Biden planning first tax hike(major) since 1993

[Silberman]

Taxation is the Main area where the government is having their funds for the goodness of the country so Hiking or increasing the Tax per individual specially for the Largest company in the world is necessary .

America Now is suffering in too much pain from Economic problem so why put another taxation ?

The only problem is if even the smallest worker will be given an increase and for me this is a NO NO chance at this moment of time as the Hurt of pandemic still existing in everyone

That is what worries me, increasing taxes makes sense since the government cannot keep printing their currency as if it is Monopoly money, but are they really going to do it now when the economy is in still such a bad shape? If the increase on taxes is too high we could see an even slower growth of the economy and then most likely American companies will try to look for any way in which they can avoid those taxes, meaning that the taxes will come mostly from the middle class which has been heavily hit during the pandemic.

[Sithara007]

If the Biden administration removes various loopholes that enable the super-rich to avoid taxes, then it will bring them more tax revenue than any of these proposals. But we all know that those loopholes will not be removed, as they enable the super-rich to evade taxes in a 100% legal way. A lot of the billionaires set up charity trusts, just to reduce the tax burden. First and foremost, the amount that they are donating to these trusts must be taxed like any other income.

[RealMalatesta]

I think these tax rate increases are very dangerous in current times. Sure the government needs always money, but there is a huge downside risk involved. The new stimulus package from Biden is expensive and needs to be paid somehow. Most companies are still hurting from the corona pandemic. Increasing their tax burden will just make it worse. And we also don't know if there is a 3rd wave coming or not. Who knows how severe the pandemic will be this year.

No it isn't bad if the ones that are going to be taxed are the big businesses like Amazon, Facebook and other companies, not to mention that rich individuals need to be taxed to because they do not contribute anything to the society and they almost have the say on what to do for our future despite not contributing that much to taxes. The only companies that are hurt in this pandemic are the family owned and small business but most companies have already recovered so I think that these tax hike is a good thing but only if it is used not for military spending.

Unfortunately whenever the word "tax" comes up, there are tons of people who are against it, in fact they have been against it for a very long time and that is the main talk point for republicans, not just politicians but also voters as well.

See how it is worded, "biden planning first tax hike since 1993" as in it is going to affect everyone a lot, like he is doing something that would hurt the country, like some minimum wage person would have to pay more taxes, the reality is that it is taxes getting higher for those huge corporations, wouldn't it be better if it was worded "Biden planning tax hikes for billionaires"? That would actually get support from even republicans so that is why news do not put it that way. Long story short, no matter how many people you help, there will always be some people who would be against what you are doing and that’s the problem.

[Poker Player]

Common, was there anyone foolish enough to think there will be no tax hikes?
It's just the beginning, as all so-called democrats on both sides of the Atlantic like to do, at first the taxes will be targeted at the evil companies, the evil rich, the people that make money out of financial transactions and not working with their hands in the muddy field like real communist workers.
But then, to them and their voters just like in every damn situation in the last century, that money will not be enough.
So here comes the steel spiked rectal probing for the middle class, and then the flogging for the already poor who will understand what's poverty not on US terms but URSS equivalent.

It always works like this. First it is announced that taxes are going to be raised on the rich. Only the rich. Potential revenues are greatly overestimated. Then, faced with the reality that the income was overestimated and that the rich also take measures to avoid paying more, taxes are raised on everyone. That is to say that "the rich" in practice becomes the totality of the population. Well, no. Actually it means only the middle and poor classes, because the really rich have mechanisms to not pay or even leave the country if they want to go to other countries where they are sure to be well off.

[el kaka22]

It always works like this. First it is announced that taxes are going to be raised on the rich. Only the rich. Potential revenues are greatly overestimated. Then, faced with the reality that the income was overestimated and that the rich also take measures to avoid paying more, taxes are raised on everyone. That is to say that "the rich" in practice becomes the totality of the population. Well, no. Actually it means only the middle and poor classes, because the really rich have mechanisms to not pay or even leave the country if they want to go to other countries where they are sure to be well off.

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

[uneng]

It always works like this. First it is announced that taxes are going to be raised on the rich. Only the rich. Potential revenues are greatly overestimated. Then, faced with the reality that the income was overestimated and that the rich also take measures to avoid paying more, taxes are raised on everyone. That is to say that "the rich" in practice becomes the totality of the population. Well, no. Actually it means only the middle and poor classes, because the really rich have mechanisms to not pay or even leave the country if they want to go to other countries where they are sure to be well off.

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

*That is what progressives want*, but what Biden is doing is what progressives get.

There is a big difference between what you want and what you get.
Theory is different from practice and always progressives theories are put in practice they fail, so the classic excuse emerges instantly: well, that wasn't real communism progressivism. So a new attempt following the old model, but with a new name (to hide the last failure) starts being machined again. And this cycle never ends...

