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The corps did what the tax allowed them to do, and its wasn't to Help its employees or the overall economy as originally proposed.
Its my limited understanding that When doing federal budgets they do a five year look ahead (forecast) to see what each entity ( corporate), Individual, are averaging in PAY in to the Taxes. The Corporate tax reduction itself took 15% a way from the Govt spending Which was already to be in the budget.
Unsure Biden can UNDO this though. It was listed as a three part transistion of tax to corporate - Tiers based on capita.
So Biden wants to bring it (corporate tax) back less than halfway to where it was before 2017. There wasn't a huge impact when it went down, so i doubt it will be a noticeable impact when it goes partway back.
The individual tax cuts of 2017 are scheduled to disappear at the end of 2025 anyway. Biden would end it sooner for wealthy people. Cry me a river.
Well you knew it was coming, tax and spend liberal democrats can't help themselves. Someone has to pay for all the spending Joe Biden, Pelosi and Schumer have planned.....
Hate to say it but we have to increase taxes to try to lower our ginormous deficit. I wish they would attempt to cut spending but no one seems to have a stomach for that (except a few weirdos like me). Frankly we need a massive tax hike across all income groups especially targeting high income.
So Biden wants to bring it (corporate tax) back less than halfway to where it was before 2017. There wasn't a huge impact when it went down, so i doubt it will be a noticeable impact when it goes partway back.
Again, that's false.
Receipts from corporate income taxes, the third-largest source of revenues, increased by $26 billion (or 12 percent) in 2019.
So it's now Biden's fault for not (yet) undoing Trump's tax changes? Interesting logic.
That would be on a case by case basis, but in this case, yes. A tax bill is a package deal.
Taxes and deductions usually balance each other out so that the change is not too drastic to any one group. Trump cut our tax rates, which was good, but it was balanced out by the loss of the SALT deduction. They were done in conjunction on purpose.
If you reverse one part without reversing the other, that is a double whammy. Now you are raising the tax rates AND keeping a cap on the SALT deductions. Of course, it will hurt the residents of blue states a lot more than red states, so Biden probably feels like he can get away with leaving it out, without anyone saying anything.
Hopefully, his own party puts pressure on him to remove the cap.
12% is a HUGE year over year increase in tax revenues.
That is nice that the revenue went up, but more importantly did the tax cuts pay for themselves like the administration promised? Did we get that supercharged GDP growth we were promised?
That would be on a case by case basis, but in this case, yes. A tax bill is a package deal.
Taxes and deductions usually balance each other out so that the change is not too drastic to any one group. Trump cut our tax rates, which was good, but it was balanced out by the loss of the SALT deduction. They were done in conjunction on purpose.
If you reverse one part without reversing the other, that is a double whammy. Now you are raising the tax rates AND keeping a cap on the SALT deductions. Of course, it will hurt the residents of blue states a lot more than red states, so Biden probably feels like he can get away with leaving it out, without anyone saying anything.
Hopefully, his own party puts pressure on him to remove the cap.
We'll see, I suppose. I'm inherently skeptical of these "a source familiar with the matter" stories. The proof is in the pudding.
He wants to raise the corporate tax rate for 21% to 28%. Corporations are not people. They pass along those costs to us. That will mean increased prices to pay for that tax. We pay the tax. Everyone pays that tax. Do you understand that is a tax hike on everyone? So yeah that is a problem.
Hmm. Did the corporations pass the savings when their taxes were dramatically reduced a couple years ago? It's not as clear cut as you make it sound.
And that’s why it’s only where it starts. In order to fund all the socialist programs the left wants, they will have to reach deep down into the tax brackets. Families earning $100k and managing in LA, Chicago, Boston, DC, NY, and other major cities will find their taxes going up eventually, too.
At the same time, those on public welfare programs will enjoy increased benefits. That means that the gap between hard-working Americans and those on the government dole will shrink. Equity!
Right on. I always figure when they say they will tax " rich people" they mean anyone with a job.
Makes me wonder though, with the dems' pipe dreams of guv'mint sponsored guaranteed minimum income for all ( or most),
the better to put the kabosh on any initiative for getting out there and earning a living from one's own efforts and hard work, where do the dems figure they'll collect that tax money to fund all those free goodies?
They don't. They don't think that far ahead. And any fallout from their actions are always someone else's fault.
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