What Biden's tax on billionaires and big
corporations could mean for YOU: Experts
tell Daily Mail how the president's hikes
on the mega-rich may impact all Americans
Daily Mail (UK),
by
Sarah Ewall-Wice
Original Article
Posted By: Imright,
3/7/2024 8:18:38 PM
President Joe Biden will urge Congress on Thursday night to introduce sweeping tax hikes on billionaires and corporations to make sure they 'pay their fair share'.
The proposals include raising the corporate minimum tax for companies worth more than $1 billion to 21 percent, up from the 15 percent that went into effect last year.
The president will also call for a 25 percent tax on individuals with wealth of more than $100 million and the abolition of tax deductions on corporate jets.Biden has insisted that his plans will not increase taxes for Americans making less than $400,000.
But those not in the top one percent
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Reply 1 - Posted by:
Dreadnought 3/7/2024 8:29:27 PM (No. 1672930)
This is electioneering aimed at his "progressive" base. Odds are none of this happens.
18 people like this.
Reply 2 - Posted by:
Bur Oak 3/7/2024 8:29:28 PM (No. 1672931)
It will mean more inflation.
24 people like this.
Reply 3 - Posted by:
DanvilleBill 3/7/2024 8:34:52 PM (No. 1672933)
My masochistic devil on my shoulder tells me to watch this upcoming SOTU fiasco.
But not until I down a dozen shots of Johnny Walker Red beforehand.
Glub.
18 people like this.
Reply 4 - Posted by:
jalo1951 3/7/2024 9:27:22 PM (No. 1672954)
This is not a good idea and thankfully it probably doesn't have legs to pass. Econ 101. Took it in high school my junior year. Maybe he needs to get better advisors. What an idiot.
17 people like this.
Reply 5 - Posted by:
BeatleJeff 3/7/2024 9:34:53 PM (No. 1672961)
It doesn't mean diddly because it's DOA in the House.
10 people like this.
Reply 6 - Posted by:
stablemoney 3/7/2024 9:46:44 PM (No. 1672970)
I have mixed emotions, among one is that if Zuckerbucks, Soros, and group have millions for Democrats, they can have their taxes raised.
5 people like this.
Reply 7 - Posted by:
Historybuff 3/8/2024 12:28:47 AM (No. 1673040)
Hope Hunter pays his fair share.
12 people like this.
Reply 8 - Posted by:
bighambone 3/8/2024 1:14:39 AM (No. 1673052)
Every time the Democrats claimed they were out to raise taxes on corporations or billionaires in the past, it always turns out that it was the vast middle class Americans who always got their taxes raised. Corporations and billionaires all have highly skilled and political wise tax accountants and lawyers who help them pay as little taxes as possible along with the fact that they donate big bucks to politicians, so in the end, it is the vast middle class that must pay for the Democrat tax increases.
11 people like this.
Reply 9 - Posted by:
Catherine 3/8/2024 1:18:12 AM (No. 1673053)
If they raise Walmart's taxes, who do they think will pay them? Walmart? No the shoppers will on everything they buy.
18 people like this.
Reply 10 - Posted by:
mifla 3/8/2024 3:51:32 AM (No. 1673088)
No one ever seems to be able to define "fair share".
One thing I know of for certain, this year's "fair share" won't be enough next year.
14 people like this.
Reply 11 - Posted by:
smokincol 3/8/2024 6:57:34 AM (No. 1673136)
anything this walking cadaver says and/or does will not be advantageous for the citizens of the USofA
= he must be "fired!!" and
= we must give our President a huge majority of MAGA republicans in the House and Senate
15 people like this.
Reply 12 - Posted by:
Strike3 3/8/2024 6:58:01 AM (No. 1673138)
Experts, who needs experts? Every tax at this point does the same thing, gives the government more money to waste on socialist garbage and slows down productive people and the economy. These spoiled, corrupt, ignorant children can not be trusted with money.
15 people like this.
Reply 13 - Posted by:
Strike3 3/8/2024 6:59:45 AM (No. 1673140)
That's dangerous advice, #3. It provides you with an empty bottle to throw at the TV.
7 people like this.
