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Biden Asking for a 43 Percent Tax-rate on Those who Set Prices and Employ Americans.

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posted on Apr, 22 2021 @ 05:48 PM
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Thursday, April 22, 2021

More proof that the media lied for candidate Joe Biden, just like Biden lied to the American people. He is no "moderate".

President Biden wants to massively increase taxes on the individuals and businesses who employ the majority of Americans, and set the prices on the goods and services that all Americans must purchase.

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.

Total tax rates for New Yorkers, Californians could top 50%
More at: www.bloomberg.com...

I spoke with several Democrats who think "raising taxes on the rich" is actually a good idea. And, they believe the malarkey coming out of the White House this week, that taxing the wealthy will not affect those who are less than wealthy.

First of all...Democrats have always said they "do not trust the rich". Now they're adding Donald Trump to their "distrust the rich" rants.

So, why do Democrats think these "cunning, lying, deceitful, greedy, rich people" will quietly accept whatever financial punishment Joe Biden and Democrats in Congress afflicts them with, without passing that pain down to the "working class"???

When I asked this question, the Democrats in the room had no comeback. They know that Biden's taxes and fees on the wealthy, will not damage wealthy people one little bit.

They will pass the increased taxes and fees down to those who can least afford to pay more money for food, utilities, transportation, etc..

Instead of granting a 4% pay raise in 2022, the wealthy owners/board members of America's corporations will only authorize a 2% pay raise for employees.. Even though inflation will be running 6% or higher by that time, thanks to the Biden Administration.

ATS members who understand economics and human nature; If you know of a method to significantly raise taxes on the wealthy, without hurting "the little guy", please share it. The White House Press Secretary says they have it all figured out...but are keeping it secret until next week.

President Joe Biden plans to explain how he will thread this needle during his first "State of the Union" address to Congress, on April 28th.

Source: www.marketwatch.com...


-CareWeMust
edit on 4/22/2021 by carewemust because: (no reason given)



posted on Apr, 22 2021 @ 06:00 PM
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a reply to: carewemust

Such an Arsehole...



posted on Apr, 22 2021 @ 06:10 PM
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Brilliant !!

Bet more average people collecting retirement investment income will get socked and cobbed harder than "The Rich"😵‍💫




posted on Apr, 22 2021 @ 06:18 PM
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originally posted by: Wide-Eyes
a reply to: carewemust

Such an Arsehole...



Either he's gone mad, or insane, or both.



posted on Apr, 22 2021 @ 06:18 PM
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While I'm for taxing the rich when done correctly, I know the rich are the ones writing the tax rules so they'll never do it right.

Biden proposing anything sounds a lot like the headline should read "criminal proposes crime"



posted on Apr, 22 2021 @ 06:23 PM
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This will destroy retirement planning for anyone that owns a business.


+1 more 
posted on Apr, 22 2021 @ 06:23 PM
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a reply to: xuenchen

The one bright spot was hearing Neil Cavuto (FoxNews) having an anxiety attack when the news was announced this afternoon.

Cavuto and some other top people at Fox News bashed Trump and contributed to the Biden campaign in 2020.

Hearing him whine and complain about the doubling of Capital Gains taxes, was more personally rewarding than the news itself was.



+6 more 
posted on Apr, 22 2021 @ 06:25 PM
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a reply to: carewemust

This is what the evil left and anti-Trumpies wanted.

We said this was going to happen.

*shrugs*

Now people are going to have to own it, justify it.



posted on Apr, 22 2021 @ 06:29 PM
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originally posted by: a325nt
While I'm for taxing the rich when done correctly, I know the rich are the ones writing the tax rules so they'll never do it right.

Biden proposing anything sounds a lot like the headline should read "criminal proposes crime"



Joe Biden: "Dammit, I'm sick and tired of ordinary people being fleeced".

www.yahoo.com...

It's too bad he graduated college in the bottom 10% of his class.

edit on 4/22/2021 by carewemust because: (no reason given)



posted on Apr, 22 2021 @ 06:32 PM
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originally posted by: Nickn3
This will destroy retirement planning for anyone that owns a business.


