Bidens next blunder - raise taxes!

[FelixDeCat]

https://finance.yahoo.com/news/tax-rich-biden-end-trumps-140036916.html

House Democrats have proposed legislation that could end Trump tax cuts for the wealthy and corporations. If passed, this could implement some of the biggest tax increases in decades. But while these tax changes aim to make good on President Joe Biden’s promises to tackle inequality, they are smaller-scale in an effort to win over moderate Democrat support. The new plan proposes raising the top capital gains tax rate from 20% to 25% instead of nearly doubling it to 39.6% as Biden had initially proposed. And the corporate tax rate would only go up to 26.5% instead of 28%. Let’s break down how these tax changes could affect you A financial advisor may be able to help with tax planning. SmartAsset’s free advisor matching tool can match you with financial advisors in your area.

What Was Originally Proposed?

Initially, President Biden laid out a variety of tax proposals that included increasing the top capital gains tax rate from 20% to 39.6%. With the high earner Medicare surtax of 3.8%, the top rate would become 43.4%. Under his original plan, both short-term and long-term capital gains would be taxed the same way, with the top income tax bracket featuring a rate of 39.6%.

We dont have a tax problem, we have a spending problem. Cut back on profligate federal spending by 10% across the board and that will be a start.

Joe's idea? Raise taxes so we can spend even more! Anytime you hear a democrat throw around the word "invest" - run for the hills!

 

[fskimospy]

https://finance.yahoo.com/news/tax-rich-biden-end-trumps-140036916.html

We dont have a tax problem, we have a spending problem. Cut back on profligate federal spending by 10% across the board and that will be a start.

Joe's idea? Raise taxes so we can spend even more! Anytime you hear a democrat throw around the word "invest" - run for the hills!

Trump’s tax cuts were a total failure by their own stated metrics. It makes sense to reverse failures.

How is this hard to understand?

 

[IronWing]

https://finance.yahoo.com/news/tax-rich-biden-end-trumps-140036916.html

We dont have a tax problem, we have a spending problem. Cut back on profligate federal spending by 10% across the board and that will be a start.

Joe's idea? Raise taxes so we can spend even more! Anytime you hear a democrat throw around the word "invest" - run for the hills!

Fuck off, traitor; Americans are trying to repair the damage to their country caused by seditious conservatives, again.

 

[Bitek]

It's actually enforcing federal tax law, passed by Trump in TCJA.

Trump capped deductions for state and local taxes, but left a loophole that only billionaires and millionaires can use to get around it.

It's worth $50B/yr.

Why are we finding $50B tax cuts for hedge funds when regular folks have to pay up?

Why do you want this?

 

[FelixDeCat]

Trump’s tax cuts were a total failure by their own stated metrics. It makes sense to reverse failures.

How is this hard to understand?

By the same token, Im going to guess you support lowering taxes on the wealthy (Democrats) by repealing the cap on SALT taxes?

 

[FelixDeCat]

It's actually enforcing federal tax law, passed by Trump in TCJA.

Trump capped deductions for state and local taxes, but left a loophole that only billionaires and millionaires can use to get around it.

It's worth $50B/yr.

Why are we finding $50B tax cuts for hedge funds when regular folks have to pay up?

Why do you want this?

Lets cut spending before considering any tax increases.

 

[fskimospy]

By the same token, Im going to guess you support lowering taxes on the wealthy (Democrats) by repealing the cap on SALT taxes?

Don’t you support repealing failed policies?

Just a yes or no is fine.

 

[Leeea]

About time we raised taxes on the leeches and degenerates.


and that is all wall street is, a parasite that feeds on the blood of mainstreet.

 

[biostud]

doesn't raising the taxes help fight the inflation?

 

[KMFJD]

https://finance.yahoo.com/news/tax-rich-biden-end-trumps-140036916.html

We dont have a tax problem, we have a spending problem. Cut back on profligate federal spending by 10% across the board and that will be a start.

Joe's idea? Raise taxes so we can spend even more! Anytime you hear a democrat throw around the word "invest" - run for the hills!

You've had a tax problem ever since reagan (piss be upon him) lowered them

 

[fskimospy]

Hey Felix, how about they add a rider that gives refundable tax credits to poor people for the exact amount that’s raised here by increasing taxes on the rich, thereby not raising taxes? Better yet, let’s add a dollar so it’s a net tax cut!

Since tax increases are what you don’t like, surely you are on board here.

 

[Bitek]

Lets cut spending before considering any tax increases.

So protect the elites, screw the little guy.

True to form...

