Tax and spend Democrats

[VitaMan]

Well, we knew what we were getting.

Unfortunately, Trump had to be removed from the American body, like a wart.

Maybe in 2024 something new and fresh will come along........nawh.

[Unique_Carpenter]

I thought it was tax, borrow, and print, then spend.

[Chung Tran]

There is no borrow when you print. It's an accounting entry with no meaning.

The Republicans up to now, have spent every bit as much as Democrats. Which means they are Phonies.

[The_Waco_Kid]

Originally Posted by Chung Tran

There is no borrow when you print. It's an accounting entry with no meaning.

The Republicans up to now, have spent every bit as much as Democrats. Which means they are Phonies.

the republicans got aircraft carriers and military superiority out of it. what did the dems get?







BAHHAHAAA

[00 gauge]

Yes VitaMan, we knew exactly what we were getting, as the following joke so eloquently explains: A 75 year old farmer was in his doctor's office getting a checkup when the doc asked his opinion of joe biden and what he thought of our new President. The farmer replied, "well, you know, biden is a post turtle." Not being familiar with that term, the doctor asked the old man what he meant. The old man said, "well, you're driving down a country road and you come across a fence post with a turtle balanced on top of it, that's a "post turtle". The doc was puzzled, so the farmer explained, " \you know he didn't get up there by himself, he doesn't belong up there, he's elevated beyond his ability to function, and yet all you can do is scratch your head and wonder what kind of dumbass put him up there to begin with." .....

[HedonistForever]

Ah! It's becoming a little more clear now. Not only does Biden want to go to 39.6 % on Capital Gains ( from 20 ), he wants an additional 3.8%

https://www.bloomberg.com/news/artic...-4-for-wealthy

Biden Eyeing Tax Rate as High as 43.4% in Next Economic Package

President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.


For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.


A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income, they said.
Stocks slid the most in more than a month on the news, with the S&P 500 Index down 0.9% at the close. Ten-year Treasury yields fell to 1.54% from an intraday high of 1.59% before Bloomberg’s report.
The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.


White House Press Secretary Jen Psaki, asked about the capital-gains plan at a press briefing Thursday, said, “we’re still finalizing what the pay-fors look like.” Biden is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming “American Families Plan.”


Other measures that the administration has discussed in recent weeks include enhancing the estate tax for the wealthy. Biden has warned that those earning over $400,000 can expect to pay more in taxes. The White House has already rolled out plans for corporate tax hikes, which go to fund the $2.25 trillion infrastructure-focused “American Jobs Plan.”


Republicans have insisted on retaining the 2017 tax cuts implemented by former President Donald Trump, and argued that the current capital-gains framework encourages saving and promotes future economic growth.


“It’s going to cut down on investment and cause unemployment,” Chuck Grassley of Iowa, a top Republican on the Senate Finance Committee and former chair of that panel, said of the Biden capital-gains plan. He lauded the result of the 2017 tax cuts, and said, “If it ain’t broke, don’t fix it.”


Think because you don't make 1 millions dollars this won't effect you? Check out what happened to your 401K today when inverters got spooked on this news. Maybe time to cash out.

[Jackie S]

Originally Posted by Chung Tran

There is no borrow when you print. It's an accounting entry with no meaning.

The Republicans up to now, have spent every bit as much as Democrats. Which means they are Phonies.

The truth is, most of the Country does not give a shit.

“The Republic will stand until the citizenry realize they can vote themselves largess from the Government coffers”.

We are there.

[VitaMan]

Press conference: "President Biden, your proposals will spend huge amounts of money."


Biden: "Simple. We just tax more. It's not like we have to earn the money."

[Yssup Rider]

Originally Posted by The_Waco_Kid

the republicans got aircraft carriers and military superiority out of it. what did the dems get?







BAHHAHAAA

We had that anyway. We coulda blowed the shit outta everybody before. Ended the world in fact.

The Dems are getting out of the hole Trump dug. Just like after both Bushes. Feeding people made poor by the Republicans’ destruction of the middle class. Healing people denied care by the Republicans’ dismantling of our health care infrastructure.

Meanwhile, our overwhelming military superiority hasn’t meant Dick in the world. Especially when the previous administration practically fellated every despot on the planet.

Cant fight your war with hungry poor folks Waco.

[txdot-guy]

I'll take tax and spend democrats over tax-cut and spend republicans any day of the week.

