CNBC - Biden tells donors he will end most of Trump's tax cuts 'and a lot of you may not like that'
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  CNBC - Biden tells donors he will end most of Trump's tax cuts 'and a lot of you may not like that'
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Author Topic: CNBC - Biden tells donors he will end most of Trump's tax cuts 'and a lot of you may not like that'  (Read 2379 times)
Gass3268
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« on: June 29, 2020, 05:56:13 PM »

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Progressive Pessimist
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« Reply #1 on: June 29, 2020, 05:58:21 PM »

But Biden only serves his rich donors!
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They put it to a vote and they just kept lying
20RP12
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« Reply #2 on: June 29, 2020, 06:00:12 PM »

Joecialism!
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brucejoel99
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« Reply #3 on: June 29, 2020, 06:17:33 PM »


nOtHiNg WiLl FuNdAmEnTaLlY cHaNgE
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emailking
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« Reply #4 on: June 29, 2020, 06:17:57 PM »

Good.
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TiltsAreUnderrated
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« Reply #5 on: June 29, 2020, 06:18:20 PM »

I am cautiously pessimistic about this. I understand there's a reason to keep some of the tax cuts (e.g. for lower earners and for stimulus reasons assuming a recession is ongoing or a constant risk), but rolling back only half of the corporate tax cut (35% -> 21% -> 28%) suggests the deepeneing of wealth inequality is going to be allowed to continue in the main.
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Frodo
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« Reply #6 on: June 29, 2020, 06:20:03 PM »

He should repeal all the tax cuts passed since 2001. 
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UWS
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« Reply #7 on: June 29, 2020, 06:21:10 PM »

Most of the tax cuts? He has no credibility on taxes. What a clown!

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TiltsAreUnderrated
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« Reply #8 on: June 29, 2020, 06:23:15 PM »
« Edited: June 29, 2020, 06:31:03 PM by TiltsAreUnderrated »

He should repeal all the tax cuts passed since 2001.  

I disagree, but this thread has a few red avatars getting hyped up over Biden conceding he won't even attempt to completely reverse the economic record of this administration.

There's much more room for positivity in what he's saying about capital gains loopholes than "I will reverse the bulk [but thanks to the TCJA, you'll still be better off than under Obama]." Taken alone, that would imply managed decline rather than incremental progress.
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Mike Thick
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« Reply #9 on: June 29, 2020, 06:29:45 PM »

Trotsky-Bidenism at work, folks!
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GeneralMacArthur
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« Reply #10 on: June 29, 2020, 06:38:10 PM »

I am cautiously pessimistic about this. I understand there's a reason to keep some of the tax cuts (e.g. for lower earners and for stimulus reasons assuming a recession is ongoing or a constant risk), but rolling back only half of the corporate tax cut (35% -> 21% -> 28%) suggests the deepeneing of wealth inequality is going to be allowed to continue in the main.

Corporate tax cuts are good, actually.

It's the top-bracket income tax rate that needs to not only be returned to 2016 levels but raised.
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#TheShadowyAbyss
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« Reply #11 on: June 29, 2020, 06:40:44 PM »

Hopefully Joe raises taxes on the giant companies and then helps us break up the mega corps
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TiltsAreUnderrated
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« Reply #12 on: June 29, 2020, 07:08:53 PM »

I am cautiously pessimistic about this. I understand there's a reason to keep some of the tax cuts (e.g. for lower earners and for stimulus reasons assuming a recession is ongoing or a constant risk), but rolling back only half of the corporate tax cut (35% -> 21% -> 28%) suggests the deepeneing of wealth inequality is going to be allowed to continue in the main.

Corporate tax cuts are good, actually.

Up to a point, lowering them provides the stimulus necessary for businesses to thrive more (which may well be exacerbated for some time during and after the coronavirus crisis).

Outside of the potential for stimulus, the US is well past that point and much of the apparent benefit of lowering the rate only exists because corporate tax rates have been progressively lowered around the world for the last few decades in line with globalisation. Lowering it in the US will exacerbate the race to the bottom elsewhere, further incentivising companies to move their operations abroad.

