Biden: "I'm gonna raise some taxes"
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@Axtremus said in Biden: "I'm gonna raise some taxes":
@George-K said in Biden: "I'm gonna raise some taxes":
Did he say which taxes, other than the 750 or so billionaires?
Biden says the details are forthcoming on March 9.
@Axtremus said in Biden: "I'm gonna raise some taxes":
@George-K said in Biden: "I'm gonna raise some taxes":
Did he say which taxes, other than the 750 or so billionaires?
Biden says the details are forthcoming on March 9.
He should make it March 15.
@Mik said in Biden: "I'm gonna raise some taxes":
He should make it March 15.
Make it the 14th. That way we all have a steak in it....
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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@Mik said in Biden: "I'm gonna raise some taxes":
He should make it March 15.
Make it the 14th. That way we all have a steak in it....
@George-K said in Biden: "I'm gonna raise some taxes":
@Mik said in Biden: "I'm gonna raise some taxes":
He should make it March 15.
Make it the 14th. That way we all have a steak in it....
Fitting. He’ll blow it too.
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"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
@Axtremus said in Biden: "I'm gonna raise some taxes":
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders.
So bizarre reading stuff like that. The purpose of the buyback tax is.... to encourage companies to avoid it? Really?
I'm pretty sure the purpose of the buyback tax is to get more tax revenue.
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@Axtremus said in Biden: "I'm gonna raise some taxes":
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders.
So bizarre reading stuff like that. The purpose of the buyback tax is.... to encourage companies to avoid it? Really?
I'm pretty sure the purpose of the buyback tax is to get more tax revenue.
@Horace said in Biden: "I'm gonna raise some taxes":
@Axtremus said in Biden: "I'm gonna raise some taxes":
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders.
So bizarre reading stuff like that. The purpose of the buyback tax is.... to encourage companies to avoid it? Really?
I'm pretty sure the purpose of the buyback tax is to get more tax revenue.
You can even go one step further and say that the purpose of the buyback tax is to reduce the federal deficit!
The three need not be mutually exclusive.
There are many ways to reduce the deficit , there are many ways to increase the revenue. Raising the buyback tax is expected to have the effect of discouraging buyback. This effect is not expected of other ways to reduce the deficit or increase the revenue.
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@Horace said in Biden: "I'm gonna raise some taxes":
@Axtremus said in Biden: "I'm gonna raise some taxes":
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders.
So bizarre reading stuff like that. The purpose of the buyback tax is.... to encourage companies to avoid it? Really?
I'm pretty sure the purpose of the buyback tax is to get more tax revenue.
You can even go one step further and say that the purpose of the buyback tax is to reduce the federal deficit!
The three need not be mutually exclusive.
There are many ways to reduce the deficit , there are many ways to increase the revenue. Raising the buyback tax is expected to have the effect of discouraging buyback. This effect is not expected of other ways to reduce the deficit or increase the revenue.
@Axtremus said in Biden: "I'm gonna raise some taxes":
@Horace said in Biden: "I'm gonna raise some taxes":
@Axtremus said in Biden: "I'm gonna raise some taxes":
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders.
So bizarre reading stuff like that. The purpose of the buyback tax is.... to encourage companies to avoid it? Really?
I'm pretty sure the purpose of the buyback tax is to get more tax revenue.
You can even go one step further and say that the purpose of the buyback tax is to reduce the federal deficit!
The three need not be mutually exclusive.
There are many ways to reduce the deficit , there are many ways to increase the revenue. Raising the buyback tax is expected to have the effect of discouraging buyback. This effect is not expected of other ways to reduce the deficit or increase the revenue.
Does it strike you as disingenuous, Ax, to say that the purpose of the buyback tax is to discourage buybacks?
Education is extremely important.
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@Horace said in Biden: "I'm gonna raise some taxes":
@Axtremus said in Biden: "I'm gonna raise some taxes":
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders.
So bizarre reading stuff like that. The purpose of the buyback tax is.... to encourage companies to avoid it? Really?
I'm pretty sure the purpose of the buyback tax is to get more tax revenue.
You can even go one step further and say that the purpose of the buyback tax is to reduce the federal deficit!
The three need not be mutually exclusive.
There are many ways to reduce the deficit , there are many ways to increase the revenue. Raising the buyback tax is expected to have the effect of discouraging buyback. This effect is not expected of other ways to reduce the deficit or increase the revenue.
@Axtremus said in Biden: "I'm gonna raise some taxes":
Raising the buyback tax is expected to have the effect of discouraging buyback.
Ya sure, like there is a government employee who could outsmart the guys who would pay this tax.
You want to fix the deficit?
Stop spending.
