The inevitable Biden tax increase

[NiftyNiblick]

Tax rates were astronomical during the immediate post WWII era.

It was the greatest period of working class upward mobility in American history, and at the same time,
American industrialists raked in billions.

Taxes are high in the all the nations with the highest standards of living.
We used to be one of those. We had other problems at the time, but none of them were caused by high taxes.

 

[Bigdog]

How Delaware Thrives as a Corporate Tax Haven - The New ...www.nytimes.com › 2012/07/01 › business › how-delawa...
Jun 30, 2012 — “Delaware serves as a domestic tax haven, much like the Cayman Islands serves as an offshore foreign tax haven, and offers a similar level of tax ...

 

[Bigdog]

Tax rates were astronomical during the immediate post WWII era.

It was the greatest period of working class upward mobility in American history, and at the same time,
American industrialists raked in billions.

Taxes are high in the all the nations with the highest standards of living.
We used to be one of those. We had other problems at the time, but none of them were caused by high taxes.

Post WWII, the U.S. had a monopoly on the infrastructure necessary for large manufacturing. That is no longer reality, dipshit.

Democrats always provide tax loopholes for the obscenely wealthy.

 

[NiftyNiblick]

Socialism is just the modern word for monarchy?
In what language?

Is motorcycle the modern word for baritone saxophone?
Is creme brulee the modern word for clitoris?
Is thermonuclear the modern word for basketball?

 

[MAGA MAN]

repubs passed a 2 trillion tax cut package that helped the richest more than the poor. that helped the second tier of the rich more than the middle class. over 54% went to the rich, and then more tax cuts for hugely profitable corporations. but repubs are cool with that. almost all this dough goes to those making under 75K a year!!! and helps their kids. and 92% to actual small businesses, unlike trump's PPP loans....

we need to tax the rich at a higher rate, especially over about a 5 million dollar cutoff.

The rich pay nearly all the taxes, so any across-the-board tax cut will benefit them the most. They then use that money to invest in their businesses and create jobs...

 

[Nomad]

it is insane that your try to justify yourself with your own lies.........only a fucking idiot would still try to pretend that the tax cut benefited the rich more than it benefited the poor.......just stop posting if you can't post the truth......

Fucking shitbag liar.

 

[Nomad]

The rich pay nearly all the taxes, so any across-the-board tax cut will benefit them the most. They then use that money to invest in their businesses and create jobs...

Total bullshit.

They pay the majority of the total taxes, but they pay a smaller percentage of their income than the middle class.

If they were taxed at the same rate average people are, there would be no budget deficit.

And that BS about them re-investing their tax break money in their businesses is not always true.

If their business is already thriving ans operating at peak capacity and efficiency, they aren't going to expand if they don't need to.

Those massive windfall tax breaks go straight into the pockets of the owners.

 

[MAGA MAN]

Total bullshit.

They pay the majority of the total taxes, but they pay a smaller percentage of their income than the middle class.

If they were taxed at the same rate average people are, there would be no budget deficit.

And that BS about them re-investing their tax break money in their businesses is not always true.

If their business is already thriving ans operating at peak capacity and efficiency, they aren't going to expand if they don't need to.

Those massive windfall tax breaks go straight into the pockets of the owners.

So you're all for the Flat Tax then, right? No exemptions, no minimum. That way everyone has "skin in the game" and everyone gets treated exactly the same.

 

[LV426]

The government deposited $1400 in my checking account which I don’t really need.

Then donate it back to the government since you're now pretending to care about the debt and deficit.

 

[LV426]

It was my little slice of the pie for...I don’t know why exactly

For surviving the pandemic that you said was a hoax.

 

[LV426]

So many of these young people on my social media already have theirs spent lol. It’ll be gone in a week in many instances. If they’re smart, they’ll bank it and forget about it. Save it for the rainy days that are almost certain to come, in the form of high pump prices, inflation and tax increases.

1. High pump prices would only be due to two things: OPEC and KXL. If KXL is completed, gas prices at the pump will go up, not down.

2. Your shitty tax cut from 2017 is set to expire in the next couple years anyway, which will return the tax rates to what they were before the tax cut. So if you're upset about that, direct your impotent rage at the GQP because they're the ones who caused your taxes to increase.

3. Do you even know what inflation is, or are you just shitting that term out of your asshole mouth to make you sound serious?

Wait - so you're also saying that young people on your feed (lol yeah right) are spending their stimmy right now, which is what they're supposed to do. That money is meant to be spent. That was the whole point. An economy only grows by spending, it doesn't grow by saving you financially illiterate goofball.

 

[Nomad]

So you're all for the Flat Tax then, right? No exemptions, no minimum. That way everyone has "skin in the game" and everyone gets treated exactly the same.

