Author Topic: Tax Policy  (Read 336527 times)

G M

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Re: Arizona Tax proposition, 70% tax increase!
« Reply #950 on: October 15, 2020, 12:45:22 PM »
People fleeing blue state hellholes turn their new homes into...


https://committeetounleashprosperity.com/wp-content/uploads/2020/10/2020.10.12-Arizona-Study-Antoni-edits.pdf

If you're not in AZ, don't worry.  This kind of confiscation will soon come to you.

Note:  States tax long term capital gains (inflation based gains) at full tax rates.

Arizona’s Proposition 208, which would raise the state income tax rate from 4.5% to 8% with the money slated for schools and teacher raises – and, of course, no education reforms. Most of the campaign money is pouring in from an out of state leftwing group, and it’s important because if it passes in AZ, it is coming to a state near you.

A study by Laffer, Moore, and Antoni just released by the Arizona Chamber of Commerce finds that if voters approve of this 75% increase in the AZ income tax, the state would go from one of the lowest tax states to having the 9th highest tax rate – even higher than Illinois and Connecticut. AZ would be hanging out with the likes of New York, Calif, and New Jersey. Why?  This initiative would also erase in one fell swoop 25 years of progress in Arizona lowering income tax rates. Arizona is one of the three biggest destination states from disgruntled Midwesterners, northeasterners, and Californians. This in-migration has brought lots of wealth, jobs, and development to the Grand Canyon State.

Over the next decade, Prop 208 would cost the state of Arizona 200,000 jobs, reduce average household income by $6,000, and reduce population growth by some half million people. Half of the expected revenues would disappear because of less growth. “We can’t think of a worse time to be raising taxes on Arizona’s small businesses than now, coming out of a pandemic,” Arthur Laffer says.

ccp

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top tier income earners to pay over 60 % under Biden
« Reply #951 on: October 20, 2020, 05:16:48 AM »
does not affect me but I feel sorry for those it does:

https://www.newsmax.com/finance/streettalk/biden-tax-plan-top-rate/2020/10/19/id/992605/

why can't they keep their money?

more tribute to the Democrat Party mob machine

Where does this end?

And we know they WILL get their tribute from the rest of us - somehow.  Just more subtly , back door etc.

DougMacG

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Re: top tier income earners to pay over 60 % under Biden
« Reply #952 on: October 20, 2020, 05:56:36 AM »
"why can't they keep their money?"

Because Republicans did not effectively fight back against the phony income inequality argument.  Income inequality is a fact of freedom, not a political issue.

Everyone should should be able to keep most of what they make AND pay in their fair share for the common expenses.

Equal protection isn't a game you play trying to get around it with marginal rates that apply to some and not others, taxing different income differently.

Pro-growth economics, as one nominally Dem President put it, is a rising tide that lifts all boats.  This economy needs a lot more prosperity, not a scaling back to sameness.  You can't effectively target good wealth and bad wealth.  When you target, confiscate and discourage wealth, you get less of it.  That hurts only the people who don't already have it, all the rest of us.  They call us science deniers but they can't connect the obvious fact that one big part of the economy greatly affects all the other parts of the economy.  cf. Tax reform 2017 which Democrats thoughts was all corporate tax rate cuts doubled the growth rate of the economy leading to the lowest recorded unemployment ever for blacks and Hispanics.  Democrats answer, reverse course, reverse the results.

Too bad no one can fill in the details and put it on a bumper sticker.
--------------------------------------------------------------------------
If Biden wins and Dems sweep, my economic activities will change greatly.  It will be all about defense, keeping what I can of what I have, and avoidance of taxable activities - like earning income.



ccp

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effectively raises everyone's taxes
« Reply #953 on: October 28, 2020, 11:09:15 PM »
but as ALWAYS it is sold on a tax the "rich" (not you ) plan (to get everyone to nod  yeah what a great idea)

https://taxfoundation.org/joe-biden-tax-plan-2020/#Details

Crafty_Dog

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DougMacG

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Re: Thought piece: The power to tax is the power to destroy
« Reply #955 on: November 21, 2020, 07:27:38 AM »
https://fee.org/articles/the-power-to-tax-is-the-power-to-destroy/

”That the power to tax involves the power to destroy; that the power to destroy may defeat and render useless the power to create”

There is so much more there in the article, it will take more than one reading for me to understand the constitutional side of it.

The power to tax is also a necessity, to pay for basic public goods, common defense, roads, judiciary, etc.

The thinking behind the Herman Cain 9-9-9 plan comes to mind.  If you're going to tax everything, get the rates down to single digits where they aren't the main factor in every economic decision. 

Raise the money without destroying that which creates it.

Crafty_Dog

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Re: Tax Policy
« Reply #956 on: November 21, 2020, 07:38:19 AM »
"There is so much more there in the article, it will take more than one reading for me to understand the constitutional side of it."

Yes, a very good article IMHO.

The federalism issue presented by the facts plays a key role in the decision.  The question I raise using this article in the gun rights thread, is that the general aphorisms must take account of the nature of fundamental constitutional rights.


Let's discuss that in that thread though.


