Biden wants to increase the Corporate Tax Rate from 21% to 28%

[usmcstinger]

What effect will it have on the US Economy?

 

[Mikeoxenormous]

What effect will it have on the US Economy?

His economy........

 

[task0778]

Who the hell does he think will end up paying for that tax hike? Does he not know the customers will just pay a higher price to cover the higher cost of supply? And those businesses that can't raise their prices will have to make adjustments, maybe relocate offshore, cut staff, reduce benefits, or maybe just throw up their hands and say fuck it, I ain't doing this no more.

 

[Crepitus]

What effect will it have on the US Economy?

Not even close to enough. Should be 39%.

 

[CrusaderFrank]

What effect will it have on the US Economy?

Not even close to enough. Should be 39%.

Fucking retard

 

[CrusaderFrank]

What effect will it have on the US Economy?

Xi told Biden to raise taxes to make the US less competitive

 

[Yarddog]

What effect will it have on the US Economy?

Not even close to enough. Should be 39%.

And that will make our companies less competative with foreign ones. Our adversaries dont do this to their own companies and they would like to defeat us economically. so would the American Left

 

[HereWeGoAgain]

They'll do the same thing I do when dems raise my taxes...spend less money,and save more.

 

[DGS49]

Democrats have no clue how the economy functions. They have shown time and time again that they not only believe, but DEPEND UPON, the proposition that taxpayers never react to changes in the tax law.

In other words, if the tax rate on corporations is 15% and "we" are realizing X dollars in corporate taxes every year, DEMOCRATS BELIEVE that you could raise the tax rate to 45% and TRIPLE tax revenues. The possibility that corporations might manage their affairs differently to avoid a tripling of their taxes doesn't enter their tiny little minds. Hence, their tax increases seldom result in any significant increase in tax revenues.

And the same principle applies, in spades, to capital gains taxes. Rich people consider such taxes to be confiscatory, and if they feel like they are getting fucked, they will simply hold on to the appreciated assets, or move them in a way that does not recognize a taxable gain.

An increase from 22-28% probably will do little harm.

 

[Polishprince]

In other words, if the tax rate on corporations is 15% and "we" are realizing X dollars in corporate taxes every year, DEMOCRATS BELIEVE that you could raise the tax rate to 45% and TRIPLE tax revenues. The possibility that corporations might manage their affairs differently to avoid a tripling of their taxes doesn't enter their tiny little minds. Hence, their tax increases seldom result in any significant increase in tax revenues.

This is similar to what happened when the liberals first started "free" childrens health insurance for indigent kids.

They told the taxpayers that it won't cost them a thing, they were going to just slap a tax on cigarettes- $3 a pack.

And since 100 million packs a day were being sold, they were guaranteed $300 Million a day or $109 Billion a year, easy peasy.

Where they miscalculated is that a lot of people suddenly decided to cut back on their smoking or cut it out completely. That meant tremendously reduced revenues at the same time medical expenses for kiddies was soaring.

And the new generation of kids vapes and smoke Tide Pods instead of pell mells, and there is no tax on those items.

 

[TroglocratsRdumb]

Prices for everything will go up by 7%.
Or, you could also look at as a 7% pay cut.
The Greedy Dems are screwing over the middle class again.

 

[Mikeoxenormous]

What effect will it have on the US Economy?

The Colonies went to war with an oppressive tyrannical government that put a 3% tax on tea. I have never seen a larger group of sheep who allow this oppressive tyrannical government to tax them into poverty. All for a $1,400 check.

 

[usmcstinger]

Who the hell does he think will end up paying for that tax hike? Does he not know the customers will just pay a higher price to cover the higher cost of supply? And those businesses that can't raise their prices will have to make adjustments, maybe relocate offshore, cut staff, reduce benefits, or maybe just throw up their hands and say fuck it, I ain't doing this no more.

I new the answer. Economics 101. How stupid are these Dems aka Socialists.