Reply 14 - Posted by:
petrichor 3/8/2024 7:00:07 AM (No. 1673141)
If corporations and wealthy people get too many tax breaks then perhaps you could take a hard look at the tax code. Then again, nobody understands enough about the thousands of lines of tax code to be of any help.
6 people like this.
Reply 15 - Posted by:
NamVet70 3/8/2024 7:20:46 AM (No. 1673160)
High taxes on corporations drive business overseas because those large companies are multinational and as soon as their total taxation in one country is higher than another, guess where they stop doing any investment. It isn't personal, it is just business. That is how almost all manufacturing jobs were driven out of the USA, but under Trump they started returning. However the Democrat leadership is either too stupid to understand that, or they are evil enough to enrich themselves with no concern for American workers. I strongly suspect they are more evil than stupid.
13 people like this.
Reply 16 - Posted by:
joew9 3/8/2024 7:37:29 AM (No. 1673183)
Whenever they raise taxes on the billionaires my taxes go up too. I guarantee that those who make only 90k per year will be hit with that tax.
In Clinton admin during the 90's they raised taxes on Social Security(SS). Gore said it was only fair that top multi-millionaire earners pay more tax. The taxed portion was raised to 80%. My Mother was on SS at the time. She had 200k$ in lifetime savings. She lived in a small apartment. She could not afford a rest home or even a house. Her taxed portion of SS went up to 80%. Apparently the gov'ment calculated she was a billionaire. This is what always happens when they say they are going to tax the rich.
13 people like this.
Reply 17 - Posted by:
Clinger 3/8/2024 8:07:16 AM (No. 1673199)
Funny how people who would never accept a pay cut without reacting in any manner necessary to get that back, think more powerful people will simply sit back and accept it without doing a thing about it.
6 people like this.
Reply 18 - Posted by:
SouthernYankee 3/8/2024 9:49:10 AM (No. 1673250)
Democrats are either lying or stupid. No corporation ever really pays taxes without taking that money from somewhere else. The customer always pays the bill. Taxes are always passed on.
8 people like this.
Reply 19 - Posted by:
MickTurn 3/8/2024 9:55:44 AM (No. 1673254)
Democrat Mission; Tax and Spend, Steal the Money then Lie about everything. Joey Briben isn't good at any of this. He sounded like a Mad Man from Hades!
6 people like this.
Reply 20 - Posted by:
Zigrid 3/8/2024 9:56:35 AM (No. 1673255)
Just another attempt at dividing our country...big bad rich guys are targeted to convince the middle class it's not their fault...it's the bad rich guys.....same BS WE heard from Bernie and Pocahontas for years....
6 people like this.
Reply 21 - Posted by:
Lawsy0 3/8/2024 1:17:02 PM (No. 1673389)
It's an election tactic; he'll take the lie to the nearest exit and leave it there. Then the press won't be able to figure out who the baggie belongs to.
3 people like this.
Reply 22 - Posted by:
garyhope 3/8/2024 1:34:26 PM (No. 1673396)
#3 Danville Bill,.....You should be drinking Johnny Walker Black while you can still afford it. Or it's outlawed.
6 people like this.
Reply 23 - Posted by:
garyhope 3/8/2024 1:38:29 PM (No. 1673398)
Why does anyone take anything,...anything at all that ByeDUMB says or talks about? The man has Alzheimer's disease and doesn't have a clue about what he's saying or talks about. He's always been a totally corrupt moron and stupid and a you know what kind of "F,..ing" Joke. A total embarrassment to The USA.
6 people like this.
Reply 24 - Posted by:
Hermit_Crab 3/8/2024 3:30:57 PM (No. 1673470)
As always, they are ignorant (or hope we peasants are) about taxes.
First of all, Corporations, no matter how much you tax them, don't pay taxes... The consumers of their products or services do, in the form of higher prices.
Second: Biden said repeated his years old and often repeated lie that no one who earns less than $400,000 a year will pay a penny more in taxes.. Well, the inflation caused by the above will add to the already massive Bidinflation that affects poor people most... And such rampant inflation is a hidden tax on people who can afford it least.
7 people like this.
Reply 25 - Posted by:
franq 3/8/2024 4:49:02 PM (No. 1673514)
You can't tax your way to prosperity.
2 people like this.
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