NAOS
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Ok sure deregulate everything no biggie
Biden's Tax Plan
- Thread starter JazzMan4Life
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Miggs
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Isn’t it the company matching?
LogGrad98
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Yes but that is his point. The company match, or lack thereof, can make a big difference in the final outcome.
fishonjazz
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Why Carly Fiorina backs Joe Biden’s tax hikes
The former GOP presidential candidate is one of many Republicans breaking with the party to support Joe Biden.
Biden is proposing a range of new programs on affordable housing, health care, climate change, infrastructure and child care. He’d pass around $2.4 trillion in new tax hikes over a decade to help pay for his agenda. He’d raise the corporate tax rate from 21% to 28%, and raise income taxes on households earning more than $400,000 per year, among other things.
Some business operators worry that higher taxes would cut into growth and hiring. But the corporate tax rate was 35% from 1993 to 2017, a period that included the boom of the late 1990s and the recovery from the Great Recession starting in 2009. The corporate rate fell to 21% in the tax-cut law President Trump signed at the end of 2017.
Economists question whether Biden’s tax hikes would be appropriate with the economy in a recession, or just barely out of one. Biden, in response, has signaled he wouldn’t pursue that part of his agenda until the second or maybe even third year of his presidency, when the economy is on more stable footing.
Investors seem comfortable with a Biden win, even if it brings tax hikes down the road. Biden would be more likely than Trump to pass a huge stimulus bill early in 2021, especially if his fellow Democrats retake the Senate, giving them full control of Congress. Gary Cohn, Trump’s chief economic advisor in 2017 and 2018, said at the All Markets Summit, that he too would be comfortable with Biden’s higher tax rate on businesses. “To me, 28% is probably a good number to land on,” he said.
idestroyedthetoilet
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What?
NAOS
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Trump gets false praise for his economic track record. That’s the principle point. You can’t take a strong economy, dump gas on it (tax cuts to your constituents and/or deregulate things such that your constituents can create weird little values and bubbles) and then flex. It’s ********.
candrew
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Trump took a functioning economy (granted with plenty of underlying problems but functioning nonetheless) and pumped steroids into it. Insane top heavy tax cuts, politicized the fed which led to unwarranted interest rates cuts, quantitative easing of the overnight lending markets - which started BEFORE the pandemic when we weren't even in a recession......we were headed for the mother of all bubbles.
idestroyedthetoilet
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This is far from accurate. Trump tried to politicize the Fed and failed. They were raising rates for no economic reasons whatsoever, but because of preconceived notion/belief that we must get back to "normal", and because nobody has a ****ing clue what full employment is anymore. They tried to get in front of impending wage inflation, err FAILED STATE's theoretical overheating. What wage inflation, what full employment, what overheating? They didn't begin cutting until after causing unnecessary economic harm and wisening up, and in this case Trump was 100% correct about their folly.
idestroyedthetoilet
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Sure. I didn't see where overheating economy had a place in a rant that is essentially the traditional Chicago school critique of Keynesianism.
fishonjazz
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This was an interesting read. Seems like a bad idea.
www.yahoo.com
Why experts on both political sides say Biden's corporate tax proposal is 'problematic'
Many tax experts say Biden's proposed minimum 15% tax on corporate book income is a bad idea.
candrew
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This was an interesting read. Seems like a bad idea.
Why experts on both political sides say Biden's corporate tax proposal is 'problematic'
Many tax experts say Biden's proposed minimum 15% tax on corporate book income is a bad idea.
It's actually a clever idea. Typically book income is that big fat number companies like to put in their annual report and boast during their earnings calls. Then they hand that number over to their accountants who use GAAP to whittle it down to the point where it looks like they're just treading water. And that's what they get taxed on.
There's about a 0% chance Biden actually puts this into play - it's just some red meat for the Sanders/AOC wing of the party and a creative way to illustrate the trillions of dollars his tax plan will generate.
What you'll see is the top 5% is going to get a tax hike, the corporate rates will go back up and he might play with the top brackets a bit. Otherwise it'll be business as usual.
latin jazz
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Whether you follow neoclassical theory or keynesian, one thing is clear for both: you don't pursue pro cyclical policies in the boom phase of the economic cycle, as the economy either self regulates or overheats, respectively. In that sense, there was no need to drastically reduce corporate taxes and regulations in an already booming economy. Unless of course, you wanted short term gains and win an election...