Shall we pass more tax cuts for private planes and golf courses?

 

[FelixDeCat]

Don’t you support repealing failed policies?

Just a yes or no is fine.

So long as you do not get to define failure, yes.

 

[FelixDeCat]

You've had a tax problem ever since reagan (piss be upon him) lowered them

Reagan was one of the greatest presidents of all time.

 

[FelixDeCat]

Hey Felix, how about they add a rider that gives refundable tax credits to poor people for the exact amount that’s raised here by increasing taxes on the rich, thereby not raising taxes? Better yet, let’s add a dollar so it’s a net tax cut!

Since tax increases are what you don’t like, surely you are on board here.

The poor dont pay taxes. Plus they get paid to overpopulate the nation with all the child tax credits, which is truly silly.

What more do you want?

 

[FelixDeCat]

So protect the elites, screw the little guy.

True to form...

Shall we pass more tax cuts for private planes and golf courses?

Everyone benefits from the lack of wasteful spending by government. Lets balance the budget for once.

 

[fskimospy]

The poor dont pay taxes. Plus they get paid to overpopulate the nation with all the child tax credits, which is truly silly.

What more do you want?

Of course they pay taxes, how could you be so ignorant as to not know this?

Regardless, your complaint was about taxes going up. This will keep taxes neutral, thereby addressing your complaint. So now I suppose you agree with my plan, right?

 

[fskimospy]

So long as you do not get to define failure, yes.

Okay, let’s use Republicans’ own stated metrics for the Trump tax cuts.

If they don’t meet those metrics for success, you support repealing them. Deal?

 

[mikeymikec]

Plus they (the poor) get paid to overpopulate the nation with all the child tax credits

I could understand it if you made this as a tongue-in-cheek comment, but this bollocks actually seriously makes sense to you, doesn't it?

No wonder you'll fall for it every freaking time when rich conservatives tell you that the solution to society's problems involves giving money/tax breaks to rich people who don't need them.

 

[FelixDeCat]

I could understand it if you made this as a tongue-in-cheek comment, but this bollocks actually seriously makes sense to you, doesn't it?

No wonder you'll fall for it every freaking time when rich conservatives tell you that the solution to society's problems involves giving money/tax breaks to rich people who don't need them.

We live in a symbiotic economy. Tax cuts at the top mean jobs at the bottom. But the real problem is we do not balance the federal budget.

The only tax increase I would support is to get rid of carried interest which one Democrat recently risked her political life to defend (oddly enough). That and perhaps getting rid of all the tax breaks on real estate investment above $1M. We are in a housing crises and too many people are hogging all the affordable homes.

Even Bezos is doing it:

https://www.yahoo.com/video/jeff-bezos-backed-real-estate-182009732.html

He has enough money and doesnt need our homes as well.

 

[IronWing]

Tax cuts at the top mean jobs at the bottom.

Liar.

 

[mikeymikec]

Tax cuts at the top mean jobs at the bottom.

Nope, they don't. We don't live in a fantasy world where nice people get to the top with an appreciation of how the hard work and labour helped make their fortune and voluntarily choose to make their employees' lives better. We live in a world whereby arseholes like Jeff Bezos who are born into wealth and have no idea about hard work and labour, they get gifts from the parents to help get them started, and because they have no appreciation for the actual work their employees do, they pay most of them fuck all, force them to piss into bottles while out on deliveries, while accruing billions of dollars. The formula applied by most organisations is how few employees are needed with the lowest salaries and resources possible in order to generate wealth for the bosses and shareholders.

It's why most developed countries have a concept of a minimum wage, because without it, arseholes with power will work everyone to death. Every labour law was made on the backs of the dead because rich people are arseholes.

 

[HomerJS]

Lets cut spending before considering any tax increases.

Just one question.

Can we find a post from you bitching about spending by the Trump administration? If yes worthy discussion.

If not STFU because that makes you a hypocritical troll

 

[HomerJS]

Everyone benefits from the lack of wasteful spending by government. Lets balance the budget for once.

We did once during the term of Bill Clinton. Then you righties cam behind him blew it up with tax cuts for the rich.

 

[HomerJS]

By the same token, Im going to guess you support lowering taxes on the wealthy (Democrats) by repealing the cap on SALT taxes?

The cap on SALT taxes was a Trump attack on blue states. You people don't give a shit about most of your bitching.

Example: Immigration. When was the last time a Republicans proposed arresting CEOs of companies for hiring the undocumented? Take away the biggest incentive to cross the border. The answer is never. You just want to bitch about it.