Massive Tax Increases of Joe Biden to Fund His $3.5 Trillion Social Spending
Sep 13, 2021 20:45:00 #
Joe Biden is now on stage of massive tax increases as he releases the $3.5 trillion social spending. This fund is essential to lure democrat v**ers for the 2022 e******n and beyond.
I am aware that most at the OPP won't care and mind these tax increases, thinking it won't affect them. But analyzing all the economic consequences, these tax increases will affect all of us.
Here are the preliminary tax rates. This may not be complete yet.
Corporate tax rate 25%, from 21%.
Individual rate 39.6 %, from 36%. Individual earning $400k and above.
Capital gains rate 26.5%, from 20%.
Those earning $5 million and above, add 3%, to the 39.6%, total 42.6%.
Annually the Biden administration expects to earn $1 trillion annually, and within 5 years reaches to $5 trillion, enough to supplement other tax increases.
Other tax proposals may still come up later.
Here are the adverse effects :
1. Inflation will further go up the roof. Therefore not only the rich people pay, but all people who consume are affected.
2. When corporate tax is increased, it also increase corporate overhead cost. Therefore this reduces taxable income. The result will lower tax payment to the IRS.
Other effects of higher corporate tax. For effective management and profitability, corporations have also to lower overhead cost. Therefore, the effect would be reduction of employment. When more employees are unemployed they don't pay income tax, Social Security and Medicare taxes. But rather use the unemployment insurance. And when that is exhausted, they reduce to the Social Welfare collection. Therefore instead of paying taxes, these employees used what ever fund is left in our system.
With reduction of employment, results to less production. Less production and more demands for consumptions further raises inflation.
That is why this Biden economic policies are disastrous. Not only punishing those who provide employment, but all consumers and low income are affected.
The Biden administration does this for power and control.
Please be aware that we are way down below the Chinese economy and Chinese national defense at present. Although they stole every technology from the US.
List of the highest banks in the world all owned by China.
BANK Assets US$m + or – (local curr) Capital US$m Balance Sheet Date
1 1 Industrial & Commercial Bank of China Limited $ $5,104,643.00 +11.00% 89,130.00 31.12.2020
2 2 China Construction Bank Corporation $4,306,638.00 +11.00% 38,273.00 31.12.2020
3 3 Agricultural Bank of China Limited $4,164,697.00 +9.00% 65,809.00 31.12.2020
4 4 Bank of China Limited $3,735,692.00 +7.00% 45,067.00 31.12.2020
5 5 BNP Paribas SA 3,053,363.00 +15.00% $3,194.00 31.12.2020
6 6 JPMorgan Chase Bank National Association $3,025,285.00 +29.00% 2,028.00 31.12.2020
Notice that the 4 highest banks are now owned by China.
The number 5 is not a US bank.
The number 6, is JP Morgan Chase, a US bank.
Therefore US ranks number 6 among the banking systems. Under Biden, We are rapidly going down, as China is rapidly goes up.
With these activities, we must be very concerned. I am worried. I just wrote senator McConnell, not to approve. But with Senate 50-50 plus the ho. Dems could win the Reconciliation system.
I am aware that most at the OPP won't care and mind these tax increases, thinking it won't affect them. But analyzing all the economic consequences, these tax increases will affect all of us.
Here are the preliminary tax rates. This may not be complete yet.
Corporate tax rate 25%, from 21%.
Individual rate 39.6 %, from 36%. Individual earning $400k and above.
Capital gains rate 26.5%, from 20%.
Those earning $5 million and above, add 3%, to the 39.6%, total 42.6%.
Annually the Biden administration expects to earn $1 trillion annually, and within 5 years reaches to $5 trillion, enough to supplement other tax increases.
Other tax proposals may still come up later.
Here are the adverse effects :
1. Inflation will further go up the roof. Therefore not only the rich people pay, but all people who consume are affected.
2. When corporate tax is increased, it also increase corporate overhead cost. Therefore this reduces taxable income. The result will lower tax payment to the IRS.
Other effects of higher corporate tax. For effective management and profitability, corporations have also to lower overhead cost. Therefore, the effect would be reduction of employment. When more employees are unemployed they don't pay income tax, Social Security and Medicare taxes. But rather use the unemployment insurance. And when that is exhausted, they reduce to the Social Welfare collection. Therefore instead of paying taxes, these employees used what ever fund is left in our system.
With reduction of employment, results to less production. Less production and more demands for consumptions further raises inflation.
That is why this Biden economic policies are disastrous. Not only punishing those who provide employment, but all consumers and low income are affected.
The Biden administration does this for power and control.
Please be aware that we are way down below the Chinese economy and Chinese national defense at present. Although they stole every technology from the US.
List of the highest banks in the world all owned by China.
BANK Assets US$m + or – (local curr) Capital US$m Balance Sheet Date
1 1 Industrial & Commercial Bank of China Limited $ $5,104,643.00 +11.00% 89,130.00 31.12.2020
2 2 China Construction Bank Corporation $4,306,638.00 +11.00% 38,273.00 31.12.2020
3 3 Agricultural Bank of China Limited $4,164,697.00 +9.00% 65,809.00 31.12.2020
4 4 Bank of China Limited $3,735,692.00 +7.00% 45,067.00 31.12.2020
5 5 BNP Paribas SA 3,053,363.00 +15.00% $3,194.00 31.12.2020
6 6 JPMorgan Chase Bank National Association $3,025,285.00 +29.00% 2,028.00 31.12.2020
Notice that the 4 highest banks are now owned by China.
The number 5 is not a US bank.
The number 6, is JP Morgan Chase, a US bank.
Therefore US ranks number 6 among the banking systems. Under Biden, We are rapidly going down, as China is rapidly goes up.
With these activities, we must be very concerned. I am worried. I just wrote senator McConnell, not to approve. But with Senate 50-50 plus the ho. Dems could win the Reconciliation system.
Sep 13, 2021 20:47:50 #
JFlorio
Loc: Seminole Florida
Should be called the H****r B***n economic Plan. GDP estimates have already been downgraded. Real inflation is close to 10%. They pass this bill they will completely tank the economy.
Radiance3 wrote:
i Joe Biden is now pn stage of massive tax incre... (show quote)
Sep 14, 2021 00:29:23 #
Radiance3 wrote:
i Joe Biden is now on stage of massive tax incre... (show quote)
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Correction on tax rate. I did inter-change.
Corporate tax should be 26.5% from 21%.
Capital Gains tax s/b 25% from 20%.
Sep 14, 2021 00:47:39 #
JFlorio wrote:
Should be called the H****r B***n economic Plan. GDP estimates have already been downgraded. Real inflation is close to 10%. They pass this bill they will completely tank the economy.
================
Inflation is already hurting people.
It will be disastrous if this is passed at the Senate. I think there is assurance that it could pass Congress, unless some of the democrats worry about the inflation, and don't support. If the Senate uses the Reconciliation Process, then it could pass .
We are screwed up. I requested McConnell not to approve the Reconciliation. But these DEMS are desperate to pass this bill.
Another factor that could affect the economy. An increase for the demands of money for credit, raises interest rates. While a decrease of the needs for money decreases interest rates.
Interest rates determine how much we pay for loans we have, like homes, and cars, or huge ticket items that cost a lot of money.
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