Taxes

Biden's Planned Corporate Tax Hike Will Cost Jobs and Reduce Economic Growth. Because That's What Taxes Do.

The White House is reportedly considering hiking the corporate income tax to 28 percent and raising individual income taxes on high earners to pay for more federal spending.

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President Joe Biden is reportedly considering a plan to hike taxes on individuals and corporations in order to help offset another splurge of government spending. Preliminary analyses of the possible tax hikes show they would transfer as much as $2 trillion from the private sector to the government, likely costing jobs and reducing wages for American workers.

Of course, that's what taxes do. Every dollar the federal government drains from the economy is a dollar that cannot be used to grow a business, cannot be used to purchase new equipment, and cannot be paid to workers or shareholders.

Biden is considering hikes to both the personal income tax and corporate income tax, Bloomberg reports, citing unnamed White House sources. Advisers are reportedly kicking around ideas like raising the corporate income tax rate to 28 percent (from 21 percent); hiking personal income taxes on individuals and households that earn over $400,000 annually; and imposing a higher capital gains tax for individuals who make over $1 million annually. The higher taxes would be paired with an expected White Houe announcement of what's likely to be a multi-trillion-dollar infrastructure spending package.

We'll have to wait to see the specifics of the proposal, but much of what is under consideration seems roughly in line with the tax policies the Biden campaign published last year. If enacted, those policies would raise federal revenue by about $2.1 trillion over 10 years, according to an analysis by the Tax Policy Center, a nonpartisan think tank. The organization says Biden's plans would reduce America's GDP by between 0.3 percent and 0.7 percent annually for the rest of the decade.

The corporate tax hike alone would reduce long-term economic growth by about 0.8 percent, kill 159,000 jobs, and reduce wages, according to a separate analysis by the Tax Foundation, a nonpartisan think tank. Raising the federal corporate tax rate to 28 percent would make the average state-federal tax burden for American businesses 32.34 percent—the highest rate in the developed world.

"Workers across the income scale would bear much of the tax increase," write the Tax Foundation's Garrett Watson and William McBride. "For example, the bottom 20 percent of earners would on average see a 1.45 percent drop in after-tax income in the long run."

Politically, moving the corporate income tax rate to 28 percent would be a symbolic win for Democrats. That's what the federal government charged American businesses before Republicans pushed through a package of tax cuts in 2017 aimed at increasing U.S. competitiveness with other large economies. Undoing those tax cuts for corporations and high-earning individuals has become a top priority for congressional Democrats.

"Biden will require corporations and the wealthiest Americans to pay their fair share," Treasury Secretary Janet Yellen told senators during her confirmation hearing in January. She said the Biden administration would seek multilateral agreements to set a global minimum corporate tax as part of a strategy to prevent American companies from shifting profits overseas to avoid higher taxes here.

On one hand, any clear-eyed assessment of America's fiscal status must leave room for tax increases as part of an overall strategy to balance the budget. The national debt now exceeds $28 trillion, and the annual budget deficit was already on pace to exceed $2 trillion even before last week's passage of a $1.9 trillion spending bill that will be entirely paid for with borrowing. Both the debt and deficit are expected to grow in the coming years.

But Biden's plan, according to Bloomberg, seems to be aimed at using this tax increase to offset even more spending. That's an approach that Congress should carefully scrutinize with both eyes fixed on the growing, unsustainable national debt.

Policy makers should also keep in mind that many businesses are still feeling the effects of President Donald Trump's tariffs, which continue to function as a sort of stealth tax hike for many businesses. That's especially true for the manufacturing sector, which had slipped into recession in 2019—before the pandemic hit—in large part due to the increased costs and uncertainty raised by the U.S.-China trade war.

Biden has been unwilling to remove those tariffs, even though doing so would help stimulate an economic recovery. In fact, the administration appears to be aiming to make things even harder for American businesses as they emerge from the pandemic.

Trump made it more expensive to purchase the wares and equipment that American businesses need to buy to earn a profit. Now, Biden may be planning to take a larger share of whatever profit they can scratch out.

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  1. Tax the rich and productive.

    1. And if they stop being productive force them into camps

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    2. “Tax and spend” Democrats are better than fiscally irresponsible Republicans who love spending just as much as the Democrats but refuse to pay for their spending by taxing their plutocrat friends!

      1. Unironically, yes.

        Taxation must be equal to spending, unless you want debt servitude and hidden inflation.

        Now if the GOP’s actions would match their rhetoric, and they actually tried to reduce spending and taxation, then that would be one thing. But we haven’t seen the GOP reduce spending at all, or even try to match their rhetoric when they have the power to act on it.

        1. Bitch your bet got accepted and you fled. We all know you’re stolen valor and now you know we know.

          1. I just went back and checked.

            No, no one took the bet. Florida said he would take the wager but never responded to my next comment trying to clarify logistics. Talcum said he could “translate” my dd214, but never accepted any wager.

            I have further replied to talcum on that thread with the terms and contact info. Put up some real $$, dorks.

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        2. “Taxation must be equal to spending”

          Without discipline and restraint on the spending side, that will never happen, not matter how high they raise tax rates.

        3. “Taxation must be equal to spending”

          And if no amount of taxation can touch the level needed to match spending…?

          You keep forgetting that one can spend way more than one can tax

          1. He literally just said that Republicans have been spending more than they tax.

            1. And now do democrats buddy.

              For some reason you seem to think it is better to take more money from citizens to spend even more. Weird.

              1. I have not said any such thing. You just put those words in my mouth, as you tend to do. A lot.

                I would like to see both major parties reduce spending and taxes. Better yet I’d like more choices than the two major parties.

                1. Yet you constantly shill for democrats.

                  Dee, you bitch!

                  1. ^EXACTLY!

        4. Why didn’t you take up the bets yesterday SV?

        5. It sure would suck if tax receipts went up after the cuts were passed.

          It would suck even more if you didn’t understand that spending is always the issue, not income.

      2. Amen. They want all the perks, run the deficit up to the max, vote themselves pay raises and tax breaks and then point a finger at the Dems when they stick them with the bills after they loot and pillaged every government resource they could lay their hands on.

        People get fed up with the Republicans and vote them out, which dumps all the Republican generated debts square in the lap of the Democrats the voters switch over to.

