Biden Plans To Tax The Rich Or Something

Going to the same well again and again

Biden’s tax plan: Eyes on the 1% and corporations like Amazon

Trump’s press secretary opened by saying that “the first night of the Democratic convention left out the fact that Joe Biden would raise taxes on more than 80% of Americans by at least $4 trillion.”

The numbers were slightly off but are true in the broad strokes. According to analysts, Biden’s tax plan would raise “between $3.35 trillion and $3.67 trillion” in the coming decade.

And Biden himself isn’t denying it. He has directly said to high-income earners that “if you elect me your taxes are going to be raised.”

Biden’s increases would “primarily aim at raising taxes on higher earners, raising taxes on corporations, and raising taxes on business and investment income for those higher earners,” says Garrett Watson, a senior policy analyst at the Tax Foundation who has analyzed the candidate’s plans.

Does anyone actually think that Joe is going to raise the taxes of those who donate and vote Democrat? Think Hollywood is going to pay more? How about progressive companies like Amazon and, well, Progressive Insurance? Big companies like NBC, CBS, ABC, Washington Post, NY Times, and LA Times, among others? Or will there be tons of loopholes? It’s the slightly smaller ones that will bear the burden.

Biden’s tax plans have been analyzed by a range of groups, including the American Enterprise Institute to the Brookings Institution. A combination of multiple analyses found that Biden’s plans would mean that the richest Americans would see their taxes go up by 13% to 18%. Americans of more moderate means would also see tax increases, but they have been called “indirect” and amount to a smaller increase: around 0.2% to 0.6%.

In other words, in the Real World, your cost of living will go up, most likely, several percentage points, because the companies that do actually pay higher taxes (and, we can debate large companies and their tax burdens) will pass those on to the consumer.

Biden’s tax plan – if implemented – would slow the pace of economic growth. Watson estimates GDP growth would be reduced by about 1.5% over the long term, and notes that hard conversations will be needed – whoever is president – after the pandemic ends about spending cuts and the “tradeoff when it comes to these tax hikes in the form of reduced growth.”

You know what this will also do? Decrease hiring. If the cost of doing business goes up, something has to bear that burden. And that would be hiring, especially part time, and would also hit potential employee pay. Let’s not forget Democrats want to make the minimum wage $15 an hour, so, yeah, things would be bad for business.

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20 Responses to “Biden Plans To Tax The Rich Or Something”

  1. Elwood P. Dowd says:

    How do we pay for trump’s profligacy? trump ignored the pandemic, which wrecked the economy, and trump spent trillions to keep the economy afloat. Or do you agree with Little Dick Cheney that “Reagan proved that deficits don’t matter”. Or do only Democratic deficits matter? ALL DEFICITS MATTER! LOL.

    During the “greatest economy evuh!” trump has added trillions to the debt by cutting taxes for the wealthy and direct payouts to millionaires, billionaires and corporations. Did he build new infrastructure? No. Enrich America’s human capital? No. Just the opposite.

    trump has “ruled” like a typical GOPher on steroids with a side of asshole.

    TEACH fantasizes that tax increases on the wealthy will cripple the economy. trump cut taxes on the rich and corporations and last quarter the GDP was down 30%.

    Americans should ask themselves, are you better off now than 4 years ago? Do you want four more years of this shit?

    • formwiz says:

      How do we pay for trump’s profligacy? trump ignored the pandemic, which wrecked the economy, and trump spent trillions to keep the economy afloat. Or do you agree with Little Dick Cheney that “Reagan proved that deficits don’t matter”. Or do only Democratic deficits matter? ALL DEFICITS MATTER! LOL.

      The formula is tax and spend. You really think Gropin’ Joe would put that money in the Treasury? But you won’t complain when he spends like the Mocha Messiah.

      During the “greatest economy evuh!” trump has added trillions to the debt by cutting taxes for the wealthy and direct payouts to millionaires, billionaires and corporations. Did he build new infrastructure? No. Enrich America’s human capital? No. Just the opposite

      Actually he has been building new infrastructure which you’d know if you ever stuck your face out of Mommy’s basement.

      As for enrich America’s human capital, what little boondoggle does that represent?

      trump has “ruled” like a typical GOPher on steroids with a side of asshole.

      Translation: The convention’s going over worse than even the Conservative writers say.

      TEACH fantasizes that tax increases on the wealthy will cripple the economy. trump cut taxes on the rich and corporations and last quarter the GDP was down 30%.

