Biden planning first tax hike(major) since 1993 - page 3.

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Quote from: Sithara007 on March 19, 2021, 11:41:09 PM

Quote from: el kaka22 on March 19, 2021, 12:45:44 PM

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

This is the eternal excuse that the democrats make. No one in the United States make "tens of billions of dollars" a year and if they do, then they will be intelligent enough to move their earnings to offshore tax havens. The details of Biden tax plan are already out and according to it there will be an increase in income tax for everyone who earns more than $400,000 per year. Now there is a huge difference between earning "tens of billions" a year, and earning $400,000 per year.

There is a common confusion: many people do not know what a millionaire or billionaire is. They think a billionaire is someone who makes a billion dollars a year. You even hear politicians or journalists saying that, I'm not surprised many people among the general public are also confused.

A billionaire is someone whose net worth is at least a billion dollars, which is quite different.

That was even said of Trump. He doesn't make billions of dollars. His net worth is around 2.5 billion and up until now he hasn't made a billion dollars a year in income. So, I agree with you. No. There aren't people in the States making "tens of billions of dollars" a year.

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Quote from: el kaka22 on March 19, 2021, 12:45:44 PM

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

This is the eternal excuse that the democrats make. No one in the United States make "tens of billions of dollars" a year and if they do, then they will be intelligent enough to move their earnings to offshore tax havens. The details of Biden tax plan are already out and according to it there will be an increase in income tax for everyone who earns more than $400,000 per year. Now there is a huge difference between earning "tens of billions" a year, and earning $400,000 per year.

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Quote from: el kaka22 on March 19, 2021, 12:45:44 PM

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing,

Good to know that you want to tax the shit out of bitcoin holders who are not working in the fields drenched in sweat and blood for the great ~~communist~~ oh sorry progressist, utopia Grin

Quote from: el kaka22 on March 19, 2021, 12:45:44 PM

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries)

There is no difference, you all have one thing in common, you're worried more about other people's money than your own.
This is the common fault of all of them, no matter how you called them, all have failed miserably because rather than focusing on improving people's life they have become obsessed with punishing the ones that have more. In my opinion, one should not call himself a progressionist if even a single line in his plan is dependent on others, tripping the guy in front of you doesn't mean you've managed to achieve equality, it just means you're a jerk.

Quote from: el kaka22 on March 19, 2021, 12:45:44 PM

Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Just wait a bit, the democrats can't start skinning their own voters right off the bat.
First, you get the carrot, then the stick, then the donkey is turned into gorilla super glue.

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Quote from: el kaka22 on March 19, 2021, 12:45:44 PM

Quote from: Poker Player on March 18, 2021, 06:22:59 AM

It always works like this. First it is announced that taxes are going to be raised on the rich. Only the rich. Potential revenues are greatly overestimated. Then, faced with the reality that the income was overestimated and that the rich also take measures to avoid paying more, taxes are raised on everyone. That is to say that "the rich" in practice becomes the totality of the population. Well, no. Actually it means only the middle and poor classes, because the really rich have mechanisms to not pay or even leave the country if they want to go to other countries where they are sure to be well off.

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

*That is what progressives want*, but what Biden is doing is what progressives get.

There is a big difference between what you want and what you get.
Theory is different from practice and always progressives theories are put in practice they fail, so the classic excuse emerges instantly: well, that wasn't real ~~communism~~ progressivism. So a new attempt following the old model, but with a new name (to hide the last failure) starts being machined again. And this cycle never ends...

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Quote from: Poker Player on March 18, 2021, 06:22:59 AM

It always works like this. First it is announced that taxes are going to be raised on the rich. Only the rich. Potential revenues are greatly overestimated. Then, faced with the reality that the income was overestimated and that the rich also take measures to avoid paying more, taxes are raised on everyone. That is to say that "the rich" in practice becomes the totality of the population. Well, no. Actually it means only the middle and poor classes, because the really rich have mechanisms to not pay or even leave the country if they want to go to other countries where they are sure to be well off.

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

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Quote from: stompix on March 15, 2021, 02:07:49 PM

Common, was there anyone foolish enough to think there will be no tax hikes?
It's just the beginning, as all so-called democrats on both sides of the Atlantic like to do, at first the taxes will be targeted at the evil companies, the evil rich, the people that make money out of financial transactions and not working with their hands in the muddy field like real communist workers.
But then, to them and their voters just like in every damn situation in the last century, that money will not be enough.
So here comes the steel spiked rectal probing for the middle class, and then the flogging for the already poor who will understand what's poverty not on US terms but URSS equivalent.

It always works like this. First it is announced that taxes are going to be raised on the rich. Only the rich. Potential revenues are greatly overestimated. Then, faced with the reality that the income was overestimated and that the rich also take measures to avoid paying more, taxes are raised on everyone. That is to say that "the rich" in practice becomes the totality of the population. Well, no. Actually it means only the middle and poor classes, because the really rich have mechanisms to not pay or even leave the country if they want to go to other countries where they are sure to be well off.

