Biden's Tax Plan

[idestroyedthetoilet]

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 ********.

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]

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.

www.yahoo.com

 

[candrew]

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.

www.yahoo.com

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]

Sure. I didn't see where overheating economy had a place in a rant that is essentially the traditional Chicago school critique of Keynesianism.

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...

 

[leftyjace]

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...

Or needed to pander to your “big money” friends that you promised big benefits if you got elected.

 

[Keefe]

I love how people rationalize their racist beliefs. Trump is literally the biggest POS I can think of, Rome is burning, and many of you here will vote for him anyway “because of Biden’s tax plan.” It’s ****ing laughable. Whatever you need to tell yourself so you can sleep at night I guess. Even if the Empire is crumbling.

 

[latin jazz]

Or needed to pander to your “big money” friends that you promised big benefits if you got elected.

Yeah. I forgot to include "political & economic" gain. And I would add not only his friends and campaign donors but himself.

 

[idestroyedthetoilet]

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...

Most of this is a given, and beside the point. The economy didnt overheat. It wasnt a rational concern.

 

[idestroyedthetoilet]

People keep clinging to far outdated economic thought. This isn't your grandfather's economy, and as we've seen for the last two decades of economic rules being broken, the old addages no longer apply. We have massive disinflationary forces, GDP growth is anemic as is population growth, productivity gains stopped showing up in wage growth for over 30 years now, we have a savings glut, oil currently doesn't hold a stranglehold over the world, hasn't for quite some time, and might not again for 50 years... "Full employment" (now apparently another outdated concept) no longer forces wages up...

Throw the old playbook out, Jerry. Flex doesn't work anymore.