Biden is considering a major federal tax increase
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@jon-nyc said in Biden is considering a major federal tax increase:
@horace I haven't really followed your debate with TG but it seems to me the debate can't be 'quickly' settled. No one is on the side of 'US president can't move markets in short term'. The debate is more about multiyear market trends, is it not?
I am sure one can handwave the idea that higher corporate taxes are better for the stock market in the long term, even in the face of an incontrovertible fact of the demonstrated short term effect.
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“I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill
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@mik said in Biden is considering a major federal tax increase:
Hard to argue against investing in infrastructure.
Yes, as long as that's what it for.
Will it be (cough) "Shovel Ready?"
I'm sorry to be so skeptical about this, but, does anyone really believe that any such program won't be filled with crap like the most recent COVID "relief" bill?
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@horace said in Biden is considering a major federal tax increase:
If those increases happen, we will quickly settle the debate about Presidents and their effects on the stock market.
555
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@mik said in Biden is considering a major federal tax increase:
He and Harris are doing a road show for that and an infrastructure bill this week.
Hard to argue against investing in infrastructure.
Trump begged for one. The Dems said no bueno.
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“I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill
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Trump’s infrastructure plans were wishful thinking bullshit.
The 2018 infrastructure plan proposed that the federal government put up $200B but expect unnamed states, municipalities, and private sector partners to put up $1.5T for the plan to work. It’s essentially an unfunded PR piece, a gimmick.
In 2019 the Trump administration and the Democrats were talking about a $2T infrastructure plan but Trump himself cancelled the follow-up meeting after railing about Congress’ investigation of Trump.
In 2020 the White House talked about a $1T infrastructure “plan”, again without saying where the funding would come from, but never actually put out a plan — it was in the middle of the pandemic, and cut close to the election. Empty talk with no concrete plan, misplaced priorities against the COVID-19 pandemic, election year noise ... put the three together and you know it couldn’t be taken seriously.
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@axtremus said in Biden is considering a major federal tax increase:
Trump’s infrastructure plans were wishful thinking bullshit.
The 2018 infrastructure plan proposed that the federal government put up $200B but expect unnamed states, municipalities, and private sector partners to put up $1.5T for the plan to work. It’s essentially an unfunded PR piece, a gimmick.
In 2019 the Trump administration and the Democrats were talking about a $2T infrastructure plan but Trump himself cancelled the follow-up meeting after railing about Congress’ investigation of Trump.
In 2020 the White House talked about a $1T infrastructure “plan”, again without saying where the funding would come from, but never actually put out a plan — it was in the middle of the pandemic, and cut close to the election. Empty talk with no concrete plan, misplaced priorities against the COVID-19 pandemic, election year noise ... put the three together and you know it couldn’t be taken seriously.
An investigation on silly bullshit, that even the people pushing it knew it was bullshit.
You want to compromise and move the country forward? Blame that dumpster fire on Pelosi and Schumer,who put political power ahead of country.
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@loki said in Biden is considering a major federal tax increase:
Is part of the tax increase to fund the record number of immigrants coming in? It’s the highest in 20 years.
Rich people deserve to know where that money is going.
Nah, the money is for infrastructure. It only tangentially goes to Manual Labor.
Always remember, Operation Valkyrie was an act of sedition.
Warning: I post things that interest me. Read and comment at your own discretion. -
President Biden is now conceding that a tax increase is coming to pay for all of his new spending, though he’s still obfuscating who will pay. Mr. Biden campaigned on a pledge not to raise taxes on anyone earning less than $400,000 a year. He reaffirmed that threshold last week in an ABC interview.
“Anybody making more than $400,000 will see a small to a significant tax increase,” Mr. Biden told George Stephanopoulos. He added: “If you make less than $400,000, you won’t see one single penny in additional federal tax.”
White House press secretary Jen Psaki later conceded that the $400,000 threshold was for “families,” not individuals. So if you’re a two-income household making $200,000 each, you could get whacked.
This is a familiar tax bait and switch. Democrats promise they’ll tax only the rich, but there aren’t enough rich, and the rich don’t have enough money to finance the Democratic Party’s endless spending schemes. Millions of the Americans Mr. Biden wants to tax aren’t rich. They are successful Americans, typically at the peak of their earning lives, who might make $200,000 for a few years.
Watch closely as the Biden plans unfold in case Democrats try to slip in new taxes on energy, such as a gas or carbon tax, that would apply even to those who make less than $200,000. Eventually, perhaps in some debt-financing panic, they’ll press for a value-added tax on consumption as well. As everyone knows, the middle class is where the real money is, and sooner or later they’re coming after you.
