Biden will today announce 7% corporate tax
hike to 28% - the largest jump since the 90s -
and 'target profits in tax havens' to raise
$2TN for his huge climate-friendly
infrastructure proposal
Daily Mail (UK) & Associated Press,
by
Katelyn Caralle
&
Staff
Original Article
Posted By: Imright,
3/31/2021 8:49:25 AM
President Joe Biden will unveil Wednesday his long awaited Build Back Better initiative, an infrastructure and social welfare plan with an expected price tag of more than $4 trillion that will be mostly funded by corporate tax hikes.Biden expects the nation's corporations to pay for $2 trillion in reengineering infrastructure in the midst of an economically and financially devastating pandemic.The plan will include a 7% corporate tax hike – the largest increase since the 1990s – from the current rate of 21%.The White House released a fact sheet stating: 'The President's tax plan will ensure that corporations pay their fair share of taxes
Reply 1 - Posted by:
bpl40 3/31/2021 9:00:47 AM (No. 740371)
Isn't Congress supposed to have the sole authority to tax - at least according to CJ John Roberts!
33 people like this.
Reply 2 - Posted by:
ronbet 3/31/2021 9:00:49 AM (No. 740372)
I didn't think the President, or one acting as president, could make tax law. Who knew?
36 people like this.
Reply 3 - Posted by:
planetgeo 3/31/2021 9:02:10 AM (No. 740378)
When will people catch on that corporations do NOT pay ANY taxes...YOU pay their taxes when they increase their prices. Actually diabolically brilliant strategy by the criminal Democrats. Pretend they are socking it to those evil capitalist corporations, knowing full well that it's us suckers who will really be paying for it.
48 people like this.
Reply 4 - Posted by:
reefdiver 3/31/2021 9:14:45 AM (No. 740389)
Watch as profits and jobs move overseas.
31 people like this.
Reply 5 - Posted by:
Sanchin 3/31/2021 9:16:58 AM (No. 740395)
Americans are beginning (it is a very slow start) to wake up to the fact they are NOT free. The "privilege" to live here [excluding those who have "special" status as immigrants (outside the legal pathway) and "refugees"] are going to find out very quickly the cost of being an American citizen is increasing rapidly just like inflation. And just like inflation, the underlying asset (citizenship) is losing its value.
19 people like this.
Reply 6 - Posted by:
Plex 3/31/2021 9:18:34 AM (No. 740399)
Where does Biden think that tax money comes from? Printer in the basement? Every dime a corporation has comes from you the customer.
22 people like this.
Reply 7 - Posted by:
Venturer 3/31/2021 9:21:42 AM (No. 740405)
Is this his proposal to Congress or has he taken it upon himself to take over the job of Congress and just make Royal Edicts from the King?
23 people like this.
Reply 8 - Posted by:
DVC 3/31/2021 9:22:47 AM (No. 740408)
Undoing the good things done for the economy by the last administration.
They absolutely insist on wrecking the economy. Massive numbers of low skill workers and huge increases in corporate taxes will be a double whammy on the economy, and the job market, the best in half a century under Trump will be in the toilet soon.
23 people like this.
Reply 9 - Posted by:
Xokie2 3/31/2021 9:23:39 AM (No. 740410)
Strange how bad news reporters are at math. It is not a 7% tax increase; that doesn't sound so bad, does it? It is a seven percentage point raise which is a 33% raise in the tax rate.
28 people like this.
Reply 10 - Posted by:
weirdone 3/31/2021 9:27:00 AM (No. 740416)
Welcome to the financial future you have voted for, my liberal friends!
The National Debt is 27.8 Trillion dollars as of 1:00 PM 1-21-2021. That is $222,191.00 per tax payer. The U.S. GDP was estimated to be 21.3 trillion in 2020, the latest figure available. The debt is now 6.5 trillion dollars more the than the entire economic output of the country, and will only grow with increased job and business losses.
The Treasury Department and the Fed are still practicing " Quantitative Easing," with interest rates below 1%. The Fed is buying Treasury Bonds at the rate of $128,000,000,000 per Month. In order to do this, the presses are running 24/7 printing money. Fake money buying worthless treasury bonds. Although they will never admit it, the Fed has "Monetized the debt."
Foreign central banks are selling U.S. Treasury bonds at a record pace. China, Japan, France, Brazil and Colombia led the pack of countries dumping U.S debt. Russia has already sold 84% of its U.S. Treasuries. And the value of the dollar continues to fall.
The projected budget deficit for 2020 is $3.3 Trillion dollars, raising the total debt to 31 trillion dollars.
The insanity of continued spending will, at some point in the near future, cause the US dollar to collapse. The ensuing recession/depression will be unavoidable, and more economic stimulus will only hasten the outcome.
What does the newly elected Congress and Presidential Administration promise, trillions more spending, and more economic lock down. The result will be businesses closed forever, more jobs gone forever and more people dependent on government forever.
There is one thing I am very confident of, contrary to the liberal BS, the rich will not pay, most of our "leaders" are the rich, and they exempt themselves from everything. At the same time cooperate taxes will be passed on to the consumer, you and I and the rest of those already paying the bills.
In a vain attempt to forestall the effects of their failed policies, they will come for your 401k's, your Vanguard and Fidelity accounts, which liberals have had their sights set on for decades, as the only source of "Unused Money." Couple that with an inability to continue paying Social Security and Medicare costs and you have the making of the "perfect financial storm."
Pray no Civil War 2.0 ensues.
19 people like this.
Reply 11 - Posted by:
padiva 3/31/2021 9:32:37 AM (No. 740431)
Will there be loopholes for politicians and their families?
