Posted on 03/07/2024 12:42:55 PM PST by backpacker_c
President Joe Biden plans to launch a raid on the super rich, hiking taxes for corporations and billionaires like Elon Musk and Jeff Bezos.
White House officials said the steps were part of a proposed 2025 budget to be released next week, and aimed at reducing the federal deficit by $3 trillion over 10 years.
The tax plans are expected to form a core part of Biden's re-election campaign, contrasting markedly with presumptive Republican nominee Donald Trump, whose 2017 'Tax Cuts and Jobs Act' slashed taxes on companies and the wealthy.
(Excerpt) Read more at dailymail.co.uk ...
Biden is going proposing massive tax hikes on his wealthiest donors ... Riiiiiight
You think inflation is bad now put new massive tax increases on companies and see how fast prices go up. See the thing about companies is they just pass it on to consumers in the price of their products.
There aren’t enough in that bunch to make much of a dent. Especially if they use the tax codes. More 🐂💨💩
I agree its a misdirection - although Biden’s handlers, being the marxist children they are, are using it as an electoral strategy
It has no chance of passing congress, but then Dems can campaign on: “See? GOP doesn’t care about deficits,” and “GOP only supports the super rich”
It’s a little ironic. Trump promised during his 2016 campaign to raise taxes on the wealthy and few raised an eyebrow. Biden does it and everyone’s hair catches on fire. What happened to consistency?
reducing the federal deficit by $3 trillion over 10 years??????
WHAT A JOKE!.....................
Massive price increases. You will have to take out a loan for a steak dinner.
People who were "essential workers" and "heroes" during Covid are now raising concerns about the economic conditions the elites created and are now told to get a real job or they are expendable so long as the money keeps flowing upwards.
AND THE MSM KEEPS COVERING FOR HIS LIES WITH THEIR OWN LIES!!
Debt rising $3 Trillion every three months = $12 Trillion per year, X ten Years = $120 Trillion...................
CA and NY have a wealth tax and the rich have been fleeing those states ion droves.
it’s estimated at 1 trillion every 3 months but still horrible
He’ll propose selling some bridges too!
Misdirection?
That’s the understatement of the century!
More like “Hey, let’s institute class warfare to drive up cost and inflation even higher, while we do nothing about 3 Trillion a year deficit spending”
It’s proof of one truth. There is one party in Washington DC and they want your money and not your opinion.
How long before the House Republicans cave on this too?
This will not be popular with democrat big donors.
Billionaires know how to handle this:
(1) Hire connected DC lobbyist to help draft legislation with loopholes just for you.
(2) Pay bribes to key Congressional committee chairs as advised by lobbyist
(3) Laugh all the way to the bank
That’s right. Business do not pay income tax. It’s passed on to the consumer with higher prices.
It is absolutely identical to what the Deep State did to Carter in his last SOTU:
"We are now in the early stages of economic recovery following a short recession. Typically, a post-recessionary period has been marked by vigorous economic growth aided by anti-recessionary policy measures such as large tax cuts or big, stimulation spending programs. I have declined to recommend such actions to stimulate economic activity, because the persistent inflationary pressures that beset our economy today dictate a restrained fiscal policy.Accordingly, I am asking the Congress to postpone until January 1, 1982, the personal tax reductions I had earlier proposed to take effect on January 1 of this year. ...
These other steps include measures to increase investment — such as the tax [increase] proposals included in my 1982 budget — and measures to increase competition and productivity in our economy. Voluntary incomes policies can also directly influence wages and prices in the direction of moderation and thereby bring inflation down faster and at lower cost to the economy. Through a tax-based incomes policy (TIP), we could provide tax incentives for firms and workers to moderate their wage and price increases. ...
The windfall profits tax on crude oil has been enacted providing $227 billion over ten years for assistance to low-income households, increased mass transit funding, and a massive investment in the production and development of alternative energy sources ... The Synthetic Fuels Corporation has been established to help private companies build the facilities to produce energy from synthetic fuels; Solar energy funding has been quadrupled, solar energy tax credits enacted, and a Solar Energy and Energy Conservation Bank has been established ....
My commitment to the essential retirement and disability protection provided to 35 million people each month has been demonstrated by the fact that without interruption those beneficiaries have continued to receive their social security benefits, including annual cost of living increases. Changing and unpredictable economic circumstances require that we continue to monitor the financial stability of the social security system. To correct anticipated short-term strains on the system, I proposed last year that the three funds be allowed to borrow from one another, and I urge the Congress again this year to adopt such interfund borrowing. To further strengthen the social security system and provide a greater degree of assurance to beneficiaries, given projected future economic uncertainties, additional action should be taken. Among the additional financing options available are borrowing from the general fund, financing half of the hospital insurance fund with general revenues, and increasing the payroll tax rate."
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