Joe Biden’s big fat lie. I will not raise taxes on those earning less than $400K

johnwk

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May 24, 2009
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See:







Joe Biden’s big lie, that he will not raise taxes on those earning less than $400K, is rope-a-dope Orwellian Newspeak

Keep in mind corporations, and small businesses, getting stuck with a tax on incomes above $400,000, simply pass it off in the form of higher priced goods and services which you, Mary and Joe Sixpack purchase, thereby making you the real tax payer of Biden’s tax on incomes above $400,000, and makes his plan inflationary, and a tax which the poor and middle class will pay.

JWK

Let us not forget the Obama/Biden big, fat lie, about “Shovel-ready was not as … uh … shovel-ready as we expected… ha,ha,ha,”___ Obama, June, 2011
 
See:







Joe Biden’s big lie, that he will not raise taxes on those earning less than $400K, is rope-a-dope Orwellian Newspeak

Keep in mind corporations, and small businesses, getting stuck with a tax on incomes above $400,000, simply pass it off in the form of higher priced goods and services which you, Mary and Joe Sixpack purchase, thereby making you the real tax payer of Biden’s tax on incomes above $400,000, and makes his plan inflationary, and a tax which the poor and middle class will pay.

JWK

Let us not forget the Obama/Biden big, fat lie, about “Shovel-ready was not as … uh … shovel-ready as we expected… ha,ha,ha,”___ Obama, June, 2011

Well of course it will be passed on to everyone.
along with higher taxes to pay for Increasing ACA and the green deal.
actually I have to hand it to him if I wanted to crash an economy already on the brink his policies would be the way to go.
 
See:







Joe Biden’s big lie, that he will not raise taxes on those earning less than $400K, is rope-a-dope Orwellian Newspeak

Keep in mind corporations, and small businesses, getting stuck with a tax on incomes above $400,000, simply pass it off in the form of higher priced goods and services which you, Mary and Joe Sixpack purchase, thereby making you the real tax payer of Biden’s tax on incomes above $400,000, and makes his plan inflationary, and a tax which the poor and middle class will pay.

JWK

Let us not forget the Obama/Biden big, fat lie, about “Shovel-ready was not as … uh … shovel-ready as we expected… ha,ha,ha,”___ Obama, June, 2011

Well of course it will be passed on to everyone.
along with higher taxes to pay for Increasing ACA and the green deal.
actually I have to hand it to him if I wanted to crash an economy already on the brink his policies would be the way to go.

Heck, even Obama rejected increasing taxes!



JWK

“Until you realize how easy it is for your mind to be manipulated, you remain the puppet of someone else’s game.” ― Evita Ochel
 
See:







Joe Biden’s big lie, that he will not raise taxes on those earning less than $400K, is rope-a-dope Orwellian Newspeak

Keep in mind corporations, and small businesses, getting stuck with a tax on incomes above $400,000, simply pass it off in the form of higher priced goods and services which you, Mary and Joe Sixpack purchase, thereby making you the real tax payer of Biden’s tax on incomes above $400,000, and makes his plan inflationary, and a tax which the poor and middle class will pay.

JWK

Let us not forget the Obama/Biden big, fat lie, about “Shovel-ready was not as … uh … shovel-ready as we expected… ha,ha,ha,”___ Obama, June, 2011

Well of course it will be passed on to everyone.
along with higher taxes to pay for Increasing ACA and the green deal.
actually I have to hand it to him if I wanted to crash an economy already on the brink his policies would be the way to go.

Heck, even Obama rejected increasing taxes!



JWK

“Until you realize how easy it is for your mind to be manipulated, you remain the puppet of someone else’s game.” ― Evita Ochel

But for the short time he is allowed to play president, IF that happens, things might be more 44.2. After Harris takes over is when the real crazy will start.
 
It's NOT a lie. It's the truth! No malarkey!
If someone raises taxes on the landlord or stores owners or who ever. It will cause the price on products, materials or properties to inflate.
Like when JFK Jr was trying to stop inflation. But the steel manufacturers that didn't like him. Had raised the price on their steel, which it has caused inflation. The country is dependent on steel. Like buildings, automotive and basically everything dependent on steel. But if the manufacturers have to pay more on taxes. That they will automatically raise the prices on their products.
Like the GMO seed manufacturers. Before, the price on food products like bread, was very cheap. You can get four loaves of bread for a buck. But the GMO seed manufacturers didn't like that. It costed them more to pay scientists and the equipment's and buildings and utilities to genetically modified the seeds. And which the conventional seed growers only depends on nature. And so the GMO manufacturers will be unable to compete with conventional seeds growers.
And so the GMO people created rhetorical Devices like the peanut scare and etc. Having politicians to slapped many regulations on seed growers that doesn't have scientists to monitored their seeds. Now the regulations has caused the seed growers to raise their prices, while the GMO seed manufacturers aren't regulated because their seeds are approved safe by rent a scientists.
and now the poor has to pay one loaf of bread for four dollars and which it was the other way around before regulations.
And so tax hikes and regulations increases the cost of living on everyone. Even on the poor. It's hurting the poor because no one can afford to donate.