[stompix]

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing,

Good to know that you want to tax the shit out of bitcoin holders who are not working in the fields drenched in sweat and blood for the great communist oh sorry progressist, utopia  

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries)

There is no difference, you all have one thing in common, you're worried more about other people's money than your own.
This is the common fault of all of them, no matter how you called them, all have failed miserably because rather than focusing on improving people's life they have become obsessed with punishing the ones that have more. In my opinion, one should not call himself a progressionist if even a single line in his plan is dependent on others, tripping the guy in front of you doesn't mean you've managed to achieve equality, it just means you're a jerk.

Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Just wait a bit, the democrats can't start skinning their own voters right off the bat.
First, you get the carrot, then the stick, then the donkey is turned into gorilla super glue.

[Sithara007]

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

This is the eternal excuse that the democrats make. No one in the United States make "tens of billions of dollars" a year and if they do, then they will be intelligent enough to move their earnings to offshore tax havens. The details of Biden tax plan are already out and according to it there will be an increase in income tax for everyone who earns more than $400,000 per year. Now there is a huge difference between earning "tens of billions" a year, and earning $400,000 per year.

[Poker Player]

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

This is the eternal excuse that the democrats make. No one in the United States make "tens of billions of dollars" a year and if they do, then they will be intelligent enough to move their earnings to offshore tax havens. The details of Biden tax plan are already out and according to it there will be an increase in income tax for everyone who earns more than $400,000 per year. Now there is a huge difference between earning "tens of billions" a year, and earning $400,000 per year.

There is a common confusion: many people do not know what a millionaire or billionaire is. They think a billionaire is someone who makes a billion dollars a year. You even hear politicians or journalists saying that, I'm not surprised many people among the general public are also confused.

A billionaire is someone whose net worth is at least a billion dollars, which is quite different.

That was even said of Trump. He doesn't make billions of dollars. His net worth is around 2.5 billion and up until now he hasn't made a billion dollars a year in income. So, I agree with you. No. There aren't people in the States making "tens of billions of dollars" a year.

[Lorence.xD]

Tax hikes shouldn't target the general population, I mean the current pandemic crippled the finances of many so I think it is bad if that tax hike affects them but it can still work out fine if minimum wage increase is coupled with that tax hike. The best thing that Biden can do is to stop the bombing in Middle East and repeal the rich people favored tax regulations done by Trump and tax the rich people more and reduce military spending.

[mazdafunsun]

This is highly unusual for united states and i am not sure if this kind of taxation would actual go into force because USA has legal lobby system ,this means that goverment could and is paid off to sway their decisions, this is the biggest problems of this country and could mean that taxation of rich wont happen even if everyone besides the rich  want it.

[Cnut237]

No one in the United States make "tens of billions of dollars" a year

It's certainly extremely rare, but I wouldn't say no-one. Jeff Bezos made $75bn in 2020, including $13bn in one day.
But of course, as with all billionaires, this isn't money that goes into his bank account. In general the wealth fluctuates considerably, and is based on the company's share price.

I do agree with your statement in general, it's very rare... just thought I should say there are a few people who make that kind of money, even if largely from share price changes. I'd imagine Elon Musk is similar.

[verita1]

IMO it was necessary to include by the current presidency of Joe Biden an increase to the tax. They had not received a significant raise in 30 years. In addition to this, former President Trump reduced taxes in 2017.
The current Coronavirus crisis will make the process difficult but it will be necessary because the country is in debt.

The nation's deficit totaled a record $ 3.1 trillion for the 2020 fiscal year, and the national debt more than $ 28 trillion.

Any resolution in this regard will come into effect from 2022 according to the article.

[Febo]

What do you think ?

I think the best plan Biden di was to roll out plan to vaccine 100 million USA citizens in 100 days. He was so successful to vaccine them in 58 days and not 100. This fact increased USA GDP growth for this year for more then 1%.  If this will continue, USA economy will go back to normal in June.   

[Hydrogen]

China has utilized tax cuts in an effort to boost economic growth for some time now.   

China economy: Beijing unveils $298bn tax cuts to boost growth

March 2019

Opening the annual session of China's parliament, he forecast slower growth of 6% - 6.5% this year, down from a target of around 6.5% in 2018.

China has struggled with a slowing economy and a US-led trade war.

It plans to boost spending, increase foreign firms' access to its markets, and cut billions of dollars in taxes.

https://www.bbc.com/news/business-47450223

Years back, some said the united states needs a great firewall of china. They said america would benefit by emulating CCP policy. I never agreed with their proposals to build an internet kill switch, great firewall of china. Nor did I agree with plans to implement surveillance or other measures which could infringe upon privacy, rights or freedom.

China's tax cuts however I support 100% wholeheartedly. This is the type of policy the US should pursue and implement to its fullest potential.

[AndySt]

Years back, some said the united states needs a great firewall of china. They said america would benefit by emulating CCP policy. I never agreed with their proposals to build an internet kill switch, great firewall of china. Nor did I agree with plans to implement surveillance or other measures which could infringe upon privacy, rights or freedom.
China's tax cuts however I support 100% wholeheartedly. This is the type of policy the US should pursue and implement to its fullest potential.