DougMacG

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Re: Tax Policy, What tax rate is "fair"?
« Reply #958 on: January 25, 2021, 09:07:24 PM »
This article is written about Minnesota state income tax but same principles  apply to all states and nations.

https://www.americanexperiment.org/2021/01/if-you-want-the-rich-to-pay-their-fair-share-what-number-exactly-do-you-mean/

Conclusion paraphrased, they don't want tax rates fairer, they want them higher, even though that brings in no new revenue and hurts the economy.
« Last Edit: January 25, 2021, 09:10:43 PM by DougMacG »

DougMacG

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Tax Policy and Biden lies, overlapping topics
« Reply #959 on: January 27, 2021, 06:13:19 PM »
Already mentioned here...

https://redstate.com/nick-arama/2021/01/27/317626-n317626

Biden Commerce Secretary Nominee Suggests They Might Break a Pretty Important Campaign Promise

Remember how Joe Biden insisted that he wouldn’t be raising taxes on the middle class? That ultimately his ‘plan’ was only going to hit the people making over $400,000, who needed to “pay their fair share” and you ordinary Americans weren’t going to be hit?


You knew that was a lie, right? Anyone with any sense, anyone who has been watching Democrats for years should know that was a lie. It was only just a matter of time before they admit, woefully of course, that you shouldn’t have read their lips, that all you had to do was use your common sense to know they couldn’t fund all the programs they’re talking about without touching everyone.

So now let’s look at what Biden’s Commerce Secretary nominee just admitted to, because sure as shooting, we are definitely going to be revisiting this question more in the future.

We reported on the first lie/broken campaign promise here, promising a $2000 check to people if they voted for the Democrats for Senate in Georgia.

We’re already seeing the damage that Biden’s climate policies are doing to the energy industry and by extension to all of us when the raised prices hit.

But now there’s more we can chalk up to the Democrats’ climate approach, according to Townhall.

Sen. Rick Scott (R-FL) asks Gina Raimondo, the Commerce nominee who has also been the Governor of Rhode Island, what she thinks about raising gas taxes or other taxes on the poorest Americans in order to pay for Biden’s climate policies. So now if she’s really holding to Biden’s promises during the campaign, her response should be, “Well, we’re only going to touch the folks over $400,000,” right? But no, she goes on to say that they were going to have to “balance interests” in deciding what to do about it.

G M

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Re: Tax Policy and Biden lies, overlapping topics
« Reply #960 on: January 27, 2021, 06:23:47 PM »
No BidenBux?

The FSA isn't going to like that!


Already mentioned here...

https://redstate.com/nick-arama/2021/01/27/317626-n317626

Biden Commerce Secretary Nominee Suggests They Might Break a Pretty Important Campaign Promise

Remember how Joe Biden insisted that he wouldn’t be raising taxes on the middle class? That ultimately his ‘plan’ was only going to hit the people making over $400,000, who needed to “pay their fair share” and you ordinary Americans weren’t going to be hit?


You knew that was a lie, right? Anyone with any sense, anyone who has been watching Democrats for years should know that was a lie. It was only just a matter of time before they admit, woefully of course, that you shouldn’t have read their lips, that all you had to do was use your common sense to know they couldn’t fund all the programs they’re talking about without touching everyone.

So now let’s look at what Biden’s Commerce Secretary nominee just admitted to, because sure as shooting, we are definitely going to be revisiting this question more in the future.

We reported on the first lie/broken campaign promise here, promising a $2000 check to people if they voted for the Democrats for Senate in Georgia.

We’re already seeing the damage that Biden’s climate policies are doing to the energy industry and by extension to all of us when the raised prices hit.

But now there’s more we can chalk up to the Democrats’ climate approach, according to Townhall.

Sen. Rick Scott (R-FL) asks Gina Raimondo, the Commerce nominee who has also been the Governor of Rhode Island, what she thinks about raising gas taxes or other taxes on the poorest Americans in order to pay for Biden’s climate policies. So now if she’s really holding to Biden’s promises during the campaign, her response should be, “Well, we’re only going to touch the folks over $400,000,” right? But no, she goes on to say that they were going to have to “balance interests” in deciding what to do about it.

DougMacG

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Biden's No Tax Increase Lie, 2. Stepped Up Basis
« Reply #961 on: February 06, 2021, 03:37:42 PM »
[First was the energy tax.]

2. Stepped Up Basis
Note:  It's hard to write about tax policy and make it clear or interesting.  Bear with me...

Before Biden:  A property is valued at market price when you inherit it and the IRS recognizes that value as the 'basis' or cost of the property when you later sell it.

Biden:  Repealed by executive order?  The repeal is in his economic plan.  I heard he already ordered it, but haven't found a news link yet.

Cost of the Biden repeal to a typical, middle income taxpayer: You pay 33-35% tax *  on the ENTIRE capital gain - all the way back to the deceased's date of original acquisition.   
*  Federal capital gains tax plus taxed as ordinary income for state taxes.  Rates vary by state and by oincome.

The worst part:  The vast majority of this "gain" is INFLATION.  Inflation is a tax, not a gain.

