Passage will be done the same way so Republicans have no say again. Biden will tell people just enough so it might sound good to the right people. The press will make things up about it. Remember “sticking it to the rich”? Businesses are going to be taxed or penalized for sending jobs overseas. It’s the largest federal tax hike in almost three decades after bailing out blue states.
Biden sticking to promises made
He did say this would be done so those dreaming of “revenge” on the wealthy and “infrastructure” may be salivating. The top individual tax rate will go back up to 39.6%.
Obama had the corporate tax rate at 35%. Trump dropped it down to 21%. Biden is going for a happy medium to maybe keep some businesses around, 28%. In that case, he’s both appeasing those that don’t understand economics yet he still needs that tax money coming in. Government doesn’t make money, it spends it.
Money sent overseas is being laundered
So there maybe something going on behind taxing top level millionaire investments. Many Democrats, including Biden, are millionaires.
There maybe more shell games going on as business tries to serve customers and not get the daylights taxed out of them. You don’t want to grow and hire. You’ll get a 15% tax just for being big.
So maybe Biden wants to encourage in a different direction
There will be tax credits for caregivers and those buying their first home. Biden told ABC News, “Anybody making more than $400,000 will see a small to a significant tax increase. If you make less than $400,000, you won’t see one single penny in additional federal tax.”
Since gas lighting is done daily, how many of these things was Trump going to do that Biden and the Democrats couldn’t stomach giving Trump credit for? The first $10,200 of unemployment is tax free, the stimulus checks are completely tax free. There’s a commuter deduction and emergency rental assistance. Since New York’s taxes are terrible, people were moving to nearby Connecticut, among other places. Some states are now offering a stimulus of their own and now Connecticut has a large state surplus.