Biden's tax plans

I take it you believe you understand economics? Nor clear from this post, so just asking.

Taxes are based on P&L or Profit and Loss. When a company makes money, it pays taxes. When a company does not make money, it does not pay taxes.

The price of a product is not based on taxes, it is based on supply, crossed with product development/production costs.

In simpler terms, when Apple decides to price its iPhone, they look at the following (not an exhaustive list):

- how much it costs to develop it
- How much it costs to manufacture it
- How much it costs to market it
(all over the projected lifetime of the product and projected sales)

Then they decide what the price should be.

Here's what does not go into these equations: Apple's tax rate.

If this reply sounds patronizing, it's because it's meant to, trying to match the tone of the OP's post.

Seems that Psaki understands modern economics better than you do.

We had a major round of tax cuts not too long ago - did they result in lower prices?

She's lying. Of course the businesses will increase prices at least some to offset tax increases. They already are for inflation costs.

$3.5Tr will be paid by increasing taxes .. that is not $0 .. not "free". Those taxes are beyond high earners (see below). Claiming otherwise is a bald faced lie.

Biden says no higher income tax on middle class (income <$400k) .. yet they are looking at how they could tax:

- Every mile you drive a vehicle
- Unrealized gains, including on an inherited home at time of inheritance, not at time of sale
- Increases to capital gains taxes
- Tax on all financial transactions on top of taxes on any gains (think every 401k, 529 plan, etc other contribution or trade)
- Many other opportunities being sought
- Small business pass throughs

The costs in additional corporate taxes will reduce payments to all employees .. in the form of reduced benefits provided, lower bonuses, lower profit sharing, smaller salary increases, fewer jobs in the U.S. vs other markets. This is based on historical fact of what happened during periods of higher corporate tax rates.

Those will ALL affect every income level under the U.S. tax code. They are coming for every dollar from everyone they can take it from. This from the same government that has mismanaged Social Security (remember, people and companies pay in .. this is not tax funded) for decades and to the point it may not remain solvent beyond 2036.

I do not make $400k per year .. but am already paying every dollar in tuition for two kids in college at the same time and unable to deduct a single cent of those costs on my taxes. I can not deduct over $8000 of state, local and property taxes because of limitations. Yet .. the government wants to take even more of my money to turn around offer free tuition and health care to illegal immigrants and other entitlements to the rest of the country.

Like they chant in college football games these days .. "FUCK JOE BIDEN !!" .. and Bernie .. AOC and Squad .. Elizabeth Warren .. all the other "Progressives" .. and FUCK socialism in America.

In the USA socialism is for corporations and the wealthy (bailouts, subsidies, tax cuts). The rest of us get unregulated capitalism.

Define "Socialism."

Higher corporate taxes would also lower dividends to shareholders, thus reducing pension payments for every American who has a retirement plan. A quick math check will show that the amount of Biden's corporate tax increase is about the same as the average corporate dividend payout. So, rather than passing Biden's corporate tax increase on to consumers, some corporations may instead pass that increase on to their stockholders by cutting or eliminating dividend.This will also undermine the value of the stock itself. The biggest losers will be the huge public service pension funds, which will lose both value and income. Of course, fund managers get paid regardless, so Biden's corporate tax increase will mostly be paid for by the millions and millions of working stiffs.

Given that 97% of the countries recessions and depressions have happened under Republican leadership it seems that the Democrat politicians understand economics better than the vast majority of Republicans

Just some more lunatic ramblings of the socialist idealists … clueless

So if we cut corporate taxes to zero, you think they will pass that along to the consumer?

If libertarians understood economics, they wouldn’t be libertarians.

@QuixoticSoul @JoeyFoxx

Apple's dividend paid a whopping 0.55% on investment
Microsoft came in at 0.23%

But the guy keeps strawman'ing the issue to avoid having to admit that his narrative is wrong.

Government raises taxes
Company raises prices
Company pays more taxes…

Tarriffs may result in higher prices

Taxes do not have a direct impact on prices.

A quick check will show that there aren't very many Americans who earn more than $400,000 a year. Only like 5 or 6 million. So forcing those to pay for the Democrat's recent 3+ trillion dollar wish list alone would amount to an added average extra tax burden of $500K (a half million bucks) for the average rich person. A pretty big chunk of change.

For the super rich, it looks like Biden may be giving them good reason to move to another country.

Federal tax rate is 2.25% of a gallon of fuel. I know Joe Biden said tax increases on only the rich. I am not rich and I pay for fuel. The higher it goes the higher the tax I am paying. Sales tax is also based on a percent of the price so the higher those prices go the higher taxes I am paying there.

Corporations are like multiple copies of Marie Antoinette.

They will say let them eat cake and forget the Napoleon Bonaparte's.

I know, how bougie of me. Yet look what it eventually lead to today in France.

Here’s the deal, corporations will raise their prices and look for cost savings such as cheaper labor and operating conditions regardless of whether they have tax loopholes closed or not or are asked to pay taxes.

Yes, But most liberals are brain dead when it comes to simple economics. And everything else.

BDS😂

Yankee doodles should sack every economics teacher in every school..
this generation are dumb as dogpoopy

If Psaki's brains were dynamite, she wouldn't have enough to blow her nose...

Maybe a competing corporation wouldn't raise prices and thereby gain a competitive advantage.