Do the math, follow the money:
Median house 1960: $11,600 in 1960 dollars.
Median house 2021:  $346,800 in 2021 dollars. 
(United States Census Bureau data)


Houses got bigger, but does it not occur to ANYONE that 1960 dollars and 2021 dollars are not the same thing??!!

That makes no difference to the IRS.  Under these rules,  you or your heirs are taxed on all of the difference.

I would like to know who voted for this jerk and do any of you regret it yet?
« Last Edit: February 06, 2021, 05:10:09 PM by DougMacG »

DougMacG

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Re: Tax Policy, Biden attacking 1031 exchanges
« Reply #962 on: February 06, 2021, 03:43:46 PM »
Biden plan attacks 1031 exchanges

https://www.expert1031.com/articles/2020/08/28/exchanger-beware-bidens-proposed-tax-plan-implodes-1031-exchanges-and-more

Like in a banana republic, (can I still say that?), you can't make long term plans because the rules are constantly changing.

Crafty_Dog

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Re: Tax Policy
« Reply #963 on: February 07, 2021, 03:49:08 AM »
Fk. :-P

DougMacG

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Tax Policy: How Trump Taxed the Rich
« Reply #964 on: February 08, 2021, 03:38:31 PM »
Does anyone know that under the Trump tax (rate) cuts ("for the rich"), the share of income earned by the rich went down and the share of taxes paid by the rich went up?  WHY IS THAT FACT ON THE OP0INION PAGE??

https://www.wsj.com/articles/how-trump-taxed-the-rich-11612556008?mod=opinion_minor_pos1
https://taxfoundation.org/publications/latest-federal-income-tax-data/

How Trump Taxed the Rich
A reality check regarding those infamous one-percenters.

President Donald Trump and First Lady Melania Trump arrive at a farewell ceremony at Joint Base Andrews, Maryland on Jan. 20.

By James Freeman
Feb. 5, 2021

As Democrats in Congress and the White House make the case for tax hikes this year, expect a lot of disinformation that will somehow escape the attention of Facebook and Twitter censors. In particular there will be voluminous and erroneous claims about the landmark 2017 Trump tax reform and its impact on wealthy filers. Therefore this is perhaps the perfect moment for a preemptive reality check.

And who better to provide it than the industrious Erica York at the Tax Foundation?

This week she reports:

The Internal Revenue Service (IRS) has released data on individual income taxes for tax year 2018, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles. The new data shows how taxes changed in the first tax year after passage of the Tax Cuts and Jobs Act (TCJA) in December 2017.

The data shows that the U.S. individual income tax continued to be progressive, borne primarily by the highest income earners...

The share of reported income earned by the top 1 percent of taxpayers fell slightly, to 20.9 percent in 2018 from 21 percent in 2017. Their share of federal individual income taxes rose by 1.6 percentage points to 40.1 percent.

Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.

In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.
The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).

In sum, the richest Americans took on more of the tax burden. Meanwhile, “average tax rates fell for taxpayers across all income groups,” adds Ms. York

[Sorry I need subscription to get the rest of the story.]

G M

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Crafty_Dog

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Re: Tax Policy
« Reply #966 on: February 26, 2021, 04:48:36 AM »
Biden’s Stimulus and the ‘Financialization’ of Taxes
How to pay for all the new spending? The president proposes heavier reliance on capital-gains levies.

By Joseph C. Sternberg
Feb. 25, 2021 12:09 pm ET




A central Republican criticism of the $1.9 trillion Covid “stimulus” Democrats plan to ram through Capitol Hill is that taxes will have to rise eventually to pay back all the debt funding this spree. That’s more controversial than it ought to be—Democrats and their intellectual enablers seem certain money grows on trees—but it also elides an interesting question: Which taxes?

This is what no one bothered to talk about when Federal Reserve Chairman Jerome Powell testified to Congress this week about the current conduct of monetary policy—and yes, I mean taxation. Theorists and practitioners increasingly blur the lines between monetary and fiscal policy on the spending side of the government’s ledger. The next shoe to drop will be the entanglement between the Fed and Treasury on the revenue side.

Mr. Powell already does his part and then some by suppressing government borrowing costs for that large and growing portion of the federal budget Congress chooses to pluck out of thin air. This commitment was on display this week, although only obliquely since convention dictates no one admit the Fed cares about the government’s financing needs.

Mr. Powell talked up the Fed’s ability to stimulate economic growth as Covid-19 recedes, touted the stimulative potential of the kind of fiscal blowout Democrats are contemplating—and still predicted economic growth sluggish enough to justify low rates for a protracted period while also expressing a willingness to sustain exceptionally loose policy through any short bouts of inflation this nongrowth might produce. If this sounds contradictory, remember the only point that matters is the one lawmakers (and markets) actually heard: Low federal borrowing rates forever, no matter what happens.


Expect monetary policy to bleed slowly but surely into tax matters as well. The vector will be capital-gains taxation, which is booming in the current recession, contrary to all economic logic.