 

[Blues Man]

What effect will it have on the US Economy?

Not even close to enough. Should be 39%.

sure just drive more corporations out of the country.

 

[Winston]

What effect will it have on the US Economy?

The Colonies went to war with an oppressive tyrannical government that put a 3% tax on tea. I have never seen a larger group of sheep who allow this oppressive tyrannical government to tax them into poverty. All for a $1,400 check.

View attachment 469009

The Boston Tea party was not about a tax on tea. It was about corporate welfare, plain and simple. The East India Tea company had a shitload of tea that was rotting in their warehouses. The king and most members of the House of Lords were all stockholders in the East India Tea Company. The Townshend Act of 1767 imposed taxes on many items and was met with great protest. It was rescinded in 1770, except for the tax on tea. But in 1773 Britain passed the tea act specifically for the purpose of propping up the East India Tea company. The company was exempt from the export tax, got a drawback for duties paid, and was given a monopoly for all tea sent to the colonies.

The result of this monopoly and corporate welfare was an alliance between the conservative merchants who were now locked out of the tea trade and the Sons of Liberty. That was a huge miscalculation of the British parliament and the King. It was perhaps the spark that ignited the powderkeg that became the American Revolution. But it was not about a damn tax, and the reality is the tax on that tea that was dumped in the harbor was PAID. Benjamin Franklin saw to that.

 

[Winston]

Who the hell does he think will end up paying for that tax hike? Does he not know the customers will just pay a higher price to cover the higher cost of supply? And those businesses that can't raise their prices will have to make adjustments, maybe relocate offshore, cut staff, reduce benefits, or maybe just throw up their hands and say fuck it, I ain't doing this no more.

Did companies reduce the price of items when the corporate tax was cut?

 

[Winston]

What effect will it have on the US Economy?

Not even close to enough. Should be 39%.

Good number. And capital gains should be taxed the same as earned income. And the cap on income subject to the Social Security tax should be eliminated. Corporations pay a much smaller share of total taxes paid. In the booming 50's the corporate tax accounted for almost half of all revenue, by the 60's it had dropped to about a third. But the US economy was blazing, double digit growth in GDP through most of that time. Today, corporate taxes don't amount to a tenth of total taxes. You can almost track GDP growth by the percentage of the total tax burden corporation pay. The higher that percentage the higher GDP growth.

 

[Blues Man]

What effect will it have on the US Economy?

Not even close to enough. Should be 39%.

Good number. And capital gains should be taxed the same as earned income. And the cap on income subject to the Social Security tax should be eliminated. Corporations pay a much smaller share of total taxes paid. In the booming 50's the corporate tax accounted for almost half of all revenue, by the 60's it had dropped to about a third. But the US economy was blazing, double digit growth in GDP through most of that time. Today, corporate taxes don't amount to a tenth of total taxes. You can almost track GDP growth by the percentage of the total tax burden corporation pay. The higher that percentage the higher GDP growth.

So now confiscatory taxation is good for business?

Since when?

 

[Winston]

What effect will it have on the US Economy?

Not even close to enough. Should be 39%.

Good number. And capital gains should be taxed the same as earned income. And the cap on income subject to the Social Security tax should be eliminated. Corporations pay a much smaller share of total taxes paid. In the booming 50's the corporate tax accounted for almost half of all revenue, by the 60's it had dropped to about a third. But the US economy was blazing, double digit growth in GDP through most of that time. Today, corporate taxes don't amount to a tenth of total taxes. You can almost track GDP growth by the percentage of the total tax burden corporation pay. The higher that percentage the higher GDP growth.

So now confiscatory taxation is good for business?

Since when?

Confiscatory taxation, what a loaded term. Taxes are the cost of doing business, the "price" you, I, and companies pay for things like roads, a military that protects our shipping routes, and even the damn water that comes out of your spigot, unless you are on a well like me. It is the "cost" of participating in our society. If you think it is too high, MOVE. Ain't that what a free market is all about?

