Topic: Biden planning first tax hike(major) since 1993 (Read 629 times)

Yeah.. that is the ultimate dream of every left supporter. Successful people should be punished and their wealth should be confiscated (obviously with the exception of left-leaning billionaires such as Jeff Bezos and Mark Zuckerberg, who are allowed to evade taxes using various loopholes). A few years back, François Hollande came up with the idea of taxing the rich at a rate of 75%. And everyone knows what happened after that. Anyway, best of luck with your 70% tax proposal.

Do you know what a top marginal tax rate is? Because a top marginal tax rate of 70% does not mean "everyone pays 70% taxes." Your response seems to ignore how progressive tax structures work in that as tax brackets increase they affect fewer and fewer people and it ignores the fact that not all income is taxed at 70% for people who fall into that bracket.  Someone who falls into the 70% tax bracket wouldn't have their first tens of millions taxed at 70%, only income past a certain threshold.  

And yes, I believe the top .1% (or possibly more) should be paying 70% income tax.

Tax avoidance using various loopholes may be possible in the US, but tax evasion is very unlikely due to the above mentioned facts. In India, the income tax department is now mostly going after the big fish, so they may ignore the small-scale tax evaders even if they have enough data to prosecute them. Tax-related law suits can go on for many decades, due to the slowness of the legal system in India. In most cases, the tax authorities try to reach a compromise with the evaders. Only in 10-15% cases, they actually go ahead with the legal action.

The difference between USA and in all other nations is that if you do not have a branch of government like IRS trying to catch every single tax evasion and charge insane punishments for it to deter people away from doing that. India may or may not have that, but I know almost all huge European nations do not have that.

On top of it, this is a thing that impacts very wealthy, they will have to pay a lot more taxes now that Biden puts this in charge (when) and that means IRS needs more money because the more money you give to IRS the more money they find and give back to community, so giving money to IRS is not a bad idea

Right now IRS is underfunded and needs more money, they may not find everyone and they may not end up stopping some rich people, but if they could actually get funded, and given more powers, they could stop everyone from tax evasion, from the small grocery store right around the corner to amazon, everyone.

His favor with the voters are going to take a knock, because Tax increases are never taken well. The thing is, the proposals are targeting the rich people and they are the people who are creating the jobs for the middle class.

The fairest tax implementation would be a value-added tax (VAT) ....because it spreads the burden on all citizens and not only on the middle class and the rich people. (I think this only applies to some states?)

US us running a deficit because of the incompetence of the government. So giving this excuse, you want to go back to the 1960s and impose a 70% tax on everyone? If the budget deficit is there, then the solution is to reduce government expenses and not to increase the tax rates further when they are already in the 50%-60% range (I am talking about states such as California). Anyway I am not an American and I don't really care how much they raise the taxes. If the taxes are raised to 70%, then they very much deserve it because they voted someone in to power who said before elections that he is going to raise taxes.

I think the steps taken by Biden were right by raising taxes, especially for the rich and large corporations it is obligatory to pay higher taxes.
The problem is that the economic crisis in America is getting worse and the government has done a lot of printing money. The most effective
way to get income is to raise taxes, from there the government can get income that can be used for the interests of the American state. I know it
will definitely have a negative effect, but if this step is able to provide a bigger positive effect why not do it. The problem is that the rich and big
companies often manipulate the profits they generate, this is what makes American tax revenues not optimal. Hopefully, Biden's steps will be
supported by most of the American people, because they themselves have chosen Biden as president. So they have to trust all the decisions that
Biden makes, and let Biden do his job well.

After WWII, the top marginal tax rate was 90% in the US and it was still in the 70% range by the 1960s.  Nobody making $400,000 a year is hurting terribly because of taxes, and their wealth is only possible in the first place thanks to the economy built by the US-style of government.  One thing remains undeniable- as long as the US runs a deficit, nobody is paying enough in taxes.

It does not happen on the short term but it does on the long term, I will give you common example of what happened under communism, imagine a factory and workers with different levels of skill, everyone was paid the same but if you were one of the most productive employees then you were given more responsibilities and a higher quota but no higher pay, this meant that you had to do more for the same pay, eventually this generated a system that incentivizes those that were the most productive to not produce to their full capacity, and something similar will happen over the long term with such high taxes as people are not incentivized to work harder as most of the fruits of their labour go to the government.