 
Biden has exposed himself as a major liar. He makes Trump look like the choir boy of truthfullness. Of course Biden will raise taxes on the middle class. He has no choice. And in the process he will destroy our COVID weakened economy. The man has absolutely no good ideas other than the ones Trump has been doing for years. Biden is a joke, unfit to rule. It's no time for backsliden with Biden.
 
See:







Joe Biden’s big lie, that he will not raise taxes on those earning less than $400K, is rope-a-dope Orwellian Newspeak

Keep in mind corporations, and small businesses, getting stuck with a tax on incomes above $400,000, simply pass it off in the form of higher priced goods and services which you, Mary and Joe Sixpack purchase, thereby making you the real tax payer of Biden’s tax on incomes above $400,000, and makes his plan inflationary, and a tax which the poor and middle class will pay.

JWK



Well, that is a false statement. I seems appealing except it comes from a myopic understanding of how micro-economics work.

You can "simply" say that the cost of higher priced goods and services will be passed off to employers in higher wages. Yes, I know what you are thinking, "Then the company will pass that on to consumers with even higher prices." So, prices must just keep going up forever then? Workers get demand higher wages, companies increase prices, workers increase wages more, companies increase .... wow, before you know it, everything costs in infinite amount of money and everyone makes and infinite amount of money. Well, that hasn't happened. Taxes have increased and decreased over the centuries and the economy hasn't exploded into infinity. There is clearly something wrong with your simple ideas.

The first problem is simply corporations and small businesses are not equal. The local garage mechanic down the street is a completely different animal from a corporation like British Petroleum.

The second problem is that markets are affected by numerous factors including the supply of goods, the demand for those goods. They are part of a chain of supplies. Those supply chains overlap with the supply chains of other products. Money isn't static, if flows in circles through the economy, Companies sell goods and pay employees who then buy goods from companies that pay employees. The primary overall driver of prices is money supply. The money supply is not static. It grows. When more money is needed in the economy, when the demand for money increases the supply of money is increased.

The economy is circular flow of monies to account for the movement of goods from one place to another. When the price of products increases, wages increase. When wages increase, prices increase. The economy isn't one simple circle. It is hundreds of thousands of loops, all interconnected. A change at any one point in one loop affects every other market in those interconnected loops, to greater or lesser degrees. How much depends.

Most importantly is market leverage. Market leverage is essentially the difference between the producer's need to charge more or less as demand changes and the buyer's willingness to pay more or less as supply changes. It is the slope of the supply and demand curves in a market that determine the equilibrium price. At the extreme is the monopolies that control the supply of the good. For a product where demand is high, suppliers can price at whatever point they want because buyers will meet that price. Monopolies, and to a lesser degree, oligopolies, are already charging the maximum the market will bear. They enjoy profits because they have considerable market leverage.

To put it simply, for you, corporations that enjoy record profits will not raise prices because they are already charging the maximum that buyers are willing to pay. Changes in taxes come out of profits, not consumer pocket books.

So, no, it is not true to say, " simply pass it off in the form of higher priced goods". Ain't nothing simple about it. It is economics. It is the interactions of 180 million adult US consumers and 11 million businesses. It is the decisions of those 180 million consumers. Those consumers are human beings, the most intelligent creatures to walk this planet with brains consisting of over 100 billion cells each.

It's "simply" supply and demand curves; It's "simply" market leverage; It's "simply" the money supply; It's "simply" monopolies and oligopolies; It's "simply" banking and interest rates; and on and on goes the "simply".

Gosh, seeing as it's so simple, you must be a billionaire 'cuz you got it all simply figured out. After all, when you want more money, you "simply" got another job. Couldn't find another job? You "simply" started your own company.

"Simply". That's simply funny.
 
Well, that is a false statement. I seems appealing except it comes from a myopic understanding of how micro-economics work.
So how is your myopic understanding of how things work, working out for you?

JWK

Biden was absolutely correct about us having a “dark winter”. But that’s only true if Biden gets elected, and he ends fracking, closed down oil, gas and coal fired power plants, which now heat our homes in the winter.
 
