OBAMA's THIRD TERM.........................
Posted on 03/15/2021 6:51:25 AM PDT by John W
President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus package.
Unidentified sources told Bloomberg that the increases will reflect the promises Biden made during his 2020 campaign.
The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making more than $400,000; expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital gains tax rate for individuals making at least $1 million.
(Excerpt) Read more at thehill.com ...
Thieves gonna thieve.
Here we go. But only if you make more than 400k a year right. Lol.
Stolen elections have consequences.
Congratulations idiots ...
Kawabunga Dude.
Capital Gains: 50% to 60%
No more deferred tax estate Trusts allowed.
Middle class. Take your stim checks and get ready to send them to the IRS.
Get real conservative with any investments you make. Stocks, bonds, real estate, commodities, crypto currency, expect the worst. Invest heavily in canned goods and shotgun shells. Except for the latter, I’m already moving that way.
They always talk about taxes on the rich.
But—this is what they _do_ and don’t talk about:
https://www.zerohedge.com/markets/freelancers-punished-new-irs-rule-covid-stimulus
The fine print on any tax bill is going to be _brutal_ for the working and middle class.
OBAMA's THIRD TERM.........................
I will say this, EFF the Hedge Fund Boys. These morons overwhelmingly support Democrats. I hope they get eaten alive.
With respect to the rest of it, this is just the continuation of the war on small business that was started last year. The Swamp hates small business because it’s the economic engine of the GOP.
Minimum wage hikes, regulatory increases and even tax hikes don’t impact Big Corporate because they have an army of lawyers to successfully navigate all those things. Small biz doesn’t.
GameStop will look like a picnic in the park...................
This sort of stuff is why I’m trying to reduce my taxable income to zero and becoming mostly (and fully, if necessary) self sufficient regarding food.
Even if you earn no income, you pay these taxes in higher prices for goods and services. We’ve already stopped going to restaurants or coffee shops. Of course, the pandemic helped. :)
But only on people making $400k plus, right. So us little people don’t have to worry about it, right? Right?! /sarc
Anybody here didn’t see this coming?
It’s essentially a covert, back-door implementation of the wealth tax people like Elizabeth Warren and AOC want.
400k dollars or 400k pennies?
Notice that they are raising inflation then they are raising taxes for people making over $400K. That means more and more people will get pushed into that amount. And the raised taxes will start to affect most people. Thats the game. Tax the rich. Then make the middle class “rich” by inflation. Everyone’s a millionaire but a six pack costs $30 dollars.
Yep. What you said.
Most Democrats pay no Federal Income Tax
Where income tax is considered on democrats, there is vast inequality. Most are not paying their fair share
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