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Elections have consequences.
Elections have consequences.Biden is considering a major federal tax increase for the first time in nearly 30 years, report says
President Joe Biden is preparing to include a federal tax increase in his next big economic package, according to a Bloomberg report on Monday.
People familiar with the matter told the outlet that the Biden administration is working on a follow-up spending bill to the recently-enacted $1.9 trillion coronavirus stimulus. The initiative is expected to have a bigger price-tag, and may raise the corporate tax rate and the income tax rate for high-earning individuals to offset the spending, Bloomberg reported.
The move would represent the first major federal tax hike in nearly 30 years, per Bloomberg. The last significant tax increases were implemented in 1993 under the Clinton administration.
Sources with knowledge of the private discussions told Bloomberg that current ideas involve raising the corporate tax rate from 21% to 28%, bumping up the income tax rate for individuals who earn more than $400,000 per year, increasing the capital-gains tax rate for individuals who earn at least $1 million per year, expanding the estate tax, and "paring back" tax preferences for pass-through businesses, which are not subject to corporate taxes, such as limited liability companies. https://www.businessinsider.com/bid...l-tax-increase-almost-3-decades-report-2021-3
The tax hikes are not nearly as alarming as the "next big economic package." WHY do we need another "big economic package??" Thanks!!
A "couple of quarters"? Where did you get that?
The point was we've heard fears of hyperinflation for years now. We ignore them when it's time to cut taxes and borrow every penny, or bail out Wall Street, or fund a war, but the inflation hawks get treated more seriously for some reason when the money goes to little people, versus their drinking buddies.Well, sure. The US can easily handle buying every adult a brand new car, too. All you do is drain the nest egg of retirees and frivol it away.
We will soon see if Biden (actually the congressional demorats) was serious about his increased taxation being limited to those making $400K and up. Obviously, that is unlikely unless the taxation of pass-through business rates (LLC’s and such) are not made progressive in the process. Beware of new (or expanded) federal taxes such as carbon taxes, vehicle mileage taxes and/or increased excise tax rates which do not apply only to “the rich”.
Defenders of the energy program tried in vain to point out that anyone who makes a lot of investments, whether it’s the government or a private venture capitalist, is going to see some of those investments go bad. For example, Warren Buffett is an investing legend, with good reason — but even he has had his share of lemons, like the $873 million loss he announced around the same time as Solyndra on his investment in a Texas energy company. Yes, that’s far bigger than the federal loss on Solyndra. So, I guess the lesson you are trying to teach us is that neither the government nor private people should invest because we can be wrong.
Hey look! Fiscal responsibility!Biden is considering a major federal tax increase for the first time in nearly 30 years, report says
President Joe Biden is preparing to include a federal tax increase in his next big economic package, according to a Bloomberg report on Monday.
People familiar with the matter told the outlet that the Biden administration is working on a follow-up spending bill to the recently-enacted $1.9 trillion coronavirus stimulus. The initiative is expected to have a bigger price-tag, and may raise the corporate tax rate and the income tax rate for high-earning individuals to offset the spending, Bloomberg reported.
The move would represent the first major federal tax hike in nearly 30 years, per Bloomberg. The last significant tax increases were implemented in 1993 under the Clinton administration.
Sources with knowledge of the private discussions told Bloomberg that current ideas involve raising the corporate tax rate from 21% to 28%, bumping up the income tax rate for individuals who earn more than $400,000 per year, increasing the capital-gains tax rate for individuals who earn at least $1 million per year, expanding the estate tax, and "paring back" tax preferences for pass-through businesses, which are not subject to corporate taxes, such as limited liability companies. https://www.businessinsider.com/bid...l-tax-increase-almost-3-decades-report-2021-3
The tax hikes are not nearly as alarming as the "next big economic package." WHY do we need another "big economic package??" Thanks!!
Where do you see "a couple of quarters" of 3% inflation?People who pay attention to the political economy landscape should be well aware of the data and Fed guidance. Today's FOMC statement regarding inflation and economic growth:
View attachment 67323528
Telling someone they have their head in the sand given your knowledge deficiency is just... stupid.
They sure do. It doesn't really matter that the majority thinks free money is a good idea. What does matter is that they think that government is there as a gift that keeps on giving. As Americans, we can't do it. We're now dependent on China, which is taking full advantage of our manufacturing deficiencies, is threatening the South China Sea with impunity, taking over Hong Kong, and is infiltrating the high tech industry in the free world. We need to bring manufacturing home. That means making it MORE affordable, not less. We need American loyalty. Thanks!!Elections have consequences.
You sure about that?Well, sure. The US can easily handle buying every adult a brand new car, too. All you do is drain the nest egg of retirees and frivol it away.
Did you know that the almost 20-year global war on terror is being financed through debt; tens of trillions of dollars borrowed from China?They sure do. It doesn't really matter that the majority thinks free money is a good idea. What does matter is that they think that government is there as a gift that keeps on giving. As Americans, we can't do it. We're now dependent on China, which is taking full advantage of our manufacturing deficiencies, is threatening the South China Sea with impunity, taking over Hong Kong, and is infiltrating the high tech industry in the free world. We need to bring manufacturing home. That means making it MORE affordable, not less. We need American loyalty. Thanks!!
Read Biden's lips....No tax increases for joint filers up to $400,000.00
Biden's stimulus provides larger single-year tax breaks than Trump's or Reagan's cuts
Biden's cuts for lower-income and middle-class households
The relief law is projected to reduce federal taxes by an average of $3,000 per household in 2021 and raise after-tax income by 3.8%, according to the Tax Policy Center. Families with children would get an average tax cut of more than $6,000.
