Biden planning first major tax hike in almost 30 years: report (1 Viewer)

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wardorican

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And as the report says, it's in the areas he already mostly covered. I think the 28% corporate tax is fair, that's what was originally in Trumps plan, until it got lowered even more to 21%. It was at 35% prior to any action, so while this is an increase, it is lower than it was just 4 years ago.


President Biden
is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus package.

Unidentified sources told Bloomberg that the increases will reflect the promises Biden made during his 2020 campaign.

The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making more than $400,000; expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital gains tax rate for individuals making at least $1 million.
It says it will raise about $2.1 trillion more over the next decade.
 

zztop

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In my opinion 28% is not nearly high enough, especially if there are all kinds of corproate loopholes. I don't remember specifics how/why but I recall GE making billions and paying 0 taxes that year

 

DaveXA

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In my opinion 28% is not nearly high enough, especially if there are all kinds of corproate loopholes. I don't remember specifics how/why but I recall GE making billions and paying 0 taxes that year

If all we did was leave the rate in place and close loopholes where you have the Amazons and GEs of the world paying next to nothing in taxes, we'd be able to raise a crap ton more taxes. The loopholes are a bigger issue than raising the rates. What good is it if you raise the rates, and those massive companies are still paying next to nothing? Makes no sense.
 

SFIDC3

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If all we did was leave the rate in place and close loopholes where you have the Amazons and GEs of the world paying next to nothing in taxes, we'd be able to raise a crap ton more taxes. The loopholes are a bigger issue than raising the rates. What good is it if you raise the rates, and those massive companies are still paying next to nothing? Makes no sense.
Totally agreed, this is an empty, playing politics type of deal. The rates are really almost meaningless, they need to revise the tax code to ensure the taxes are actually paid and not loopholed out of....or something
 

DaveXA

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Get rid of the loopholes and go for 28 and I’m all good with that. Hit the .1% with a 90% tax rate I’d be happy also.
Yep, to be sure, I'm down with 28%. I wouldn't do the 90% for corporate because that wouldn't work. But, for the top .1% of individuals, then sure.
 

V Chip

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In my opinion 28% is not nearly high enough, especially if there are all kinds of corproate loopholes. I don't remember specifics how/why but I recall GE making billions and paying 0 taxes that year

There should be an AMT on businesses just like there is on individuals.
 

dtc

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There should be an AMT on businesses just like there is on individuals.
I like everything about our bracketed flat tax and progressive system except the compressed nature of the brackets.

There is no way the top bracket should be 450k and no way someone making 2-300k per year should pay the same as someone making 50m.

The brackets need to be expanded outward and loopholes need to go. The whole thing is entirely too complicated and geared towards the super rich and it's not the top 10 or even 1% that gets the best deal. It's the American Royalty folks worth billions that are getting over on the rest of us.
 

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