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re: Here are the massive tax increases coming your way in a second Biden term
Posted on 4/16/24 at 5:42 pm to wutangfinancial
Posted on 4/16/24 at 5:42 pm to wutangfinancial
quote:
Non of that would pass
It'll be tied to riders to support the elderly. They will pass these tax increases or old people will starve to death.
0
Posted on 4/16/24 at 5:43 pm to DaBike
quote:
The increased cost to business will just get passed on to the consumer and could result in job loses.
Ya think? Not just job losses- businesses shutting down. When people have less money, they spend less money. When people spend less money, businesses make less money. When businesses make less money, on top of increased costs- they shut down. No customers, no business. No business, no jobs. No jobs, no tax revenue. It doesn’t take a genius to figure this out. When faced with a deficit, you have two options. Make more money, or spend less money. That’s it. Increasing taxes (on the middle class) looks good on paper. It doesn’t translate well into reality. I sincerely hope that BigScrub is right, when he says this won’t happen. But, if the past few years are any indication of the future- I think it’s time to stop trying to apply logic and reason to the decisions made by our overlords.
Posted on 4/16/24 at 5:52 pm to Big Scrub TX
None of that will pass..,
Then wonders why they end up paying more taxes under the guy who wants to raise taxes.
Then wonders why they end up paying more taxes under the guy who wants to raise taxes.
Posted on 4/16/24 at 5:55 pm to wutangfinancial
It won't pass as written but they'll negotiate it down to something still awful but less drastic.
Posted on 4/16/24 at 5:56 pm to RogerTheShrubber
quote:
Theyre coming despite the President.
Its inevitable. This is what decades of deficit spending lead to.
Democrat voter? This is how all my Democrats respond when they get caught on a subject they can't defend.
Posted on 4/16/24 at 6:10 pm to wareaglepete
quote:
If this crap were to pass you might be better off just forming a C-corp and calculating your profit at the end of the year and pay yourself owners comp to get net income of the corp to zero. Then, your personal taxes would still be lower than that craziness.
yeah this is crazy pills. i would meet with my CPA and devise a plan. who woulda thunk double taxation might be better?
Posted on 4/16/24 at 6:29 pm to djmed
This would be hilarious. People are fed up with the nonstop grift of Ukraine and high arse inflation.They might would have a legitimate revolt on their hands if this were to pass.
Posted on 4/16/24 at 6:32 pm to fwtex
quote:
Democrat voter? This is how all my Democrats respond when they get caught on a subject they can't defend.
They're going to tax the shite out of you, without some economic collapse first.
Regardless of the President, when the Obama/Trump/Biden war of economic terrorism is over, they'll be stuck with a massive problem.
Posted on 4/16/24 at 6:37 pm to djmed
quote:
You know they expire in a year.
So this is Trump’s doing. His “tax cut” had an expiration date.
Thanks, Trump.
Posted on 4/16/24 at 6:39 pm to dgnx6
quote:
None of that will pass..,
Trump signed the tax increase bill into law years ago. This is not a democratic bill.
Posted on 4/16/24 at 7:15 pm to TBoy
quote:so did Dubyas
So this is Trump’s doing. His “tax cut” had an expiration date.
who was more responsible for the explosion in US debt, the guy who started the tax cuts or the guy who extended them when they were about to expire?
Posted on 4/16/24 at 7:26 pm to djmed
quote:
California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%.
Like we don’t have enough problems out here. Let’s just crater the economy a little more. What could possibly go wrong as the rubes have been convinced that we can tax ourselves into prosperity?
Posted on 4/16/24 at 7:29 pm to djmed
quote:”Millionaires and billionaire business owners”.
Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.
Posted on 4/16/24 at 7:31 pm to Fat Bastard
quote:Dude. It’s like one full up for your corporate jet. Why do you hate poor people?
frick this POS. I file as a S corp
This post was edited on 4/16/24 at 7:32 pm
Posted on 4/16/24 at 7:35 pm to Torqued Pork
quote:
how much tax the Big Guy paid while he was selling out America.
<0
Posted on 4/16/24 at 7:47 pm to djmed
quote:
Biden would increase the corporate income tax from today’s 21% to 28%.
You think inflation is bad now? Wait til all these greedy companies pass this 7% increase on to you. Because that’s how this will get sold to the useful idiots.
Posted on 4/16/24 at 8:19 pm to Prodigal Son
quote:I'm not voting for Biden. That has nothing to do with anything.
So, you’re willing to risk it? Voting for Biden?
Posted on 4/16/24 at 10:37 pm to RogerTheShrubber
quote:
Not enough. We're in way too deep for that.
In what way, exactly? Economic expansion with a pause in spending (I know, BS) ….expanding the economy is a far better way of handling this.
Now, the bullshite way is to bring in illegals and spend govt money to artificially expand the economy to make it look better on the books.
We aren’t too deep in anything yet. We do need to get our act together. But don’t act like our debt problem is any way near China’s. China's debt to gdp ratio is atrocious..twice as bad….and that’s the numbers they report.
Posted on 4/16/24 at 11:02 pm to djmed
It goes without saying that there should not be a second Biden term.
Posted on 4/17/24 at 6:05 am to djmed
quote:
Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.
*Plus sales tax.
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