      Again, the IRS will tell you tax increases always stifle an economy, but Jeffery gets his economic data the same place gets it for global wahoo.

      Americans should ask themselves, are you better off now than 4 years ago? Do you want four more years of this shit?

      Yeah, he knows the Demos are sinking by the bow.

      BTW see the pic of Willie with one of Epstein’s sex slaves?

  2. gitarcarver says:

    trump ignored the pandemic,

    Except he didn’t.

    trump spent trillions to keep the economy afloat.

    The House controls the purse strings – not the President.

    Did he build new infrastructure?

    The money saved at the local level enabled states and municipalities to embark on infrastructure improvements.

    Americans should ask themselves, are you better off now than 4 years ago?

    Most people would say absent the pandemic which was made worse by those of your political ilk, they were better off.

    Polls before the pandemic confirmed that.

    You and your ilk hate Trump because all the left has is hate.

    • Elwood P. Dowd says:

      What level of hate does it take to do nothing as over 170,000 Americans die?

      Any and all trump supporters are hateful, cruel, asses who have no understanding of American ideals.

      OustTrump2020: He’s Turning America into a Shithole.

      Americans should ask themselves, are you better off than you were 4 years ago?

      • formwiz says:

        You tell us because the black lives taken by urban violence in Democrat cities is on your hands, not ours.

        You hate American ideals – personal freedom, responsibility, honesty, loyalty.

        Americans should ask themselves, are you better off than you were 4 years ago?

        Of course. The slaves finally moved out of Our House.

      • gitarcarver says:

        What level of hate does it take to do nothing as over 170,000 Americans die?

        Why don’t you ask Democratic leaders as they were the ones who would not fund unemployment benefits as Trump wanted. They were the ones who refused to give liability waivers for manufactures on respirators as Trump wanted. They were the ones who shut down factories that could have produced PPE. They were the ones who refused to waive the taxes on medical devices as Trump wanted. They were the ones who attacked Trumps ban on immigration from countries where the virus was prevalent.

        Maybe you should be asking why the hatred of the left extended to people in nursing homes and rehab centers. Maybe you should ask why after Trump recommended masks, they said “masks, smacks.”

        Maybe you should ask yourself why you said you would never respond to me again, and yet here you are.

        I know that all the left has is hate, but it seems that hatred extends to not keeping your word and promises.

        Americans should ask themselves, are you better off than you were 4 years ago?

        Absent of the Democratic policies and attacks that led to the spread of the virus, polls indicated people believed they were better off.

        The hatred of the left is so deep that they are willing to attack Americans, American rights, the happiness of Americans, and the American economy.

        Hate is all the left has.

  3. formwiz says:

    Couple of points about the Demo-induced panic.

    First, the markets are back. The recession that was supposed to last into next year is done.

    Also confirms the start of a new bull market.

    Second, if you want to know how the economy is really doing, look at new home starts. U.S. homebuilding picked up for a third straight month in July. Housing starts increased by 22.6%.

    Looks like all that Trump hate is going to waste.

    Wah wah.

    PS Demo convention is a huge flop. Ratings are down 25% over 4 years ago.

    • Kye says:

      Just wanna add a couple personal anecdotes. First, we received our $100,000 gift from Pennsylvania this morning. Maybe next time you’ll quarantine the sick instead of illegally closing peoples businesses and killing jobs. Normally, the sick are quarantined and the healthy go about their business. Unless Democommie idiots are running the show.

      Second, I contacted a real estate agent about selling our home because we really need to move to a smaller abode. Too much house, too much land, too much swimming pool and way too much square feet. He came this morning for a sit down. I had figured my house for a very healthy figure based on the estimates from Zillow, Realtor.com and others. The real estate guy told me we can get over $100,000 more for it than they estimated and said the demand to “escape Philadelphia” has made my location super desirable and that he would personally buy it if he couldn’t sell in 30 days.

      My wife of course, hearing that decided she wants to stay until spring I guess feeling we should wait for the market to drop as usual. Her RE timing is notoriously bad. I was ready to move this weekend.

      Trump 2020 Save our Real Estate values and our American values.

      It was not the “fascist” Trump who said this, but The Messiah himself Blessed be his name.

      “We cannot continue to rely only on our military … we’ve got to have a civilian security force just as powerful, just as strong, just as well-funded. We cannot continue to rely only on our military in order to achieve the national security objectives we’ve set.”