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On Taxes & the Economy: It is certainly true that ordinary working people will be poorer in the next period — regardless of who is elected and regardless of tax policies or protectionist policies adopted.

There will also be an increase in the permanently unemployed due to the decline in service jobs. Even after Covid-19 ends, permanent changes due to work from home and shop from home and automation and increasing overseas competition (from everywhere) will lead to lower wages, but this will not effect every employed group equally. Above all people with stocks will be protected, whoever wins.

The new Modern Monetary Theory stimulus plans now endorsed by ALL First World Central Banks and the IMF, and the Federal Reserve/Treasury’s willingness to “monetarize” debt — these all mean federal taxation will become relatively less important to both parties, as “balancing the federal budget” becomes a thing of the past. “Balancing the budget” will only be raised as an empty slogan to support cutbacks in increasingly needed social spending. Federal fiat money bailouts of states and industries and support for the poor will remain central tasks and highly controversial political issues. Neither Democrats nor Republicans will seriously challenge military spending.

Industrial planning and infrastructure programs, military spending, federal welfare, all can potentially be paid for without new taxes. If the Republicans win big, there will be no new taxes, probably more tax cuts for corporations, and increased spending mainly for the military. States and cities will suffer terribly, and little or nothing will be done to repair holes in “the safety net” that millions of workers and unemployed will increasingly fall through.

I won’t speculate on what increasing federal indebtedness and “state capitalist” bailouts will ultimately lead to. So far at least the state capitalist financial system has weathered the Covid economic crisis reasonably well, protecting the stock market and big banks.
 
It's NOT a lie. It's the truth! No malarkey!
If someone raises taxes on the landlord or stores owners or who ever. It will cause the price on products, materials or properties to inflate.
Like when JFK Jr was trying to stop inflation. But the steel manufacturers that didn't like him. Had raised the price on their steel, which it has caused inflation. The country is dependent on steel. Like buildings, automotive and basically everything dependent on steel. But if the manufacturers have to pay more on taxes. That they will automatically raise the prices on their products.
Like the GMO seed manufacturers. Before, the price on food products like bread, was very cheap. You can get four loaves of bread for a buck. But the GMO seed manufacturers didn't like that. It costed them more to pay scientists and the equipment's and buildings and utilities to genetically modified the seeds. And which the conventional seed growers only depends on nature. And so the GMO manufacturers will be unable to compete with conventional seeds growers.
And so the GMO people created rhetorical Devices like the peanut scare and etc. Having politicians to slapped many regulations on seed growers that doesn't have scientists to monitored their seeds. Now the regulations has caused the seed growers to raise their prices, while the GMO seed manufacturers aren't regulated because their seeds are approved safe by rent a scientists.
and now the poor has to pay one loaf of bread for four dollars and which it was the other way around before regulations.
And so tax hikes and regulations increases the cost of living on everyone. Even on the poor. It's hurting the poor because no one can afford to donate.



The cost of living on everyone is called inflation and measured by the consumer price index. There is no real increase because everyone is simply making more money and buying the same stuff. It's the difference between nominal and real dollars.
 
On Taxes & the Economy: It is certainly true that ordinary working people will be poorer in the next period — regardless of who is elected and regardless of tax policies or protectionist policies adopted.

There will also be an increase in the permanently unemployed due to the decline in service jobs. Even after Covid-19 ends, permanent changes due to work from home and shop from home and automation and increasing overseas competition (from everywhere) will lead to lower wages, but this will not effect every employed group equally. Above all people with stocks will be protected, whoever wins.

The new Modern Monetary Theory stimulus plans now endorsed by ALL First World Central Banks and the IMF, and the Federal Reserve/Treasury’s willingness to “monetarize” debt — these all mean federal taxation will become relatively less important to both parties, as “balancing the federal budget” becomes a thing of the past. “Balancing the budget” will only be raised as an empty slogan to support cutbacks in increasingly needed social spending. Federal fiat money bailouts of states and industries and support for the poor will remain central tasks and highly controversial political issues. Neither Democrats nor Republicans will seriously challenge military spending.

Industrial planning and infrastructure programs, military spending, federal welfare, all can potentially be paid for without new taxes. If the Republicans win big, there will be no new taxes, probably more tax cuts for corporations, and increased spending mainly for the military. States and cities will suffer terribly, and little or nothing will be done to repair holes in “the safety net” that millions of workers and unemployed will increasingly fall through.

I won’t speculate on what increasing federal indebtedness and “state capitalist” bailouts will ultimately lead to. So far at least the state capitalist financial system has weathered the Covid economic crisis reasonably well, protecting the stock market and big banks.