[Tiny]

Originally Posted by HedonistForever

Ah! It's becoming a little more clear now. Not only does Biden want to go to 39.6 % on Capital Gains ( from 20 ), he wants an additional 3.8%

https://www.bloomberg.com/news/artic...-4-for-wealthy

Biden Eyeing Tax Rate as High as 43.4% in Next Economic Package

President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.


For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.


A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income, they said.
Stocks slid the most in more than a month on the news, with the S&P 500 Index down 0.9% at the close. Ten-year Treasury yields fell to 1.54% from an intraday high of 1.59% before Bloomberg’s report.
The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.


White House Press Secretary Jen Psaki, asked about the capital-gains plan at a press briefing Thursday, said, “we’re still finalizing what the pay-fors look like.” Biden is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming “American Families Plan.”


Other measures that the administration has discussed in recent weeks include enhancing the estate tax for the wealthy. Biden has warned that those earning over $400,000 can expect to pay more in taxes. The White House has already rolled out plans for corporate tax hikes, which go to fund the $2.25 trillion infrastructure-focused “American Jobs Plan.”


Republicans have insisted on retaining the 2017 tax cuts implemented by former President Donald Trump, and argued that the current capital-gains framework encourages saving and promotes future economic growth.


“It’s going to cut down on investment and cause unemployment,” Chuck Grassley of Iowa, a top Republican on the Senate Finance Committee and former chair of that panel, said of the Biden capital-gains plan. He lauded the result of the 2017 tax cuts, and said, “If it ain’t broke, don’t fix it.”


Think because you don't make 1 millions dollars this won't effect you? Check out what happened to your 401K today when inverters got spooked on this news. Maybe time to cash out.

In many states it's higher than 43.4%. Include state income taxes and the marginal rate would be an average of around 48%. In California it would be 56.7% and in New York City around 58%.

The federal government likely will raise less money through capital gains taxes if it does this. Effectively the federal government would have a 50% share of a millionaire's profits from any investment, while taking none of the risk. How much sense does that make? Would you go into business, pay all the money to fund it, and do all the work to grow it, and share 1/2 the profits with some Mafioso? Hell no.

A lot of these rich people will cash in their chips before the tax rate increase and invest in tax free municipal bonds and the like. This is what John Kerry and his wife Teresa Heinze Kerry did, who live in high tax Massachusetts. Aside: This highlights why some wealthy Democrats favor higher taxes. It's because they currently pay and will pay at low tax rates, given the loopholes they've obtained and maintained through lobbying and campaign contributions.

Don't take my word for it. The Congressional Budget Office and Joint Committee on Taxation put the level of capital gains tax where it starts to raise less revenues at 27% or 28%. When they score Biden's bill that includes the higher tax, they should show the government losing money from the higher capital gains tax, if he takes it all the way to 43.4%.

The Democratic politicians who favor this are playing the class warfare card. Who cares if everyone ends up worse off from the tax increase, if they look like they're putting the screws to the rich, they think they'll get more votes.

[Chung Tran]

You are conflating capital gains and ordinary income tax rates. Taxing capital gains higher doesn't harm real business. Unless, as right-wing Republicans like to tell us, flipping houses and selling stocks are real business. Your side whines about job losses.. What jobs are lost with a capital gains increase? A few Goldman Sachs Brokers?

[The_Waco_Kid]

Originally Posted by Yssup Rider

We had that anyway. We coulda blowed the shit outta everybody before. Ended the world in fact.

The Dems are getting out of the hole Trump dug. Just like after both Bushes. Feeding people made poor by the Republicans’ destruction of the middle class. Healing people denied care by the Republicans’ dismantling of our health care infrastructure.

Meanwhile, our overwhelming military superiority hasn’t meant Dick in the world. Especially when the previous administration practically fellated every despot on the planet.

Cant fight your war with hungry poor folks Waco.

who said i wanted war? i want a strong deterrent to war and that's exactly what we got. i bet you'll agree the US shouldn't be running around the world using military force without a real justification. like a direct threat to the US. not petty little regime squabbles.

Originally Posted by txdot-guy

I'll take tax and spend democrats over tax-cut and spend republicans any day of the week.

the two of you are so biased to leftist dogma it's funny. nothing the Democrats ever did is wrong to you.

and you guys call Trump supporters cultists ...


BAHHAHAAAAA

[matchingmole]

Most people know Trump supporters are cultists ...


BAHHAHAAAAA

[The_Waco_Kid]

Originally Posted by matchingmole

Most people know Trump supporters are cultists ...


BAHHAHAAAAA

if you say so, Biden cultist.