Biden infrastructure/tax increase megathread

[KaiserDave]

Disappointing but unsurprising. I like his plan anyway.

[certified hummus supporter 🇵🇸🤝🇺🇸🤝🇺🇦]

[Morning in Atlas]

Shameful, but not like Manchin or Sinema would have signed onto it.

[Oregon Eagle Politics]

Reaganomics is being massacred.

[emailking]

This plan sounds sexy af.

[WD]

Reaganomics is being massacred.

And only 40 years too late.

[Matty]

Why exactly do we need tax increases for infrastructure when the economic expansion caused by new infrastructure should easily pay for the costs?

[certified hummus supporter 🇵🇸🤝🇺🇸🤝🇺🇦]

Reaganomics is being massacred.

And it's absolutely beautiful.

[brucejoel99]

How is this news, exactly? The White House not pursuing an outright wealth tax was confirmed weeks ago.

[Matty]

Reaganomics is being massacred.

And it's absolutely beautiful.

Reaganomics was tax cuts and massive increases in spending (mainly on military).

I’m not seeing any restructuring of the tax code so far in any big progressive way

So far, it’s basically 2009 all over again. Massive new spending and deficits.

[ꙮ]

Why is the wealth tax thing news? Biden has never even considered one as far as I know.

Even is he did it would never have passed the Senate with the margin they have now. It also is on uncertain Constitutional grounds, and that really isn't something you want on a bill like this.

[Starry Eyed Jagaloon]

Why exactly do we need tax increases for infrastructure when the economic expansion caused by new infrastructure should easily pay for the costs?

Because while new infrastructure expands GDP by more than it initially costs--but that additional wealth is not guaranteed to be recaptured by the government. So without recapturing it through new taxes, you will inevitably see expanded national debt, even if the debt-to-GDP ratio declines.

[Badger]

Reaganomics is being massacred.

And it's absolutely beautiful.

Reaganomics was tax cuts and massive increases in spending (mainly on military).

I’m not seeing any restructuring of the tax code so far in any big progressive way

So far, it’s basically 2009 all over again. Massive new spending and deficits.

Re-read The Proposal. The tax increases being planned to offset the spending increases dwarf anything Clinton passed - - and let's not forget without a single Republican vote, despite the proven success of such tax increases at helping to balance the budget without sacrificing economic growth as promised by the Reaganomics worshippers-- and certainly larger than anything that is occurred since Reaganomics was enacted 40 years ago.

Though I'd certainly be open to more.

[Matty]

Reaganomics is being massacred.

And it's absolutely beautiful.

Reaganomics was tax cuts and massive increases in spending (mainly on military).

I’m not seeing any restructuring of the tax code so far in any big progressive way

So far, it’s basically 2009 all over again. Massive new spending and deficits.

Re-read The Proposal. The tax increases being planned to offset the spending increases dwarf anything Clinton passed - - and let's not forget without a single Republican vote, despite the proven success of such tax increases at helping to balance the budget without sacrificing economic growth as promised by the Reaganomics worshippers-- and certainly larger than anything that is occurred since Reaganomics was enacted 40 years ago.

Though I'd certainly be open to more.

The corporate tax increase is stupid. Economists despise the corporate tax- they view it as inefficient and harmful, and modern studies mostly show the corporate tax is borne by labor and consumers.

Would rather just see individual rates go up as well as closing various loopholes and deductions.

[AGA]

Of course Biden is against an unconstitutional wealth tax. He never campaigned on it.

[Amenhotep Bakari-Sellers]

If they add Unemployment and Stimulus checks to it I am fine by it, but if they don't, I am discontent to it, Evictions are more important than Speed rails that was supposed to start in 2014 by Obama

[Vaccinated Russian Bear]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

Schumer himself has been pushing to bring back the deduction. Schumer and his fellow Democratic New York senator, Kirsten Gillibrand, introduced legislation in January that would eliminate the SALT cap.

“Sen. Schumer has long been a supporter of the SALT deduction and vehemently opposed the punitive Trump tax bill that severely undermined it. He is looking for the best way to repeal the SALT deduction cap,” a Schumer spokesperson said.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The cap, according to the Tax Foundation, “broadened the tax base by limiting the amount individuals could deduct in state and local taxes to $10,000. For high-income taxpayers, this cap increased federal taxable income.”