13 people like this.
Reply 12 - Posted by:
vhs68 3/31/2021 9:33:17 AM (No. 740434)
Say #9; that reporters math is good, that is why they tried to camouflage the huge 33% increase as only a tiny 7% rise. What they are, are slimey reporters.
20 people like this.
Reply 13 - Posted by:
chance_232 3/31/2021 9:42:09 AM (No. 740460)
Dear Corporate America.
This is what happens when you bend the knee to wokeness. Most major corporations fund democrats and SJW causes. So don't be surprised when you get, good and hard, what you paid for.
14 people like this.
Reply 14 - Posted by:
HotRod 3/31/2021 9:43:05 AM (No. 740462)
Yes, you can be taxed into dependency on the government! Just vote democrat!
12 people like this.
Reply 15 - Posted by:
LC Chihuahua 3/31/2021 9:49:22 AM (No. 740477)
Millions of jobs will be outsourced.
Tell me how this is good governing policy? Its not. We're saving the planet while sacrificing the United States? We're being good global citizens by sending millions of jobs and businesses overseas?
Tell me how this is good for the United States and its citizens?
It will fix the debt? I don't believe it. US national Debt at 28.1 TRILLION and climbing. Any predictions on when we hit 30 TRILLION? How about 40 TRILLION? When do we break the bank?
They will take our freedoms.
They will take our wealth.
They will take our lives.
Meanwhile China and the rest of the world mocks us as the US becomes weaker and weaker.
This does not end well folks.
20 people like this.
Reply 16 - Posted by:
Dodge Boy 3/31/2021 9:55:06 AM (No. 740484)
Biden you cheater, big mistake, pal. A really big mistake. It's essentially a tax on the middle class families who are the nation's largest consumers. The arithmetic is simple - as a corporation's costs go up, so do prices for their finished products.
14 people like this.
Reply 17 - Posted by:
Clinger 3/31/2021 9:58:25 AM (No. 740493)
Thanks Joe, your friend, Xi.
9 people like this.
Reply 18 - Posted by:
bad-hair 3/31/2021 10:08:39 AM (No. 740509)
FTA ... '[Biden] believes that there's more that can be done to make the corporate tax code fair – to reward work, not wealth,' White House Press Secretary Jen Psaki said in a press conference Tuesday in providing a peek at the thinking behind how to fund it all.
So Jen with the big ... brains, where's the work going to come from when the corps move back to China ???
Oh I forgot ... the Big Guy gets 10%.
11 people like this.
Reply 19 - Posted by:
sanspeur 3/31/2021 10:15:55 AM (No. 740521)
As Rush said ,”corporations don’t pay taxes , people do” .
13 people like this.
Reply 20 - Posted by:
bobmadison 3/31/2021 10:17:22 AM (No. 740524)
ONE MORE TIME: Economics 101 that are not taught anymore. Corporations DO NOT PAY TAXES!!! Taxes are a line on their expense ledger. ANY tax increase will be PASSED ALONG to the CONSUMER. Tell everyone you know.
14 people like this.
Reply 21 - Posted by:
Kafka2 3/31/2021 10:40:12 AM (No. 740550)
How to LIE with statics. The 7% increase is based on the total income. The true increase in TAX going from 21% to 28% is 33.3% !! The correct calculation is 7 divided by 21 which is .333 or 33.3%. The impact of the TAX increase is nearly five time greater than the 7% being reported.
And, you wonder why companies will flee the US taking jobs with them.
11 people like this.
Reply 22 - Posted by:
Lawsy0 3/31/2021 10:44:47 AM (No. 740555)
President Pervy has his nose in my hair, his hand up my shirt and his dirty fingers in my billfold. He needs to beam back up to the Mother Ship.
4 people like this.
Reply 23 - Posted by:
Right Time 3/31/2021 11:01:39 AM (No. 740580)
This friggin clown is out to totally destroy the USA
6 people like this.
Reply 24 - Posted by:
hershey 3/31/2021 11:26:03 AM (No. 740613)
God help us because no one else will .....
3 people like this.
Reply 25 - Posted by:
red1066 3/31/2021 11:33:11 AM (No. 740621)
This is will not build anything better. It will only destroy.
3 people like this.
Reply 26 - Posted by:
SALady 3/31/2021 12:08:40 PM (No. 740663)
Clearly, not-my-president Lyin' Joe biden is far too senile to comprehend a word that he is reading from the pieces of paper his handlers give him to read.
And, even sadder, the actual "powers that be" that are making these terrible decisions know exactly how much damage they are going to do to our economy. They will destroy our economy and drive jobs overseas.
Gee, who could that benefit??? My guess is China!!!
3 people like this.
Reply 27 - Posted by:
MindMadeUp 3/31/2021 12:24:43 PM (No. 740687)
No big deal. Nothing to see here. Just the next step in the Marxist-inspired Democrat plan to destroy the economy and cement their one-party, woke tyranny.
3 people like this.
Reply 28 - Posted by:
udanja99 3/31/2021 1:25:17 PM (No. 740768)
Cloward Piven, folks. Cloward Piven. In the demonrats’ plans for decades and finally about to become reality thanks to the cowards on the SCOTUS.
3 people like this.
Reply 29 - Posted by:
Strike3 3/31/2021 1:54:23 PM (No. 740814)
This will send the ol' stock market into a tailspin. Thanks Joe, you friggin idiot. Honorable mention to sub-moron AOC.
3 people like this.
Reply 30 - Posted by:
dadofboys 3/31/2021 1:57:47 PM (No. 740819)
Thats a 33 percent tax hike.
3 people like this.
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