Biden’s Massive Tax Hikes Inevitable if Democrats Win Georgia Senate Races

Discussion in 'Political Opinions & Beliefs' started by nopartisanbull, Dec 18, 2020.

  1. nopartisanbull

    nopartisanbull Well-Known Member

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    This Breitbart article listed the following tax hikes;

    • End the 20 percent deduction for small business incomes above $400,000.
    • Hike the corporate tax rate from 21 percent to 28 percent.
    • Households could face higher utility bills as power and water providers pass on the cost of the higher taxes.
    • Raise the top individual income rate back to 39.6 percent from 37 percent.
    • Impose the 12.4 percent payroll taxes on earned income above $400,000.
    • Reviving the Obamacare individual mandate tax

    Note: Households COULD COULD COULD face higher utility bills as power and water providers pass on the cost of the higher taxes.

    The author intentionally added a COULD just to make Biden's tax hikes UNIVERSAL.

    IRONICALLY, when Trump imposed/raised tariffs on imported goods, did HE and his loyalists cared about "a COULD pass on the cost to the consumers''? Absolutely not!

    Last, I believe Trump and his loyalists would rather keep leeching off Treasuries, and IMO, T-leeches are no different than welfare recipients.

    https://www.breitbart.com/politics/...itable-if-democrats-win-georgia-senate-races/
     
    Last edited: Dec 18, 2020
  2. nopartisanbull

    nopartisanbull Well-Known Member

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    Now, let's analyze Biden's tax hikes, but first, this;

    In 2012, Trump criticized Obama's 20.5% effective tax rate

    In the tweet, Trump cited information in a tax return released by Obama that year showing that for 2011 he paid $162,074 in federal taxes on a gross income of $789,674.

    https://www.businessinsider.com/trump-attacked-obama-for-tax-rate-when-he-paid-nothing-2020-9

    Well, for anyone's info, here's Obama's tax return

    https://obamawhitehouse.archives.gov/sites/default/files/president_obama_complete_return_2011.pdf

    Today's marginal tax calculator

    https://www.cchwebsites.com/content/calculators/TaxMargin.html

    And today's income tax calculator

    https://www.calculator.net/tax-calculator.html

    CONCLUSION: Today's $790,000 Gross Income Earners, same filling status, same deductions as Obama........ pay SIGNIFICANTLY less than $162,074 in federal taxes, at least $20,000 less.
     
    Last edited: Dec 18, 2020
  3. Spim

    Spim Well-Known Member Past Donor

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    Not to get nitpicky but right off the bat...

    • Households could face higher utility bills as power and water providers pass on the cost of the higher taxes.
    Utility companies?
    I didnt think they paid taxes.
    I think I do pay a utility tax somewhere on that bill, honestly haven't looked at the details in years.

    Moving on from that yes we all should expect an overall increase in taxes, The racist Biden administration will find ways to nickle and dime us at every opportunity and Captain Dementia will get support from the media who tell us its for our own good to save the planet from a temperature increase 20 years after were all dead, those that survive the riots of course.

    Not my president!

    (Practicing the lessons learned about complaining the last 4 years, how am I doing?)
     
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  4. nopartisanbull

    nopartisanbull Well-Known Member

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    Next,

    • End the 20 percent deduction for small business incomes above $400,000.
    • Hike the corporate tax rate from 21 percent to 28 percent
    First, due to a phenomenal growth of pass-thru entities, we no longer can fairly compare Today's and Yesterday's corporate tax revenue.

    However, here are Bush's good economical times corporate tax revenue, in today's dollars;

    FY2004; $189,370......in today's dollars; $260.876 Billion
    FY2005; $278,281......$370.797 B
    FY2006; $353,915......$456.840 B
    FY2007; $370,243......$464.681 B

    Obama's last slow growth economy corporate tax revenue, FY2016; $300 billion.....$325.280 B

    Trump's last good economical times corporate tax revenue, FY2019; $230 billion......$234.000 B

    Sources;

    https://www.usinflationcalculator.com/

    https://www.fiscal.treasury.gov/reports-statements/mts/previous.html
     
  5. ChiCowboy

    ChiCowboy Well-Known Member

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    I noticed that as well. The utility companies here are regulated by the state, and price increases must be approved by a commission. They can't simply "pass on the costs," as the claim states.

     
    Last edited: Dec 18, 2020
  6. nopartisanbull

    nopartisanbull Well-Known Member

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    Same in ND, however, Biden wants to raise $3.5 trillion over 10 years, AND invest $2 trillion towards Renewable Energy, thus, how many existing Utility companies may/will qualify for a chunk of said $2 trillion?
     
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  7. Spim

    Spim Well-Known Member Past Donor

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    Oh there is no doubt his plan is to bend us all over, the rich will game the system and collect all the incentives, the middle class and poor will all pay a wee bit more, but it's for our own good, and let's not forget, we asked for this... those who voted for this upcoming crap are to blame.

    Thanks in advance.
     
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  8. joesnagg

    joesnagg Banned

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    If the Democrats take the Senate the living may well envy the dead. But we can take a wee bit of humor watching their supporters contort to justify their choice.
     

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