Still it is 14%. In my country (India) it is estimated that the actual amount of income tax owed is more than 2 times the annual collection, meaning an evasion rate of more than 50%. And I am sure that this is the case with most of the developed nations. The tax rates are kept extremely high (43% for the top slab), and government has made gambling, crypto trading.etc as illegal. And there is a stupid loophole to make agricultural income tax free. A lot of people use this loophole to avoid paying taxes on their income from other sources (they just show it as agricultural income).

Are you surprised with this? It's logically that if people had got money for free they have to return that money back. In my country politicians usually return money by increasing prices on municipal services and food prices in shops so it becomes more and more expensive to live. Probably in USA the situation is similar. By the way the amount of debts really should depend on people’s income. Wealthy should pay more and the poor should pay less (or they’ll totally bankrupt). To my mind government of any country don't need the poor they need people that are able to work, so if Biden will provide poor people with well-paid works will benefit all.

I believe there is a big problem with partisanship in USA, I am looking at it and I see that only a few people will be disturbed by this while tens of millions of people will be profiting from this and even with that I am seeing a lot of people are unhappy about it. Why? There are some who are afraid about the future, which is weird because they are afraid and scared and angry about something that didn't happen, if Biden charges more taxes to "everyone" you can then get mad at him, but dude suggested a tax on rich people to help the poor people, if that is the topic why talk about a potential future that is not here just right now.

That means we are not really doing that bad with this current idea, it is so good that people can't even make an argument for it right now and only what it "may" mean for the future. Long story short, I think this should be liked by 90% of Americans but you guys are half and half on this as well.

This tax hike is just an excuse to make more money to create more bombs to use in offensives in Middle East and funding the paramilitaries there, no matter what he says about this tax hike that it will be for the welfare of the people, it will be an empty promise as long as they are still funding billions of taxpayers dollars into military and the rich people always get away from paying their taxes by lobbying and tax exemptions.

That’s the proper way, BUT it would take a very very long time. Like how the money was pumped in circulation without real production, money must come out without increased production/consumption.


Modern Monetary Theory is the plan. Check the link at OP.

Plus if only there was a type of “sound money” that we can HODL and park value to deal with inflation.

But there were still tens of millions who voted twice for him, right? He didn't get elected the second time but he did get the votes of those who thought he was a better option.


You don't need to decrease the money in circulation to reign back inflation, and taxation won't be the best way to do it, the solution is to simply counter inflation with increased production and consumption, more goods being produced means the price is kept low, more productions means more jobs, more jobs lead to more money in the economy naturally which would render the effect of hose printed trillions less severe than we anticapate.

How will they do that, I don't see any serious plans for it, and time is running out.


And once you tax the hell out of those people will simply buy and register them in a different country and all those workers who were getting paid to produce those goods, the companies producing those, and the investors of those will be hit. Everything is tied together in an economy, you can't take a single measure that will affect only one link and not the others.


IRS claims they are losing 1$ for every 6$ they collect in tax evasion. Not avoidance, evasion!

As a rule, between tax exemption or collection and tax refund for the poor is really a mess, losing fairness in comparison.  Although, among the meaningful principles that can be tested through parliamentary or bicameral representatives - the upper house, I don't think it is the right way to reduce inflation and balance the state of the economy.  after the pandemic 19. The tax increase had many mixed effects, causing a bad psychological state, I think Biden and the white house will control the situation through many steps and alternating between appropriate intervals.

If they increase the property taxes, estate tax, inheritance tax.etc, then it will have a bigger impact than increasing the income tax. Because income tax disproportionately affect the middle class, as the super-rich use various loopholes to avoid it. But the super-rich never cease purchasing luxury properties and private islands and the government should target these if they are being honest. Obviously they will never do that, else their main campaign donors will get angry.

Trump had one term, not two.


The U.S. government DOES NOT need money, and IS NOT increasing taxes because it needs money. The Fed can always BRRRRR print trillions for the government, BUT once all that money does into circulation, INFLATION. What do they do to decrease the money in circulation? HIGH TAXES. - That’s Modern Monetary Theory.

