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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNyt Biden poised to raise taxes on business and the rich
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. Trumps 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 economys 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.
The question is whether congressional Democrats and the White House can agree on how sharply taxes should rise and who, exactly, should pay the bill. They widely share the goal of reversing many of Mr. Trumps tax cuts from 2017, and of making the wealthy and big businesses pay more. But they do not yet agree on the details and because Republicans are unlikely to support their efforts, they have no room for error in a closely divided Senate.
https://www.nytimes.com/2021/03/27/business/biden-taxes-business-rich.html
Ferrets are Cool
(21,102 posts)I paid mine this morning. It was rough.
jimfields33
(15,670 posts)I make 30K a year on my business. Taxes are ok at current level but increase to much and why bother.
Ferrets are Cool
(21,102 posts)I deserve to pay my fair share, but would not want increases.
wryter2000
(46,023 posts)I really doubt theyd go after small business. So many have suffered under COVID. My favorite Asian noodle restaurant didnt survive. Great people as well as great food.
Zeitghost
(3,844 posts)are often corporations.
wryter2000
(46,023 posts)My language was imprecise.
I'm sure they can target it toward large corporations.
Indykatie
(3,695 posts)Even it wasn't increased to 28% an increase to 20% would be a good start. This fits in with Biden's philosophy to reward work and not wealth. Warren Buffet would definitely approve.
Claire Oh Nette
(2,636 posts)How many people benefit form capital gains each year?
Stock sales and real estate sales make up capital gains, yes? Unless I sell my house, I have no gain. When I do sell my house, I have a fairly long period of time to reinvest that gain. If I don't reinvest, then I'm choosing to pay that tax.
Af far as stock and stock options go, money one works to earn should be taxed less than money one didn't nothing to earn.
I agree with President Biden on that. I think his approach, a return to Clinton era 39.6% top marginal rate, coupled with Elizabeth Warren's wall street transaction micro-taxation, we can eliminate the deficit and bring down the debt.
Bayard
(22,004 posts)They want to raise your taxes!!