Where Would We Be, Without Democratic Economies????? (3.0)

Phoenix68 said:
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YEP!! THE DEMS DID IT, AGAIN!!!!!
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"The time has come": The Fed
August 23, 2024
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People are not worried about years ago! We are worried about today. Everyone of those Presidents you listed are millionaires! They have no worries!


🟥 Trump 🇺🇸 VS 🟦 Biden 🥔

Inflation :
🟥 1.4% vs. 🟦 8.3%
Gas:
🟥 $2.39 vs. 🟦$3.76
Mortgage rates :
🟥2.65% Vs. 🟦 7.08%
Avg. rent :
🟥 $1625 vs. 🟦 $2039
Nasdaq :
🟥 13,342 vs. 🟦 10,829
Grocery prices increase:
🟥 3.7% vs. 🟦 13.5%
Electric prices rose:
🟥 1.5% vs. 🟦 15.8%
Hourly wage increase:
🟥 4% vs. 🟦 2.8%
 
Werbung:
mark francis said:
Why have Democrats continued to fail to force Billionaires who support Democrats or who are Democrats to pay their fair share of taxes?
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The irony of you after Trump gave them a trillion dollars tax cuts. Now it's the democrats fault.
How's your dementia now? You idiot.
 
Phoenix68 said:
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View attachment 16108
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Maybe, some o' them SHOULD HAVE BEEN!!!!!
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Election Loss Could DECIMATE SPANKY'S NET WORTH!!!!!
August 24, 2024
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View attachment 16109
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Phoenix68 said:
.
View attachment 16108
.
Maybe, some o' them SHOULD HAVE BEEN!!!!!
.
.
Election Loss Could DECIMATE SPANKY'S NET WORTH!!!!!
August 24, 2024
.
View attachment 16109
.​
Click to expand...
Harris will get in and I hope she does! You’ll see how hard it will be to get your meds old man!
 
Boris Norris said:
The irony of you after Trump gave them a trillion dollars tax cuts. Now it's the democrats fault.
How's your dementia now? You idiot.
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Trump gave no tax cuts like liars claim. Not only that but when democrats had total control in DC they never raised taxes back up to where they claim taxes should be to be fair.
 
mark francis said:
Trump gave no tax cuts like liars claim.
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Again, check before you post lies. I accept your apology.

www.americanprogress.org

The TCJA 2 Years Later: Corporations, Not Workers, Are the Big Winners

The massive corporate tax cut is costing more than expected and not trickling down to workers.
www.americanprogress.org www.americanprogress.org

mark francis said:
Not only that but when democrats had total control in DC they never raised taxes back up to where they claim taxes should be to be fair.
Click to expand...
Yes and here's the reason why.
spectrumlocalnews.com

New York Democratic lawmakers seek tax increases on the rich

Gov. Hochul has opposed tax increases.
spectrumlocalnews.com spectrumlocalnews.com

And here it is again. Tax the shit out of the scumbags

www.nytimes.com

Taxing the Rich, School Funding, Housing: N.Y. Budget Battle Begins (Published 2024)

Both of New York’s legislative chambers have announced their budget proposals. They have until April 1 to hash out a spending plan with the governor.
www.nytimes.com www.nytimes.com
 
Boris Norris said:
Again, check before you post lies. I accept your apology.

www.americanprogress.org

The TCJA 2 Years Later: Corporations, Not Workers, Are the Big Winners

The massive corporate tax cut is costing more than expected and not trickling down to workers.
www.americanprogress.org www.americanprogress.org


Yes and here's the reason why.
spectrumlocalnews.com

New York Democratic lawmakers seek tax increases on the rich

Gov. Hochul has opposed tax increases.
spectrumlocalnews.com spectrumlocalnews.com

And here it is again. Tax the shit out of the scumbags

www.nytimes.com

Taxing the Rich, School Funding, Housing: N.Y. Budget Battle Begins (Published 2024)

Both of New York’s legislative chambers have announced their budget proposals. They have until April 1 to hash out a spending plan with the governor.
www.nytimes.com www.nytimes.com
Click to expand...
Politicians that are largely unaware of many of the complex realities of the effects of raising and lowering corporate taxes has on the economy dishonestly propagate ignorant narratives to gain political advantages over their opponents. Putting aside the political propaganda, here are some credible observations by non-partisan experts on the effects of corporate taxation on the economy:

Biden Corporate Tax Increase | Details & Analysis | Tax Foundation 2-24-21

Evaluating Proposals to Increase the Corporate Tax Rate and Levy a Minimum Tax on Corporate Book Income

  • President Joe Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations. The proposals are being considered to raise revenue for new spending programs and would repeal changes to the corporate tax made by the Tax Cuts and Jobs Act (TCJA) in late 2017.
  • An increase in the federal corporate tax rate to 28 percent would raise the U.S. federal-state combined tax rate to 32.34 percent, highest in the OECD and among Group of Seven (G7) countries, harming U.S. economic competitiveness and increasing the cost of investment in America. We estimate that this would reduce long-run economic output by 0.8 percent, eliminate 159,000 jobs, and reduce wages by 0.7 percent. Workers across the income scale would bear much of the tax increase. 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.
  • A minimum tax on the book income of large corporations would target gaps between financial and taxable income
that generally exist because the rules for taxation differ from standards for reporting income to shareholders. Such a minimum tax would likely introduce additional complexity and distortions into the tax code and generate relatively little tax revenue, in part because firms have a degree of flexibility in reporting book income. The tax would potentially undermine current-law investment incentives as well as those proposed by President Biden, such as the “Made in America” tax credit. ...

As President Biden and Congress decide how to modify the tax code to raise additional revenue for new spending or deficit reduction, it is important to consider how the corporate income tax has evolved over time and the economic impacts of changes to the corporate tax in the context of the current economic recovery and in the years ahead.