Surging capital-gains revenue helps explain why blue states such as California aren’t currently in the red. Politicians are taking notice. Minnesota’s and Washington’s governors are proposing higher capital-gains tax rates, the Journal reported this week, as are Democratic lawmakers in Connecticut. Some New York Democrats aim to leave no capital gain behind, even the unrealized sort—a plan is on the table to mark taxpayers’ assets to market and then tax paper gains every year.

Capital gains also figure prominently in most Democratic plans to tax the rich at the federal level. President Biden proposed on the campaign trail last year that wealthier filers pay a capital-gains rate equal to their ordinary income rate, which he would raise to 39.6%.


Note that if you’re of a tax-raising bent, this is a conversation worth having thanks only to Mr. Powell and his predecessors. Capital-gains tax revenue should be highly pro-cyclical, rising when the economy booms and sagging during downturns. Yet a perusal of data from the Organization for Economic Cooperation and Development suggests that, except for the panic of 2008, the revenue troughs of recessions in recent decades (measured as a percentage of overall revenue) have been successively shallower. There may not be a trough at all this time around.

It’s a fiscal consequence of the Fed’s growing skill at asset-price reflation. Treasury will benefit from Mr. Powell’s success in stoking stock and other asset markets to record highs over the past year even as the pandemic and attendant lockdowns throttled the Main Street economy. The growing disconnect between Wall Street prices and Main Street profits holds open the prospect that capital-gains taxation will grow ever more reliable as a revenue source. Expect lawmakers to take full advantage.

If it happens, this will mark a new and very different way of taxing Americans. The government traditionally relied for revenue on the economy’s underlying productivity. The overall dependence on personal-income and corporate-profits taxation ties fiscal health to wage growth and corporate success. This was a practical incentive, although not always a strong or effective one, for lawmakers to care about the Main Street economy.

To make the government proportionately more dependent on Fed-inflated capital gains, as Democrats are wont to do, would weaken an important tie between Congress’s fiscal role and the real economy. This is especially dangerous given mounting evidence in the economics literature that monetary and financial excess saps Main Street productivity rather than bolstering it.

Free-market critics of Mr. Powell and his predecessors argue that the “financialization” of economic activity that results from current monetary policies is profoundly dangerous to the economy and damaging to society. Now we may end up financializing revenue collection, too.

DougMacG

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Re: Tax Policy
« Reply #967 on: February 26, 2021, 06:32:50 AM »
Let's see.  They cause inflation, then tax the inflationary increase. Impute gains and tax where no transaction even took place.  Assess a tax payment with no source of cash except to sell assets against your will.  What could better define fascism?

Also, we learned (again) in Obama 1.0 that higher capital gains tax rates do not yield more revenue.

When the feds raise their cap gains rate, the states will lose revenue as a result of fewer transactions.  All states (that have an income tax) already tax capital gains as ordinary income. The combined tax is already more than a 100% tax on the real return in long term cases. How much higher do they want go?
« Last Edit: February 26, 2021, 12:05:04 PM by DougMacG »

ccp

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GDP as denominator
« Reply #968 on: February 26, 2021, 07:13:33 AM »
I am thinking this is how economists can
state like Scott Grannis

the debt by historical measures is low ~ 3% of GDP

because as GDP grows the government sucks out the growth as taxes and the revenues increase
  thus reducing or keeping down the overall debt burden



Crafty_Dog

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Re: Tax Policy
« Reply #969 on: February 26, 2021, 01:16:08 PM »
"the debt by historical measures is low ~ 3% of GDP"

I understood Scott to be saying that interest payments on the debt were 3% of GDP, which is something quite different.

DougMacG

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First Major Tax Increases since 1993, Repeal wage growth!
« Reply #970 on: March 15, 2021, 07:36:14 AM »
https://finance.yahoo.com/news/biden-eyes-first-major-tax-060001525.html

Coincidentally, that was (also) a year before Democrats lost their majorities in the House and Senate.

Repeal parts of the 2017 (Trump) tax rate cuts?  Why don't they just call it repealing wage growth?

Hard to learn from the lessons of history when the media never reported it in the first place.  Bill Clinton had two terms as President.  The first two years serving with a Dem Congress raising tax rates, and the last six years with a Republican Congress when he lowered capital gains tax rates and 'ended welfare as we know it'.  Reported on these pages from a Heritage study of IRS data, wages of ordinary Americans grew eight times faster under the pro growth policies.

Who knew?

ccp

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Re: Tax Policy
« Reply #971 on: March 15, 2021, 08:12:17 AM »
"While the White House has rejected an outright wealth tax, as proposed by progressive Democratic Senator Elizabeth Warren, the administration’s current thinking does target the wealthy."

What ????

  “That is why the focus is on addressing the unequal treatment between work and wealth.”

Surely we all agree someone who works 40 hrs per week washing cars should get paid the same as a corporate executive
who works 40 hrs per week.       :roll:

"Still, there could be some tax initiatives Republicans could get behind. One is a shift from a gasoline tax to a vehicle-miles-traveled fee to help fund highway projects."

on top of spiking gas prices thanks to Bidenomics that will go over well

"Democrats are also looking to revise tax laws that they say don’t do enough to stop U.S. companies from shifting jobs and profits offshore as another way to raise revenue, one aide said. Republicans could potentially support incentives, though it’s unclear whether they’d back penalties."