Just the pendulum swings in the other direction and after the tax cuts by the Republican Trump administration, some tax increases by the Biden administration should follow. Moreover, as far as I remember, this was one of the election promises of the new administration in economic policy. All these great firewalls and restrictions on the freedoms and privacy of citizens can eventually lead to a decrease in the economic activity of citizens. Yet China and the United States have slightly different political and cultural traditions to try to replicate the Asian traditions of government.

[Sithara007]

No one in the United States make "tens of billions of dollars" a year

It's certainly extremely rare, but I wouldn't say no-one. Jeff Bezos made $75bn in 2020, including $13bn in one day.
But of course, as with all billionaires, this isn't money that goes into his bank account. In general the wealth fluctuates considerably, and is based on the company's share price.

I do agree with your statement in general, it's very rare... just thought I should say there are a few people who make that kind of money, even if largely from share price changes. I'd imagine Elon Musk is similar.

Those are unrealized capital gains, taxed at a rate of 0%.

Whatever wealth Bezos made in 2020 or in 2021 won't be taxed until he decides to sell his shares. Bezos is 57 years old and he can easily hold on to his shares for another 25 years. And this is also one of the reasons why I have a feeling that these tax cuts will end up targeting mostly the upper middle class. The super-rich can make use of various loop holes, which makes them immune to any of these tax slab changes.   

[jaysabi]

As we all know people did vote twice in a row for trump and if also was for a reason :
He did cut the tax of everyone on the first day , now that means even the richest didn't have to pay much. At the same time he did give out huge relief funds.
Now Biden did roll out a COVID relied fund for the people but at the same time he did see that there are much needed *Job creation* which does mean that the government needs *money* but from where ? Most of it has been used already and given to people and the US itself is in major debt. So Biden plans on increasing the tax , which would be the first major increase since 1993 , which is extremely weird. The wealthiest Americans and the biggest cooperations now would have to pay more tax!! I do think this is long overdue and should be done but people of the middle class should be exempted from this , , more specifically people without a job.
What do you think ?
Is this a right move ?
Ofcourse it would surge the unrest amongst people and they might be on the streets anyways how should the Government handle this ? Should the major tax hike be done in small steps?

https://www.foxbusiness.com/economy/biden-reportedly-planning-first-major-tax-hike-in-next-economic-package

Considering the wealthy didn't need and the country couldn't afford to cut taxes when trump pushed for tax cuts for the wealthy, this is long over due.  Instead of getting the deficit under control and starting to pay down the debt during one of the best economic expansions in history, one which trump constantly tried to take credit for as the greatest economy ever, republicans instead looted the treasury and passed tax cuts the country couldn't afford, exploding the deficit back to over a trillion dollars a year during a booming economy and before Covid even hit. 

[so98nn]

That's a government and it needs money to run the nation!

Is this right move? Yes, off course it is right move and nothing wrong in that. If they are cutting the taxes from our salaries and income then they are using it for the national development.

I would be worried only if that money was use for governments personal stuff (corruption!).

But, for now Biden seems completely reasonable to me. Bless yourself we are not under the King's rein, otherwise we would have been tortured by now to pay the taxes, foods, and what not. 

Government needs to build road, armies, border protection, money management and endless stuff. So yeah, if they raise it, then it's fine.

[Silberman]

It always works like this. First it is announced that taxes are going to be raised on the rich. Only the rich. Potential revenues are greatly overestimated. Then, faced with the reality that the income was overestimated and that the rich also take measures to avoid paying more, taxes are raised on everyone. That is to say that "the rich" in practice becomes the totality of the population. Well, no. Actually it means only the middle and poor classes, because the really rich have mechanisms to not pay or even leave the country if they want to go to other countries where they are sure to be well off.

It is weird to watch the republicans and right wingers try to make Biden look leftist, it is kind of funny. I am a true progressive, the ones that you call communist (no, I am not a communist, I am a progressive, there is a HUGE difference, I hate communist countries) and Biden is closer to you guys then to me, it is weird to see just because he is a democrat you guys think he is a leftist.

Of course taxes will be increased for people who do not work and just make tens of billions of dollars a year, not only that is a good thing, but many republicans wants that as well, taxes higher for them should mean taxes lower for you, that's the point of it, and I think Biden may increase taxes for everyone, rich or poor alike, and that is not something any progressive would want, why would I want a country where even the poor would pay high taxes? What is so socialist about that? I want a nation that taxes people who make 1+ billion dollars at a very very high rate, and people who make under 100k nearly nothing, that is what progressives want.

The issue is the rich will never accept those measures and do nothing about it, why? Because they can, the whole point of capitalism is the principle of private property, what is mine is mine and no one has the right to take it away from me, taxes are necessary everyone understands this, but taxes all around the world are too high to try to maintain governments that are too big and programs that are ineffective at best and useless at worst, bitcoin is inherently capitalist, no one can confiscate your coins by using the rules of the network, only you can decide if you want to send those coins to someone else, governments paint themselves as Robin Hood with the difference they fail to steal from the rich then they steal from everyone else and keep the profits for themselves.