Bidens next blunder - raise taxes!

[fskimospy]

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

What I think is interesting is people often advocate for a balanced budget but when you ask what that would accomplish you are met with blank states.

 

[Commodus]

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.

Trickle-down economics were determined to be ineffective a long time ago. Rich executives don't use their tax breaks to hire more workers or raise salaries; more often than not, they just hoard the money. As Mikey implied, Jeff Bezos didn't spend any of his personal fortune ($127 billion net worth at last check) on hiring more workers or raising wages while he was Amazon's CEO.

Even corporate tax cuts only go so far. Right now, many large companies still use international loopholes to avoid paying the taxes they're supposed to pay in the US. Rather than giving larger businesses a break, let's make them pay what they're already supposed to and focus any breaks on smaller businesses.

 

[HomerJS]

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.

Actually demand creates jobs at the bottom. By your logic let's just make taxes 0 for everyone making over 1M and everything will be fine.

Go learn some history. Look back in time when the country had its biggest economic boom. What were the tax rates then? You will soon realize how silly you are.

Just a related question: How does the carried interest loophole help jobs at the bottom?

 

[HomerJS]

Trickle-down economics were determined to be ineffective a long time ago. Rich executives don't use their tax breaks to hire more workers or raise salaries; more often than not, they just hoard the money. As Mikey implied, Jeff Bezos didn't spend any of his personal fortune ($127 billion net worth at last check) on hiring more workers or raising wages while he was Amazon's CEO.

Even corporate tax cuts only go so far. Right now, many large companies still use international loopholes to avoid paying the taxes they're supposed to pay in the US. Rather than giving larger businesses a break, let's make them pay what they're already supposed to and focus any breaks on smaller businesses.

Because Amazon paying zero corporate taxes helps everyone, right?

Some people fail to discuss the other side of this debate. For being a world superpower our infrastructure is embarrassingly bad. Roads, bridges, etc don't get built for free.

Can you imagine the discussion back when the Hoover Dam was built. People like FDC bitching about spending and not giving enough kickbacks to the rich. Meanwhile that was one of the most successful infrastructure projects in the countries history.

 

[Vic]

We live in a symbiotic economy. Tax cuts at the top mean jobs at the bottom.

How many jobs did Musk and Bezos cut recently?

You're living in a fantasy world. In reality, the wealthy elite and the megacorps have become like the aristocratic nobles of old, paying little to no taxes, while the burden of taxation has fallen squarely on small business and the shrinking middle class.

And your only solution is to cut spending? What spending shall we cut? I'm sure you're not talking about law enforcement and defense, which make up the bulk of federal discretionary spending. Most likely you want to cut Social Security, thus effectively raising taxes on the poor and middle class.

 

[FelixDeCat]

Actually demand creates jobs at the bottom. By your logic let's just make taxes 0 for everyone making over 1M and everything will be fine.

Go learn some history. Look back in time when the country had its biggest economic boom. What were the tax rates then? You will soon realize how silly you are.

Just a related question: How does the carried interest loophole help jobs at the bottom?

Poppycock. I oppose the carried interest loophole but democrats like Krysten Sinema kept it alive.

 

[fskimospy]

I feel like he tipped his hand when he claimed he was against tax hikes but then when offered a net tax cut he was against it because it would go to poor people instead of rich people.

 

[zinfamous]

Lets cut spending before considering any tax increases.

Sure. No more handouts to the failed GOP states. Enjoy experiencing the actual cultural and economic poverty that you have endlessly voted for yourself when the blue states no longer have to bail your pathetic ass out.

 

[Captante]

We need to start treating OP's threads like a bad Gizmo-post in OT .... ignore them and let them die with zero replies.

Hell at least Gizmo's topics have potential to be amusing.

 

[FelixDeCat]

How many jobs did Musk and Bezos cut recently?

You're living in a fantasy world. In reality, the wealthy elite and the megacorps have become like the aristocratic nobles of old, paying little to no taxes, while the burden of taxation has fallen squarely on small business and the shrinking middle class.

And your only solution is to cut spending? What spending shall we cut? I'm sure you're not talking about law enforcement and defense, which make up the bulk of federal discretionary spending. Most likely you want to cut Social Security, thus effectively raising taxes on the poor and middle class.

You can blame Bidenflation for job cuts and higher interest rates.

