Damn if this isn’t straight out the Progressive Playbook….
President Biden is marrying this to a Infrastructure and Job’s Bill he wants to do next…
Gonna be interesting….
Trump and the Republicans gave the same people and corporation’s a tax give away 3 years ago….
Sounds like Biden and the Democrats are seeking to get that back…
We’ll have to see what Manchin and some of the ‘centrist’ Democrats say….
I would doubt any Republicans will sign on for tax hikes in any form….
President Biden said in an interview with ABC News’s George Stephanopoulos that he wants households making more than $400,000 to see “a small to a significant tax increase,” and that he thinks he can get votes from congressional Democrats for the tax hikes.
“Anybody making more than $400,000 will see a small to a significant tax increase,” Biden said in an interview that aired on “Good Morning America” Wednesday. “If you make less than $400,000, you won’t see one single penny in additional federal tax.”
Biden and congressional Democrats have expressed interest in pursuing a jobs and infrastructure package, and tax increases on the wealthy and corporations could be used to help offset the cost of such a bill. The details of a potential infrastructure bill have not yet been crafted….
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Republicans are criticizing the prospect of raising taxes to pay for an infrastructure bill, arguing that the tax increases would hurt the economy.
Some Democrats have said they want to pursue infrastructure legislation on a bipartisan basis, and tax increases would likely jeopardize the ability for any bill to get GOP support. Some Democrats have also expressed a reluctance to increase taxes during an economic downturn….
During the pandemic pro virus Republicans were “concerned” that big business was making more money than usual due to mask mandates and social distancing. Didn’t make sense to me as the local shops in my neighborhood stayed open with the same restrictions as Wal Mart and Costco. But that being what it may here’s the Republicans chance to recoup some of that money that went to big business and CEOs.
So what do you say GOP?
If 2020 was disproportionately good to the 1% how about they cough up a bit more in taxes?
They were hardly behindhand in sucking up all the Payroll Protection Program payments that were intended for struggling local small employers — who filled out elaborate documentation only to find that the till had already been emptied out by those with whole office floors of lawyers and accountants.
James, Do you think Jack is losing some sleep over this proposal?
Nope….
Democrats are zeroing in on raising the corporate tax rate from its current 21% to 28% as one of the easiest ways to find new revenue for an infrastructure package.
The big picture: While many senators are signaling that President Biden’s next big-ticket bill must come with a way to pay for it, the White House and its Democratic allies are growing confident they can get there, in part, by increasing corporate taxes.
“We should pay for this once-in-a-generation infrastructure package, “ said Sen. John Hickenlooper (D-Colo.) told Axios. “I’m eager to work with my colleagues on how to achieve this goal, including responsibly setting the corporate tax rate.”
Driving the news: The White House is starting to telegraph Biden’s priorities for new revenue — without previewing the full strategy….
More…
Although the corporate tax is politically popular, I don’t conceptually agree with it – except for industries that produce a bad externality – like pollution.
The. Corporate rax is coming out of some person’s pockets. Maybe it is the consumer of the product- who is indirectly passed on this tax, or maybe I’d is the shareholders of the corporation. If it is the shareholders ,it is double taxation, because the shareholders are already paying taxes on their dividends and capital gains.
But if it is the shareholders, then it is a regressive tax, because the wealthy shareholder is essentially paying the same tax rate as some young low-income dude who invested in the stock. I would rather see a more progressive tax structure.
If the goal is to make the wealthy pay more in taxes, then the corporate tax is an ineffective way to accomplish that.
The top sliver of high-income Americans dodge significantly more in income taxes than the Internal Revenue Service’s methods had previously assumed, according to forthcoming estimates from IRS researchers and academic economists.
Overall, the paper estimates that the top 1% of households fail to report about 21% of their income, with 6 percentage points of that due to sophisticated strategies that random audits don’t detect. For the top 0.1%, unreported income may be nearly twice as large as conventional IRS methodologies would suggest, the researchers wrote.
These strategies include offshore tax avoidance, which may have waned after stricter reporting requirements took effect about a decade ago. But many high-income Americans also use partnerships and similar entities to avoid taxes, and such behavior may be increasing and becoming harder for tax authorities to find and untangle, said Daniel Reck of the London School of Economics, the paper’s lead nongovernment author….
More….
We will see how these “born again blue collar “Republicans react to all this.
I think we all know the answer to that Jack. Considering the far and away leader of the GOP in 2021 said after his 2017 tax cut was passed “you all are about to get a lot richer” to the 1% who gathered in Mar A Lago.
“Blue Collar Republicanism” only means adopting George Wallace’s racism without actually helping poor whites or sticking it to the wealthiest of the wealthiest.