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The Biden plan for corporate taxes are huge disincentives to businesses - the current business tax is about average for major industrial countries, the proposed would be near the top. This tax increase would impact everyone, including those in the lowest brackets - the table shows lowest 20% effective tax rate goes from 1.1% under current law vs 1.6% under Biden plan. These corporate tax increases have an even bigger impact on investors (and some studies say employees also), those investing have less income and less incentive to save and invest.
Also Biden has a plan to "Equalizing the tax benefits of retirement plans" that will create less incentive to save in a tax deferred retirement account for many.
I was not talking about the capital gains tax rates increasing for the wealthy, but that makes it even worse. The capital gains increases for the wealthy mean that less incentive for them to be invested in US corporations, causing more damage to the economy and additional market drops.
Bottom line is that everyone's taxes increase. But If your main income is investments, when the corporate tax goes up and the economy and stock market drop, your income is reduced more significantly - not just a tax increase. Put that with less incentives to save and the impact increases. That is the reason retirements are impacted more than regular income is.
Taxes are levied on businesses but businesses don’t pay them, their customers and shareholders pay via higher prices and lowered dividends.
I don't understand why people don't realize that our national debt is off the wall! One way or another, somehow this has to be paid down.
The economy, workers, small business are in bad shape. So little tax coming in to pay for everything. I would think, no matter who wins, this debt has to be paid down or Social Security, Medicare and States will all go under.
What do you all suggest could solve this problem? We can't continue like this...
The central banks around the world are all-in for MMT (they have no other choice). Under MMT the level of debt doesn’t matter, only employment, so the plan is to create debt/money as needed to get to “full employment”. Inflation? Create debt to fund UBI payments to offset the price increases. All problems in the financial sector will be solved by more debt.
Oddly enough it seems politicians of all stripes are taking a shine to MMT.
Maybe if it started at $4 million. $400k is too low. We can't increase taxes on the middle class.
Yes you can and the reality is that it’s probably in the future l. What you shouldn’t have been doing is offering tax cuts and expanding the deficit while in an expanding economic cycle
I don't understand why people don't realize that our national debt is off the wall! One way or another, somehow this has to be paid down.
The economy, workers, small business are in bad shape. So little tax coming in to pay for everything. I would think, no matter who wins, this debt has to be paid down or Social Security, Medicare and States will all go under.
What do you all suggest could solve this problem? We can't continue like this...
Trickle down of course. Lower taxes for all. HAHA.
Yes you can and the reality is that it’s probably in the future l. What you shouldn’t have been doing is offering tax cuts and expanding the deficit while in an expanding economic cycle
Sure they can increase taxes — until one day a rope with a funny looking knot is placed around their necks. TPTB know this and the dance continues.
I don't understand why people don't realize that our national debt is off the wall! One way or another, somehow this has to be paid down.
The economy, workers, small business are in bad shape. So little tax coming in to pay for everything. I would think, no matter who wins, this debt has to be paid down or Social Security, Medicare and States will all go under.
What do you all suggest could solve this problem? We can't continue like this...
Yes you can and the reality is that it’s probably in the future l. What you shouldn’t have been doing is offering tax cuts and expanding the deficit while in an expanding economic cycle
Not during a recession.
There's multiple ways to reduce the deficit. The most effective is to reduce spending.
There's multiple ways to reduce the debt. The most effective is to increase our economy so tax revenue increases -- but not as a result of raising tax percentages for the poor... but as a result of raising the overall economy.
Some of these tax proposals could significantly impact many retirements negatively - create disincentive to fund own retirement.
The Biden economic team understands that and agrees with your analysis - it sees that as a "good thing"
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