 :roll: :wink:
« Last Edit: March 15, 2021, 08:34:28 AM by ccp »

DougMacG

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Re: Tax Policy
« Reply #972 on: March 15, 2021, 08:48:37 AM »
ccp:  Surely we all agree someone who works 40 hrs per week washing cars should get paid the same as a corporate executive
who works 40 hrs per week.       :roll:               
---------------------------------------------

Counter-intuitively for most people, corporate tax rate cuts benefited the guy who washed cars 40 hours/wk proportionately more than it benefited the corporate exec.  It's not trickle down, it's simply that capital employs labor. 

Crafty_Dog

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WSJ: The spending bill cometh
« Reply #973 on: March 15, 2021, 06:59:42 PM »
The Spending Bill Cometh
The free lunch is over as Treasury Secretary Yellen signals major tax increases ahead.
By The Editorial Board


Democrats are elated with the popularity of their $1.9 trillion spending bill, which they passed under the political cover of the Covid emergency. Handing out money is always popular, especially when there appear to be no costs.

Enjoy the moment because the costs will soon arrive in the form of tax increases. Treasury Secretary Janet Yellen put that looming prospect on the table on Sunday on ABC’s “This Week.” Here’s the exchange with George Stephanopoulos:

“What do you think of Senator [Elizabeth] Warren’s call for a wealth tax?”


Ms. Yellen: “Well, President Biden has put forward a number of proposals. He hasn’t proposed a wealth tax, but he has proposed that corporations and wealthy individuals should pay more in order to meet the needs of the economy, the spending we need to do, and over time I expect that we will be putting forth proposals to get deficits under control.”



Mr. Stephanopoulos: “But no wealth tax?”

Ms. Yellen: “Well, that’s something that we haven’t decided yet, and can look at, but . . . President Biden during the campaign proposed a higher tax rate on corporations, on individuals and on payments, capital gains and dividend payments that are received, and those are alternatives that address—that are similar in their impact to a wealth tax.”

So Ms. Yellen won’t even rule out Ms. Warren’s wealth tax that would hit all assets above $50 million each year and that Mr. Biden didn’t campaign on. The Treasury Secretary is also floating a global minimum tax on corporations, which would reduce the tax competition among countries that is a rare discipline on political tax appetites.

Expect more such taxing surprises, as Democrats debate which taxpayers to gore, but one sure bet is that this won’t be as popular as passing out money. Paying the bill never is.

ccp

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bait and switching in full force
« Reply #974 on: March 18, 2021, 09:20:24 AM »
https://nypost.com/2021/03/17/biden-tax-hike-could-hit-people-earning-200k-white-house-says/

who would have thought
these honest brokers would do such a thing

they are going as fast as they can
will not take any chances they lose house in 2022

ram it all in now and force their will upon all of us
screw us if we don't like it.

DougMacG

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Re: bait and switching in full force
« Reply #975 on: March 18, 2021, 10:37:05 AM »
https://nypost.com/2021/03/17/biden-tax-hike-could-hit-people-earning-200k-white-house-says/

who would have thought
these honest brokers would do such a thing

they are going as fast as they can
will not take any chances they lose house in 2022

ram it all in now and force their will upon all of us
screw us if we don't like it.


We knew he was lying.  He said no one under 400k/yr will see a tax increase.  He also said energy tax, carbon tax etc.  We knew [his handlers and writers] were lying to us.  Same peopke wrote, you can keep your doctor and I haven't had the same doctor twice since then.  It was all a lie, by design, before it was spoken.

But that was quick.  He just cut the threshold in half with the twist of a word, the like forgetting the name of the guy that runs that outfit over there.  Most of the people can still say 200k only affects the rich but the statement, no one making under 200k will have be affected, is still false.

Tax increases and other government burdens aimed at employers and investors are levied on the economy, not on corporations or the individual taxpayers.  Why did wages surge for working people when corporate rates were cut? 

If you raise the cost of running a workplace in America, the owners don't have to pay it.  They can scale back, move, close, retire, sell, buy a place in Fiji, buy bitcoin or play more golf.  And they will.  Tell me how that helps so-called working people or funds programs for the truly needy.  It doesn't.
« Last Edit: March 18, 2021, 10:39:24 AM by DougMacG »

DougMacG

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US Tax Policy Goal: Worst business taxes in the world
« Reply #976 on: March 18, 2021, 08:40:50 PM »


https://i1.wp.com/www.powerlineblog.com/ed-assets/2021/03/Screen-Shot-2021-03-16-at-11.10.56-AM.png?resize=768%2C772&ssl=1

More than twice the tax rate of COMMUNIST China.
https://tradingeconomics.com/china/corporate-tax-rate
Tell me how we compete that way.

Biden, the anti-Trump, has a new slogan - you're going to get tired of losing.

DougMacG

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Tax Policy: It is YOU that will pay
« Reply #977 on: March 19, 2021, 06:35:27 AM »
The rich will still be rich while YOU, the people who work, will be hit in the pocketbook losing wages and losing jobs.