This is what the US has to show for its efforts. It's way worse in lots of other countries, most of which don't tax companies which operate within their borders but are registered abroad.

International agreement must be sought on corporation tax reform or this will continue and every country will be pressured to lower its corporation tax rate further and further (an alternative is "tech company" gimmick taxes being implemented abroad; the US is currently lobbying against a proposal over here to do this). In the meantime, the US could show world leadership by lagging behind in the race to help the largest transnational corporations and perhaps even consider the Destination-Based Cash Flow Tax Congressional Republicans considered in exchange for a tax cut when they were feeling populist (the Koch brothers shot this proposal down and that's grounds for serious consideration by the Democrats).

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It's the top-bracket income tax rate that needs to not only be returned to 2016 levels but raised.

Agreed, but the deficit the next government is going to face will be so huge as to encourage a very high rate if it looks to income tax rises alone. It should instead try to tax wealth in some way (personally, I prefer LVT) and shift the emphasis towards taxation of economic power rather than taxation of economic activity.
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Use Your Illusion
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« Reply #13 on: June 29, 2020, 07:11:08 PM »
« Edited: June 29, 2020, 07:16:55 PM by Use Your Illusion »

It would be about ing time. The rich are so rich the idea of raising taxes might as well be socialism and robbery because of how much money stands to be made off it. I've been listening to Dems talk about doing this for 20 years and the tax cut/fed dumping money at low-interest rates inflation bubble has gotten so bad, it's at the point where I'm literally cheering for another housing crisis so that $950 a month can get me an actual house and not a single bedroom apartment. The home I rented in 2015 retailed at $80K in 2011 is now $229,000 and in 2015 it me paying 1 1/2x a mortgage to rent it.

It's the peak of Millennial behavior.
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NHI
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« Reply #14 on: June 29, 2020, 08:18:55 PM »

Love it.
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Rookie Yinzer
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« Reply #15 on: June 29, 2020, 08:22:20 PM »

That’s what the woman who you want to be his VP said. She also said he should be running in the GOP primary. Lol.
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ProgressiveModerate
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« Reply #16 on: June 29, 2020, 08:26:41 PM »

Income inequality will be a driving factor in this election because it is something that is so real to so many people. We have seen so many young people give up on our capitalists system and support a system that aligns more with socialism with Bernie Sanders. If nothing happens soon, a revolution will eventually erupt, and it will not be pleasant.
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WD
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« Reply #17 on: June 29, 2020, 10:44:23 PM »
« Edited: December 06, 2020, 03:19:24 AM by Perdue-Warnock voter 4 Candidate Quality »

He should repeal all the tax cuts passed since 2001.  

*1981
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Warren 4 Secretary of Everything
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« Reply #18 on: June 29, 2020, 11:38:21 PM »

That’s what the woman who you want to be his VP said. She also said he should be running in the GOP primary. Lol.

Well to be fair, Joe Biden was one of the last candidates in the field anyone would expect to push for any fundamental change in the country. He’s only ahead of the likes of Delaney and Klobuchar.
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Spark
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« Reply #19 on: June 29, 2020, 11:39:05 PM »

Nobody likes increasing taxes.
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ηєω ƒяσηтιєя
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« Reply #20 on: June 30, 2020, 12:02:23 AM »

Correct. Bring back the New Deal era.
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WD
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« Reply #21 on: June 30, 2020, 12:06:04 AM »

Top tax rate should be at least 50%
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T'Chenka
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« Reply #22 on: June 30, 2020, 12:08:16 AM »

Trump gave them EVERYTHING. If Biden repeals some of that, they're still sailing smoothly, big picture. Biden wouldn't legitimately go to war with them and choosrme the voters over them, EVER.
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Mr. Smith
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« Reply #23 on: June 30, 2020, 12:36:20 AM »


Hi.
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Pericles
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« Reply #24 on: June 30, 2020, 01:06:38 AM »


Higher taxes for the rich so that society as a whole can have better public services, pay down the national debt and be able to stimulate the economy sounds like a good tradeoff to me.
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