        1. Hahahahahahahaha

        2. What a bulls hit take on reality. That might make sense if the democrats didn’t massively jack up spending every time they get control of the purse.

          For this country to survive, people like you need to go.

      3. Better for who? Certainly not the soon to become unemployed American’s who will also hafta compete with millions more illegal aliens coming across the border

    3. If giving people money stimulates the economy, how can taking money away from people not slow it down?

      1. Because reasons, duh.

      2. When you take it from the working class, yes. When you take it from the poor, yes.

        But when you take it from a billion/trillionaire with mega corporations who is cheating the system and paying virtually no tax at all…
        The people with Deutsche Bank accounts and offshore untouchable money/gold/securities/hedge fund accounts and ‘retirement’ funds…
        The people who own nothing because a shell corporation or their minor children ‘own’ it all… you deprive them of owning a 3rd Lear Jet, the 7th yacht in Cannes, and the villa in Switzerland.

        They weren’t going to hire anyone anyway, so why NOT tax them? They will just buy back the stock and give bonuses to the CEOs…

        1. Plenty of hiring was done under Trump, before the Chinese bombarded the planet with covid

        2. Don’t try to out stupid Molly.

        3. “…They weren’t going to hire anyone anyway, so why NOT tax them? They will just buy back the stock and give bonuses to the CEOs…”

          Ah, yes, the politics of envy.
          Fuck you with a running chainsaw.

        4. Yeap business are like Scoorge McDuck. Everyone jumps in the pool gold coins. You are special stupid. Why do products go up in price? Why does hiring go down? Why do business fail?

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  2. “Biden’s Planned Corporate Tax Hike Will Cost Jobs and Reduce Economic Growth.”

    Even if true, we must remember that Biden liberated and dismantled Orange Hitler’s concentration camps. By bringing American immigration policy closer to Reason.com benefactor Charles Koch’s vision of open borders, the Biden Administration will more than offset any economic damage caused by tax increases.

    #OpenBordersWillFixEverything
    #ImmigrationAboveAll
    #LibertariansForBiden

    1. I am sure the infrastructure projects are “shovel-ready”.

  3. Thanks Boehm….Just remember, you wanted this. Now own it, please.

    1. As Ron Paul used to say, “Don’t call it a grave. It is the future your chose.”

    2. Cite where Boehm said he wanted this?

      1. Get bent.

      2. Are you dumb enough to think biden winning wouldn’t lead to this? Boehm was very clear in his no trump no matter what shit fuckwit.

        1. That was a non-answer.

          1. Haven’t you linked to the “Reason staffers share their votes!” column? Boehm would have voted for Biden if his vote mattered. This was an obvious consequence of Biden’s election and was part of his campaign; it’s perfectly adequate to point out that he preferred this to the low-tax/ light reg tendency already in place.

            ERIC BOEHM
            Reporter

            Who do you plan to vote for this year? I am currently not registered to vote in Virginia, where I live. If I change that before the election, I will vote for Jo Jorgensen—unless I believe there is a chance that Joe Biden will somehow fail to win Virginia, in which case I will vote strategically and reluctantly for Biden.

            1. So, this is what you have backing the assertion that “[Boehm] wanted this”:

              * If he registered,…
              * If he voted for Biden instead of Jorgensen…
              * He clearly said he would vote for Biden “reluctantly”. What do you think he was reluctant about — Biden’s hair?

              You are being a whiny Trump fan boy.

              1. He’s literally saying if he can’t get JoJo, he’d prefer a Biden presidency over a Trump one.

                Jesus Christ you’re a disingenuous ass.

              2. What he has is a direct answer to you demand for a cite, TDS-addled asshole
                Now do the world a favor; fuck off and die.

              3. Boehm has mafpde it clear. He would rather see Nidem annihilate the country to stop the mean tweets.

                Dee, you bitch!

            2. The election was not about policy but became a referendum on Trump. And Trump lost that election. Has nothing to do with his policy preferences.

              Furthermore, assuming a chimpanzee could draft and sign policy, I do not think that alone would be a good criteria to elect a chimp to office.

      3. Dee, you bitch!

    3. I didn’t even get my stimulus check yet, and now they want to take it back already?

      1. Do you make over $400,000 a year? If you don’t, you don’t have to worry about a tax hike, if you do, you won’t get a stimulus check because people making 6 figures don’t need coronavirus relief checks.

        1. It’s true, if ya make under $400k a year you only hafta worry about all those rich folks raising the prices on every single thing you want to buy

        2. “Do you make over $400,000 a year? If you don’t, you don’t have to worry about a tax hike, if you do, you won’t get a stimulus check because people making 6 figures don’t need coronavirus relief checks.”

          I see we have a brand new pile of lefty shit here.

        3. Define make? You do know people who own small business make that and will be taxed. It will hurt the little guy that you say you care about.

          Hey Mick, do you actually own anything? It’s ok for you to give away other people’s stuff right as long as it doesn’t affect you?

  4. President Joe Biden is reportedly considering a plan to hike taxes on individuals and corporations in order to help offset another splurge of government spending. Preliminary analyses of the possible tax hikes show they would transfer as much as $2 trillion from the private sector to the government, likely costing jobs and reducing wages for American workers.

    I will construe this as a tacit admission that Trump’s tax cuts were sensible policy that benefitted the overall economy. Not so bad for a bad Orange Man.

    Alas, those days are gone — and they are probably gone for good. Elections, after all, have consequences. On the other hand, no more mean tweets. Oh, and open borders. And, never ending wars in the Middle East. And ever expanding intrusions upon Second Amendment rights. And more lockdowns. Ohhh! The Green New deal, too. And a permanent military occupation of Washington, D.C.

    Did I mention no more mean tweets? Priorities, man. Priorities.

    1. I will construe this as a tacit admission that Trump’s tax cuts were sensible policy that benefitted the overall economy

      What evidence do you have that the economy benefitted?

      GDP growth has fallen since the implementation of those tax cuts.

      Granted, lower taxes are better just to keep the government from confiscating profits.

      But there is no evidence that the economy is better off.