What do the deniers of economic science say about THIS?
----------------------------------------------------------------
Editors of Issues and Insights follow up on my post yesterday:

https://issuesinsights.com/2021/03/18/biden-tax-hikes-aim-at-the-rich-but-hit-the-poor-middle-class/

Guess Who’ll Pay Biden’s Tax Hikes On The ‘Rich’? Hint: It’s You
I & I Editorial Board
March 18, 2021

If you’re an American of average income, listen up. You’re about to become a lot poorer. President Joe Biden’s proposed soon-to-be-unveiled multi-trillion dollar tax hike, the first major increase in taxes since 1993, will ensure that.

With a massive wave of new spending on the way, it was only a matter of time before Biden and his far-left economic team came up with massive new tax increases to match. You might be happy with your $1,400 “stimulus check,” but you won’t be happy with the higher taxes you’ll be paying from now until you die.

That’s right, because no matter what the Democrats said during last year’s presidential campaign about “taxing the rich” and “big corporations” it’s the middle class and the poor who will really take a hit.

Though still in the discussion phase, the White House says only those earning more than $400,000 a year will feel the pain. They’ll face higher taxes on their estates and so-called pass-through businesses, including limited-liability companies and partnerships. Millionaires might get a double-whammy, with both higher income and capital gains taxes.

A tax-fairness win for the little guy? Don’t believe it. Biden also wants to raise the corporate tax rate from the current 21% to 28%, a one-third increase. And that tax on “pass-through” businesses? That’s a tax-code euphemism for “small businesses.”

Stick it to the man, right? Sorry, but the man is you.

“Tempting though it is to wish that faceless entities like corporations would shoulder the burden, sparing individuals the pain, in reality corporate taxes are always financed by people,” notes economist Michael Strain of the American Enterprise Institute. “The only question is which ones.”

The fact is, when corporate and small business taxes go up, workers’ wages and benefits go down. That’s not even controversial among economists. At least not the sane ones.

The Congressional Budget Office, for instance, automatically assumes when government raises taxes on corporations, roughly 25% of that comes right out of workers’ pockets. Private economists’ estimates are much higher: 50% and more.

Whatever’s left comes straight from consumers and investors, who are often the same people. They pay through higher prices (consumers) and lower returns on investments (investors). Remember: If you have a 401(k), you too are an investor.

The corporation pays nothing. People do.

Worse, as the Committee to Unleash Prosperity pointed out this week, “Treasury Secretary Janet Yellen is also exploring a carbon/energy tax and a 2% annual wealth tax.”

Add it all up, and American companies would once again have the highest overall tax rates in the developed world. We’d again be uncompetitive with other nations, meaning fewer jobs and less investment here. An energy tax would hamstring U.S. producers, and discourage those with wealth from investing more at home.

A slow-motion economic disaster in the making.

How is that good for anyone?

Whenever you tax something, you get less of the thing you tax. That’s a truism, not an opinion. Want fewer businesses and slumping sales? Less hiring? Lower wages? Fewer and lower benefits for employees? Just raise taxes on corporations.

And you’ll also get a much weaker economy over the long term.

The nonpartisan Tax Foundation forecasts that even raising just the corporate tax rate from 21% to 28% — one of many tax hikes the Biden administration is considering — would have serious negative impacts on the economy.

“After accounting for reduced economic output in the long run, after-tax incomes would fall by about 1.8% on average, ranging from a 1.3% reduction for households in the 20th to 40th income percentiles to a 3.2% reduction for households in the top 1%,” the forecast said. Meanwhile, long-run GDP will decline by 0.8%, capital stock by 2.1% and workers’ wages by 0.7%. Oh, and 159,000 jobs would be permanently destroyed.

Yes, the rich will take a hit. Their incomes will shrink by about 3.2%. But guess what? They’re rich, and 3.2% won’t hurt a bit. But income for those in the low- and middle-income brackets would decline 1.3% to 1.5%. And they will feel it.

Welcome to Bidenomics: Trillions of dollars more for an incompetent and wasteful federal government, and far less money for you and your family. If you voted last time around thinking it would be different, you’re in for a rude awakening.

Back in January, Biden said he would back a major increase in the deficit, but wanted a large tax hike as part of a so-called “recovery plan.”

Except the economy is already recovering. The most recent GDP Now forecast from the Atlanta Federal Reserve Bank, which takes into account the most recent data, sees 5.7% GDP growth in the first quarter.

Does Biden think that a huge tax increase to pay for unproductive government spending is the way to make the economy grow, now and in the future? No. But he and his far-left political party desperately want more power. What better way than to take money from you, then claim it’s all for your own good?

The size of the tax hikes for huge new spending programs, including a largest-ever infrastructure program and the wasteful New Green Deal, should produce concern. “The overall program has yet to be unveiled. Nevertheless, analysts are penciling in between $2 trillion to $4 trillion (in new spending and taxes),” writes the financial website ZeroHedge.

That will entirely undo President Donald Trump’s tax cuts, which boosted both economic and job growth sharply beyond almost everyone’s estimates. Those tax cuts and deregulation are the real reason for the economy’s sharp snap-back after last year’s record double-digit GDP declines during the early part of the COVID-19 outbreak.

