These two will screw up entire US Economy, driving away Corporate Companies out of USA. The whole USA is business economy and Dems have always think “Tax as a solution for all economic issues”. Not only Biden, but also entire Dems are sitting in a branch and cutting the tree !
At least, for proposing these two taxes, I want Biden to be out of race.
I find this discussion amusing. People want SALT caps to be gone so that they pay less tax. But, to get that they will to vote a candidate who promises to increase taxes on everyone.
Indeed. The most sensible tax as it hits the cash economy and the underground economy. Every pusher, pimp and thief has to pay it. EVERYONE has skin in the game when taxes are raised. GDP is increased as we can now count criminal activity since it is being taxed. Will never happen.
There is more to economic policy than mere tax rate. I really don’t get the single minded obsession with tax rate. Here’s a history of corporate tax rate I found on Wikipedia. Are people telling me the American economy has not grown at all since the 19040s?
Clinton last bumped up the corporate tax rate in early 90s and we have one of the longest the expansion in history.
When I read the comments from the dem supporters in this thread, i do not get sense they understand how politics and taxation work. If taxation is such a good that why not take it to 100% which will convert United States into forced labor camp (gulug) of the kind seen in Stalinist Soviet Union. It is same as making minimum wages 10000000000000/hr
The income tax rates should be equal for everyone. The original income tax was a flat percent for income above $800/yr.
Amazing the US made it to well over 100 years old and was already the world’s biggest economy before income tax existed. We even had a national railway system. Government spending was less than 5% of GDP unless there was a war. Yeah, now we’ve “evolved” and made “progress”.
Income tax supporters are clueless about the taxes. Like you said tariffs and excise worked well for hundreds of years. If you take a careful look at timelines, you will see creation of income tax, IRS, FED etc are all clustered within a few decades, as if they have been created in a rush.
if someone does not have a numerical sense, I do not know how can someone sense the difference between 21% tax rate or 29% tax rate. Much like many people who cannot fathom the enormity of difference between a Billion and a Trillion.
Are you saying I don’t have numerical sense? Aren’t you the person who has been holding cash and preaching how markets and real estate are going to crash for more than a year now?
Didn’t you admit that you also missed the earlier rise in the market and real estate over the last five years? I’m trying to understand why anyone should listen to you or care about your perspective?
The purpose of taxation is to fund federal, state and local government. The purpose of federal, state and local governments is SUPPOSED to be to provide goods and services that are impractical or impossible to provide through private means. Police, interstate highways, airports and the management thereof, that sort of thing. In many rural areas things like roads, water and fire protection are still provided through voluntary associations with no government involvement.
