Biden Tax Plan Would Raise $4 Trillion, With High Earners Paying the Most: Analysis

[applegrove]

Biden Tax Plan Would Raise $4 Trillion, With High Earners Paying the Most: Analysis

SHANNON STAPLETON at the Fiscal Times

By Michael Rainey 

http://www.thefiscaltimes.com/2020/03/05/Biden-Tax-Plan-Would-Raise-4-Trillion-High-Income-Households-Paying-Most-Analysis

March 5, 2020

"SNIP.....

What Biden proposes:

Increase the corporate tax rate to 28%, up from the 21% imposed by the 2017 tax law. This would raise an estimated $1.3 trillion over 10 years.

Apply the Social Security payroll tax to incomes over $400,000, raising an estimated $962 billion.

Raise the tax rate on capital gains and dividends for households earning more than $1 million per year. Along with a tax on unrealized capital gains of more than $100,000 at death (excluding money bequeathed to surviving spouses and charities), this would raise an estimated $448 billion.

Roll back the 2017 tax cuts for households earning more than $400,000 per year, raising an estimated $432 billion.

Double the minimum tax on overseas profits, from 10.5% to 21%.

.....SNIP"

[cstanleytech]

1. I would like to see a change to the corporate tax rate though to 2%.

Nope, not kidding but to get it companies have to employee atleast 500 inside the US and each of the people have to make atleast 500% above the federal poverty level.
The more employees the company has that do not make that much then the higher and higher their corporate tax rate climbs with a cap of 70%.
For example
4 to 8 employees its at 4%
8 to 16 it jumps to 8%
16 to 32 it jumps to 16%
32 to 64 it jumps to 32%
64 to 108 it jumps to 64%
108+ it jumps to 70%

Oh and franchises count as employees for the corporations so no hiding behind franchising.