happens when they come to power in 2018? On one end they immediately begin to cut taxes for corporations, claiming it would be good for the economy, and on the other push spending to an all-time high, claiming deficit spending would be good for the economy. In other words, they were not taxing and spending anyway. It did help the economy, but not much more than the actions taken by the previous administration. So what happens right after the 2020 elections? They return to the old mantra of "we need to be fiscally responsible and not raise taxes or spending!" Mealy mouthed bullshit that is. At least the Dems are honest about needing to try to support their spending with taxes.


And who the hell is going to argue that? There ain't a fuckin' whit of factual evidence to back it. If there is, show me and I'll eat my words.




No, he's smiling because, like the snake trying to swallow its own tail, the Republicans are eating the credibility of their party. Otherwise how to explain all the members of that party abandoning it in a fit of disgust.

Comshaw

And yet Pelosi, Biden and Schumer passed a 1.9 trillion dollar bill for spending well into another fiscal year, why? because they know they’re about to lose the house.

Trump’s first year priority spending was to rebuild a depleted military that Obama ruined, the trade off was to swallow a Schumer 139 billion dollar add on or no deal. Trump wanted 25 billion for wall construction while Nancy ain’t happy unless she spends trillions.

 

[icanhelp1]

Why we need a tax hike: https://usdebtclock.org/

and its because of idiocy like this: The F-35's total "life cycle" cost is estimated at $1.727 trillion in current dollars. Of that, $1.266 trillion is for operations and support of the advanced plane that's a flying supercomputer.

So what? Have you been keeping pace with China’s navy lately?

 

[adrina]

You posted that article in yet another lame attempt to "own teh libz".


It is no surprise whatsoever that you agree with another hypocritical sellout trumper. Birds of a feather. The economic opinion of a trumper will be worth something when hell freezes over. Maybe.