      1. I find it funny that you defend rising gas prices under Joe Biden because the economy tanked due to the Wuhan virus, and then say trump had the worst economy and completely ignore Wuhan virus. Its almost like the only belief you have that is cosistant is your support of child porn

        1. 2019 article: (before COVID for dumbasses)

          After two years, Trump’s tax cuts have failed Americans

          Let’s start with jobs. Has the Tax Cuts and Jobs Act created millions of new jobs, as was promised? In a word, no. In the four years prior to the passage of the GOP tax law, the economy added an average of 213,000 jobs each month, according to data from the US Bureau of Labor Statistics. In the nearly two years since the law passed, average job creation has actually declined by an average of 11,000 per month.

          The White House promised that the tax cuts would result in an annual wage increase of $4,000 per household. Again, not even close. In the two years since the law passed, wage growth, after accounting for inflation, rose only slightly, from 1% to just under 1.4% per year for nonsupervisory workers, according to data from the US Bureau of Labor Statistics. That difference — even if it were fully attributable to the tax cuts — amounts to less than $400 for a full-time worker. So much for your $4,000 raise.

          We have been told, over and over again, that tax cuts for the rich are good for the overall economy. However, there’s not much solace to be found in gross domestic product either. In the four years before the law passed, real GDP grew by an annual average rate of about 2.4%, according to data from the Bureau of Economic Analysis. In the nearly two years since, the GDP growth rate has inched only slightly higher to an annual average of 2.5%.

          https://www.cnn.com/2019/12/20/perspectives/trump-tax-cuts/index.html

          Total failure is trump

          1. “In the nearly two years since, the GDP growth rate has inched only slightly higher to an annual average of 2.5%.”

            LOL

            2.5% growth?! Obama never had a year even close to that bad!

            #IMissObama

          2. I heard you like to masturbate to pictures of naked children.

          3. Reading is easy. Understanding is hard.

            1. “…Understanding is hard.”

              In turd’s case, it’s impossible.

          4. You mean the same left that bragged about gaslighting Americans about how Trump’s tax cuts were bad?

            Yup, sounds legit.

        2. Actually Mr. Buttplug has argued quite convincingly that the pandemic was merely a convenient excuse for a disastrous 2020 GDP performance that was always going to happen anyway due to Drumpf’s policies.

          #StopBlamingTheEconomyOnThePandemic
          #(ItWasActuallyTariffsAndClosedBorders)

        3. Whenever anyone complains about gas prices and tries to tie it to the president, I know I am dealing with a grade-A dumbfuck.

          1. Your reading comprehention is that of a toddler isn’t it?

            1. You made the pedo look at SV with those eyes again.

          2. Just seems odd that the prices spiked so high so quickly after a guy who has decided to kill of a pipeline and severely restrict fracking took office.

            Yup, Biden is totes innocent here.

          3. Why is that, does reality depress you?

            Last week I paid $3.29 a gallon for the same gas I paid $1.99 for the last week Trump was in office.

          4. No, you ARE a grade A dumbfuck. And a valor thief.

            Kill yourself.

        4. Don’t forget his undying support of the Democratic Party.

      2. Your intellectual dishonesty on this matter has to be purposeful, as there is no way you can be dumb enough to ignore the economic successes of Trump by using global pandemic numbers.

        1. “economic successes of Trump” = Keynesian deficit spending turned up to 11.

          So funny that the exact same tactic executed during Obama’s admin was a recipe for disaster, debt servitude, hyper inflation, etc.. But when the exact same actions are taken, but at greater scale, it’s pure genius, lowest unemployment rate, economic success, etc.

          And btw, Trump tax cuts contributed a couple trillion to the national debt. How come all of the so called libertarians or even republicans around here never talk about Trump’s staggering contribution to our debt?

          Oh, right. Because the GOP and Trump voters are a cult.

          https://www.forbes.com/sites/christianweller/2020/01/29/trumps-wasteful-tax-cuts-lead-to-continued-trillion-dollar-deficits-in-expanding-economy/?sh=54d3ac2466c4

          1. Fuck you stolen valor your bet was accepted.

            You ran.

          2. Are those the same trillion dollar deficits projected since Obama term due to expanding entitlements and ACA costs? Why they are. Go look at 2014 cbo projections stolen Valor.

          3. Tax cuts do not “contribute” to debt or deficits, spending does.

            Unless you are one of those people who believe that all money belongs to government, and we’re all damn lucky they let us keep anything at all.

            On your knees, bitch.

        2. “…as there is no way you can be dumb enough to ignore the economic successes of Trump by using global pandemic numbers.”

          Nope. His stupidity is worse than than, and he is dishonest besides.

      3. How many times do you need to have the study on lockdowns being primary driver of the economic decrease? Honest question.

        1. 2019 article: (before COVID for dumbasses)

          You missed the part intended just for you.

          1. And you missed the part where it was growing along with tax revenues in reality dumbass.

      4. “there is no evidence that the economy is better off.”

        This stupid motherfucker doesn’t want to admit that JUST LETTING PEOPLE KEEP MORE OF THEIR THEIR OWN MONEY IS BETTER.

        1. In the comment you replied to I said this:

          Granted, lower taxes are better just to keep the government from confiscating profits.

          You’re dumbass Trump Trash.

          1. You should be euthanized. So you don’t harm any more youths.

            You sick piece of shit. I envy the person who finally will have the pleasure of putting you down.

      5. What prattle. The economy tanked because of a global pandemic, ya’ crybaby. The USA and every other nation on the planet. The wealthy who do not rely on jobs, but INVESTMENT MONEY to pay their bills got a HUGE WINDFALL from the tax cuts. That’s why their collective obscene wealth is making the news every week.

    2. Elections, after all, have consequences.

      The ’22 midterms certainly will.

  5. The US spent most of the 20th century with much higher taxes then we have now and we saw solid economic growth and job creation.

    1. No use arguing with these “cackles,” Molly-G. They are pathetic Trump dick suckers who just want to spend the rest of their days sucking Trump’s dick (because that is what dick suckers do) and also do other equally ridiculous things, like keep their own money.

      1. Easy when you don’t define solid. Yes, we were on par and maybe slightly above Europe. You were way below China.

        Hey if you want to give more money to the government, you know the IRS does have a donation link. I know you are all for taxes on other people just not you.

        Geiger, your just an idiot.

