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Proposed new taxes from the Dems

CDDP

Overlord
Founder
Joined
Jan 8, 2021
Messages
2,244
This will screw up the economy for sure. Raising taxes with the amount of people out of work, total number of people behind on rent/mortgages and small business bankruptcies is exactly the worse thing to do.




There are four main tax increases Biden is immediately eying, according to Axios:

  • A corporate tax increase from Trump's 21% to 28%, raising an estimated $730 billion over a decade, according to the Tax Policy Center.
  • A global minimum tax on profits from global subsidiaries worth $550 billion over the same period.
  • Taxing capital gains for the wealthy as ordinary income, as opposed to the current rate of 20% for those making $441,451 or more per year, and a tax on unrealized capital gains at death: $370 billion
  • Return the top individual tax rate for people earning over $400,000 per year to the pre-Trump rate of 39.6%: $110 billion
 

GarnetPild

Overlord
Founder
Joined
Dec 2, 2020
Messages
3,934
This will screw up the economy for sure. Raising taxes with the amount of people out of work, total number of people behind on rent/mortgages and small business bankruptcies is exactly the worse thing to do.




There are four main tax increases Biden is immediately eying, according to Axios:

  • A corporate tax increase from Trump's 21% to 28%, raising an estimated $730 billion over a decade, according to the Tax Policy Center.
  • A global minimum tax on profits from global subsidiaries worth $550 billion over the same period.
  • Taxing capital gains for the wealthy as ordinary income, as opposed to the current rate of 20% for those making $441,451 or more per year, and a tax on unrealized capital gains at death: $370 billion
  • Return the top individual tax rate for people earning over $400,000 per year to the pre-Trump rate of 39.6%: $110 billion


Interesting to see those numbers. That corporate tax rate hike stands out. Wonder how much economic growth will be choked out by raising an extra $73 billion a year. That is a fucking joke. These people aren't stupid, and are doing their damnest to intentionally run this country into the ground.
 

Hoppo

Elite
Founder
Joined
Jan 12, 2021
Messages
590
Interesting to see those numbers. That corporate tax rate hike stands out. Wonder how much economic growth will be choked out by raising an extra $73 billion a year. That is a fucking joke. These people aren't stupid, and are doing their damnest to intentionally run this country into the ground.

See that’s where you’re wrong. They’re pretty stupid.
 

hmt5000

Overlord
Founder
Joined
Dec 10, 2020
Messages
3,403
Im in favor of capital gains increase. Those hypocritical assholes asked for it for years but kept getting it blocked behind the scenes. Rape those bastards.
 

CDDP

Overlord
Founder
Joined
Jan 8, 2021
Messages
2,244
Taxes on business will go up and they will do it in such a way that it will punish corporations that legally try to avoid taxes by overseas tax havens. If this passes the stock market will have to get radically corrected to account for the level of taxation.


$2.25 Trillion Infrastructure Plan, Massive Tax Hikes


Here's a quick rundown of how Biden plans to pay for it all via massive tax hikes, some of which (like the corporate tax hike) have already been reported:

  • Eliminate tax preferences for fossil fuel companies
  • Raise the corporate tax rate to 28% from 21%
  • Overall taxation of profits earned oversees by US megacorps (including raising minimum tax on global profits and eliminating several provisions that allow companies to reduce US tax liability)
  • Ramp up enforcement of large companies avoiding taxes
  • Prevent American companies from "inversions" to tax havens
  • Eliminate loopholes that encourage offshoring
  • Deny expense deductions for companies that are offshoring jobs


----------------------------------


Here's a breakdown of the innards of the $2 trillion proposal reported in the NYT (courtesy of Newsquawk):

  • USD 180bln for research and development
  • USD 115bln for roads and bridges
  • USD 85bln for public transit
  • USD 80bln for Amtrak and freight rail
  • USD 174bln to encourage EVs via tax credits and other incentives to companies that make EV batteries in the US instead of China
  • USD 42bln for ports and airports
  • USD 100bln for broadband
  • USD 111bln for water infrastructure
  • USD 300bln to promote advanced manufacturing
  • USD 400bln spending on in-home care
  • USD 100bln in programs to update and modernize the electric grid
  • USD 46bln in fed procurement programs for government agencies to buy fleets of EVs
  • USD 35bln in R&D programs for cutting-edge, new technologies
  • USD 50bln in dedicated investments to improve infrastructure resilience
  • USD 16bln program intended to help fossil fuel workers transition to new work
  • USD 10bln for a new "Civilian Climate Corps."
 

Jtrain80

Overlord
Joined
Jan 7, 2021
Messages
3,048
Taxes on business will go up and they will do it in such a way that it will punish corporations that legally try to avoid taxes by overseas tax havens. If this passes the stock market will have to get radically corrected to account for the level of taxation.


