Biden is considering a major federal tax increase
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If those increases happen, we will quickly settle the debate about Presidents and their effects on the stock market.
@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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He and Harris are doing a road show for that and an infrastructure bill this week.
Hard to argue against investing in infrastructure.
@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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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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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.
@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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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.
@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.
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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.
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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.
