Biden's Plan Will Raise Taxes On Those Earning Less than $400,000 a Year: First outrageous lie from this pathological POS....and he's not even in office yet.

fullspinzoo

First outrageous lie from this pathological POS....and he's not even in office yet. https://thefederalist.com/2020/08/25/bidens-plan-will-raise-taxes-on-americans-who-earn-less-than-400000-a-year/

Cuda2020

fullspinzoo wrote:

First outrageous lie from this pathological POS....and he's not even in office yet. https://thefederalist.com/2020/08/25/bidens-plan-will-raise-taxes-on-americans-who-earn-less-than-400000-a-year/

Your article boasts, "in fact", but there is no facts there to support their accusation. This is is fact what Biden is Proposing:

1.Repeal the TCJA components for high-income filers
2. Impose 12.4% Social Security payroll tax for wages above $400k
3. Increase the corporate income tax to 28%
4. Establish a corporate minimum tax on book income

5. Double the tax rate on GILTI and impose it country-by-country (GILTI is a newly-defined category of foreign income added to corporate taxable income each year. In effect, it is a tax on earnings that exceed a 10 percent return on a company’s invested foreign assets. GILTI is subject to a worldwide minimum tax of between 10.5 and 13.125 percent on an annual basis. GILTI is supposed to reduce the incentive to shift corporate profits out of the United States by using intellectual property).

6. Temporarily increase the generosity of the Child Tax Credit and Dependent Cred

Key Findings
President-elect Joe Biden, according to the tax plan he released before the election, would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax.
Biden’s plan would raise tax revenue by $3.3 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $2.8 trillion the next decade. This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.
According to the Tax Foundation’s General Equilibrium Model, the Biden tax plan would reduce GDP by 1.62 percent over the long term.
On a conventional basis, the Biden tax plan by 2030 would lead to about 7.7 percent less after-tax income for the top 1 percent of taxpayers and about a 1.9 percent decline in after-tax income for all taxpayers on average.

If this is inaccurate, prove it. This was by the tax foundation.

https://taxfoundation.org/joe-biden-tax-plan-2020/

Lonewolf

Barracuda2020 wrote:

Your article boasts, "in fact", but there is no facts there to support their accusation. This is is fact what Biden is Proposing:

1.Repeal the TCJA components for high-income filers
2. Impose 12.4% Social Security payroll tax for wages above $400k
3. Increase the corporate income tax to 28%
4. Establish a corporate minimum tax on book income

5. Double the tax rate on GILTI and impose it country-by-country (GILTI is a newly-defined category of foreign income added to corporate taxable income each year. In effect, it is a tax on earnings that exceed a 10 percent return on a company’s invested foreign assets. GILTI is subject to a worldwide minimum tax of between 10.5 and 13.125 percent on an annual basis. GILTI is supposed to reduce the incentive to shift corporate profits out of the United States by using intellectual property).

6. Temporarily increase the generosity of the Child Tax Credit and Dependent Cred

Key Findings
President-elect Joe Biden, according to the tax plan he released before the election, would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax.
Biden’s plan would raise tax revenue by $3.3 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $2.8 trillion the next decade. This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.
According to the Tax Foundation’s General Equilibrium Model, the Biden tax plan would reduce GDP by 1.62 percent over the long term.
On a conventional basis, the Biden tax plan by 2030 would lead to about 7.7 percent less after-tax income for the top 1 percent of taxpayers and about a 1.9 percent decline in after-tax income for all taxpayers on average.

If this is inaccurate, prove it. This was by the tax foundation.

https://taxfoundation.org/joe-biden-tax-plan-2020/

Your article boasts, "in fact", but ther... (show quote)

American Vet

Barracuda2020 wrote:

Your article boasts, "in fact", but there is no facts there to support their accusation. This is is fact what Biden is Proposing:

1.Repeal the TCJA components for high-income filers
2. Impose 12.4% Social Security payroll tax for wages above $400k
3. Increase the corporate income tax to 28%
4. Establish a corporate minimum tax on book income

5. Double the tax rate on GILTI and impose it country-by-country (GILTI is a newly-defined category of foreign income added to corporate taxable income each year. In effect, it is a tax on earnings that exceed a 10 percent return on a company’s invested foreign assets. GILTI is subject to a worldwide minimum tax of between 10.5 and 13.125 percent on an annual basis. GILTI is supposed to reduce the incentive to shift corporate profits out of the United States by using intellectual property).

6. Temporarily increase the generosity of the Child Tax Credit and Dependent Cred

Key Findings
President-elect Joe Biden, according to the tax plan he released before the election, would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax.
Biden’s plan would raise tax revenue by $3.3 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $2.8 trillion the next decade. This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.
According to the Tax Foundation’s General Equilibrium Model, the Biden tax plan would reduce GDP by 1.62 percent over the long term.
On a conventional basis, the Biden tax plan by 2030 would lead to about 7.7 percent less after-tax income for the top 1 percent of taxpayers and about a 1.9 percent decline in after-tax income for all taxpayers on average.

If this is inaccurate, prove it. This was by the tax foundation.

https://taxfoundation.org/joe-biden-tax-plan-2020/

Your article boasts, "in fact", but ther... (show quote)

Breakingviews - Joe Biden’s tax plan has a flaw: too many losers

https://www.nasdaq.com/articles/breakingviews-joe-bidens-tax-plan-has-a-flaw%3A-too-many-losers-2020-10-19

Milosia2 Loc: Cleveland Ohio

Lonewolf wrote:

Above $400,000 now. Is that more or less than $400,000 ?

Wonttakeitanymore

Barracuda2020 wrote:

Your article boasts, "in fact", but there is no facts there to support their accusation. This is is fact what Biden is Proposing:

1.Repeal the TCJA components for high-income filers
2. Impose 12.4% Social Security payroll tax for wages above $400k
3. Increase the corporate income tax to 28%
4. Establish a corporate minimum tax on book income

5. Double the tax rate on GILTI and impose it country-by-country (GILTI is a newly-defined category of foreign income added to corporate taxable income each year. In effect, it is a tax on earnings that exceed a 10 percent return on a company’s invested foreign assets. GILTI is subject to a worldwide minimum tax of between 10.5 and 13.125 percent on an annual basis. GILTI is supposed to reduce the incentive to shift corporate profits out of the United States by using intellectual property).

6. Temporarily increase the generosity of the Child Tax Credit and Dependent Cred

Key Findings
President-elect Joe Biden, according to the tax plan he released before the election, would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax.
Biden’s plan would raise tax revenue by $3.3 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $2.8 trillion the next decade. This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.
According to the Tax Foundation’s General Equilibrium Model, the Biden tax plan would reduce GDP by 1.62 percent over the long term.
On a conventional basis, the Biden tax plan by 2030 would lead to about 7.7 percent less after-tax income for the top 1 percent of taxpayers and about a 1.9 percent decline in after-tax income for all taxpayers on average.

If this is inaccurate, prove it. This was by the tax foundation.

https://taxfoundation.org/joe-biden-tax-plan-2020/

Your article boasts, "in fact", but ther... (show quote)

Bullshit!

bahmer

fullspinzoo wrote:

First outrageous lie from this pathological POS....and he's not even in office yet. https://thefederalist.com/2020/08/25/bidens-plan-will-raise-taxes-on-americans-who-earn-less-than-400000-a-year/

Amen and Amen

fullspinzoo

Milosia2 wrote:

Above $400,000 now. Is that more or less than $400,000 ?

You're full of chit. Stick to "ball gags". Probably more in your wheelhouse.