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2021-03-16 Home Front: Politix
Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan
[BLOOMBERG] President Joe The Big Guy Biden
...46th president of the U.S. The very model of probity....
 is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.

Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been increasingly clear that tax hikes will be a component -- Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates -- key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.

With each tax break and credit having its own lobbying constituency to back it, tinkering with rates is fraught with political risk. That helps explain why the tax hikes in Bill Clinton
...former Democratic president of the U.S. Bill was the second U.S. president to be impeached, the first to deny that oral sex was sex, the first to have difficulty with the definition of the word is...
’s signature 1993 overhaul stand out from the modest modifications done since.

For the Biden administration, the planned changes are an opportunity not just to fund key initiatives like infrastructure, climate and expanded help for poorer Americans, but also to address what Democrats argue are inequities in the tax system itself. The plan will test both Biden’s capacity to woo Republicans and Democrats’ ability to remain unified.
Posted by Fred 2021-03-16 00:00|| || Front Page|| [11129 views ]  Top

#1 The Dem major tax hike didn't take long to appear. The Dems are so anti-capitalism/anti-business. The country was on a great roll before the pandemic. Now, hordes are at the border, jobs have been destroyed, parity in international trade gone and much of the country's businesses still crippled or out of business.

California's and Florida's response to Covid pandemic were compared in the last day or two. Covid case levels and deaths were compared and found to be about equal in the two states. Florida did not push mask-wearing, social distancing and draconian business closing whereas California did. The biggest difference was California's unemployment rate was double that of Florida.
Posted by JohnQC 2021-03-16 10:55||   2021-03-16 10:55|| Front Page Top

#2 The Dems are so anti-capitalism/anti-business.

Not really - they, as every other self-appointed elite in history, are anti social mobility.
Posted by g(r)omgoru 2021-03-16 10:57||   2021-03-16 10:57|| Front Page Top

#3 If you know you did not get the winning vote of the majority of the people and had to commit fraud to get the Presidency, what makes you think such a person is going to care about the people after that? He is going to get take all he can from them to reinvest in strengthening his hold on power.
Posted by Blackbeard Barnsmell6454 2021-03-16 11:56||   2021-03-16 11:56|| Front Page Top

#4 This economic policy is so moronic it can only be explained as a plot -- to destroy the working & middle classes.

Look at the stock market. It's soaring because of liquidity, in no small measure due to millions of unemployed young people hurling all their scare cash at garbage stocks. And sneakers. And "digital art." And tweets. How on earth do you "invest" in a tweet? Can you say, bubble?

So what does Team Biden do? Send thousands of dollars in "stimulus" money to each of these pathetic, desperate characters.

Ok, stimulus, got it: classic Keynesian stimulation of aggregate demand. Right: buy food and clothes and such, stimulate the economy, right?

Nope: the muppets will plow their checks into the bubble market. Which will crash. Which means these trillions in funny money will vanish with no impact whatsoever on the economy.

I refuse to believe that Biden's people are so stupid. They must be pushing this obviously useless, economically disastrous policy for a political reason -- to destroy the old traditional America. What other conclusion is there?

Posted by Ebbolutch Hatfield8868 2021-03-16 12:09||   2021-03-16 12:09|| Front Page Top

#5 No one will ask the obvious question to them. If you just printed a couple trillion dollars, why bother with taxes when you can get away with printing more to pay for it all? Just like they skip answering the question posed by raising minimum wage to $15, why not $100? Magic Money Tree theory of economics.
Posted by Procopius2k 2021-03-16 12:15||   2021-03-16 12:15|| Front Page Top

#6 /\ Everyone must participate!
Posted by Besoeker 2021-03-16 12:20||   2021-03-16 12:20|| Front Page Top

#7 F-ing idiots. If you wanted to provide $1,000 of additional disposable income to each US household, the easiest and most efficient way to do it would be with low oil and gas prices. Exactly what Trump did.

So Biden axes Keystone, energy prices soar, and 000s of $ in savings per household turn into 000s of $ sent out of each household. To be replaced with more helicopter greenbacks from Uncle Sugar. Insane.
Posted by Don Vito Barnsmell8140 2021-03-16 12:20||   2021-03-16 12:20|| Front Page Top

#8 My non-ethanol gas just went up another .19 cents this morning. $3.19

The "helicopter greenbacks" will continue until transitioned into a monthly, needs based guaranteed income.
Posted by Besoeker 2021-03-16 12:27||   2021-03-16 12:27|| Front Page Top

#9 They must be pushing this obviously useless, economically disastrous policy for a political reason -- to destroy the old traditional America.

That'd be my guess.
Posted by Abu Uluque 2021-03-16 13:02||   2021-03-16 13:02|| Front Page Top

#10 Yellen has said at least part of the next bill will have to be paid for

Somebody thinks there is some sort of limit on borrowing? Wasn't there some concern 10 days ago about the bond market freaking out?
Posted by Bobby 2021-03-16 13:49||   2021-03-16 13:49|| Front Page Top

#11 Ref. #10: Posted March 4 by yours truly - Record new Treasury debt issuance shocks bond buyers
Posted by Bobby 2021-03-16 13:52||   2021-03-16 13:52|| Front Page Top

#12 The $1.9 trillion Covid-19 stimulus increases the debt. More money will be printed and whatever money we might earn or have in savings or IRAs will be worth less as the result of printing more money.
Posted by JohnQC 2021-03-16 15:04||   2021-03-16 15:04|| Front Page Top

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