    2. Sadly Molly decided to lie out her smelly ass, then created a sock account to rudely address her own comment

      (yes we all know who these both are of course)

      1. “Never argue with stupid people, they will drag you down to their level and then beat you with experience.”
        ― Mark Twain

        1. Said the sock puppet….

    3. Then let’s raise the tax rate to 100% and see real economic growth!

    4. We had economic growth and job creation with much lower taxes.

      All else being equal, until you have your president look into your eyes through the TV and say “I’m only going to tax people like you. You need to pay your fair share!”, then you’ll never really understand why your policies divide this country.

    5. And nobody paid the 88%, you are aware that when they cut it from the high of 88% revenues went up.

    6. The road to prosperity is paved with higher taxes.

    7. It’s the deficits, Molly, and the ever burgeoning national debt.

      And they want to make this misnamed “Covid relief” [which has very very little to do with pandemics or the effects thereof–which can be attributed to government shutdowns but that is another subject] a permanent fixture.

    8. They so spent them with much higher tax breaks and deductions retarded fuck.

      1. Jesse calls people “retarded fucks” for merely stating a simple, factual statement.

        Jesse, have you tried getting laid? Maybe being a better, more effective person, and thus happier?

        Seriously, you seem fundamentally damaged.

        1. Fuck you stolen valor your bet was accepted.

          And you ran like a fucking punk bitch

        2. Have you tried not running from a bet stolen valor?

        3. You also seem to not understand what effective tax rates are despite claiming to be an economic genius. Weird.

        4. I’m sure you get laid all the time.either by getting triple penetrated et the local bathhouse, or molesting children you drug.

    9. Haha. “Progressives” sure do love living in the past.

  6. Unless Congress establishes some form of spending discipline and puts an end to the current trend of constantly piling on yet more spending no amount of tax increases will ever be enough to even remotely approach balancing the budget.

    1. Fuck that! Gimme my stimmy! That new iPhone is bout’ to drop!

    2. Wouldn’t mind Congress actually passing a budget for once.

      1. Passing budgets doesn’t help if they pass ever bigger budgets.

  7. Holy shit. Are these the tax increases he campaigned on Boehm?!?

    1. Come, now. Be fair. I am sure Eric “I will vote strategically and reluctantly for Biden” Boehm considered every single one of Biden’s policy proposals very carefully and with great diligence.

      1. Boehm would strategically and reluctantly become a fuck doll in prison to avoid being shanked.

    2. Since BOTH parties love to spend future taxpayer money what choice is there but to raise taxes?

      I guess bankruptcy is the only alternative.

      1. It is a mathematical certainty.

      2. You’re the kiddie fucker, right?

        1. Oh come on!

          He does not actually fuck any kids; he just jerks off to pictures of other people fucking kids.

        2. Since BOTH parties love to spend future taxpayer money what choice is there but to raise taxes?

          why does this statement offend you Trump Trash?

          and send you into QAnon CT about pedophiles?

          1. So yes you’re the kid fucker

      3. You are a tax and spend double liberal, we fucking understand. And a ledo.

          1. LOL, you just called yourself a pedophile.

            Maybe turn down the anger a notch, and think before you click.

            1. No, I corrected the comment above you illiterate fuck.

              1. Sure you did.

        1. You are a spend and debt moron who cannot grasp simple math.

          1. Fuck you stolen valor your bet got accepted

            And you ran like a bitch

          2. Lol. God damn you are spiraling. Next sarcasmic huh? Simple math.. like spending twice as much as you raise taxes is actually worse than spending half without raising taxes due to effects on economic growth?

            God damn. You lie about everything. Valor, owning a business, understanding stocks.

          3. And you are a useful idiot enabler who wants an incredibly bloated government to take more of other people’s money.

  8. Libertarians wake up and smell the shit of Biden’s left wing ass.

  9. Taking the excess wealth of a class so wealthy that it’s protected from any and all economic conditions in order to increase the economic mobility of the poor and middle class doesn’t seem like it would harm productivity.

    If you had you’re way we wouldn’t spend any public money on anything and we’d be in the middle of a pandemic economy with no safety net, so go talk about collective maintenance of economic conditions to your stuffed teddy who appreciates your insane nonsense instead of young impressionable morons on the internet.

    1. Government bureaucrats do more to hurt you than any rich person you know.

      1. Probably, if they’re working for a Republican administration. Trump had bureaucrats installed to attempt an overthrow of the US government from the inside. No doubt, bureaucrats can be dangerous. That’s why it’s important to vote responsibly and not simply hand one party the keys by default because they have you absurdly convinced that they don’t employ bureaucrats when they’re in power.

        1. What’s your tax rate?

          And what’s the average profit margin for an item you buy?

          1. What does that have to do with your childlike incantation about bureaucrats?

            Do you think Republicans don’t employ bureaucrats? Do you even know what you’re talking about?

            1. I pay the highest tax rate: 37%.

              The average profit margin is about 7%.

              The government takes much more money from people than corporations.

              1. Which is an outrage considering corporations are people.

                1. I’ll believe that corporations aren’t people when governments stop trying to make them pay taxes. Fictions can’t do things like pay taxes.

                  1. Why not? Personhood is a fiction too. So are bank accounts. Were really just moving bits of the universe around for shits and giggles.

                    1. The lowest income tax bracket is 10%.

                      The average profit margin is 7%.

                      The government as a service gouges people more than corporations.

                      I understand why you want to change the subject.

                      Hey! My argument’s obviously wrong, so now’s a great time to debate the validity of objective facts altogether!

                      People who know the facts never need to go there.

                    2. But taxes pay for stuff, like the ability to make a profit at all and have it secured by men with guns.

                    3. If you’re going to love government spending and taxation, and constantly push for more and more, based on “excess wealth”, then I expect you to compute the analogue of a profit margin for the government and show me how it’s better.

                      And if you don’t know it, or can’t estimate it, then I call bullshit. You can’t claim to care about efficiency when you don’t bother to analyze the efficiency of your own proposals.

                      In reality, some people hate corporations because some corporations make things they’ll never be able to afford to buy. That makes them feel bad about themselves, since they compare themselves to others who can. I’m sorry, but It’s not my fault I can afford things you can’t. I’m not the one who says reading a lot of English isn’t worth millions of dollars. That’s everyone, through the market.

                      Since the government doesn’t make anything, you never have that problem with the government. Furthermore, since the government promises to tax those people who can buy more than you, you imagine it “equalizes” things, even though you’re really no better off than before.