I don't know whether people will be less productive when the tax rates are increased. In other countries, tax evasion increases when something like this happen. But since the IRS is very strict in the United States, the chances of tax evasion are very small. One direct impact may be on capital gains. People may postpone or delay realizing their capital gains. Eventually they need to pay the capital gains tax, but with lower taxes they will be selling their capital assets more frequently.

But what governments seem to forget is that by taxing the population so harshly then the desire of people to keep earning more money decreases significantly, think about it, with an effective tax rate of 50% this means that on real terms you work for the government for free for 6 months and you only receive profits from the next 6 months you work, this is ridiculous, this decreases productivity and over the long term this will be seen in the GDP of the country.

I don't think that paying teachers union is a wasteful expense, teachers in my country yearn to earn bigger salaries and the teachers in US have that privilege which is good because it helps teacher make more quality education because they know that their efforts are worth it. So you are alright not paying an increased tax even if it meant that the tax is going to help in making the increase in minimum wage because I wouldn't mind paying as long as someone doesn't have to work two jobs because the minimum wage is so low.

If the government wants to help poor people, then they should scale down on wasteful expenses. Biden has splurged hundreds of billions of USD on groups that explicitly support him, such as the teachers unions. In fact a majority of the $1.9 trillion stimulus is earmarked for such unions and failed inner city areas, which are predominantly Democrat leaning. Taxing people at a rate of 50% or 60% is insane. If you are fine with it, then go ahead and pay your taxes, but don't expect others to be silent.

I don't know what to say about this tax thingies but if I may ask you about paying more taxes if you know that the taxes are going to be used on things that will help other people like increase in minimum wages, housing loans for minorities, and other social issues, do you think that you are going to pay that taxes. Because for me, I am willing to pay more taxes if I know that it isn't going to be wasted on military spending and the taxes goes where it is really needed.

For someone who earns $400,000 per year, the applicable state income tax in California comes to 11.3%. With the latest increase in federal income tax, California residents will be paying more than 50% of their income as tax and the net take away will be less than $200,000. And for cities such as Los Angeles and San Francisco, given the high cost of living, the tax increase will have a large negative impact on the quality of life.

Those numbers are always talking about as household income, if you thought otherwise that's on you for not understanding since that's the common way taxes are always talked about.  Biden always said households making more than $400,000.

Agreed. Corporate tax is being increased by one-third, from 21% to 28%. This will not only cause the Americans to pay a higher rate for the products they purchase, but will also make American products less competitive compared to those imported form countries such as China. One of the reasons why Trump reduced the corporate tax was to create more jobs within the United States, and he was successful in that up to a certain extent. Combined with the (proposed) change in minimum wages, the unemployment issue will get worse.

Actually it's 400,000$ per family. If two individuals living together earn 200,000$ yearly each, there will be already a tax hike over them. During the campaign Biden told he wasn't going to increase taxes on people who earned less than 400,000$ yearly. But it looks like he and his team have already found a smart way to overcome this issue to include more people on their calculations, consequently  increasing the revenue.

It's like those pigs from *Animal Farm* Orwell's book. Always changing the past speechs and rules to adapt to the present personal needs.

Tax incentives might be the better proposal right now to help these businesses recover their losses brought by the pandemic. Tax hikes can be discussed after two or three years.

Although indirectly, tax hikes on companies and individuals on the higher income brackets will always affect the general population. Impose higher tax on a business or a self-employed and they will also find a way to pass it on consumers of their products and/or service. This process will continue until it reaches the general population (end consumers).

In this pandemic, more people are suffering specially the poor ones. I think this tax hike must be implemented to those who income more during the pandemic which is the rich ones. Help those who were critically hit and probably vaccinate all to recover the economy.

The issue is the rich will never accept those measures and do nothing about it, why? Because they can, the whole point of capitalism is the principle of private property, what is mine is mine and no one has the right to take it away from me, taxes are necessary everyone understands this, but taxes all around the world are too high to try to maintain governments that are too big and programs that are ineffective at best and useless at worst, bitcoin is inherently capitalist, no one can confiscate your coins by using the rules of the network, only you can decide if you want to send those coins to someone else, governments paint themselves as Robin Hood with the difference they fail to steal from the rich then they steal from everyone else and keep the profits for themselves.