However, there's a stark contrast between who benefits from Biden and Trump's packages.
Low- and moderate-income households -- those making $91,000 or less -- are set to receive nearly 70% of the tax benefits from the most recent coronavirus relief law, the center found. The calculation includes the $1,400 stimulus checks, which has the largest impact, and several tax credit enhancements.
But nearly half of Trump's cuts went to households in the top 5% of the income distribution -- who made about $308,000 -- in 2018.
https://www.cnn.com/2021/03/17/politics/stimulus-temporary-tax-cut/index.html
Don't blame the government, blame your neighbor. Americans are so interested in saving a dime that they won't pay for American workers. You are overblowing China's position. Threatening the SCS with impunity? Maybe last year.They sure do. It doesn't really matter that the majority thinks free money is a good idea. What does matter is that they think that government is there as a gift that keeps on giving. As Americans, we can't do it. We're now dependent on China, which is taking full advantage of our manufacturing deficiencies, is threatening the South China Sea with impunity, taking over Hong Kong, and is infiltrating the high tech industry in the free world. We need to bring manufacturing home. That means making it MORE affordable, not less. We need American loyalty. Thanks!!
maybe I should have made some things clearer and said a notional emergency along with WARS and great recessions / depressionshahahaha
Hello? If we had a balanced budget amendment in place, we would have been completely screwed by COVID.
Back in the real world, we see in real time that spending massive sums in an emergency hasn't caused any of the problems proclaimed by the Harpies. Stimulus and extended unemployment didn't cause inflation, or unemployment, or thwart the economy, or open the gates of Hell, or whatever else conservatives have spent decades screaming about.
If they filed separately and either made over $200,000 they would be subject to the increased rates that Biden is proposing.Wouldn’t it be rather stupid for a married couple with a combined income of over $400K to file jointly (assuming that each made less than $400K)?
If they filed separately and either made over $200,000 they would be subject to the increased rates that Biden is proposing.
Where do you see "a couple of quarters" of 3% inflation?
It IS almost comical at this point.silly Democrats. they should have just given the rest of the treasury to five old rich guys and then informed the rest of us that our SS and Medicare plans are just too darn expensive. those rich people, overcome by gratitude, would have certainly sent their kitchen scraps to the charity poorhouses that we can all look forward to when our jobs can't find any more blood to suck out of us.
That is not in keeping with the concept (spirit?) of taxing only those making $400K or more and you know it.
Yes you are right and I was wrong, sorry. Nothing was said about joint filers.That is not in keeping with the concept (spirit?) of taxing only those making $400K or more and you know it.
Taxes aren’t a factor a company uses to determine prices, since taxes are on profits and not a direct cost.They sure do. It doesn't really matter that the majority thinks free money is a good idea. What does matter is that they think that government is there as a gift that keeps on giving. As Americans, we can't do it. We're now dependent on China, which is taking full advantage of our manufacturing deficiencies, is threatening the South China Sea with impunity, taking over Hong Kong, and is infiltrating the high tech industry in the free world. We need to bring manufacturing home. That means making it MORE affordable, not less. We need American loyalty. Thanks!!
Taxes are on profits, and profits are calculated at the end of a tax year by adding up all the revenue and subtracting all the costs. When a product or service is sold the company doesn't really know yet how much profit, if any, it will have at the end of the year, so it doesn't know what the tax will be, so how can it adjust prices? But if a company was able to just raise prices based on anticipation of profits, then the result would be that profits would be higher because of the higher price charged, which means taxes would be even higher, so the company should have raised prices even more, but that means the profit would be even higher, so they have to go back and charge more, but then ... I think you are starting to see how silly this idea of raising prices to cover taxes can get.
Not only raise the Corporate tax rate but cut some of their deductionsYes you are right and I was wrong, sorry. Nothing was said about joint filers.
The following are among proposals currently planned or under consideration, according to the people, who asked not to be named as the discussions are private:
https://www.bloomberg.com/news/arti...jor-tax-hike-since-1993-in-next-economic-plan
- Raising the corporate tax rate to 28% from 21%
- Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships
- Raising the income tax rate on individuals earning more than $400,000
- Expanding the estate tax’s reach
- A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)
That "notional" emergency has killed over 500,000 Americans, including people I know. Stop lying about COVID.maybe I should have made some things clearer and said a notional emergency along with WARS and great recessions / depressions
I've heard that line since the 80s, and the massive disaster predicted by conservatives keeps Not Happening.....we really need to get our spending under control some how
Yes taxing spending is self-defeating because much of that money will come straight out of GDP as reduced spending. Raising taxes on those that spend all they earn in the economy is nuts. For some strange reason the right always want to get blood out of stones. The money is there in the 1% ($34 Trillion) and if they think it is so important to pay down the debt they should remember that.That "notional" emergency has killed over 500,000 Americans, including people I know. Stop lying about COVID.
I've heard that line since the 80s, and the massive disaster predicted by conservatives keeps Not Happening.
Not only does it not happen, but they actually make the situation far worse. Bush 43 and Trump, in particular, slashed taxes and went on spending sprees, putting the US into the red -- and that was before their respective crises.
As to the 1% national sales tax? Aside from the fact that sales taxes are regressive (i.e. they hit the poor much harder than the wealthy, and which of those two groups can afford it less?), it is spitting in the wind.
Oh, and feel free to identify what we should spend less on. Be specific. Then figure out what percentage of federal spending your choices will actually reduce. Hint: You'll need to cut federal spending by 20%. Keep in mind that Social Security, paying interest on the debt, defense, Medicare and Medicaid are 75% of all spending.
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