Poorly considered changes to tax policy, including business tax increases, would hamper the economic recovery and limit prospects over the long term. Understanding the potential effects of proposed changes to the corporate income tax, including the potential impacts on American workers, consumers, and the broader American economy, can help avoid costly mistakes. ...

The economic literature shows that corporate income taxes are one of the most harmful tax types for economic growth,[4] as capital investment is sensitive to corporate taxation. The corporate income tax raises the pretax return firms require to pursue investment opportunities, reducing the pool of investments that firms find worthwhile to pursue. This lowers long-run economic output, reducing wages and living standards.

By reducing the corporate income tax rate in 2017, the TCJA made the American economy more competitive with other industrialized countries and boosted the incentive to invest in America. The resulting higher level of investment, in turn, helps workers earn higher wages in the long run as they become more productive due to a larger capital stock. Raising the corporate rate would undercut and potentially reverse these positive effects of the TCJA. ...

Prior to the TCJA, the U.S. was also suffering from a sustained slowdown in economic growth as it emerged from the Great Recession, including historically low growth in productivity and wages.[8] New business formation was in retreat as firm entry rates declined.[9] An uncompetitive tax environment contributed to this stagnation in economic performance, with a large body of research indicating that the high corporate tax was slowing growth in the U.S.[10] ...

The top integrated tax rate faced by corporations today puts the United States near the middle of the pack compared to other OECD countries. However, a 28 percent federal corporate income tax rate combined with Biden’s proposal to tax long-term capital gains and qualified dividends at an ordinary income tax rate of 39.6 percent for income earned over $1 million would make the top integrated tax rate on corporate income in the U.S. the highest in the OECD at 62.7 percent (see Figure 3).[13] ...

President Biden’s campaign pledge not to increase taxes on those earning less than $400,000 brought into focus the economic effect and incidence of proposed corporate tax rate increases.[22]

Studies examining corporate income taxes across countries, those looking at differences in corporate taxation within countries, and models of wage bargaining in the corporate sector support the idea that workers bear a large portion of the corporate income tax through lower wages.[23] The estimates vary, but most studies indicate labor bears 50 to 100 percent of the corporate income tax. This is because labor is less mobile than capital in response to a corporate tax change, so when the corporate tax rate increases and investment flows elsewhere, workers are left holding the bag. ...
 
mark francis said:
Politicians that are largely unaware of many of the complex realities of the effects of taxation on the economy dishonestly propagate ignorant narratives to gain political advantages over their opponents. Putting aside the political propaganda, here are some credible observations by non-partisan experts on the effects of corporate taxation on the economy:

Biden Corporate Tax Increase | Details & Analysis | Tax Foundation 2-24-21

Evaluating Proposals to Increase the Corporate Tax Rate and Levy a Minimum Tax on Corporate Book Income

Click to expand...
Conclusion

As President Biden and congressional policymakers consider changes to the corporate income tax this year to raise revenue and raise tax burdens on U.S. corporations, it is important to remember why the United States updated the tax treatment of corporate income under the TCJA in 2017 and lowered the corporate tax burden: years of slipping American competitiveness particularly regarding corporate tax, corporate inversions to other lower-tax countries including some of our major trading partners, migration to the pass-through sector, and other forms of corporate tax avoidance, plus reduced investment, productivity, and wage growth.

Raising the U.S. corporate income tax rate would erode America’s international tax competitiveness, giving us the highest combined corporate tax rate in the OECD. Such a relatively high corporate tax rate would encourage profit shifting abroad and otherwise out of the U.S. corporate sector.

President Biden’s proposed tax hike would reduce American economic output during a time when we need to maximize economic growth to reach our country’s pre-pandemic growth trend and return to full employment. We estimate an increase in the corporate tax rate to 28 percent, for example, would reduce long-run economic output by 0.8 percent, eliminate 159,000 jobs, and reduce wages by 0.7 percent. A 25 percent tax rate would reduce output by 0.4 percent and result in about 84,000 fewer full-time equivalent jobs.

A minimum tax on corporate book income would bring with it a shallow understanding of the reasons why corporations face gaps in financial and taxable income, and it would introduce new complexity and distortions into the tax code. Moreover, it would give undue control over the corporate tax base to FASB, an unelected body.

For those concerned about book-tax differences, a more direct path would involve identifying the tax provisions driving book-tax differences, e.g., accelerated depreciation, and weighing the pros and cons of those provisions. Additionally, a more thorough measurement to determine the extent to which earnings management or tax avoidance is driving the gaps would be a valuable contribution to the broader debate over minimum taxation of book income. Policymakers should consider alternative tools to address tax avoidance, such as by improving international tax rules.[78]

As the U.S. bounces back from intertwined public health and economic crises in 2021, avoiding harmful tax increases and pursuing reform opportunities in corporate taxation should be the areas of focus.
 
 
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Phoenix68 said:
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"By nearly every metric, Bidenomics was a roaring success. It would be a mistake to ignore or forget the lessons that can be gleaned from the administration’s robust economic policy. Their present discontent notwithstanding, Americans will undoubtedly miss this economy when it’s gone.

The economic gains also didn’t just get skimmed off the top by the wealthiest, as has happened in recent recessions. Wages for those earning the least rose 7.8 percent from early 2020 to mid-2023, reducing inequality for the first time in decades.

That healthy economy is essentially Donald Trump’s to screw up. Letting the economy flourish on its own is not what he’s promised to do. He probably will mess it up—either via an authoritarian deportation program that decimates labor markets, an aggressive tariff plan that spikes prices, or regressive tax cuts paired with deep spending cuts. When he does, Democrats should remember that they already have an economic plan that works."
 
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