How do they all mean federal taxation will become relatively less important...?

Also, "potentially be paid for without new taxes"? How does that work?
 
On Taxes & the Economy: It is certainly true that ordinary working people will be poorer in the next period — regardless of who is elected and regardless of tax policies or protectionist policies adopted.

There will also be an increase in the permanently unemployed due to the decline in service jobs. Even after Covid-19 ends, permanent changes due to work from home and shop from home and automation and increasing overseas competition (from everywhere) will lead to lower wages, but this will not effect every employed group equally. Above all people with stocks will be protected, whoever wins.

The new Modern Monetary Theory stimulus plans now endorsed by ALL First World Central Banks and the IMF, and the Federal Reserve/Treasury’s willingness to “monetarize” debt — these all mean federal taxation will become relatively less important to both parties, as “balancing the federal budget” becomes a thing of the past. “Balancing the budget” will only be raised as an empty slogan to support cutbacks in increasingly needed social spending. Federal fiat money bailouts of states and industries and support for the poor will remain central tasks and highly controversial political issues. Neither Democrats nor Republicans will seriously challenge military spending.

Industrial planning and infrastructure programs, military spending, federal welfare, all can potentially be paid for without new taxes. If the Republicans win big, there will be no new taxes, probably more tax cuts for corporations, and increased spending mainly for the military. States and cities will suffer terribly, and little or nothing will be done to repair holes in “the safety net” that millions of workers and unemployed will increasingly fall through.

I won’t speculate on what increasing federal indebtedness and “state capitalist” bailouts will ultimately lead to. So far at least the state capitalist financial system has weathered the Covid economic crisis reasonably well, protecting the stock market and big banks.

How do they all mean federal taxation will become relatively less important...?

Also, "potentially be paid for without new taxes"? How does that work?

Good questions. There are many illusions about this subject, but the reality of increasing indebtedness has led even mainstream economists to more and more embrace “Modern Monetary Theory,” at least practically. To understand how the Federal Government goes about paying for stuff without needing taxes or even borrowing money, you should probably start by reading the simple Modern Monetary argument laid out here, at least pp. 13-24:

 
See:







Joe Biden’s big lie, that he will not raise taxes on those earning less than $400K, is rope-a-dope Orwellian Newspeak

Keep in mind corporations, and small businesses, getting stuck with a tax on incomes above $400,000, simply pass it off in the form of higher priced goods and services which you, Mary and Joe Sixpack purchase, thereby making you the real tax payer of Biden’s tax on incomes above $400,000, and makes his plan inflationary, and a tax which the poor and middle class will pay.

JWK

Let us not forget the Obama/Biden big, fat lie, about “Shovel-ready was not as … uh … shovel-ready as we expected… ha,ha,ha,”___ Obama, June, 2011

Damn right he will.
 
I see no reason Biden should have to break his vow, as I explained in comments 12 & 15. The willingness of the previous Obama and present Trump administrations to go deeper into “debt” (absolutely and as a percentage of GDP) while spending more, and present suggestions coming from the Federal Reserve and Wall Street (especially given the evolving Covid economic crisis) suggest that more fiscal stimulus, more tax support and benefits to the working class are on the agenda in the immediate future.

State and city and county tax increases and/or cutbacks will be necessary, however, if the Federal government does not step in to support them with federal assistance. A Trump Administration may be, as he has indicated already, unwilling to help states (especially Blue states), urban cities, and county governments, whereas Biden would probably be more sympathetic. Thus fewer states and cities — which cannot print their own money or monetize their debts — will go bankrupt or have to raise local taxes if Biden and the Democrats do sweep the election.
 
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I see no reason Biden should have to break his vow, as I explained in comments 12 & 15. The willingness of the previous Obama and present Trump administrations to go deeper into “debt” (absolutely and as a percentage of GDP) while spending more, and present suggestions coming from the Federal Reserve and Wall Street (especially given the evolving Covid economic crisis) suggest that more fiscal stimulus, more tax support and benefits to the working class are on the agenda in the immediate future.

State and city and county tax increases and/or cutbacks will be necessary, however, if the Federal government does not step in to support them with federal assistance. A Trump Administration may be, as he has indicated already, unwilling to help states (especially Blue states), urban cities, and county governments, whereas Biden would probably be more sympathetic. Thus fewer states and cities — which cannot print their own money or monetize their debts — will go bankrupt or have to raise local taxes if Biden and the Democrats do sweep the election.
The Fiat Currency exists to expand. It does not reduce that well. An implosion of the economy could occur if not handled properly.
 

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