Joe Biden Preparing Tax Hikes On Wealthy

[Gagaloo911 12,959]

Now make it happen! 

[Emvee 8,870]

2 hours ago, Economy said:

@E Z saw ur reaction to comment... this is totally random but this is literally the cutest avi ever

thanks pal

[Judas Society 3,602]

Genuine question tho, taxing the rich may even mean goods prices will get hiked up as well? Even if there are laws controlling price of goods, but the rich will find ways to cover their tax losses by earning money from consumers? Sorry if my questions are stupid.

[homomo 23,883]

The fact that the rich in America pay less tax than the poorest in my country sends me 

All income here is taxed at 20% up to €35,000 then absolutely anything above that is taxed at 40%

But there’s also additional taxes for social welfare things. You pay an additional 1% on the first €8000, 2% on the next €12,000, 4% on the next €40,000, then 8% extra on anything after that

So any income after €60,000 is taxed at 48%

[MJHolland 12,725]

1 hour ago, Judas Society said:

Genuine question tho, taxing the rich may even mean goods prices will get hiked up as well? Even if there are laws controlling price of goods, but the rich will find ways to cover their tax losses by earning money from consumers? Sorry if my questions are stupid.

Probably not if you're considering the personal taxes here. Corporate taxes maybe, but those corporations usually find loopholes to avoid the taxes altogether before they pass the cost to consumers. 

[AJRocketMan 2,684]

Sounds too soft. There needs to be more tax brackets. 7 isn’t enough. The 1950’s had over 20.

[thehanyo 4,251]

Would the 400k be for individuals, not married couples filing jointly?

[bionic 50,112]

23 minutes ago, thehanyo said:

Would the 400k be for individuals, not married couples filing jointly?

Household income

[Economy 53,171]

11 hours ago, Judas Society said:

Genuine question tho, taxing the rich may even mean goods prices will get hiked up as well? Even if there are laws controlling price of goods, but the rich will find ways to cover their tax losses by earning money from consumers? Sorry if my questions are stupid.

@MJ Holland

 

Taxes on Corporations would have this effect yes thats why im not personally a big fan of trying to tax corps too much. Close loop holes and raise rates to a fair level so everyone pays their fair share but dont look to Corporations as the main way to target wealth inequality

 

Not only would taxes likely just get passed on to consumers but everyday ppl own Corporations too because they are public. Even if a person doesnt buy them directly their pension funds do. So even if Corporations absorb some of the cost thru lower profits and dont pass ALL of it on to products it still affects everyday ppl

 

Theres also global competitiveness to consider

 

Taxes on the rich individuals themselves tho is a different story. That will have little to no impact on business that riples down. So something like higher income tax brackets or higher capital gains taxes is not something to worry about impact on consumers. This is better tax for fighting wealth inequality

[Luc 4,776]

And even better news: the Biden administration is hoping to negotiate an international minimum corporate tax rate of 12%  

It's like politicians all around the world implicitly agree to raise taxes on the wealthy and big businesses, race to the top instead of a race to the bottom.

[MJHolland 12,725]

4 minutes ago, Economy said:

@MJ Holland

 

Taxes on Corporations would have this effect yes thats why im not personally a big fan of trying to tax corps too much. Close loop holes and raise rates to a fair level so everyone pays their fair share but dont look to Corporations as the main way to target wealth inequality

 

Not only would taxes likely just get passed on to consumers but everyday ppl own Corporations too because they are public. Even if a person doesnt buy them directly their pension funds do. So even if Corporations absorb some of the cost thru lower profits and dont pass ALL of it on to products it still affects everyday ppl

 

Theres also global competitiveness to consider

 

Taxes on the rich individuals themselves tho is a different story. That will have little to no impact on business that riples down. So something like higher income tax brackets or higher capital gains taxes is not something to worry about impact on consumers. This is better tax for fighting wealth inequality

Yeah the latter is absolutely a better tax system if your goal is to lower inequality. 

I too am more concerned about ending corporate tax loopholes in the US. Right now you basically have economies of scale when it comes to the IRS lol. The biggest corporations, like Amazon, have the means to hire an army of tax lawyers so they get to pay nothing in federal corporate income tax, while mom and pop LLCs and smaller businesses pay the lion’s share of corporate tax revenue. 

But yeah, corporate tax would do nothing to systemically change inequality. It’s mostly red meat to progressives. But at the end of the day, this is probably something the Biden admin will put on the negotiating table to pass something more substantial like min wage. Oh Joe Manchin, you don’t wanna vote on higher taxes? Well great then you better get behind min wage or else we’ll make this tax plan our top priority instead >:)

[PartySick 175,009]

Biden said

 

[Economy 53,171]

7 hours ago, Luc said:

And even better news: the Biden administration is hoping to negotiate an international minimum corporate tax rate of 12%  

It's like politicians all around the world implicitly agree to raise taxes on the wealthy and big businesses, race to the top instead of a race to the bottom.

That would be great cuz it would at least help stop offshoring

 

I always thought corporate taxes should have a global minimum so everyone doesnt have to compete with the lowest rates possible to stay competitive