Don't increase the debt, pay off your debt. -
A fun game to try
"The Fiscal Ship challenges you to put the federal budget on a sustainable course. Measured as a share of gross domestic product, the federal debt is higher than at any time since the end of World War II and projected to climb to unprecedented levels. America is looking at a permanent, growing mismatch between revenues and spending, and policymakers are faced with difficult decisions about how to reconcile important government priorities—including retirement and health benefits promised to the growing number of old folks—with the tax revenues that the current tax code will yield. Today’s tax code won’t yield enough revenue to pay for basic services of government plus the retirement and health benefits promised to the growing number of old folks. So your mission is to pick from a menu of tax and spending options to reduce the debt from projected levels over the next 25 years. Small changes to spending and taxes won’t suffice. The choices are difficult, but the goal is achievable.
But budget decisions aren’t only about fiscal sustainability. They also shape the kind of country we live in. To win the game, you need to find a combination of policies that match your values and priorities AND set the budget on a sustainable course."
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@Axtremus said in Biden: "I'm gonna raise some taxes":
Raising the buyback tax is expected to have the effect of discouraging buyback.
Ya sure, like there is a government employee who could outsmart the guys who would pay this tax.
You want to fix the deficit?
Stop spending.
Don't increase the debt, pay off your debt.@Copper said in Biden: "I'm gonna raise some taxes":
You want to fix the deficit?
Stop spending.Or increase tax revenues.
Or do both.
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@Axtremus said in Biden: "I'm gonna raise some taxes":
@Horace said in Biden: "I'm gonna raise some taxes":
@Axtremus said in Biden: "I'm gonna raise some taxes":
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders.
So bizarre reading stuff like that. The purpose of the buyback tax is.... to encourage companies to avoid it? Really?
I'm pretty sure the purpose of the buyback tax is to get more tax revenue.
You can even go one step further and say that the purpose of the buyback tax is to reduce the federal deficit!
The three need not be mutually exclusive.
There are many ways to reduce the deficit , there are many ways to increase the revenue. Raising the buyback tax is expected to have the effect of discouraging buyback. This effect is not expected of other ways to reduce the deficit or increase the revenue.
Does it strike you as disingenuous, Ax, to say that the purpose of the buyback tax is to discourage buybacks?
@Horace said in Biden: "I'm gonna raise some taxes":
@Axtremus said in Biden: "I'm gonna raise some taxes":
@Horace said in Biden: "I'm gonna raise some taxes":
@Axtremus said in Biden: "I'm gonna raise some taxes":
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, to encourage companies to invest in their growth instead of boosting shareholders.
So bizarre reading stuff like that. The purpose of the buyback tax is.... to encourage companies to avoid it? Really?
I'm pretty sure the purpose of the buyback tax is to get more tax revenue.
You can even go one step further and say that the purpose of the buyback tax is to reduce the federal deficit!
The three need not be mutually exclusive.
There are many ways to reduce the deficit , there are many ways to increase the revenue. Raising the buyback tax is expected to have the effect of discouraging buyback. This effect is not expected of other ways to reduce the deficit or increase the revenue.
Does it strike you as disingenuous, Ax, to say that the purpose of the buyback tax is to discourage buybacks?
Not at all. Even before Biden was elected President, many legislators expressed disappointment and/or disapproval that corporations were using most of the tax savings form the 2017 tax reform to buy back shares rather than to increase capital investments, to hire more workers, or to raise workers’ pay.
https://apnews.com/article/north-america-business-438fae12f9204b1fbd8e8b1985ae554f
https://www.cnbc.com/2019/02/04/senate-democrats-call-for-restricting-corporate-share-buy-backs.html
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@Copper said in Biden: "I'm gonna raise some taxes":
You want to fix the deficit?
Stop spending.Or increase tax revenues.
Or do both.
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Biden's budget acknowledges that the government can't keep borrowing as recklessly as it has for the past few years, and should try to pay for the things it spends money on.
That's a welcome development but one that might ignore the actual problem: the spending itself. Indeed, the federal government doesn't have a revenue problem at all. Federal tax collections hit an all-time high of $4.9 trillion last year. As a share of the overall size of the economy—a measurement not affected by inflation—tax collections hit 19.6 percent last year. That's the highest level since 2000, the fourth-highest total since World War II, and well above the average post-war rate of about 17 percent.
The problem, of course, is that spending continues to outpace revenue by a wide margin. The Congressional Budget Office projects that under current law, the government will collect about 18 percent of GDP in tax revenue over the next 10 years but will spend a whopping 24 percent—a recipe for large and growing deficits that will slow economic growth and add to the already dangerous amount of debt the country is carrying.
Biden's plan to raise taxes might help reduce that gap, but the costs of those tax increases will be felt by every American who earns a paycheck and tries to save for retirement.
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@Copper said in Biden: "I'm gonna raise some taxes":
You want to fix the deficit?
Stop spending.Or increase tax revenues.
Or do both.
@Axtremus said in Biden: "I'm gonna raise some taxes":
@Copper said in Biden: "I'm gonna raise some taxes":
You want to fix the deficit?
Stop spending.Or increase tax revenues.
Or do both.
No