                      It’s all rather pointless, really. Scarcity exists, unfortunately, and if you want something you can’t afford, you should really find something more useful to do with your time.

                      And please: no whining about poor people and children that you only pretend to care about. We all know that’s not why you love government and hate corporations.

            2. “What’s your tax rate?”

              “What does that have to do with your childlike incantation about bureaucrats?”

              Here we see Tony admit he’s a tax parasite.

    2. WTH is “excess wealth”?

      If we taxed the 1% ALL (100% rate) their income we still wouldn’t balance the current budget.

      1. You could take all military spending to zero and still not balance the budget.

        But, hey, people just aren’t paying their fair share.

      2. Wealth that isn’t doing anything useful.

        If you think it’s OK to spend my tax money to protect the property claims of the wealthy, then I get to say it’s OK to spend your tax money to protect the life and health of the poor.

        1. Unless you show me how well you can decide how wealth is used, I’m really not compelled by this.

          What have you done with your wealth?

          1. He has no wealth.

        2. So your saving account is excess wealth?

          it is not doing anything useful.

          1. It is doing something useful, sitting there in preparation for an emergency.

            There is no such thing as sitting back and letting the market decide how wealth and resources should be allocated. It’s all a choice made by policy makers. Every single cent of it, in principle.

            1. You could say the same thing about “friendship” and “love”, but that doesn’t mean I want the government choosing my wife for me, just because they could, if they really, really wanted to.

              1. Between public schools and roads and traffic laws and zoning requirements and class maintenance and a hundred other things, you might be disturbed by just how much of a say the government had in choosing your wife. Best not to think too much about it.

                1. Between public schools and roads and traffic laws and zoning requirements and class maintenance and a hundred other things, you might be disturbed by just how much of a say the government had in choosing your wife.

                  https://www.youtube.com/watch?v=5hfYJsQAhl0

            2. “It’s all a choice made by policy makers. Every single cent of it, in principle.”

              Take it easy, Marx.

              1. He’s making a philosophical (reductionist) point. The government decides whether we have a market at all by making laws about property and coining money, etc.

                1. Fuck you stolen valor your bet got accepted

                  and you ran like a bitch

                2. No, they “make laws” because, otherwise, people would regulate that on their own. Not always politely, mind you, but they’d do it.

                3. How cute. You believe in marxism.

            3. How do you know if that is useful? Have policymakers approved of that purpose?

              Which is the ultimate point, you do not have any real say in your own life under your philosophy. You are just a widget in the machine of society. That is a horrific way of looking at life.

            4. Haha. So, don’t take Tony’s “excess wealth”, just everyone else?

        3. Yeap. Youre retarded. Wealth doesn’t do things like invest in business huh?

    3. “Taking the excess wealth of a class so wealthy that it’s protected from any and all economic conditions . . .

      I hadn’t read this when I wrote the comment below.

      Tony is entirely ignorant of what makes economies grow (or how that real growth is financed). Oh, but that’s not an exclusive list. He’s ignorant of a lot of things.

      1. Economies grow by giving billionaires more money. I know, I know.

        1. So you are against subsidizing electric cars, then?

          Not taking people’s stuff cannot be described as giving them stuff.

          1. It’s not their stuff if they owe it to the US Treasury.

            1. That is not the way property works, unless you believe the government owns everything and the politicians only allow you to have anything out of the kindness of their little black hearts.

              1. “[U]nless you believe the government owns everything …”

                He does.

              2. It’s a matter of framing. Property without government is just an assertion. You can’t say you deserve all the constituents of property rights without any of the responsibilities of maintaining the system that allows for them in the first place. You can, but you’d be an asshole.

                1. I think most capitalists would be just fine with the responsibilities of a system that implements capitalism, and little else.

                  I really don’t see why procuring property protection for my home requires throwing people hundreds of miles away in jail for using drugs.

                  If you can show me, fine. Otherwise, bullshit.

                  1. It doesn’t, but in a democracy you have to live with some policy you don’t like. Same with a dictatorship for that matter.

                    1. How very true and irrelevant.

                2. Except, again, the spending has no connection to the taxes. The taxes are not to pay for the spending but to assuage the cruel morality of the progressive mindset.

                  1. “The taxes are not to pay for the spending but to assuage the cruel morality of the progressive mindset.”

                    I dunno, man. You’re getting pretty abstract. I mean, the treasury does literally collect taxes and pay interest and buy things with the proceeds. The US government has a balance sheet, income statement, and cash flows (although cash flows are somewhat irrelevant when you can alter the money supply directly).

                    1. The spending propsed was 1.9 trillion this year with another anticipated multi-trillion dollar infrastructure bill this year.

                      The tax hikes proposal might raise 2.1 trillion over ten years if the rose colored projections hold up.

                      What does the latter have to do with paying for the former?

                    2. Remember. This was the guy saying he was too dumb to get a PPP loan for his million dollar business last year.

        2. “Economies grow by giving billionaires more money. I know, I know.”

          What’s dumber/more dishonest–pretending that I said this or pretending that taxing profits and wealth away from corporations and billionaires is “giving” them money?

          1. P.S. Tony has no idea what makes economies grow.

        3. Your party ceases to exist if billionaires lose money.

      2. It’s all perfectly logical and rational, when you realize he’s talking about an empty set.

        Taking money from imaginary people does not, in fact, cause harm.

        1. Tony is the empty set.

    4. “a class so wealthy that it’s protected from any and all economic conditions”

      Please don’t be so dismissive of billionaire suffering. Many of them actually experienced profound hardship during the #DrumpfDepression. For example Reason.com’s benefactor Charles Koch lost over $5 billion in 2020 because of Drumpf’s high-tariff / low-immigration policies. Can you imagine how painful that was for him?

      #InDefenseOfBillionaires

    5. The size disparity between the spending being proposed aand the tax hikes means there is little connection between the two. The fact is, the government cannot raise taxes to cover these stupendous amounts of spending even if it covered all income levels. They are pissing into the wind and it will only make a mess.

      1. If you insist on treating the federal budget as a normal ledger, fine. To my mind, it’s more about allocating power than anything else. A government that survives in perpetuity can hold debt in perpetuity. If the government disappears, it won’t matter anyway. The debt will default.

