Topic: Biden planning first tax hike(major) since 1993 - page 4. (Read 608 times)

Haha exactly I refrain from such comments but I do believe that what the US economy is just for a show, they keep taking debts and at the end of the day the rich does not pay taxes and the poor people are dying due to the burden of debts and student loans.

How excessively sad it is.

Right now they do need better job opportunities which would only start if the Government institutions starts working like how they are supposed to go. The taxes are essential they are not scams of extortion money. One need to pay some to make sure that the government runs on track and Donald Trump was just using the country's money to lure out people to vote for him. That highly manipulative and see the state that US is in right now , not only did the cause economic upset but at the same time it would burden Biden and people will blame him. "Why you making us pay taxes now" things like this !

It's all a big irony.

It is not going to matter. Whether they are storing their wealth in the form of Bitcoin, Bullion, Equity or real estate, they need to pay the capital gains tax at the time they sell these assets. I don't think that demand for Bitcoin is proportional to the increase in taxes. On the other hand, it is proportional to the inflation of US Dollar. For those who want to hide their wealth, Bitcoin is obviously one of the better choices.

He's comin', he's comin', He's here, The taxman is here....

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.

Grabbing popcorn and everyone should pack a few bags, with the inflation that will come the caramel one will be as expensive as foie gras.



VAT bruh! VAT on everything! 25%!When this one will get implemented you will look back at that and think of it as good times.

You might know how AOC is always talking about Denmark how great that country is?
Wait till someone in the Democrat party comes with the idea of copying the tax system on registering a car here.
Those trillions have to be paid by someone, lucky for you have a cool bike!

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.


The ideas are probably correct but the application may not yield the desired results.

There are some wealthy individuals as we know who have migrated some of their
wealth into Bitcoin, will these new taxation laws drive more wealth into Bitcoin?

 

the taxation mechanism is regulated by the tax collection agency and all who work will have different tax collections. I see Biden hasn't taxed those who don't work. However, that is more clearly governed by a bill that the current Biden administration will soon be drafting.
I know there are several professions in America that have been determined to get tax increases, including:

1. Doctors, experts such as notaries, architects, lawyers, actuaries, consultants and accountants.
2. Advertising agencies
3. Multilevel marketing, and direct selling.
3. Movie stars, commercials, comedians, musicians, singers, directors, and film crews.
4. Sportsman
5. Insurance agents, and more.
Then for those who are unemployed and who do not have a place to live, it is still the obligation of local governments around America to prepare housing facilities.

I don't think it will be an overhaul of the current taxation system that people have in US. Otherwise, it would have negative consequences and Biden is perfectly aware of this. So I don't see any drastic changes are coming.

However, it may be possible that he will add a surcharge on the WHNI individuals which is already an acceptable practice and available in many countries. Also a corporate tax increase is unlikely to happen because it would only increase the cash outflow from the corporate accounts and increase their burden which could result US companies to send more job to developing countries like India or China.

So if Biden is really serious about creating more jobs, he would refrain from increasing corporate tax. However, let's wait for the actual thing to come out!

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.

You realize that Americans have had to pay tax on internet purchases for only a few years now, right?  That, IMO, was a major taxation event in itself.

And though I haven't read anything in detail about what Biden plans to do as far as hiking taxes, it would come as no surprise if he does indeed do that.  I keep writing that all of this Monopoly money and stimulus and quantitative easing has to be paid for somehow, and if it isn't through increased taxes I don't know how else it would be done.  Sounds like he's trying to get ahead of all of the debt that keeps accumulating, but who knows.  I never claimed to be able to see into the minds of politicians.

Regardless of what Biden does as far as tax policy, I'm glad he's president and not Trump.  I don't think the country could have taken another four years of that psychopath.

As we all know people did vote twice in a row for trump and if also was for a reason :
He did cut the tax of everyone on the first day , now that means even the richest didn't have to pay much. At the same time he did give out huge relief funds.
Now Biden did roll out a COVID relied fund for the people but at the same time he did see that there are much needed *Job creation* which does mean that the government needs *money* but from where ? Most of it has been used already and given to people and the US itself is in major debt. So Biden plans on increasing the tax , which would be the first major increase since 1993 , which is extremely weird. 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.
What do you think ?
Is this a right move ?
Ofcourse it would surge the unrest amongst people and they might be on the streets anyways how should the Government handle this ? Should the major tax hike be done in small steps?

https://www.foxbusiness.com/economy/biden-reportedly-planning-first-major-tax-hike-in-next-economic-package