      What national security objectives?

      The Animal and Plant Health Inspection Service spent $4.77 million purchasing shotguns, 7.62mm caliber rifles, night-vision goggles, propane cannons, liquid explosives, pyro supplies, buckshot, LP gas cannons, drones, remote-control helicopters, thermal cameras, military waterproof thermal infrared scopes and more.

      The SBA loaded up their arsenals with Glock pistols. The Fish folks spent approximately $410,000 on their Glocks and rifles and modified their Glocks with silencers.

      The Department of Health and Human Services was outfitted with sophisticated weaponry normally carried by Special Forces, stored at an undisclosed location.

      Others include:
      Department of Energy: approximately $50,000 worth of M-16 fully automatic rifles
      General Services Administration: approximately $16,000 in shotguns and Glocks
      Bureau of Reclamations: approximately $697,000 for firearms and ammunition
      EPA: almost $70,000 for ammunition
      Smithsonian: approximately $42,500 for ammunition
      Social Security: approximately $61,000 for ammunition
      $426,268 on hollow-point bullets, including orders from the Forest Service, National Park Service, Office of Inspector General, Bureau of Fiscal Service, as well as Drug Enforcement Administration, U.S. Marshals, and U.S. Immigration and Customs Enforcement. The latter three, sure, but the Forest Service, National Park Service, and Inspector General’s Office?
      Bureau of Engraving and printing: approximately $100,000 on firearms
      U.S. Mint: almost $180,000 for ammunition
      Bureau of Fiscal Services: approximately $672,000 on ammunition and firearms
      Department of Agriculture: $1.1 million for weapons and ammunition
      We are now seeing anarchist groups like Antifa, BLM, and others carrying nice weaponry. Just look at a recent photo of a CHAZ resident with his tricked-out AR-15 or M-16.
      There are now several left-wing gun clubs such as the Socialist Rifle Association, Huey P. Newton Gun Club, Trigger Warning Queer & Trans Gun Club, and the John Brown Gun Club, with the last one often asked to provide security around the Seattle area for protests and rallies.

      We now know that Obama and Holder set up selling guns to the Mexican drug cartels in what is known as Fast and Furious.

      Perhaps it is high time that the president orders a detailed inventory and audit of these weapons and ammunition. If anything is missing, where is it? Also, has any of these weapons been used in any known crimes?

      Most have probably forgotten about Obama’s aforementioned statement and his subsequent unusual purchases for odd agencies, but maybe we had better wake up and take a look around before it is too late. The radical left may be arming itself to kill us at our own expense.kk

      • Dana says:

        This twitter thread started by Heather Long, the economics reporter for The Washington Post, goes into your point on real estate and people fleeing the major cities.

        • Elwood P. Dowd says:

          In the same Heather Long thread:

          Heather Long
          @byHeatherLong
          ·
          Aug 17
          Janet Yellen to me last wk: “The stock market isn’t the economy. The economy is production and jobs, and there are shortfalls in virtually every sector.”

          “Individuals and businesses are not going to make it through this unless they get grants, and only the fed’l gov can do that”

          So the gov’t is spending TRILLIONS help businesses and individuals “make it”.

          If our leaders were smart and strong they would have been more prudent during the “greatest economy evuh!” and not run the national debt up to help the rich get richer. But elite cons care little about the middle class except for their votes which they encourage with their hatred.

          DumpTrump2020: Four Years Were Just Too Much!

          • formwiz says:

            Just shows what an ass Janet Yellen was. The markets are a barometer of the health of the economy.

            So the gov’t is spending TRILLIONS help businesses and individuals “make it”.

            You keep telling lies. You think if a bill isn’t passed, the money’s still spent?

            You are an idiot.

            If our leaders were smart and strong they would have been more prudent during the “greatest economy evuh!” and not run the national debt up to help the rich get richer. But elite cons care little about the middle class except for their votes which they encourage with their hatred.

            From what you belch and what Zippy and Gropin’ Joe proposed, you don’t care at all about the middle class. You want to destroy the ‘burbs and the people there.

            Checkpoints in inner cities to keep the “savages” from lily white suburbs? That’s what you think of the middle class, not to mention most of the blue collars (who also live in the ‘burbs).

            You have to stop getting all salivated at the idea of destroying all those lily white suburbs.

            It gives you away every time.

            Wah wah.

    • Elwood P. Dowd says:

      The Fed pumped TRILLIONS in the market. Limited government!

