Posts: 22,262
Threads: 2,504
Joined: May 2025
FWIW, I think it’s fair to make clear Biden said he would not raise taxes on anyone making less that $400K a year.
The WaPo’s fact-checker on the Inflation Reduction Act, the only law (to my knowledge) passed since Trump that increased taxes at all:
The bill — which according to our former colleague Steven Pearlstein would do virtually nothing to tame inflation — is a catchall package that includes clean-energy incentives, health-care policies such as an extension of Affordable Care Act subsidies, additional hiring for the Internal Revenue Service and new corporate taxes. There’s little in the bill that would directly affect people’s tax returns, except for things such as tax credits to buy electric cars or add solar power to homes.
Of course, Republicans scream that corporate taxes are paid by us all…
Amanda Critchfield, a spokeswoman for the Finance Committee’s GOP staff, acknowledged that the bill would not be felt on people’s tax returns. But she argued that the impact was real.
“If you’re referencing the individual tax rate in the tax code changing, i.e., a change on your tax form, then no — that doesn’t change,” she said in an email. “If you’re talking about people paying more in taxes via tax incidence, then yes — JCT estimates that people will pay more in taxes.”
Says the fact checker:
In any case, for many Americans, even the estimated impact of these “tax increases” is rather small — less than $100 a year…
…and concludes:
The Bottom Line
There is no easy way to adjudicate this debate. By the standards set by the Biden campaign in 2020, the president appears to have kept his promise not to raise taxes on people making less than $400,000 a year. Even Republicans concede that tax rates have not changed.
But the JCT is also the gold standard for analyzing the impact of tax policies — and few economists would dispute that higher corporate taxes work their way into the economy and eventually may affect hiring and investment.
Employment has remained at near-record lows; business investment (especially in the US, in manufacturing, and in green technologies) has significantly increased.
Posts: 6,572
Threads: 575
Joined: Jun 2024
davemchine wrote:
During Trumps years in office I woke up every morning with anxiety. While his policies benefitted me financially many of his actions were distressing and inappropriate. He was the president though and I did not fly any strange flags or claim he wasn’t the president.
In comparison Biden’s tax policies have not been to my benefit and I knew this would be the case ahead of time. Even so I felt he would bring a sense of dignity and respect back to the office. Some call him “sleepy Joe”. It’s ok with me if he naps through his entire time in office. I wake up every day knowing there is still trouble in the world but I also know our government is responding appropriately.
Classic symptoms of TDS. See a psychologist
Posts: 6,572
Threads: 575
Joined: Jun 2024
There was a 'Trump tax' for me professionally - I had to monitor all governmental announcements on Friday afternoons for attempts to make changes to laws by announcing and then saying the public had '48 hours to respond.'
Meanwhile, I cannot remember the last time I had to worry about governmental nonsense coming out of the White House. Just pure competency
-----------------------------------
Because Biden hasn't answered to the press in 2 years. Keeping you in the dark.
In case you missed it, we have two wars, record inflation, unaffordable housing, 8 million illegal immigrants and our president is spending anther weekend at his beach house
Posts: 13,934
Threads: 1,261
Joined: May 2025
pdq wrote:
That is great to see. I hope most of that infrastructure will help our economy go into the future and not anchor us into the past.
Posts: 33,855
Threads: 2,463
Joined: Apr 2025
Reputation:
0
Mr645 wrote:
There was a 'Trump tax' for me professionally - I had to monitor all governmental announcements on Friday afternoons for attempts to make changes to laws by announcing and then saying the public had '48 hours to respond.'
Meanwhile, I cannot remember the last time I had to worry about governmental nonsense coming out of the White House. Just pure competency
-----------------------------------
Because Biden hasn't answered to the press in 2 years. Keeping you in the dark.
In case you missed it, we have two wars, record inflation, unaffordable housing, 8 million illegal immigrants and our president is spending anther weekend at his beach house
No, again your statement is false. Biden has made MANY announcements that impact me professionally, but they are done so using normal business processes and hours where I can mobilize normal legal and regulatory support.
Posts: 12,349
Threads: 1,831
Joined: Nov 2023
Reputation:
0
“ Classic symptoms of TDS “
Trumpist Dumbass Syndrome…
Posts: 10,399
Threads: 2,662
Joined: May 2025
Reputation:
0
Some tax breaks put into place during Trump's presidency were allowed to expire or not be renewed during Biden's time in office. That couldn't be called an increase in taxes by the current administration but many of us are certainly paying more in taxes than we were a few years ago. Depending on the business it is not always possible to pass on those increased expenses to someone else.
Posts: 16,789
Threads: 722
Joined: May 2025
Reputation:
0
btfc wrote:
“ Classic symptoms of TDS “
Trumpist Dumbass Syndrome…
Trump Deification Sickness
Posts: 31,028
Threads: 2,688
Joined: May 2025
DeusxMac wrote:
[quote=btfc]
“ Classic symptoms of TDS “
Trumpist Dumbass Syndrome…
Trump Deification Sickness
Both are true, of course, but there's also the Daddy aspect of this that's hilarious.
Posts: 33,855
Threads: 2,463
Joined: Apr 2025
Reputation:
0
mrbigstuff wrote:
[quote=DeusxMac]
[quote=btfc]
“ Classic symptoms of TDS “
Trumpist Dumbass Syndrome…
Trump Deification Sickness
Both are true, of course, but there's also the Daddy aspect of this that's hilarious.
Rather sad, actually.
|