Worse, Biden’s plan will do nothing to make taxes “more fair.” As we noted, poor and middle-class Americans will applaud tax hikes for “stickin’ it to the rich.” That is, until they find that Bidenomics will be “stickin’ it” to them, too.

ccp

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Re: Tax Policy
« Reply #978 on: March 19, 2021, 07:30:00 AM »
".Worse, Biden’s plan will do nothing to make taxes “more fair.” As we noted, poor and middle-class Americans will applaud tax hikes for “stickin’ it to the rich.” That is, until they find that Bidenomics will be “stickin’ it” to them, too."

most will never figure it out
all they can understand is the free shit.....
just too many people on the dole .....

A democrat is a democrat is a democrat

it is looking like even 2022 is too late

gotta keep up the fight though


DougMacG

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Re: Tax Policy
« Reply #979 on: March 19, 2021, 12:11:35 PM »
"most will never figure it out
all they can understand is the free shit.....
just too many people on the dole .....
A democrat is a democrat is a democrat"
it is looking like even 2022 is too late
gotta keep up the fight though"

  - Right, but we don't need most of them. We need about net two percent of them to change their mind and a few more to cover the margin  of cheating.

'Figuring it out' requires second-level thinking, or just having your eyes open. Let's say that 90% of them can't or won't do that, then we pick off as many as we can of the rest. 

Look at the Trump phenomenon. A lot of them have come over including inroads into major demographic groups.

Radical Left overreach opens up amazing new possibilities IMHO.

G M

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Re: Tax Policy
« Reply #980 on: March 19, 2021, 12:27:47 PM »


 :roll:

Stop kidding yourself. You CAN'T outvote VOTE FRAUD.



"most will never figure it out
all they can understand is the free shit.....
just too many people on the dole .....
A democrat is a democrat is a democrat"
it is looking like even 2022 is too late
gotta keep up the fight though"

  - Right, but we don't need most of them. We need about net two percent of them to change their mind and a few more to cover the margin  of cheating.

'Figuring it out' requires second-level thinking, or just having your eyes open. Let's say that 90% of them can't or won't do that, then we pick off as many as we can of the rest. 

Look at the Trump phenomenon. A lot of them have come over including inroads into major demographic groups.

Radical Left overreach opens up amazing new possibilities IMHO.


ccp

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Re: Tax Policy
« Reply #982 on: March 25, 2021, 07:00:38 AM »
".https://townhall.com/columnists/veroniquederugy/2021/03/25/history-tells-us-that-wealth-taxes-dont-work-n2586851"

"Come on man , look at the data "

"science "

except when they are totally wrong about it
they ignore it

oh but it sounds so good to the "little people "
tax only the rich
pay their fair share
equality

oh how the little people love this shit

a check of a hundred dollars courtesy of tax payers is all they need to garner 30 million votes

Modern slaves - are the taxpayers
  slaves to the DNC

most repubs will only give us trivial tax cuts too
I remember Rush talking about how both parties rip us off
  his bottom line was that this is the source of their power
   neither party will give it up.

DougMacG

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Re: Tax Policy
« Reply #983 on: March 25, 2021, 06:55:38 PM »
Deniers of economic science.

ccp

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mileage tax - " tied to infrastructure"
« Reply #984 on: March 27, 2021, 06:17:49 AM »
here comes the mileage tax

butti gets right on it:

https://pjmedia.com/news-and-politics/rick-moran/2021/03/26/administration-mulls-mileage-tax-to-fund-3-trillion-infrastructure-bill-n1435290

I just thought of a new tax deduction -- if one drives to the polls to vote - one can deduct that mileage off the tax total.

Crafty_Dog

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Re: Tax Policy
« Reply #985 on: March 27, 2021, 06:40:38 AM »
Better would be a gas tax, which would tap into market forces to drive with better fuel economy.

ccp

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Re: Tax Policy
« Reply #986 on: March 27, 2021, 06:47:48 AM »

not sure if you are not keeping up with the Democrat tax schemes

we already have a gas tax:

https://en.wikipedia.org/wiki/Fuel_taxes_in_the_United_States

Democrats with some Republicans are moving onto the next step.

Crafty_Dog

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Re: Tax Policy
« Reply #987 on: March 27, 2021, 07:39:49 AM »
Well, duh :-D


DougMacG

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Re: Tax Policy
« Reply #988 on: March 27, 2021, 08:41:37 AM »
Yes.  Who knew we already have a carbon tax?!

Biden just added a dollar per gallon "tax" to gas and the revenue all goes to Putin and Middle East radicals while we have the largest deficit ever.  Smart government?

Try to think of a new gas, energy, mileage or carbon tax that isn't regressive and doesn't apply to anyone making less than 400k.

"If you like your doctor you can keep your doctor."