        A tax is less a way to pay for a product than it is a targeted disincentive. Fiscal policy has been set to “give the wealthy everything in the world, because reasons” for some decades now. A minor adjustment away from that ethic is in order regardless of your philosophy.

        1. A targeted disincentive for wealth sounds like a very stupid economic policy, unless you like living in Cuba.

          1. Excess wealth. Pay attention. It is not automatically an unalloyed positive value for a society to maximize the take of a tiny percentage of lucky individuals. It leads to all sorts of problems with respect to freedom, in fact.

            1. Excess wealth is a function of how it is used, not a function of how much income they make.

              You can’t have a policy that pees on my leg and tells me it’s raining.

              1. You get what you pay for.

                1. …said no politician ever.

                2. We might, if the government stopped wasting so much.

                  But they should take even more?

                  Tony logic, folks! Haha.

            2. “We all know who that internal enemy is. It is the capitalists, the landowners, the kulaks, and their offspring, who hate the government of the workers and working peasants-the peasants who do not suck the blood of their fellow-villagers.”
              – Vladimir Lenin, 1918

              If you are going to be a communist douche, you should at least take care to ensure that your contributions are in some measure original, or entertaining.

              1. Your problem is that you equate communism with totalitarianism while advocating for totalitarianism of a different kind. Let’s both be against totalitarianism and see what the people want. I wonder if they’ll choose tax cuts for billionaires while they starve on the peanuts thrown at them.

                You bet they will as long as some fascist nutbar convinces them it’s the only way to save Green Eggs and Ham.

                1. Because you fucks never progress past the totalitarian stage.

        2. To my mind,

          This is the funny part.

        3. As I said, there is little to no connection between the proposed spending and the tax hikes.

          Trying to achieve wealth equity by tearing down the top is destructive to the whole and quite stupid.

          1. But they aren’t even trying to take down the top, it’s just the rhetoric they use.
            They’re trying to gut the middle.
            Their goal is feudalism.

            1. Gutting the middle like permanent tax breaks for the wealthy, and temporary tax breaks for the middle class? Where does that sound familiar…

              1. When you lied about being SF?

    6. “In religion and politics people’s beliefs and convictions are in almost every case gotten at second-hand, and without examination, from authorities who have not themselves examined the questions at issue but have taken them at second-hand from other non-examiners, whose opinions about them were not worth a brass farthing.”
      ― Mark Twain

      Tony, in a nutshell.

      1. I find economics to be rather mundane. Just addition and subtraction really. Maybe I’m missing something. Nocturnal ethers or whatever. The magic of positive thinking.

        1. “It’s better to keep your mouth shut and appear stupid than open it and remove all doubt”

          ― Mark Twain

          Timeless advice, Tony.

        2. Maybe I’m missing something.

          This is the funny part.

        3. You mean you find economics to be beyond the reaches of your limited intellect.

          1. There’s a reason it is called the “dismal science”, and why there are conservative economists and liberal economists and Austiran and Keynesian economists. It’s not a real, settled science with proofs and absolute truths. It is a social “science” that relies on cultural and relative value statements rather than pure math. Although economists do try to dress it up with math as though it is physics.

            1. That’s not inevitable, but any science of complex things will be harder than physics, which itself can’t even predict things like weather.

              The science of economics, nascent though it may be, has gotten slightly more rigorous since the days of Adam Smith, but even Adam Smith would find libertarianism to be breathtakingly unscientific and stupid.

        4. Yes, tony, you are clearly more comfortable letting top men do your thinking for you.

    7. . excess wealth ..
      You are a totalitarian asshole.

    8. Excess wealth. Lol. Literally out of Maos red book.

    9. in order to increase the economic mobility of the poor and middle class

      They’ve never used it for that, and they aren’t going to start now. How many times do you have to be burned before you get it?

    10. As proven by the fact that the income tax applies to just about everyone in the country today, you pieces of shit never stop with just taking from those with “excess” wealth. Because your policies require much more money then that small group of people can give you.

  10. “The White House is reportedly considering hiking the corporate income tax to 28 percent and raising individual income taxes on high earners to pay for more federal spending.”

    I thought spending was the source of wealth in progressive economics? There’s no need to pay for spending. That’s what being a Keynesian is all about. Don’t you people know anything about economics?!

    /sarc

    Keynes was nowhere near as stupid as the commenters all over the internet who invoke his name, but he was wrong on some big ones.

    Meanwhile, raising taxes on the investor class when we’re trying to recover from a recession is incredibly stupid. So you can finance government spending to fight carbon emissions is certainly a stupid reason to sap investors in start up companies you’ve never heard of–like Tesla was at one time–that are doing things like transforming the auto industry.

    P.S. Greentech Media is closing its news arm.

    https://www.greentechmedia.com/articles/read/your-faithful-editor-bids-farewell

    I believe they were bought out a while back, and the parent company needs to double down on its bigger bad bets by cashing in some good ones. They’re probably a victim of scale. Being incredibly profitable on a small scale doesn’t matter if it doesn’t impact the parent company’s bottom line in any significant way. At that point, they just become a distraction.

    1. OT: hey Ken do you do baseball cards? today @topps Project 70 is a particularly beautiful Fernando Tatis card arted-up to look like a 1986 topps it’s only available for a couple days

      https://www.topps.com/cards-collectibles/online-brands/project70.html

      1. That’s making me nervous.

        The kid probably has a bright future, but I’m not sure he’s even old enough to drink yet. Pride cometh before a fall.

        Let’s work on winning the division, and then maybe we can start thinking about the Hall of Fame.

        Padres fans have no good reason to start thinking of our team this way. The Dodgers built a Death Star, and the Padres are Luke Skywalker–but they’re Luke Skywalker before he blew up the Death Star before anybody knew he’d blow up the Death Star.

    2. Meanwhile, raising taxes on the investor class when we’re trying to recover from a recession is incredibly stupid.

      ^ This x1000. It is dumb AF.

  11. Some recognition that while the tax hike proposals will be economically damaging, they are a drop in the bucket compared to the spending spree the Democrats are on. The intent of the new taxes is not to seriously offset the spending, their purpose is to hurt the economy out of the progressives twisted sense of “fairness”.

    1. the spending spree the Democrats are on

      How quickly they forget the record spending spree and $2.5 trillion deficit Trump/GOP just went on.

