Biden: "I'm gonna raise some taxes"
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wrote on 1 Mar 2023, 13:38 last edited by
https://www.reuters.com/markets/us/biden-says-his-upcoming-budget-proposal-will-include-some-higher-taxes-2023-02-28/
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“On March the 9th, I’m going to lay down in detail every single thing, every tax that’s out there that I’m proposing, and no one ... making less than $400,000 is going to pay a penny more in taxes,” Biden told an audience in Virginia Beach, Virginia.
“I want to make it clear. I’m gonna raise some taxes,” ...Biden, ..., has vowed to cut the deficit by $2 trillion over 10 years in the upcoming budget proposal.
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wrote on 1 Mar 2023, 13:45 last edited by
@Axtremus said in Biden: "I'm gonna raise some taxes":
Did he say which taxes, other than the 750 or so billionaires?
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@Axtremus said in Biden: "I'm gonna raise some taxes":
Did he say which taxes, other than the 750 or so billionaires?
wrote on 1 Mar 2023, 13:55 last edited by Axtremus 3 Jan 2023, 13:57@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.
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wrote on 1 Mar 2023, 14:03 last edited by
Has anybody bothered to ask when the President was given the authority to levy taxes on American Citizens?
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Has anybody bothered to ask when the President was given the authority to levy taxes on American Citizens?
wrote on 1 Mar 2023, 14:06 last edited by@LuFins-Dad said in Biden: "I'm gonna raise some taxes":
Has anybody bothered to ask when the President was given the authority to levy taxes on American Citizens?
Say, you ever ask that question when a President says he wants to cut taxes?
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@LuFins-Dad said in Biden: "I'm gonna raise some taxes":
Has anybody bothered to ask when the President was given the authority to levy taxes on American Citizens?
Say, you ever ask that question when a President says he wants to cut taxes?
wrote on 1 Mar 2023, 14:24 last edited by@Axtremus said in Biden: "I'm gonna raise some taxes":
@LuFins-Dad said in Biden: "I'm gonna raise some taxes":
Has anybody bothered to ask when the President was given the authority to levy taxes on American Citizens?
Say, you ever ask that question when a President says he wants to cut taxes?
I seem to recall Bush and Trump both asking Congress to pass tax cuts… And asking for them as the head of the party that was in control of both houses of Congress…
President Uncle Joe is just declaring willy nilly that he is raising taxes in the face of a Congress that will not pass it. Hell, I doubt it gets past the Senate, let alone the House. And this President has had some difficulty In understanding his Constitutional Limits in authority, and has had to be smacked around by the court on several occasions already…
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wrote on 1 Mar 2023, 14:32 last edited by Horace 3 Jan 2023, 14:33
The "no new taxes on those earning less than 400k" will be neatly and dishonestly accomplished by taxing the stock market, in the form of stock buyback taxes and other ways to indirectly tax everybody with a 401k or a stock portfolio. The vast majority of whom earn, you guessed it, less than 400k.
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The "no new taxes on those earning less than 400k" will be neatly and dishonestly accomplished by taxing the stock market, in the form of stock buyback taxes and other ways to indirectly tax everybody with a 401k or a stock portfolio. The vast majority of whom earn, you guessed it, less than 400k.
wrote on 1 Mar 2023, 14:34 last edited by@Horace said in Biden: "I'm gonna raise some taxes":
The "no new taxes on those earning less than 400k" will be neatly and dishonestly accomplished by taxing the stock market, in the form of stock buyback taxes and other ways to indirectly tax everybody with a 401k or a stock portfolio. The vast majority of whom earn, you guessed it, less than 400k.
That was my thinking as well…
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@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.
wrote on 1 Mar 2023, 19:13 last edited by@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.
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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.
wrote on 1 Mar 2023, 22:40 last edited by@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....
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wrote on 8 Mar 2023, 23:47 last edited by
"What's in Biden's budget: taxes on buybacks, rail safety, childcare"
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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....
wrote on 9 Mar 2023, 00:02 last edited by@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"
wrote on 9 Mar 2023, 02:07 last edited by@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.
wrote on 9 Mar 2023, 02:17 last edited by@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.
wrote on 9 Mar 2023, 02:21 last edited by@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?
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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.
wrote on 9 Mar 2023, 02:22 last edited by@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. -
wrote on 9 Mar 2023, 03:37 last edited by
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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wrote on 9 Mar 2023, 04:17 last edited by
Of course, if our GDP was growing a mite faster, things might be better...
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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.wrote on 9 Mar 2023, 11:46 last edited by@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?
wrote on 9 Mar 2023, 11:55 last edited by@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