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Quote from: Kittygalore on March 16, 2021, 04:59:57 AM

Quote from: Mauser on March 16, 2021, 04:13:50 AM

I think these tax rate increases are very dangerous in current times. Sure the government needs always money, but there is a huge downside risk involved. The new stimulus package from Biden is expensive and needs to be paid somehow. Most companies are still hurting from the corona pandemic. Increasing their tax burden will just make it worse. And we also don't know if there is a 3rd wave coming or not. Who knows how severe the pandemic will be this year.

No it isn't bad if the ones that are going to be taxed are the big businesses like Amazon, Facebook and other companies, not to mention that rich individuals need to be taxed to because they do not contribute anything to the society and they almost have the say on what to do for our future despite not contributing that much to taxes. The only companies that are hurt in this pandemic are the family owned and small business but most companies have already recovered so I think that these tax hike is a good thing but only if it is used not for military spending.

Unfortunately whenever the word "tax" comes up, there are tons of people who are against it, in fact they have been against it for a very long time and that is the main talk point for republicans, not just politicians but also voters as well.

See how it is worded, "biden planning first tax hike since 1993" as in it is going to affect everyone a lot, like he is doing something that would hurt the country, like some minimum wage person would have to pay more taxes, the reality is that it is taxes getting higher for those huge corporations, wouldn't it be better if it was worded "Biden planning tax hikes for billionaires"? That would actually get support from even republicans so that is why news do not put it that way. Long story short, no matter how many people you help, there will always be some people who would be against what you are doing and that’s the problem.

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If the Biden administration removes various loopholes that enable the super-rich to avoid taxes, then it will bring them more tax revenue than any of these proposals. But we all know that those loopholes will not be removed, as they enable the super-rich to evade taxes in a 100% legal way. A lot of the billionaires set up charity trusts, just to reduce the tax burden. First and foremost, the amount that they are donating to these trusts must be taxed like any other income.

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Quote from: btc78 on March 16, 2021, 09:25:28 PM

Taxation is the Main area where the government is having their funds for the goodness of the country so Hiking or increasing the Tax per individual specially for the Largest company in the world is necessary .

America Now is suffering in too much pain from Economic problem so why put another taxation ?

The only problem is if even the smallest worker will be given an increase and for me this is a NO NO chance at this moment of time as the Hurt of pandemic still existing in everyone

That is what worries me, increasing taxes makes sense since the government cannot keep printing their currency as if it is Monopoly money, but are they really going to do it now when the economy is in still such a bad shape? If the increase on taxes is too high we could see an even slower growth of the economy and then most likely American companies will try to look for any way in which they can avoid those taxes, meaning that the taxes will come mostly from the middle class which has been heavily hit during the pandemic.

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Taxation is the Main area where the government is having their funds for the goodness of the country so Hiking or increasing the Tax per individual specially for the Largest company in the world is necessary .

America Now is suffering in too much pain from Economic problem so why put another taxation ?

The only problem is if even the smallest worker will be given an increase and for me this is a NO NO chance at this moment of time as the Hurt of pandemic still existing in everyone

Quote

That's All Biden has to say.

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Taxation should be adjacent to the profits that a certain individual or an entity can create. There, I said it. I'm tired of seeing people paying too big of a percentage off of their regulsr salary while big companies out there aren't even paying taxes because they are "exempted". I believe this could help jumpstart government funding because what is 12 million dollars from a multibillionaire like Jeff Bezos compared to 12 million dollars from let's say 120000 Americans? It shouldn't be that hard to implement, and if the government is really for the people, this shouldn't be a big problem for them.

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Quote from: Mauser on March 16, 2021, 04:13:50 AM

I think these tax rate increases are very dangerous in current times. Sure the government needs always money, but there is a huge downside risk involved. The new stimulus package from Biden is expensive and needs to be paid somehow. Most companies are still hurting from the corona pandemic. Increasing their tax burden will just make it worse. And we also don't know if there is a 3rd wave coming or not. Who knows how severe the pandemic will be this year.

No it isn't bad if the ones that are going to be taxed are the big businesses like Amazon, Facebook and other companies, not to mention that rich individuals need to be taxed to because they do not contribute anything to the society and they almost have the say on what to do for our future despite not contributing that much to taxes. The only companies that are hurt in this pandemic are the family owned and small business but most companies have already recovered so I think that these tax hike is a good thing but only if it is used not for military spending.

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Quote from: bryant.coleman on March 15, 2021, 12:46:20 PM

To summarize, these are the proposals:

I will emphasize the word "proposals".
Politicians tend to be scared of increasing the taxes. Corporations fund the election campaigns, population are the voters and the main goal of politicians is to get (re)elected.
All in all, I think that all those proposals will be greatly reduced before getting voted.

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I think these tax rate increases are very dangerous in current times. Sure the government needs always money, but there is a huge downside risk involved. The new stimulus package from Biden is expensive and needs to be paid somehow. Most companies are still hurting from the corona pandemic. Increasing their tax burden will just make it worse. And we also don't know if there is a 3rd wave coming or not. Who knows how severe the pandemic will be this year.

