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Biden reportedly planning first major tax hike since 1993
Posted on 3/15/21 at 12:12 pm
Posted on 3/15/21 at 12:12 pm
LINKED ARTICLE
President Biden is reportedly planning to include the first major tax hike in close to 30 years in the next economic spending bill set to follow his $1.9 trillion coronavirus relief package.
The next spending initiative — which is expected to be even bigger, costing as much as $4 trillion — won't rely on just government debt as a funding source and could include an increase in both the corporate tax rate and the individual rate for high-income earners.
The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000.
President Biden is reportedly planning to include the first major tax hike in close to 30 years in the next economic spending bill set to follow his $1.9 trillion coronavirus relief package.
The next spending initiative — which is expected to be even bigger, costing as much as $4 trillion — won't rely on just government debt as a funding source and could include an increase in both the corporate tax rate and the individual rate for high-income earners.
The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000.
62
Posted on 3/15/21 at 12:13 pm to texasmason
SHOCKER
Posted on 3/15/21 at 12:13 pm to texasmason
quote:
raising the income tax rate on individuals earning more than $400,000
OT fricked
Posted on 3/15/21 at 12:14 pm to texasmason
Yes
We must crush the producer class who already funds the country
We must crush the producer class who already funds the country
Posted on 3/15/21 at 12:14 pm to texasmason
where else will they get money from to rebuild America that was destroyed in the summer?
Posted on 3/15/21 at 12:16 pm to texasmason
quote:
The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000.
Include, but not limited to...
Posted on 3/15/21 at 12:17 pm to texasmason
There is no way a Democrat raises taxes! FAKE NEWS
Posted on 3/15/21 at 12:18 pm to texasmason
It's about time the rich paid their fair share!
Posted on 3/15/21 at 12:18 pm to texasmason
Ahh yes. Myself as a middle-class citizen cant wait to fund these tax hikes that are only meant for individuals who make over $400,000 a year! 
Posted on 3/15/21 at 12:21 pm to texasmason
Crawfish prices are going to be insane.
This post was edited on 3/15/21 at 12:21 pm
Posted on 3/15/21 at 12:24 pm to texasmason
Money has to come from somewhere...
Posted on 3/15/21 at 12:26 pm to texasmason
Well, he's giving out money like it's candy. Who didn't know this was coming.
Elections have consequences.
Elections have consequences.
Posted on 3/15/21 at 12:27 pm to texasmason
I sent this to a rich liberal I know whose income is over $400,000. His response was “my taxes won’t go up because of all the write offs I’m able to use to bring my income below $400,000”.
Oh the irony there
Oh the irony there
Posted on 3/15/21 at 12:28 pm to texasmason
quote:
The planned changes include: raising the corporate tax rate to 28% from 21%,
This will do wonders for the economy.
Posted on 3/15/21 at 12:28 pm to texasmason
quote:
the corporate tax rate to 28% from 21%,
Good grief.
Posted on 3/15/21 at 12:28 pm to texasmason
Biden isn't planning on anything with a longer horizon than 2pm .... Democrats on the other hand ...
Posted on 3/15/21 at 12:29 pm to texasmason
This is how they are incorporating reparations "silently" without causing backlash from conservatives. They fund it quietly through tax hikes and call it something else. Just watch....you will not hear the term reparations anymore from liberals or the media. They will parse the language to something more innocuous.
Posted on 3/15/21 at 12:29 pm to texasmason
quote:
raising the income tax rate on individuals earning more than $400,000.
You mean the ones that employ those making under $400k? Bold strategy.
Posted on 3/15/21 at 12:32 pm to texasmason
Well of course. The Dims have trained their voters to believe taxation is "Patriotic". 
Shout Out to those who voted for him:
Shout Out to those who voted for him:
Posted on 3/15/21 at 12:33 pm to texasmason
That corporate rate dropped dramatically under Trump and, despite CEO surveys indicating an impressive amount of that savings would trickle down to employees and domestic production/relocation, it never materialized. frick them. Go back to taxing them the way they were (which was higher than 28%).
I think the $400k threshold is too low for increases but really need to see the details to better evaluate (at least it's not the $250k Obama pushed). The wealth gap in this country is problematic, to say the least, but can be somewhat mitigated by a reevaluation of taxation on the very top earners (aka, no one on the OT).
I think the $400k threshold is too low for increases but really need to see the details to better evaluate (at least it's not the $250k Obama pushed). The wealth gap in this country is problematic, to say the least, but can be somewhat mitigated by a reevaluation of taxation on the very top earners (aka, no one on the OT).
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