$2.25 Trillion Infrastructure Plan, Massive Tax Hikes


Here's a quick rundown of how Biden plans to pay for it all via massive tax hikes, some of which (like the corporate tax hike) have already been reported:

  • Eliminate tax preferences for fossil fuel companies
  • Raise the corporate tax rate to 28% from 21%
  • Overall taxation of profits earned oversees by US megacorps (including raising minimum tax on global profits and eliminating several provisions that allow companies to reduce US tax liability)
  • Ramp up enforcement of large companies avoiding taxes
  • Prevent American companies from "inversions" to tax havens
  • Eliminate loopholes that encourage offshoring
  • Deny expense deductions for companies that are offshoring jobs


----------------------------------


Here's a breakdown of the innards of the $2 trillion proposal reported in the NYT (courtesy of Newsquawk):

  • USD 180bln for research and development
  • USD 115bln for roads and bridges
  • USD 85bln for public transit
  • USD 80bln for Amtrak and freight rail
  • USD 174bln to encourage EVs via tax credits and other incentives to companies that make EV batteries in the US instead of China
  • USD 42bln for ports and airports
  • USD 100bln for broadband
  • USD 111bln for water infrastructure
  • USD 300bln to promote advanced manufacturing
  • USD 400bln spending on in-home care
  • USD 100bln in programs to update and modernize the electric grid
  • USD 46bln in fed procurement programs for government agencies to buy fleets of EVs
  • USD 35bln in R&D programs for cutting-edge, new technologies
  • USD 50bln in dedicated investments to improve infrastructure resilience
  • USD 16bln program intended to help fossil fuel workers transition to new work
  • USD 10bln for a new "Civilian Climate Corps."

Taxation with out representation.
 

America 1st

The best poster on the board! Trumps lover! 🇺🇸
Founder
Joined
Jan 7, 2021
Messages
16,098
Taxes on business will go up and they will do it in such a way that it will punish corporations that legally try to avoid taxes by overseas tax havens. If this passes the stock market will have to get radically corrected to account for the level of taxation.


$2.25 Trillion Infrastructure Plan, Massive Tax Hikes


Here's a quick rundown of how Biden plans to pay for it all via massive tax hikes, some of which (like the corporate tax hike) have already been reported:

  • Eliminate tax preferences for fossil fuel companies
  • Raise the corporate tax rate to 28% from 21%
  • Overall taxation of profits earned oversees by US megacorps (including raising minimum tax on global profits and eliminating several provisions that allow companies to reduce US tax liability)
  • Ramp up enforcement of large companies avoiding taxes
  • Prevent American companies from "inversions" to tax havens
  • Eliminate loopholes that encourage offshoring
  • Deny expense deductions for companies that are offshoring jobs


----------------------------------


Here's a breakdown of the innards of the $2 trillion proposal reported in the NYT (courtesy of Newsquawk):

  • USD 180bln for research and development
  • USD 115bln for roads and bridges
  • USD 85bln for public transit
  • USD 80bln for Amtrak and freight rail
  • USD 174bln to encourage EVs via tax credits and other incentives to companies that make EV batteries in the US instead of China
  • USD 42bln for ports and airports
  • USD 100bln for broadband
  • USD 111bln for water infrastructure
  • USD 300bln to promote advanced manufacturing
  • USD 400bln spending on in-home care
  • USD 100bln in programs to update and modernize the electric grid
  • USD 46bln in fed procurement programs for government agencies to buy fleets of EVs
  • USD 35bln in R&D programs for cutting-edge, new technologies
  • USD 50bln in dedicated investments to improve infrastructure resilience
  • USD 16bln program intended to help fossil fuel workers transition to new work
  • USD 10bln for a new "Civilian Climate Corps."
How do they plan for people in northern states to heat their homes if fossil fuels aren't a thing?

I'm genuinely curious.
 

America 1st

The best poster on the board! Trumps lover! 🇺🇸
Founder
Joined
Jan 7, 2021
Messages
16,098
One of those idiots wanted to ban wood stoves. You know how many rednecks would give zero fucks about that law when it gets cold? LOL.
Ban wood stoves.

Ban gas.

Do these dumb fucks realizes that dead people don't generate as much tax revenue?

What are people supposed to heat their homes with? Hopes and dreams?
 

JordanPetersHorn

I’m a Fucking Captain Dammit
Founder
Patron
Joined
Jan 11, 2021
Messages
1,062
Im in favor of capital gains increase. Those hypocritical assholes asked for it for years but kept getting it blocked behind the scenes. Rape those bastards.
Sounds great in theory, but it would just encourage capital outflow from the market and more micromanaging of the economy. There’s too much speculation in the country but more government interference will make it worse.
 

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