Biden's tax plans

Psaki says it's absurd to think corporations would raise prices for consumers due to higher taxes.

Frederick Hayak said, many years before, if socialists understood economics they wouldn't be socialists.

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Heartlander · 80-89, M

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.

QuixoticSoul · 41-45, M

@Heartlander Let them. Watch them not, however.

sunsporter1649 · 70-79, M

@Heartlander How about taxing wealth instead of income

Stillwaiting · M

@sunsporter1649 They do .. capital gains, inheritance taxes property taxes, etc

sunsporter1649 · 70-79, M

@Stillwaiting Apparently the system does not do a good job collecting taxes.

"Joe Biden could owe up to $500,000 in back taxes to the IRS"

Stillwaiting · M

@sunsporter1649 Yeah, the supposed hawk on tax evasion is a cheat himself ..

sunsporter1649 · 70-79, M

@Stillwaiting "Banks said the report shows Biden improperly used 'S corporations', the same tax loophole that the Obama administration tried and failed to close, so that he could substantially lower his Medicare tax on speaking fees and book sales in 2017 and 2018.

Biden and first lady Jill Biden paid income taxes on those profits, but the strategy let the couple route more than $13million through their S corporations — CelticCapri Corp and Giacoppa Corp — and claim less than $800,000 of it as income eligible for the Medicare tax — avoiding the 3.8 percent self-employment tax they would have paid if they had compensated their income accurately, according to the Wall Street Journal."

And guess who introduced and championed the S Corporation law, and got it put into the tax law....

Stillwaiting · M

@sunsporter1649 The Hypocrit in Chief !!