Posted on 04/30/2024 9:31:38 AM PDT by SeekAndFind
Biden is again on a tax-raising rampage. He proposes to increase income taxes by nearly $5 trillion for corporations. Increasing the corporate income tax rate to 28% (from 21%) will be a great driver of negative effects on the U.S. economy, reducing long-run GDP by 0.9%, the capital stock by 1.7%, wages by 0.8%, and full-time jobs by 192,000. Additionally, Biden's new tax proposals include increasing the recently enacted corporate alternative minimum tax rate from 15% to 21% and denying business deductions for employee compensation above $1 million.
Biden proposes an increase of the corporate income tax that's a higher tax rate than in communist China, France, and the U.K., each at 25%. Add to that rate the average state corporate income tax of 4% and the average combined rate will be 32%, the second-highest corporate income tax rate (just below Colombia) in the developed world.
As the late, great Paul Harvey used to say, "Corporations don't pay taxes." Households bear the burden of corporate income tax increases in the form of higher prices and/or slower wage growth.
Biden repeatedly said he wouldn't raise taxes on anyone earning less than $400,000, but has now proposed to raise taxes on almost everyone. He says he's going to let Trump's Tax Cuts and Jobs Act (TCJA) expire, which will be a massive middle-class income tax hike because it was a massive middle-class tax cut. Wealthy people saw their taxes reduced, but the TJIA actually transferred a larger portion of the tax burden onto the wealthy.
His most insidious tax increase has to be his 44.6% 'national wealth tax.' One of the most significant aspects of this proposed tax will be its impact on capital gains (and all gains) which will be subject to a federal tax rate of 44.6%.
(Excerpt) Read more at americanthinker.com ...
Bottom line: in the late 1970’s Jimmy Carter wrecked the economy so badly it took two years of Reagan’s tax policies before the economy responded.
Similarly, even if Trump gets reelected and undoes the damage inflicted by Biden, don’t expect the economy to recover overnight.
bflr.
Biden hasnt enacted any taxes, just spending. But the current tax rates will expire soon, so no action will result in higher rates.
1) Replace all the policies Bidumb removed.
2) stop giving foreign aid money away to any country that sent ‘migrants’
3) stop giving foreign aid money away, period.
4) top to bottom audit
5) mandatory 20 years jail for ANY government fraud, including vote fraud.
5a) one year amnesty for anyone who turns in or self-reports fraud.
6) end ‘spend it or lose it’ budget policy.
6a) offer 10% bonus for any department that cuts spending.
6b) Implement penny-plan. every department budget cut 1% per year until budget is lanaced.
Bull, anything is better than this
He seems to understand every action he takes further destroys this Republic.
I’m presuming the author of this piece is not the famous actor, Warren Beatty, but I have no idea. Anyone?
The problem is it is hard for people to understand.
.003 Charged to every money transfer. Retail, ATM, Wires, Stock Trades, anytime money moves. And no it is not the "Fair Tax" which is an increased universal sales tax, and it is not a VAT Tax.
It is called the APT Tax.
It's a tiny charge to individuals, but corporations and banks would pay something, where as now they pay little or NOTHING.
The real damage done is businesses will know they will never be more than four years away from Dem ruin, and often less than that.
So any long term capital projects will be impossible, along with many types of longer term planning.
Should he get elected Trump will face intense resistance from the Deep State, and even from within his own party. Don’t believe Reagan had that problem.
Not sure how much constructive remediation Trump will be able to accomplish as he will only have about three years to try to get stuff done.
The damage Biden has unleashed on this country is deep and long lasting. Elections have consequences as they say.
It’s 1980 all over again.
The only difference is that President Trump only has 1 term. This is why his VP pick is vitally important.
Bill C used Reagan’s accomplishments as his. It will take years to undo the damage.
“But the current tax rates will expire soon, so no action will result in higher rates.”
************
Just the way the congress likes it.
That can be Presidential order #2.
#1 should be to suspend every presidential order issued prior.
Start all over.
That will keep the communists tied up in court for at least 4 years....
Yep, its planned. If they made tax reductions permanent, what else would they have to run on?
If congress really cared we wouldn’t have such massively dangerous debt, which by the way will be heaped upon future generations. You would think that maybe they would revolt against this unpayable burden but they don’t. And no one in congress intends to acknowledge the problem. All that matters to them is buying votes and kicking the can down the road.
I noticed that as well. It can’t be.
“But the current tax rates will expire soon, so no action will result in higher rates.”
But that action has already been put into focus and preparation after the election for the 2025 budget.
President Biden’s State of the Union address presented a vision of higher taxes for American businesses and high earners combined with carveouts, credits, and more complex rules for taxpayers at all income levels. Soon after, the president released his FY 2025 budget outlining how the White House would implement the president’s tax vision, indicating a gross tax hike of about $5.3 trillion from 2024 to 2034.
On a gross basis, we estimate Biden’s FY 2025 budget would increase taxes by about $4.4 trillion over that period. After taking various credits into account, the increase would be about $3.4 trillion. The tax increases would substantially increase marginal tax rates on investment, saving, and work, reducing economic output by 2.2 percent in the long run, wages by 1.6 percent, and employment by 788,000 full-time equivalent jobs.
https://taxfoundation.org/research/all/federal/biden-budget-2025-tax-proposals/
And depending on how far the liberals could lie about such things as wage increase to catch up with the inflation they created will probably push those numbers higher in economic output, wages and falling employment numbers. The rich and major companies, have commitments they have to cover and there are only two ways to do it, raise prices to boost income, which lowers intake, or cut employment to eliminate costs as HR is normally the highest.
wy69
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