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Biden’s tax plan isn’t socialism. It just undoes the GOP’s indefensible giveaways.

Rogue Valley

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Biden’s tax plan isn’t socialism. It just undoes the GOP’s indefensible giveaways.

BB18T50Y.img

9/13/20
FORMER VICE PRESIDENT Joe Biden has been pretty clear about where taxes on upper-income Americans and corporations are headed if he’s elected: up. Highlights of his plan include an increase in the top marginal rate, and a limit on deductions for those earning more than $400,000 per year; an end to the favorable “step-up” treatment of inherited financial assets; an increase in the top corporate tax rate from 21 to 28 percent, with a minimum of 15 percent for large companies; and imposing Social Security taxes on wage income above $400,000. Taken together, Mr. Biden’s plans would raise about $3.8 trillion over 10 years, with 72 percent of that coming from the top 1 percent of earners, according to an analysis by the Tax Foundation. Contrary to much Republican rhetoric, Mr. Biden’s proposals represent not confiscatory socialism but an effort to undo the least defensible giveaways in the 2017 tax cuts passed by a GOP Congress and signed by President Trump, while preserving parts of that law that broadened the tax base. Last Wednesday, Mr. Biden added additional teeth — and complexity — to his corporate tax plans, targeting the perennial issue of “offshoring” of U.S. jobs by multinationals.

During a campaign stop in Michigan, he specified that his proposed minimum tax on the foreign profits of U.S.-based companies would eliminate an automatic exclusion worth 10 percent of assets, and apply on a country-by-country basis, in effect making firms pay more to the United States on what they earn in low-tax countries such as Ireland. In addition, he would apply a top corporate rate of 30.8 percent on earnings from products U.S. companies make abroad and sell in the United States — coupled with a 10 percent tax credit for investments that reopen closed plants or “reshore” jobs from abroad. Mr. Biden is right to present alternatives to Mr. Trump’s economic bromides. He is also right to advocate maximum job creation in the United States. The best way to achieve the latter goal, though, is to ensure the United States is a desirable place to invest — generally. Higher business taxes can be compatible with that goal, as long as the rules are clear and consistent.

In Donald Trumps America, the more money you make, the less taxes you pay. This is a topsy-turvy and upside-down taxation scheme.

The Democrat party represents working class American people and small business. The Trump/GOP party represents the wealthy and corporations.

If you're tired of paying your share of taxes and also the taxes of the rich, vote for Joe Biden on November 3rd.
 
... vote for Joe Biden on November 3rd.

Just one correction... vote for Joe Biden way way way BEFORE Nov 3rd. Many states already allow you to request absentee ballots. If you insist on going in, go in during early voting period - again, before Nov 3.

Vote in October (or even September if you can)
 
Of course it aint socialism..... that is just another scary word that most Americans dont have a freaking clue of what actually is.
 
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