(Dem) Promises were made to be broken.
« Last Edit: March 27, 2021, 08:43:17 AM by DougMacG »

Crafty_Dog

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Re: Tax Policy
« Reply #989 on: March 27, 2021, 07:56:17 PM »
Well, I am not favor of progressive tax rates. :evil:

DougMacG

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Re: Tax Policy
« Reply #990 on: March 27, 2021, 09:30:02 PM »
Well, I am not favor of progressive tax rates. :evil:

But if we eliminate progressive tax rates, and regressive taxes, we would be stuck with what?

Equal treatment under the law?


Crafty_Dog

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Re: Tax Policy
« Reply #991 on: March 28, 2021, 04:59:16 AM »
Silly me, I know.

DougMacG

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Tax Policy, No SALT, no deal, Democrats demand tax cuts for the rich
« Reply #992 on: April 01, 2021, 12:38:20 PM »
https://www.washingtonexaminer.com/news/no-salt-no-deal-pelosi-democrats-demand-biden-tax-plan

It kind of blows their story every time they open their mouth.  We only care about others.  Sure.  We care about the poor, tax the rich!   But try taking away their own blue state, state and local tax deduction... NOW WE CARE.

From the article:
“Due to the GOP cap, our home states of New York and New Jersey have been crushed and residents have been leaving for other states,” the lawmakers said.

   - FYI, like progressive tax rates, the law applies equally to all.  MAYBE YOUR STATE TAXES ARE TOO HIGH.

P.S.  Not all blue state residents vote for the high taxes, cf. ccp and me.  I will benefit personally if a small compromise to raise the limit is passed.

ccp

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Re: Tax Policy
« Reply #993 on: April 01, 2021, 01:58:12 PM »
".“Due to the GOP cap, our home states of New York and New Jersey have been crushed and residents have been leaving for other states,” the lawmakers said.

   - FYI, like progressive tax rates, the law applies equally to all.  MAYBE YOUR STATE TAXES ARE TOO HIGH.

P.S.  Not all blue state residents vote for the high taxes, cf. ccp and me.  I will benefit personally if a small compromise to raise the limit is passed."

The new slave class

taxpayers

The new slave holders :

Democrats , liberals, elites

The new cotton :

Government, power, and control


DougMacG

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Corporate Tax Will Land on You
« Reply #994 on: April 06, 2021, 08:28:57 AM »
CORPORATIONS DON’T PAY TAXES; THEY COLLECT THEM
https://pjmedia.com/instapundit/442422/

Biden’s Economic Adviser Proposes Corporate Tax Rate That Exceeds China’s, and Will Land on You.
https://pjmedia.com/news-and-politics/bryan-preston/2021/04/05/bidens-economic-adviser-proposes-corporate-tax-rate-that-exceeds-chinas-and-will-land-on-you-n1437562
« Last Edit: April 06, 2021, 08:32:25 AM by DougMacG »

ccp

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Re: Tax Policy
« Reply #995 on: April 06, 2021, 09:43:11 AM »
".Biden’s Economic Adviser Proposes Corporate Tax Rate That Exceeds China’s, and Will Land on You."

But yellin to the rescue:

don't worry

we will get every other government to rip off their citizens as much as we do
so business might as well stay in US to get screwed

get rid of her

God the same assholes as before. Trump

now I read McAullife wants to run again in Virginia

he was prohibited from running consecutive terms
so he took a vacation to appear on BOD and do his inside business scams
and now wants to run again

We can never get rid of these parasites/snakes till they are dead AND buried.


ccp

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Bloomberg news
« Reply #996 on: April 06, 2021, 12:37:31 PM »
https://www.bloombergquint.com/onweb/eu-looks-for-global-tax-agreement-by-june-after-push-from-yellen

exactly what is meant by digital tax?    :roll:

how does this help us?

Bloomberg is toasting champagne to the globalists
 the elites in Europe and US have won - for now
 but they are not done by any stretch of the imagination




DougMacG

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Re: Bloomberg news
« Reply #997 on: April 06, 2021, 04:51:12 PM »
ccp:  "exactly what is meant by digital tax?"

Used in a sentence:
"The EU will keep insisting that the digital tax and the global minimum corporate tax should be agreed in one package."

My guess:  The digital tax is what assess on online transactions like the sales tax, tariff or duty.  eBay used to be free of sales tax unless you were in the state of the seller.  Then one day all transactions were charged full sales tax, a HUGE windfall for the states. 

If EU puts a 30% VAT on our goods and we put zero or a 6% sales tax on their goods, something is out of balance there.

Funny that Yellen wants the US to what was and will be the highest business taxes in the world, and her answer to the US competitiveness problem that creates is to mandate all other countries to do at least the same. 

A ray of hope in the article: "But the official also said a 21% in the U.S. would not necessarily be a reference point in the OECD talks, which have tended to be focused on a much lower rate around 12.5%."

   - No.  Yellen wants corporate rates at 28% plus 10% state = 38% !!  50% higher than 'Communist' China.   12% should be the cap on ALL tax rates, one step up from the Herman Cain 9 - 9 - 9 plan.   

Countries need some cooperation with regulation and taxation of multinational corporations.  That does not mean world government is the answer or that a country should give up sovereignty.

Corporations don't 'pay' taxes, they 'collect' taxes for the government.  Customers pay. 

ccp

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