      1. Which the Democrats thought was too austere.

        1. Just too inefficient considering it went mostly to wealthy corporations.

          1. Did you read the current stimulus? Most of it has gone to wealthy Democratic donor class? So what is the difference? Oh yes, it’s Democrats doing it so it’s okay. Fucking partisan hack who admits he finds economics mundane and displays a complete misunderstanding of what economics is by saying it is just adding and subtracting. I am sure you also think chemistry is just mixing stuff together to see what happens.

            1. A big chunk of it is going to poor people with children.

              1. Why not all of it Tony?

                Because Democrats don’t give a shit, they wanted a bill to fund the donors and blue state loyalists and crony corporatists.

                You are now part of the illiberal authoritarian left that is mostly stalinist in nature.

                slams the bottle of whiskey down – Drink It!

                1. If you truly believe the statement you just made, then you should be even more angry at the Trumpian GOP for their spending, which far less went to poor people with children, and far more went straight to donors and loyalists.

                  To be clear, I don’t like this last round of stimulus. Way too much, too big, not targeted. All of this money being handed out makes me very uneasy for the future of our currency and debt cost. It might be fine, we are in uncharted territory, but who knows.

                  1. “then you should be even more angry at the Trumpian GOP”

                    They lost. They have no power. How much ineffectual anger are you asking for? No, you just want to distract from your guys who are in charge now being monsters, you stolen valor piece of shit.

                  2. Even leftist think takes admitted over 90% of the tax cuts went to those making under 150k you retarded lying shit.

                  3. You don’t give a fuck about people that crap out a bunch of brats that they can’t afford, and neither do I.

              2. A small chunk you mean.

              3. No it doesn’t most of it goes to pay off blue states and other pet democratic projects.

                1. And another big chunk to paying federal workers (hardly poor people) to stay home.

                2. Pet Democratic projects like education and healthcare. Unlike the real meaty stuff like forcing private companies to publish racist shit they’d rather not.

          2. lol jeebus dude all the monies goto wealthy corporations. why (R) v. (D) it?

      2. So you’re defending the Democrats saying “hold my beer” by pointing to spending which will soon be eclipsed, and even with these tax hikes, mostly unpaid for?

      3. Aren’t you the one banned for kiddie porn?

    2. The spending spree they want to go on is so big, Biden may be concerned about getting enough support for it from within his own party.

      And his first 100 days are almost up. His honeymoon is almost over. At some point, comparing himself to the memory of Trump won’t sell it anymore.

      That day is fast approaching.

      1. People believe Democrats want to cancel Dr. Sues.

        People can be made to believe anything at any time. It just takes money.

        1. The progressives say they are trying to cancel logic and reason as tools of racism. Focusing on the reaction to the silly self censorship by the Suess estate is red herring.

          1. No they aren’t. Glenn Beck is lying to you. He’s a liar.

            1. …says guy who claims everything is a lie.

              1. Fake News!

                1. Fake Soldier!

        2. No one can be made to believe you have something intelligent to say.

  12. As a small business owner trying to climb out of a pandemic induced hole…gotdammit.

    1. You mean a government responece hole. The pandemic didn’t shut down society.

    2. You are their enemy

    3. Yeah.

      Thanks for all the PPP. Guess I’ll try to not turn a profit this year.

      We need the corporate rate to settle to something more or less constant. 0 would be good, but if not 0, then just give us a number we can plan against. Instability in either direction is bad for business and economic efficiency.

      1. Lol. Your failed business was always failing. But sure, blame it on you being too stupid to fill out a form criminals figured out. Even ones in jail.

  13. Promises made, promises kept.

  14. I would be in favor of a you real what you sow law. If you vote for socialists and progressives you get a 100% wealth tax

  15. I’ll take “Things Eric Boehm Owns Wholesale” for $1000, Katie.

  16. I guess I don’t understand. Why start worrying about fiscal responsibility now? It’s like slamming on the brakes when you went over the cliff a solid minute ago because you see the ground coming up real fast. Why not just rev the engine one last time for the hell of it?

    1. 1) Because fiscal responsibility is an excuse. The Dems would have wanted to roll back Trump’s tax cuts even if they didn’t plan on doing anything with the money. They need to throw progressives a bone and making our income tax system even more lopsided accomplishes that.

      2) They can’t make any of their future spending permanent through reconciliation without finding long term pay-fors. Unless they want all their spending to implode when they don’t have control over both houses of Congress and the Presidency, they need to increase revenue in order to roll out new entitlements.

      Mark my words, not a single cent of this tax increase is going to pay for any of the “COVID relief” just passed. The Dems have simply realized that they blew through their deficit spending wad within two months of their guy getting into office. So, their love of spending now needs to be supported by their love of “taxing the rich” (whether the incidence of the taxation falls entirely or even majority on the rich isn’t a popular question).

  17. Argue the nation needed an enormous fiscal stimulus to move the economy and then propose a massive tax hike to take that money back out of the economy. The only thing stimulated is government greed for more money and control at the expense of individual and economic freedom.

  18. I am more than happy to watch democrats and leftists fuck up again. Not because I want to see it, but because sometimes the new generation needs a lesson on economics. They’ve been brainwashed and watching their heroes on the left fuck it up for them might just shake them loose. Reality always punches back hard.

    1. Like the media is going to tell the “new generation” the truth about whom is responsible?

    2. >>the new generation needs a lesson on economics

      the new generation doesn’t learn lessons. lessons are everything-ist.

  19. Today in libertarian news and commentary.

    Meanwhile, ‘libertarian’ Tory backbenchers have once again proven themselves to be worse than useless. Steve Baker – who cried in parliament about the authoritarian Coronavirus Act before voting for it anyway – offered the policing bill his qualified support.

    No one comes out well from this. Left-wingers currently wailing about a ‘Tory dictatorship’ were completely silent when insane £10,000 fines were handed to organisers of anti-lockdown protests, even though they supported (or even participated in) Black Lives Matter demos last summer.

  20. It is pretty amazing every kid in econ 101 seems to have a better grasp on basic economics than any Democratic lawmaker at any level of government.

    1. The left is economically illiterate. When a nearby town banned plastic shopping bags and instituted a fee on paper bags, I e-mailed the mayor and told her I would no longer shop in her town. She was surprised. Should anyone be surprised that taxes and fees affect consumer behavior?

