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Biden Poised to Raise Taxes
on Business and the Rich

Original Article

Posted By: NorthernDog, 3/27/2021 5:01:06 PM

WASHINGTON — Democrats have spent the last several years clamoring to raise taxes on corporations and the rich, seeing that as a necessary antidote to widening economic inequality and a rebuke of President Donald J. Trump’s signature tax cuts. Now, under President Biden, they have a shot at ushering in the largest federal tax increase since 1942. It could help pay for a host of spending programs that liberal economists predict would bolster the economy’s performance and repair a tax code that Democrats say encourages wealthy people to hoard assets and big companies to ship jobs and book profits overseas.


Dems are salivating over tax increases like a Mastiff eyeing a porkchop.

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Reply 1 - Posted by: Hermit_Crab 3/27/2021 5:15:04 PM (No. 736941)
Businesses don't pay taxes. Their customers do, through increased prices.. And unless those businesses are selling yachts, private jets, exotic cars, mansions and that sort of thing, most of their customers are poor and middle class, so that is who is actually paying the biden (harris) [0bama] taxes. And the truly rich don't pay taxes either. They hide their wealth in 'Foundations' .
19 people like this.

Reply 2 - Posted by: bpl40 3/27/2021 5:19:07 PM (No. 736944)
"Businesses and rich?" Hasn't that trick already been tried once too often? It is a race between their shamelessness and our stupidity.
13 people like this.

Reply 3 - Posted by: privateer 3/27/2021 5:23:27 PM (No. 736946)
So tax the earnings of Jeff Bezos and his ilk at 90%, the way Britain taxed the Beatles. And as for foundations, how about 10% per year on holdings at the end of every tax year. That way, if they spent it on what they pretended they would---I'm looking at you slimeball Klintoons!---the tax burden would be much less.
6 people like this.

Reply 4 - Posted by: captainern 3/27/2021 5:27:59 PM (No. 736950)
good luck with that, jojo i dont think you have a chance in hell of getting these rich sob's to pay anything extra
7 people like this.

Reply 5 - Posted by: paral04 3/27/2021 5:47:51 PM (No. 736953)
Raising taxes has never raised the economy. The politicians throw away the money on useless projects. We have had many increases in my lifetime and our roads and bridges have never been touched, our public transportation is disgraceful and schools politicized by politicians dangling money over the administrators heads. Public Universities will open the doors to more foreign students who will steal our ideas to use against us when they get home while our elected officials become more obnoxious and richer.
11 people like this.

Reply 6 - Posted by: Venturer 3/27/2021 5:54:46 PM (No. 736957)
The rich=anyone making over $50,000 a year.
10 people like this.

Reply 7 - Posted by: udanja99 3/27/2021 6:25:51 PM (No. 736978)
It’s the old question which Clinton blew off when it was asked of him... Joe, can you name a single country which has taxed itself into prosperity?
7 people like this.

Reply 8 - Posted by: stablemoney 3/27/2021 7:45:31 PM (No. 737016)
Businesses are already raising their prices in anticipation. The rich intend to wait until Biden is gone before selling anything, and buying ranch land. Gates has already put his money out of reach of the Democrats.
7 people like this.

Reply 9 - Posted by: montwoodcliff 3/27/2021 8:42:29 PM (No. 737045)
Sure, voters are for raising taxes as long as it’s not on them! And if you think the rich are going to pay an increase on their taxes, you have another guess coming. Why do you think there are all those foundations supporting PBS? Those below the ultra-rich class and just plain rich, have their little foundations too. Everybody else that don’t have the wherewithal to set up a tax dodge (perfectly legal under the tax code) will get stuck.wait for the full reinstating of the deduction for mortgage interest and property tax. That’s how Trump taxed the rich. Those were limited to a total of $10,000. We don’t need this $4 trill giveaway, but how do you stop it. After all, it’s the other guy paying for it.
4 people like this.

Reply 10 - Posted by: downnout 3/27/2021 9:25:00 PM (No. 737069)
It’s been years since my Econ classes but I’m pretty sure we covered the topic of how businesses calculate product costs. Anyone who thinks businesses pay taxes probably believes in the tooth fairy, too.
6 people like this.

Reply 11 - Posted by: formerNYer 3/27/2021 9:44:48 PM (No. 737078)
Recession and inflation just in time for the 2022 midterm and 2024 elections.
4 people like this.

Reply 12 - Posted by: TCloud 3/27/2021 11:13:27 PM (No. 737115)
A ten dollar loaf of white bread yippee skippee!
2 people like this.

Reply 13 - Posted by: JimBob 3/27/2021 11:16:36 PM (No. 737116)
I seem to recall that President Trump pushed through tax cuts that brought Trillions of dollars back to the USA from the overseas locations where 'The Rich' had parked it to avoid USA taxes. Biden reversing those tax cuts will just send that money back overseas. The 'Rich' have people on their staff who are paid to set things up to minimize they taxes they pay. As Venturer (#6) said, 'The Rich' are redefined as every working person who makes over $50K. I would wager those 'calculations' that the new taxes will 'increase revenue by $XXX' neglect to take into account the changes in activity that those taxes will drive. The old saying holds true: "If you want Less of something, Tax it."
4 people like this.

Reply 14 - Posted by: Proud Texan 3/28/2021 3:14:42 AM (No. 737207)
This is the same wonderful policy that kept the Great Depression going until WWII snapped the U.S. out of it. The difference this time is that our "leadership" fully intends to lose any war.
1 person likes this.

Reply 15 - Posted by: NotaBene 3/28/2021 3:20:23 AM (No. 737211)
The increase in capital gains taxes will be devastating. Marx and Biden are idiots.
2 people like this.

Reply 16 - Posted by: franq 3/28/2021 7:29:28 AM (No. 737261)
Zhoa Xiden is not "poised" to do anything. There is an oligarchy running things. We all know that.
2 people like this.

Reply 17 - Posted by: zephyrgirl 3/28/2021 9:55:31 PM (No. 737920)
You can only tax people. Every tax increase finds its way to people either directly or indirectly. Any tax increase will hit the middle and lower classes, either through higher prices, lower wages, fewer jobs, inflation, a slower economy, and so on.
1 person likes this.

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