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XanaDUer2

(10,489 posts)
Sat Mar 27, 2021, 05:30 PM Mar 2021

Nyt 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. 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.

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. Trump’s 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

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Nyt Biden poised to raise taxes on business and the rich (Original Post) XanaDUer2 Mar 2021 OP
Please don't let there be any tax increases on small business. Ferrets are Cool Mar 2021 #1
I hope they put a number on it like a million jimfields33 Mar 2021 #2
I agree 100% Ferrets are Cool Mar 2021 #3
It says corporations wryter2000 Mar 2021 #4
Small businesses Zeitghost Mar 2021 #7
Welcome to DU wryter2000 Mar 2021 #9
Raising the Capital Gains Tax From 15% to A Former Rate Would Be a Good Start Indykatie Mar 2021 #5
Honest QUestion- Claire Oh Nette Mar 2021 #10
Cue the insanity Bayard Mar 2021 #6
Kickin' Faux pas Mar 2021 #8
Kick nt XanaDUer2 Mar 2021 #11

jimfields33

(15,670 posts)
2. I hope they put a number on it like a million
Sat Mar 27, 2021, 05:42 PM
Mar 2021

I make 30K a year on my business. Taxes are ok at current level but increase to much and why bother.

wryter2000

(46,023 posts)
4. It says corporations
Sat Mar 27, 2021, 05:52 PM
Mar 2021

I really doubt they’d go after small business. So many have suffered under COVID. My favorite Asian noodle restaurant didn’t survive. Great people as well as great food.

Indykatie

(3,695 posts)
5. Raising the Capital Gains Tax From 15% to A Former Rate Would Be a Good Start
Sat Mar 27, 2021, 05:58 PM
Mar 2021

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)
10. Honest QUestion-
Sat Mar 27, 2021, 06:32 PM
Mar 2021

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.

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