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Quote

The wealthiest Americans and the biggest cooperations now would have to pay more tax!! I do think this is long overdue and should be done but people of the middle class should be exempted from this , , more specifically people without a job

Unemployed people don't pay taxes in any country in the world,not just the US.Learn how the tax system works. Grin

I'm not a leftist,but yes,the wealthiest people in America should pay higher taxes and yes,the giant corporations should pay more.I'm not even a socialist,but the inequality in the USA is insane.
No,the middle class and the working class shouldn't pay higher taxes and they will not pay higher taxes.
I'm not a big fan of Biden and the Democrats,but this would be a good thing to do.The problem is the rich people and big corporations will try to hide their profits and move them outside the US.The IRS will have more work to do.

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Quote from: nullius on March 16, 2021, 12:29:41 AM

Yes, I think that it is the right move because America is a bad country that should destroy itself ASAP. The suicide of the American Empire will be a benefit to the whole world.

Americans may disagree.

LOL.. in all probability, by the end of Biden's term China will be the largest economy in the world, overtaking the United States. The mounting federal debt will drag down the United States, and an increase in corporate tax will make it much worse. The COVID 19 pandemic has made things relatively easy for China. Their economy is now back on track, while the United States continues to suffer from 4-digit deaths every day as a result of the virus.

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Quote from: aoluain on March 15, 2021, 12:57:38 PM

The Pharmacist is right and I along with others have said this already, the trillions of dollars
of stimulus has to be paid back sooner or later. There will be pain to follow all this free money.

Nonsense! The government can spend unlimited amounts without taxation, simply by creating more money.

And that is how hyperinflation happens...

Quote from: fiulpro on March 15, 2021, 12:17:26 PM

As we all know people did vote twice in a row for trump and if also was for a reason :

I think there were many other other reasons why people voted for Trump. Trump was a moderately corrupt president who, I believe, sincerely wanted to preserve America. Biden is totally corrupt, and he almost openly wants to wreck America for a globalist-internationalist agenda.

Quote from: fiulpro on March 15, 2021, 12:17:26 PM

The wealthiest Americans and the biggest cooperations now would have to pay more tax!! I do think this is long overdue and should be done but people of the middle class should be exempted from this , , more specifically people without a job.

That’s not how it works. No matter what the rhetoric, these types of tax increases always impose the heaviest burdens on the middle class and the working class. Unfortunately, the voters who embrace these types of policies are too stupid to foresee the results.

Quote from: fiulpro on March 15, 2021, 12:17:26 PM

What do you think ?
Is this a right move ?

Yes, I think that it is the right move because America is a bad country that should destroy itself ASAP. The suicide of the American Empire will be a benefit to the whole world.

Americans may disagree.

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Raising taxes has always been an unpopular decision because people don't like paying. Anyway, I'd like to comment on the budget management side. It's nice to get more revenue, more money for productive government spending, or paying debts. BUT, I smell the taxpayers' money will be used to fund perks for illegal aliens or stupid stuff as we talk about the dementia man plus his woke far-left army.

I'll grab my popcorn and watch from the other side of the world, lol.

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Quote from: Ozero on March 15, 2021, 03:08:24 PM

Nevertheless, the tax needs to be increased, and these unpopular measures should have been taken earlier by Trump, , because the US economy cannot withstand such a colossal load. Many here criticize governments' over-printing of paper money. But after all, there is no other way, where to get money and at the same time not to increase inflation. Trump, in the eyes of Americans, wanted to be a good president and did not dare to do so. And the debts continued to increase. Therefore, Biden will have to do this in order to improve the economy. In connection with the coronavirus pandemic, which has been going on for a year now, life has become harder for everyone, not only for Americans.

It has nothing to do with trying to contain the federal debt. I am 100% sure that the 4-year term from Biden will see a much larger increase in federal debt, when compared to the same under 4 years of Donald Trump. Trump was able to manage the financials even without increasing the taxes. And Biden is unable to manage them, despite raising the taxes. That is the difference between the two. Life hasn't become harder. But it will definitely become harder once Biden ends his term in 2024.

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Quote from: bryant.coleman on March 15, 2021, 12:46:20 PM

To summarize, these are the proposals:

1. Increasing the corporate tax rate to 28% from 21%
2. Increasing the income tax for those who earn more than $400,000 per year
3. Increase in estate tax (not sure how much)
4. Increase in long-term capital gains tax for those with annual income of >$1,000,000 (not sure how much)

All of these will have negative consequences. If they increase the corporate tax, then the unemployment issue will get even worse. On paper, the democrats are claiming that they are taxing the rich. But the rich have most of their assets in offshore tax havens and this measure will end up mostly targeting the middle class.

Nevertheless, the tax needs to be increased, and these unpopular measures should have been taken earlier by Trump, , because the US economy cannot withstand such a colossal load. Many here criticize governments' over-printing of paper money. But after all, there is no other way, where to get money and at the same time not to increase inflation. Trump, in the eyes of Americans, wanted to be a good president and did not dare to do so. And the debts continued to increase. Therefore, Biden will have to do this in order to improve the economy. In connection with the coronavirus pandemic, which has been going on for a year now, life has become harder for everyone, not only for Americans.

Topic: Biden planning first tax hike(major) since 1993 - page 3. (Read 575 times)