And where did I say higher corporate taxes were good for the corporations? Honestly, I don't give two shits about what is good for the corporations, I am worried about what is good for the economy. If you want to make the argument that higher corporate taxes are bad for the economy go ahead, good luck with that. I am sure at some rate that might be true, it sure as hell is not true at current rates, at the most recent old rate, or even at the suggested rate of 39%.

But to give you an idea of what I am talking about, remember all those bonuses companies sent out when the corporate tax rate was cut? The funny thing is those bonuses went out under the old, higher corporate tax rate. Have companies sent out bonuses under the new, lower rate? Not that I am aware of, and there in lies what I am talking about.

Higher corporate tax rates, like higher capital gains rates, encourages companies to reinvest their earnings and individuals to hold on to their investments. When rates are low, they encourage individuals to speculate, not invest, and companies to seek rents, not create products. Neither of those two actions are conducive to an efficient economy. They result in ineffective resource allocation that places a drag on GDP growth. Hence, the paltry GDP growth we have seen over the last fifty years.

 

[Blues Man]

What effect will it have on the US Economy?

Not even close to enough. Should be 39%.

Good number. And capital gains should be taxed the same as earned income. And the cap on income subject to the Social Security tax should be eliminated. Corporations pay a much smaller share of total taxes paid. In the booming 50's the corporate tax accounted for almost half of all revenue, by the 60's it had dropped to about a third. But the US economy was blazing, double digit growth in GDP through most of that time. Today, corporate taxes don't amount to a tenth of total taxes. You can almost track GDP growth by the percentage of the total tax burden corporation pay. The higher that percentage the higher GDP growth.

So now confiscatory taxation is good for business?

Since when?

Confiscatory taxation, what a loaded term. Taxes are the cost of doing business, the "price" you, I, and companies pay for things like roads, a military that protects our shipping routes, and even the damn water that comes out of your spigot, unless you are on a well like me. It is the "cost" of participating in our society. If you think it is too high, MOVE. Ain't that what a free market is all about?

And where did I say higher corporate taxes were good for the corporations? Honestly, I don't give two shits about what is good for the corporations, I am worried about what is good for the economy. If you want to make the argument that higher corporate taxes are bad for the economy go ahead, good luck with that. I am sure at some rate that might be true, it sure as hell is not true at current rates, at the most recent old rate, or even at the suggested rate of 39%.

But to give you an idea of what I am talking about, remember all those bonuses companies sent out when the corporate tax rate was cut? The funny thing is those bonuses went out under the old, higher corporate tax rate. Have companies sent out bonuses under the new, lower rate? Not that I am aware of, and there in lies what I am talking about.

Higher corporate tax rates, like higher capital gains rates, encourages companies to reinvest their earnings and individuals to hold on to their investments. When rates are low, they encourage individuals to speculate, not invest, and companies to seek rents, not create products. Neither of those two actions are conducive to an efficient economy. They result in ineffective resource allocation that places a drag on GDP growth. Hence, the paltry GDP growth we have seen over the last fifty years.

Such bullshit.

Higher capital gains taxes do not promote investment. They never have.

And long term capital gains do not encourage people to speculate. That's the reason they are called long term capital gains taxes.

And your reason for higher tax rates is that a company gave a bonus?

And what's good for the economy is a government that doesn't waste money.

For example we have Biden whining his old mantra roads and bridges roads and bridges. But the government does not need any money for roads and bridges.

in 2019 alone the government collected 26 billion dollars in gasoline taxes alone, plus the taxes on diesel and aviation fuel.

So in the last decade gasoline consumption has been pretty stable so the government collects 20 plus billion dollars in gasoline taxes alone.

That's over 200 billion in the last 10 years.

So tell me where has all that money gone if not for roads and bridges roads and bridges?