It's a good thing the next big Congressional election is just 18 months away. Democrats are laying out for America this year, why they should be voted out of office next year.



posted on Apr, 22 2021 @ 06:35 PM
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In every successful economy, the middle class carries the day. To cannibalize the middle class is to create a class divide between the uber riche and the poor. The poor become dependent, and the uber riche employ enough of them to keep themselves comfy. The middle class, having been disenfranchised, work together (or not) to form a new order. We will have to choose which side fits, which side can be trusted.

Biden campaigned on taxing the uber riche for his changes. The uber riche are the gatekeepers, so that's not going to happen. Bezos could finance every single American into a better life, but he is more concerned with global control than equality or fiscal health.

When fiscal equality is quashed, revolution is imminent. IMHO.
edit on 22/4/21 by argentus because: (no reason given)



posted on Apr, 22 2021 @ 06:38 PM
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a reply to: DBCowboy

I don't necessarily agree with how President Trump went about it, but he wanted America and the World to SEE FIRST HAND what a "Socialist America" would look like with Joe Biden and Democrats at the helm.

What a Socialist America would look like, is beginning to happen.

(The Good) I have individuals calling me to get reduced price and free ObamaCare.

(The Bad) While talking, they remark how their cost of doing business is increasing.



posted on Apr, 22 2021 @ 06:39 PM
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a reply to: carewemust

Democrat politicians love to bone small business owners.



posted on Apr, 22 2021 @ 06:41 PM
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What a buttwhole

Reap it idiots



posted on Apr, 22 2021 @ 06:41 PM
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a reply to: Bluntone22

As always, succinctly said what I took paragraphs to say.



posted on Apr, 22 2021 @ 06:45 PM
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a reply to: argentus

I remember when America was BOOMING before China unleashed its virus.

After announcing his Presidential run in 2018, JOE BIDEN said the low unemployment rate, and low tax-rate, and low inflation rate, were not real...that they were just smoke and mirrors.

Now he's replacing all those Trump admin magic-tricks with what he feels is a REALITY that will be good for the country and the world.



posted on Apr, 22 2021 @ 06:47 PM
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originally posted by: carewemust

originally posted by: Nickn3
This will destroy retirement planning for anyone that owns a business.


It's a good thing the next big Congressional election is just 18 months away. Democrats are laying out for America this year, why they should be voted out of office next year.


If they're using Dominion voting machines expect a democrat sweep.



posted on Apr, 22 2021 @ 07:00 PM
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originally posted by: DBCowboy

originally posted by: carewemust

originally posted by: Nickn3
This will destroy retirement planning for anyone that owns a business.


It's a good thing the next big Congressional election is just 18 months away. Democrats are laying out for America this year, why they should be voted out of office next year.


If they're using Dominion voting machines expect a democrat sweep.


You can bet on it.
Now that the con artist Dems have perfected the art of cheating, they will employ it in every election.

To the OP, everyone that didn’t vote Biden knew this was coming.
The 20-25 million real voters that voted for that piece of sh!t, they don’t know their ass from a hole in the ground so expect crickets on this until the single mothers have to pay $8 for a gallon of milk out of their food stamp money.



posted on Apr, 22 2021 @ 07:02 PM
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The top 1 percent of Americans in wealth controlled about 38 percent of the value of financial accounts holding stocks.
Many of them would earn several million in realized capital gains if they sold everything all in the same tax year.

There are required minimum withdrawals from IRA's after age 72 and the older boomers have a large amount of stock in their IRA's so this could get complicated.
If Boomers need to spread their stock sales over several years to stay under a million in capital gains each year there will be a lot of selling earlier than planned.
That might create a lot more taxable income for 2021 when the government needs it to recover from the recession.



posted on Apr, 22 2021 @ 07:03 PM
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a reply to: carewemust

Agree, except that I believe Joe doesn't have the firing synapses to pull off such a thing; mostly he is a face for the complicit masses that desperately need a messiah. Too bad that he can't deliver. One of the sad things is that Joe really thinks he is delivering. It must suck to be him. I have no sympathy, but there was once a person in there that aspired to improve the human condition. That person is long gone.



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