Biden Plans First Major Federal Tax Hike Since 1993

[Guard Dad]

Here it comes

Biden Plans First Major Federal Tax Hike Since 1993

President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.Unlike the $1.9 trillion COVID-19 stimulus act, the...

www.newsmax.com

 

[Boss 302]

Say "goodbye" to jobs and economic growth. Say "hello" to skyrocketing unemployment. The Dems know increasing corporate taxes leads to layoffs, as more companies leave the US for lower tax rates abroad. This hurts the middle-class.

 

[cptlo]

Sigh.

 

[Stonewall]

These people have no clue. They just skyrocketed the national debt now they are going to shut down the economy. They should be tried for treason.

 

[Guard Dad]

They could boost tax revenues more by opening up the economy!

 

[Paxilpapa]

All I can say is, as soon as the bill passes we can all get our our jar of Vaseline, bend over to read the fine print only to find that we are all millionaires and subject to their buggery!!! They do it every time.

 

[MudFlap]

All I can say is, as soon as the bill passes we can all get our our jar of Vaseline, bend over to read the fine print only to find that we are all millionaires and subject to their buggery!!! They do it every time.

"The Large Print Giveth, The Small Print Taketh Away." ~ Tom Waits

 

[Chindog]

 

[Far West]

What's gross is the liberals are cheering that the 1% will finally have to pay their share. I wonder if they even have a clue their job might just be the share that is given up.

 

[Boss 302]

Biden’s emerging plan, a source told Bloomberg, would raise the corporate tax rate from 21 to 28% and raise the income tax rate on individuals making over $400,000. It would also raise capital gains taxes on those making over $1 million, expand the estate tax, and pare back tax preferences for certain businesses. The tax hike would likely take effect beginning in 2022.

“I may not get it, but I’ll get the Democratic votes for a tax increase,” Biden said. “If we just took the tax rate back to what it was when Bush was president — top rate paid 39.6% in federal taxes — that would raise $230 billion.”

His tax rate proposal would raise tax revenue by $230 billion. That increase would take just over 8 years to pay for the recently passed $1.9 trillion stimulus alone. I seriously doubt it will raise an additional $230 billion because history shows tax increases generally lead to employee layoffs; putting a lot of middle-class Americans out of work.

 

[Guard Dad]

His tax rate proposal would raise tax revenue by $230 billion. That increase would take just over 8 years to pay for the recently passed $1.9 trillion stimulus alone. I seriously doubt it will raise an additional $230 billion because history shows tax increases generally lead to employee layoffs; putting a lot of middle-class Americans out of work.

Yep. They initially raise revenues by forcing it from people, but then they cause the economy to slow, and that usually erases any initial revenue gains.

 

[The Sound Guy]

While his green initiative make it very expensive for the worker to get to work.