      If tRump didn’t want Congress to appropriate TRILLIONS to save “his” economy, his boy Moscow Mitch would have blocked it. Limited government!

      Did corporations cut their prices with their massive tax cuts? Yeah right. They rewarded shareholders and execs as expected.

      The biggest con job in American history is the belief that tax cuts for the rich stimulates economic growth. This myth certainly serves the wealthy well.

      What states are the most economically healthy? LA? MS? AL? OK? AR? Hardly.

      Should we continue to “print” money to prop up trump’s failing economy? Yes, actually we should, American workers require it now. Cruel, anti-American connies kept America from adequate stimulus in 2009, willing to cruelly kick Americans in an effort to make President Obama a one term executive.

      What is tRump running on this time? He keeps making sounds but doesn’t say anything. More tax cuts? Finally build that wall? Checkpoints in inner cities to keep the “savages” from lily white suburbs? Deport Muslims? Mexicans? What are tRump’s big plans for the next 4 years?

      The world now pities America.

      • formwiz says:

        It does? Sure doesn’t look like it. Trump just polished off a big accord between the Emirates and Israel and more Arab countries are interested.

        Countries that are pitied don’t have that kind of pull.

        If tRump didn’t want Congress to appropriate TRILLIONS to save “his” economy, his boy Moscow Mitch would have blocked it. Limited government!

        Well, then why were whining that there would be no bill? Pelosi Galore held it up and Trump called her bluff.

        Can’t have it both ways and the markets saved themselves with all of those red states following suit. The only people in trouble are the ones in the Blue Forbidden Zone.

        That’s on you.

        The biggest con job in American history is the belief that tax cuts for the rich stimulates economic growth. This myth certainly serves the wealthy well.

        remember George Mitchell and his tax on the rich? Big flop.

        What states are the most economically healthy? LA? MS? AL? OK? AR? Hardly.

        Sure ain’t NY, Jersey, PA, MI, and CA.

        Should we continue to “print” money to prop up trump’s failing economy? Yes, actually we should, American workers require it now. Cruel, anti-American connies kept America from adequate stimulus in 2009, willing to cruelly kick Americans in an effort to make President Obama a one term executive.

        you are funny.

        Zippy had supermajorities in Congress. Nobody kept him from nothing. So you lie (yawn) yet again.

        What is tRump running on this time? He keeps making sounds but doesn’t say anything. More tax cuts? Finally build that wall? Checkpoints in inner cities to keep the “savages” from lily white suburbs? Deport Muslims? Mexicans? What are tRump’s big plans for the next 4 years?

        Wall’s being built. Mexicans here are the ones who belong here. The Demos have to run on the riots. And your racism is showing. The savages are white, many of them.

        And Gropin’ Joe’s plans are? More Zippy. More stagnation. More illegals. More taxes.

        That was voted out last time.

  4. Dana says:

    Our esteemed host wrote:

    Does anyone actually think that Joe is going to raise the taxes of those who donate and vote Democrat? Think Hollywood is going to pay more? How about progressive companies like Amazon and, well, Progressive Insurance? Big companies like NBC, CBS, ABC, Washington Post, NY Times, and LA Times, among others? Or will there be tons of loopholes? It’s the slightly smaller ones that will bear the burden.

    Businesses have to pass their expenses on to their customers in the end products, or they go out of business. The Democrats manage to increase taxes on major corporations, and the major corporations will raise their prices. Then the left will combitch about how corporations are price gouging, and the Democrats need to do something about it, without ever realizing that the Democrats caused it. And they won’t realize it because the left are economically ignorant; if they weren’t, they wouldn’t be leftists!

  5. formwiz says:

    For those who need a good laugh (not that Jeffery ever fails to provide a few), a commentary on Willie Whitewater’s speech for tonight.

    Willie: Just one thing never changes — his determination to deny responsibility and shift the blame. The buck never stops there.

    DC: And that “deny responsibility and shift the blame” thing? You do remember your infamous “I did not have sex with that woman— Ms. Lewinsky” denial, right? And Hillary condescendingly blaming it all on a “vast right-wing conspiracy”? None of that aged well, did it?

    PS My God, he looks awful. I wonder if all those revelations about Sex Slave Island (see the pics with the slave girl rubbing his neck?) are getting to him.

    I said 4 years ago Olivia de Havilland looked better at 100 than he did at 70. I’ll bet she still looks better.

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