I hope, Biden will refuse.

[Starry Eyed Jagaloon]

Looks like the spending priorities are out:

-$400 billion spending on in-home care
-$300 billion to promote advanced manufacturing
-$215 billion for research and development
-$174 billion for electric vehicles
-$115 billion for roads and bridges
-$111 billion for water infrastructure ($45 billion to deal with lead pipes)
-$100 billion for the electric grid
-$100 billion for broadband
-$85 billion for public transit
-$80 billion for Amtrak and freight rail
-$50 billion for infrastructure resilience from natural disasters
-$46 billion to electrify government vehicles
-$42 billion for ports and airports
-$16 billion to help fossil fuel workers transition
-$10 billion for a Civilian Climate Corps

Seems aight. I'd prefer to spend more on actual trains and roads and less on weird industrial policy, but it's solid. Also, 80-20 is dead which is huge for transit.

[Ferguson97]

I don't personally believe that the wealth tax is unconstitutional, but I can see the argument that the courts would rule that it was anyway.

Excellent infrastructure plan.

[Bootes Void]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

Schumer himself has been pushing to bring back the deduction. Schumer and his fellow Democratic New York senator, Kirsten Gillibrand, introduced legislation in January that would eliminate the SALT cap.

“Sen. Schumer has long been a supporter of the SALT deduction and vehemently opposed the punitive Trump tax bill that severely undermined it. He is looking for the best way to repeal the SALT deduction cap,” a Schumer spokesperson said.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The cap, according to the Tax Foundation, “broadened the tax base by limiting the amount individuals could deduct in state and local taxes to $10,000. For high-income taxpayers, this cap increased federal taxable income.”

I hope, Biden will refuse.

Seems like a good idea to ditch the SALT cap

[OSR stands with Israel]

Reaganomics is being massacred.

And it's absolutely beautiful.

Reaganomics was tax cuts and massive increases in spending (mainly on military).

I’m not seeing any restructuring of the tax code so far in any big progressive way

So far, it’s basically 2009 all over again. Massive new spending and deficits.

Re-read The Proposal. The tax increases being planned to offset the spending increases dwarf anything Clinton passed - - and let's not forget without a single Republican vote, despite the proven success of such tax increases at helping to balance the budget without sacrificing economic growth as promised by the Reaganomics worshippers-- and certainly larger than anything that is occurred since Reaganomics was enacted 40 years ago.

Though I'd certainly be open to more.

Clinton also cut capital gain taxes by a good deal, deregulated the economy even more than Reagan did in many ways , and did welfare reform

[AGA]

Hope suburban NYC Democrats hold this hostage over SALT.

[Starry Eyed Jagaloon]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

Schumer himself has been pushing to bring back the deduction. Schumer and his fellow Democratic New York senator, Kirsten Gillibrand, introduced legislation in January that would eliminate the SALT cap.

“Sen. Schumer has long been a supporter of the SALT deduction and vehemently opposed the punitive Trump tax bill that severely undermined it. He is looking for the best way to repeal the SALT deduction cap,” a Schumer spokesperson said.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The cap, according to the Tax Foundation, “broadened the tax base by limiting the amount individuals could deduct in state and local taxes to $10,000. For high-income taxpayers, this cap increased federal taxable income.”

I hope, Biden will refuse.

Seems like a good idea to ditch the SALT cap

It is not.

[Ferguson97]

Underrated aspect that should be getting more attention.

https://twitter.com/johnkartch/status/1377245266697457673

[lfromnj]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

Schumer himself has been pushing to bring back the deduction. Schumer and his fellow Democratic New York senator, Kirsten Gillibrand, introduced legislation in January that would eliminate the SALT cap.

“Sen. Schumer has long been a supporter of the SALT deduction and vehemently opposed the punitive Trump tax bill that severely undermined it. He is looking for the best way to repeal the SALT deduction cap,” a Schumer spokesperson said.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The cap, according to the Tax Foundation, “broadened the tax base by limiting the amount individuals could deduct in state and local taxes to $10,000. For high-income taxpayers, this cap increased federal taxable income.”

I hope, Biden will refuse.

Seems like a good idea to ditch the SALT cap

It is not.

As Sprouts mentioned earlier there should probably be a marriage doubling for 20k for a married couple.