Sure not everything goes as planned in taxe policy but we need to aim high when crafting it not assume the worst.

 

[zinfamous]

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.

Utter bullshit and lies. This is known to be completely false and decades of ruinous experimentation in this nonsense has explicitly led us to the utter failure that you claim to hate.

Why do you keep supporting known, failed policy like this? Is it because you are ignorant and illiterate?

 

[FelixDeCat]

Trickle-down economics were determined to be ineffective a long time ago. Rich executives don't use their tax breaks to hire more workers or raise salaries; more often than not, they just hoard the money. As Mikey implied, Jeff Bezos didn't spend any of his personal fortune ($127 billion net worth at last check) on hiring more workers or raising wages while he was Amazon's CEO.

Even corporate tax cuts only go so far. Right now, many large companies still use international loopholes to avoid paying the taxes they're supposed to pay in the US. Rather than giving larger businesses a break, let's make them pay what they're already supposed to and focus any breaks on smaller businesses.

Ever hear of Blue Orgin or SpaceX? Lots of jobs there.

 

[kage69]

Biden fixing yet another GQP fuck up and middle finger to the middle class? Sounds good to me.

Corporations and billionaires are not the ones in need of help, in fact they're making it harder for everyone else so yes, correct that mistake and if people like OP are too dumb or partisan to get, oh fucking well. Sucks to be trickle down idiots without a viable political future I guess.

 

[Commodus]

How many jobs did Musk and Bezos cut recently?

You're living in a fantasy world. In reality, the wealthy elite and the megacorps have become like the aristocratic nobles of old, paying little to no taxes, while the burden of taxation has fallen squarely on small business and the shrinking middle class.

And your only solution is to cut spending? What spending shall we cut? I'm sure you're not talking about law enforcement and defense, which make up the bulk of federal discretionary spending. Most likely you want to cut Social Security, thus effectively raising taxes on the poor and middle class.

I'm with you, but a technicality: Bezos hasn't been Amazon CEO since last summer. Andy Jassy runs the company now, even if Bezos is still chairman.

 

[HomerJS]

Poppycock. I oppose the carried interest loophole but democrats like Krysten Sinema kept it alive.

How many Republicans stepped up to end it? If they want to end it would have been gone. Sinema was clearly bought off by those same people you want to make richer.

 

[FelixDeCat]

Utter bullshit and lies. This is known to be completely false and decades of ruinous experimentation in this nonsense has explicitly led us to the utter failure that you claim to hate.

Why do you keep supporting known, failed policy like this? Is it because you are ignorant and illiterate?

So you oppose a balances budget? Why?

 

[KMFJD]

the french had a great solution for such inequality

 

[HomerJS]

So you oppose a balances budget? Why?

You should be applauding the Clinton administration. Which one of your heros ever balanced the budget?

 

[HomerJS]

Forbes is right leaning publication and they say this. Good for the country huh? /s
Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018 (forbes.com)

 

[Pens1566]

Lets cut spending before considering any tax increases.

Ok, I'll play.

What spending would you cut that will drastically impact the equation? Show your work.

 

[HomerJS]

Let's use some common sense. Billionaire widget maker gets a big tax cut. However people making <50K are doing poorly and can't afford to buy widgets. If nobody is buying widgets think that billionaire is going to hire people?

 

[Pens1566]

Let's use some common sense. Billionaire widget maker gets a big tax cut. However people making <50K are doing poorly and can't afford to buy widgets. If nobody is buying widgets think that billionaire is going to hire people?

No, they buy back stock. Or get another yacht/plane/etc.

 

[HomerJS]

No, they buy back stock. Or get another yacht/plane/etc.

That's why I say demand creates job not tax cuts for the rich.

 

[eelw]

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

Got it, Covid relief bad. Infrastructure bad. Help fighting for worldwide democracy to aid Ukraine bad.
As for trickle down economics, if these corporations were going to show goodwill and help the average citizens, explain the record profits they are making instead of temporarily eating the costs to do business to help ease inflation?

 

[sactoking]

I'm under the impression that I'm already getting my taxes increased this year and it's all because of Trump. Those "tax cuts" he got passed lowered taxes for me for a couple of years but after that I pay increased rates. So Biden "raising taxes" by repealing them is actually lowering taxes for me. If I'm wrong I'm open to correction on this.