    2. It’s pretty amazing that there’s an entire economic philosophy made up of people who took half of Econ 101 and decided they learned all there is to learn.

  21. Great down payment on what he SHOULD be doing – which is jacking taxes across the board to historic levels of 90%, etc. Gut corporate tax cuts, and take away their welfare – especially for Ag and fossil fuels. tax welath transfers out of the country at 95%, and put in a 5% transfer fee on all stock transactions, too.

    1. I love the fact that our political discourse has become so divergent that I cannot tell if you are a hard progressive or sarcastic. The 5% transfer tax might have given it away, but there are probably folks out there who earnestly support that rate.

  22. Biden is asleep at the wheel. Not close to woke. Granted borrowing is better than printing the money , but both suck. Biden sucks.

  23. The Ryan tax cuts, finally, made us competitive with the rest of the world.

    Trump threw that hard and long won gain away with idiotic tariffs.

    Biden appears to be planning to compound Trump’s loss by keeping his idiotic tariffs and stealing back half of Ryan’s tax cuts.

    Government can’t create. Government can only redistribute or destroy. And government redistribution entails much destruction. And government destruction entails much redistribution.

  24. What is Biden, the only thing that supports Trump’s re-election
    https://www.gdvn8.com

  25. The article somehow manages to go exactly counter to the truth and reality.
    1. Taxing the rich does not cause them to want to be less rich. Instead, it has the opposite effect. It spurs them to greater efforts.
    2. Tax cuts for the rich always lead to economic depression (1929, 2008).
    3. Broke consumers cannot afford to consume, which brings the economy down. Money they get is promptly spent, and circulates through the economy. Money in the hands of the rich is saved and stored, and traded among rich people for the trading of stocks and other securities. They spend only a fraction of their wealth, unlike the majority of Americans who have to spend all their wealth each month.

  26. https://listoffullforms.com/

    I have blended emotions about it. I think anything which oils the administrative rails to permit individuals to fabricate more lodging is something worth being thankful for.

  27. If only history bore out your claims, they might be worth listening to.

    In 1981, the US cut taxes sharply, especially on the wealthy and more than doubled the national debt. Over the next 6 years, there was sustained growth, but much of that was debt-fueled and can therefore be discounted, a further amount was simply recovery from double digit inflation and interest rates.

    By contrast in 1991, the US raised tax rates, and we then also went on to one of the most sustained, NON debt fueled periods of growth, including real wage growth, in US history.

    From 1947-1975 the US had tax rates far higher than we do today, especially on corporate profits. Yet, we had high employment and high growth. Partly, sure, that was because we were dominant on the world stage as our peers sought to recover from ravages suffered during WWII which we did not suffer, but also it was because the AVERAGE worker was paid enough that one family member could work (normally the father), and the family could live a comfortable, if somewhat more modest, life. With enough money to eat, to have some time off, and to see the country at their leisure. We had FAR fewer ultra-wealthy.

    In 2002 the US cut taxes, we did not see explosive growth, quite the contrary, within 3 years we had exploded the debt and were headed toward a financial collapse because we had too few good investment options so the real estate and financial sectors became asset bubbles. When those burst, the economy, despite lower taxes, fell apart.

    In 2009 we RAISED taxes (modestly) from 2010 to 2016 we again went on to sustained growth, certainly because we were coming out of a pit but also because those increases were essentially trivial and were offset by the fact that we were starting to address our debt (moving the deficit in a positive direction).

    In 2018 we cut taxes and despite the debt-fuel it created, our growth was only essentially equal to the period from 2014 to 2016. tRump’s economy was no great performer, nor was it poor, it was good, and it was a carry-over from prior actions (just as all are) – as much as it was anything the Repubs did.

    Long and short, cutting and raising taxes has very little impact on growth or employment, it’s far more responsive to the overall health of the economy, including debt but not only debt. Our national debt is out of control and needs to be addressed, simply saying cut benefits is hardly a solution, most of the services are needed but even were they not, those are also jobs you are cutting. Taking that aside, pretending anarchy is a solution is to deny history, governments developed to deal with a problem – no, not how to control people, rather, how to keep people from doing bad things to other people so we can live in some semblance of harmony.

    So, sorry Reason staff, once again, your grasp of history is far far off base.

    1. Where is your reference for this? 2010 to 2016 wasn’t sustained growth. It was barely even. It barely kept up with population growth.

      Most of the services are not needed. Do I really need the government studying Strawberry fields? What about Salmon? What about the hundreds other projects to pork fund their areas?

      You want to say SS, Medicare, DOD is all need. Fine. Department of Education -no.

  28. https://listoffullforms.com/

    I don’t know if I would compare it to smoking. I think that’s a bit extreme. It does have some benefits. Smoking does not.

  29. The ignorance of opinion pieces like this is astounding. It is claimed that taxes are an economic drain that remove dollars from business growth, new equipment, workers, and shareholders.

    But that is prima facie stupid. A tax dollar is not set on fire and launched into a black hole. It is spent by the government on goods and services. IOW, it funds business growth, new equipment, workers, and shareholders.

    It does NOT disappear, never to be seen again.

    An argument might be made that government spending is somehow less efficient. That a tax dollar spent on a new aircraft carrier — i.e. business growth, new equipment, workers, and shareholders — is magically less valuable than that same dollar remaining in the pocket of Charles Koch or Franklin Graham.

    But that is a ludicrous argument. A dollar spent is a dollar spent, regardless of who spends it.

    1. Sure, sure; And when equipment makers make $500 worth of equipment that the government STEALS and gives to worthless leaches who make absolutely NOTHING at all in return and tear that *free* equipment apart for the *free* fun of it – the equipment is still there even if its in the junk yard.

      “regardless of who spends it” IS ENTIRELY the SUBJECT AT HAND!
      It’s the very root principles of “destruction” versus “creation”.

  30. The Democrats understand this. They envision a largely poorer society that consumes less. They’ve been creating that in numerous blue states. They want to take Illinois, California, or Michigan economic results nationwide.

  31. So how do you guys propose to pay for infrastructure repairs and upgrades?

    Are we just supposed to let everything crumble?

    1. Please visit your !!!-LOCAL-!!!! Government – NOT the National One.

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