No.

I think the wealthy should pay the maximum rate and the lower one's income is, the lower their tax rate should be.

It only makes sense to tax people at the rate they can afford.

The more money middle and working class people have to spend on things they need, the better it is for businesses and the economy.

AKA the ripple effect.

The wealthy don't come anywhere near spending all the money they have at their disposal and so, most of their money never makes it back into the economy.

Let them pay the highest tax rate and use that money to fund those things that help the average working folks who are the backbone of the economy and society.

The rich will still be rich and still have more than they can ever spend.

 

[LV426]

For the people who are months behind on their rent, they’ll take the $1400 but it’s not going to change their circumstances

That's why the bill also provides billions for rental and mortgage assistance.

But you don't know that because Fox News didn't tell you.

For democrats in Congress, if they think their voters are going to still remember their $1400 windfall in 2022—they’re probably in for a rude awakening. Their voters will be clamoring for another windfall by then.

Yeah, and they should deliver which will solidify and possibly expand their Congressional majorities.

So you're here saying that the Democrats' plans will get people to vote for them, but only if the Democrats follow through.

So that sounds like a plan to me.

 

[LV426]

We’re all going to be paying for this for a long time.

Like how we paid for the tax cut you wanted so bad?

Oh wait, we didn't pay for that.

So go fuck yourself with your fake and phony deficit and debt concerns.

 

[LV426]

No.

I think the wealthy should pay the maximum rate and the lower one's income is, the lower their tax rate should be.

It only makes sense to tax people at the rate they can afford.

The more money middle and working class people have to spend on things they need, the better it is for businesses and the economy.

AKA the ripple effect.

The wealthy don't come anywhere near spending all the money they have at their disposal and so, most of their money never makes it back into the economy.

Let them pay the highest tax rate and use that money to fund those things that help the average working folks who are the backbone of the economy and society.

The rich will still be rich and still have more than they can ever spend.

I actually think we should do away with the income tax altogether and institute a Carbon and Wealth tax in its place.

Taxing income never really made a lot of sense, but taxing waste and wealth sure does.

 

[Legion]

Their voters will be clamoring for another windfall by then.

They will, but remember that Biden promised them another $2,000 check, fucked them down to $1,400, and they make excuses for him.

I'm also wondering why you still call DEMOCRAT dependents "voters".

Votes are nothing but ballots these days.

 

[LV426]

What about the obscenely wealthy white libs?

Make them pay too!

Unlike you, we aren't tribalistic and won't rush to the defense of rich people just because they're liberal.

 

[Legion]

I actually think.

 

[LV426]

Maybe you haven’t been paying attention but the filthy rich are all-in for the democrats now lol.

Great! That means that even the wealthy don't buy the bullshit you spin about Democrats.

 

[anatta]

LOL, that has has never been the case, the rich take care of themselves what little trickles down to the rest in minuscule, you just keep falling for the same old BS.

In 2017 our calculations suggested gross domestic product growth would accelerate in response to higher capital spending, with the contribution of nonresidential fixed investment to real GDP growth rising to between 0.8% and 1% in 2018. The contribution of this type of investment to economic growth from the first quarter of 2018 to the fourth quarter of 2018 was right on target, at 0.8%. This wasn’t the existing trend. Capital spending was 4.5% higher in 2018 than pre-TCJA blue-chip forecasts, and this trend continued in 2019.

This extra capital improved productivity and wages and, as expected, did so especially for those in lower-paying jobs. The numbers are striking. Over the past year, nominal wages for the lowest 10% of American workers jumped 7%. The growth rate for those without a high-school diploma was 9%. The median worker benefited as well, but much less so, helping to begin closing the income inequality gap. And about that $4,000? Real disposable personal income per household has increased $6,000 since the tax cuts were passed.

On the individual side, we expected that lower marginal tax rates would encourage people to re-engage in the workforce after years of lower or stagnant participation rates. On this the literature is clear as well. When tax rates go up, younger workers don’t respond much, since they must consider the long-run benefit of giving up the future gains from having more experience. But older workers, whose future wages are less important because their careers have less run time, respond by exiting the workforce.

Before Mr. Trump took office in January 2017, the Congressional Budget Office forecast the creation of only two million jobs by this point. The economy has in fact created seven million jobs since January 2017. At the same time, the Federal Reserve’s median forecast had the unemployment rate inching up toward 5%, almost 1.5 percentage points higher than the current 50-year low.
https://www.wsj.com/articles/tax-reform-has-delivered-for-workers-11577045463
The law doubled the standard deduction and gave a 20% tax deduction to some business owners, like sole proprietors and partnerships. It exposed fewer families to estate taxes.