That's a government and it needs money to run the nation!

Is this right move? Yes, off course it is right move and nothing wrong in that. If they are cutting the taxes from our salaries and income then they are using it for the national development.

I would be worried only if that money was use for governments personal stuff (corruption!).

But, for now Biden seems completely reasonable to me. Bless yourself we are not under the King's rein, otherwise we would have been tortured by now to pay the taxes, foods, and what not. 

Government needs to build road, armies, border protection, money management and endless stuff. So yeah, if they raise it, then it's fine.

Considering the wealthy didn't need and the country couldn't afford to cut taxes when trump pushed for tax cuts for the wealthy, this is long over due.  Instead of getting the deficit under control and starting to pay down the debt during one of the best economic expansions in history, one which trump constantly tried to take credit for as the greatest economy ever, republicans instead looted the treasury and passed tax cuts the country couldn't afford, exploding the deficit back to over a trillion dollars a year during a booming economy and before Covid even hit. 

Those are unrealized capital gains, taxed at a rate of 0%.

Whatever wealth Bezos made in 2020 or in 2021 won't be taxed until he decides to sell his shares. Bezos is 57 years old and he can easily hold on to his shares for another 25 years. And this is also one of the reasons why I have a feeling that these tax cuts will end up targeting mostly the upper middle class. The super-rich can make use of various loop holes, which makes them immune to any of these tax slab changes.   

Just the pendulum swings in the other direction and after the tax cuts by the Republican Trump administration, some tax increases by the Biden administration should follow. Moreover, as far as I remember, this was one of the election promises of the new administration in economic policy. All these great firewalls and restrictions on the freedoms and privacy of citizens can eventually lead to a decrease in the economic activity of citizens. Yet China and the United States have slightly different political and cultural traditions to try to replicate the Asian traditions of government.

China has utilized tax cuts in an effort to boost economic growth for some time now.   



Years back, some said the united states needs a great firewall of china. They said america would benefit by emulating CCP policy. I never agreed with their proposals to build an internet kill switch, great firewall of china. Nor did I agree with plans to implement surveillance or other measures which could infringe upon privacy, rights or freedom.

China's tax cuts however I support 100% wholeheartedly. This is the type of policy the US should pursue and implement to its fullest potential.

I think the best plan Biden di was to roll out plan to vaccine 100 million USA citizens in 100 days. He was so successful to vaccine them in 58 days and not 100. This fact increased USA GDP growth for this year for more then 1%.  If this will continue, USA economy will go back to normal in June.   

IMO it was necessary to include by the current presidency of Joe Biden an increase to the tax. They had not received a significant raise in 30 years. In addition to this, former President Trump reduced taxes in 2017.
The current Coronavirus crisis will make the process difficult but it will be necessary because the country is in debt.

Any resolution in this regard will come into effect from 2022 according to the article.

It's certainly extremely rare, but I wouldn't say no-one. Jeff Bezos made $75bn in 2020, including $13bn in one day.
But of course, as with all billionaires, this isn't money that goes into his bank account. In general the wealth fluctuates considerably, and is based on the company's share price.

I do agree with your statement in general, it's very rare... just thought I should say there are a few people who make that kind of money, even if largely from share price changes. I'd imagine Elon Musk is similar.

This is highly unusual for united states and i am not sure if this kind of taxation would actual go into force because USA has legal lobby system ,this means that goverment could and is paid off to sway their decisions, this is the biggest problems of this country and could mean that taxation of rich wont happen even if everyone besides the rich  want it.

Tax hikes shouldn't target the general population, I mean the current pandemic crippled the finances of many so I think it is bad if that tax hike affects them but it can still work out fine if minimum wage increase is coupled with that tax hike. The best thing that Biden can do is to stop the bombing in Middle East and repeal the rich people favored tax regulations done by Trump and tax the rich people more and reduce military spending.

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.

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.

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  


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.


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.

*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...

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.

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.

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.

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.

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.

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's All Biden has to say.

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.

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.

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.

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.

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

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.

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

And that is how hyperinflation happens...

---

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.


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.


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.

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.

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.

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.

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