Hey Biden Cool Your Jets -- We Don't Need Higher Taxes This Minute

1. 84

   Sharlee01posted 4 years ago

   
   
   In my view, If Biden tax hikes are passed and implemented, it could stand to do damage to the economy at home and affect our competitiveness in the world.    If Biden gets corporate rate to 28%, plus 3.5% state tax rates,  the U.S. will have the highest corporate tax rates amongst all the industrial countries in the world. .  Now, because these foreign countries have been cutting their corporate tax rates - neither the 28% nor 25% rate being floated in Washington would help our competitiveness, but do great damage to it.  It well appears that even twenty-five percent just doesn't do it. When combined with state rates, that would put us barely in the middle of the pack.
   
   In regards to political bargaining, the analysis is very simple. We have to look at what our competitors are charging for corporate income tax rates to be at all in the game.
   
   Under former president trump's 2017 tax cuts, the U.S. had the lowest rates of the industrial countries…and that includes state and federal.
   
   We need to consider --- The federal government is more than 28 trillion dollars in debt at this point,  and without any new spending is spending more than twice what it is currently taking in.  America is also experiencing gigantic annual trade deficits.  Ownership of our country is gradually but surely being usurped by foreign powers, mainly China.
   
   Perhaps before any new spending is even considered, the President as the federal government's CEO needs to provide a feasible plan for the federal government to pay off its debts and end the annual trade deficits.
   
   Increasing taxes on corporations requires them to raise their prices and or cut back on employees to reduce their overhead.  Reduce their workforce puts them at a disadvantage in terms of international competition.  Nothing is really free and someone has always got to pay.  It is working-class Americans that will end up paying the most, not to mention the poor.
   
   The democrats are hell-bent on raising taxes and spending money at a time when we are coming out of a historical crisis, the pandemic, that has cost the country scores of jobs. We have little knowledge of what our economy will be like in the near future.
   
   Is it wise to spend money on anything other than the necessities at this time?
   
   Do we need to add Trillions more to the National debt, that truly could put our Dollar in jeopardy?
   
   I say simply yes...
   
   Would it be more sensible for Biden to cool our heels, and take a breather before raising the taxes?   
   
   In my view, Biden needs to cool his jets. look at his poor problem-solving in regard to the southern border. On day one he came in like a bull in a china shop and demolished all Trump's immigration policies. IMO out of pure spite.
   https://video.foxnews.com/v/6245765024001#sp=show-clips
   
   Will we see more businesses leaving for greener pastures due to Joe's tax hikes?
   
   Most certainly there will be an exodus. of businesses leaving the US.
   
   

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   1. 84

      Sharlee01posted 4 years agoin reply to this

      
      Was Biden confused or was he fibbing?
      
      Old Joe is walking back off on his promise to some companies with higher taxes, he has decided to walk his lofty promise a bit back.
      It would seem  Biden realized he won the election.  And oops, another promise down the tubes. Not really a surprise, but fun to watch.
      
      April 7, 2021 ---   Biden Softens Tax Plan Aimed at Profitable Companies That Pay Little
      
      Treasury Department plan sets $2 billion thresholds for minimum tax, up from $100 million level he pitched during the campaign.
      
      "WASHINGTON—A 15% minimum tax on large, profitable corporations that is part of President Biden’s infrastructure proposal would affect far fewer companies than the version he campaigned on, according to details the Treasury Department released Wednesday."
      
      https://www.wsj.com/articles/biden-soft … 1617809422

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   2. 81

      emgeposted 4 years agoin reply to this

      The more I see of the conduct of Joe Biden the more I feel that there is something wrong somewhere. In case he's going to hike the corporate tax to 28% it will be very un-competitive for the industry to function in the USA. Singapore has an extremely low corporate tax and it attracts a lot of business;the same thing with Dubai.  But here Mr. Joe is increasing the taxes. Frankly, he's trying to carry out the agenda of the left without knowing what the left really is. I can't help feeling that the man driving from the back is President Obama who in any case doesn't have much stake in America continuing as a world power.

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2. 84

   Sharlee01posted 4 years ago

   I agree it is evident through his history in Washington as a Senator that he did little but blend in.  He went whichever way the wind blew. It's also becoming clear in my view he has handlers with a very left agenda guiding him.
   
   I don't think it will be long before he loses his base due to not keeping his promises. In my view, the country will suffer under Biden.

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