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  1. #1
    bandwagoner fans suck ducks's Avatar
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    Striking a contrast to the Trump administration, Democrats behind Joe Biden's campaign believe higher taxes on the wealthy and corporations will not slow economic recovery, planning "significant income redistribution" as soon as 2021, The Wall Street Journal reported.

    Democrats want to store the taxes on the wealthy and corporations in order to bring more revenue for government spending in the wake of coronavirus impact payments and bailouts, per the report.

    "It's all the more important to protect the retirement and security of working [people] and make sure the wealthy pay their fair share," Sen. Ron Wyden, D-Ore., who would become Finance Committee chairman if Democrats gain control of the Senate, told the Journal. "We'll be ready to go in January of 2021."

    President Donald Trump has promoted his once-thriving economy as benefiting from the 2017 tax reform bill that cut corporate taxes, spurring business investment and growth. Biden wants to return to the Obama administration's tax policies, including raising the corporate tax rate up from 21% to 28%, per the report.

    "Joe will come in with a more progressive economic policy than we have seen from a Democrat in a long time," Rep. Don Beyer, D-Va., the top Democrat on the Joint Economic Committee, told the Journal. "This is the chance to build an economy that's much more equitable."

    Taxing the few wealthy will be popular with most of America, earning votes in November's presidential election.

    "Raising taxes on the wealthy and big corporations to help support public investments in things like child care or education promotes economic growth," the progressive Roosevelt Ins ute's Bharat Ramamurti told the Journal. "It's popular with voters across the political spectrum, too."

    Many Republicans would argue there is never a good time to raise taxes, but the Ranking Member of the House Ways and Means Committee, Rep. Kevin Brady, R-Texas, says now would be the worst time.

  2. #2
    Still Hates Small Ball Spurminator's Avatar
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    Don't worry, ducks, your taxes won't be affected.

  3. #3
    "The ball don't lie." dbestpro's Avatar
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    Corporations will just rush their investments overseas so that profits can be kept overseas.

  4. #4
    bandwagoner fans suck ducks's Avatar
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    Don't worry, ducks, your taxes won't be affected.
    Yeah right

  5. #5
    bandwagoner fans suck ducks's Avatar
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    Don't worry, ducks, your taxes won't be affected.
    Duh trump will get re-elected

  6. #6
    dangerous floater Winehole23's Avatar
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    About in time free lunch rentiers start paying their fair share.

    That said, I'd be surprised to see Biden do anything that unduly upsets the political donor class.

  7. #7
    Believe.
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    Everytime taxes are raised the middle class is the one to get screwed corporations and the rich always find ways around them.

  8. #8
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    Hopefully they put tariffs on everything and make these corporations pay

  9. #9
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    Dems just need zombie puppet to be able put his X on a bill.

    Chumpettes

  10. #10
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    Everytime taxes are raised the middle class is the one to get screwed corporations and the rich always find ways around them.
    For a second I thought ElNono was talking sense for once.

  11. #11
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    For a second I thought ElNono was talking sense for once.

  12. #12
    Mr. John Wayne CosmicCowboy's Avatar
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    Hopefully they put tariffs on everything and make these corporations pay
    Tariffs are just a regressive end user tax.

  13. #13
    A neverending cycle Trainwreck2100's Avatar
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    simply repealing the "tax cut and jobs act" would do this

  14. #14
    Believe.
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    Raising income taxes just kills the middle class. The true top 1% (that Bernie is always preaching about) will never get taxed. They won't let it happen.

    The real tax and LACK of tax is with the federal reserve. Congress could take back the issue of currency, tax the federal reserve (and retroactivate it back to 1913), quit proxy wars and then be able to pour all kinds of money into social programs. Taxes would actually go to good things and not just pay interest on the massive debt that the two parties have created over the past 100 years.

  15. #15
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    President Biden to you, tbh.

  16. #16
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    Tariffs are just a regressive end user tax.
    Nah the importing corporations pay them not the consumer

  17. #17
    🏆🏆🏆🏆🏆 ElNono's Avatar
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    Nah the importing corporations pay them not the consumer
    But they largely don't, they pass it on to the consumer.

  18. #18
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    But they largely don't, they pass it on to the consumer.
    Oh they get passed on to the consumer, I see now.

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