Joe Biden suggests he wants return to Bush-era tax rate

[mystery-ak]

 Joe Biden suggests he wants return to Bush-era tax rate

By Ebony Bowden

December 2, 2020 | 5:13pm | Updated

President-elect Joe Biden said in a new interview that he wants to hike tax rates back to their highest levels under the George W. Bush administration — undercutting his promise not to increase taxes for Americans earning less than $400,000 a year.

Biden outlined his economic platform in an interview with New York Times’ columnist Thomas Friedman, and said he would ensure long-term growth by ensuring “everybody pays their fair share, for God’s sake.”

“And by that fair share, I mean there’s no reason why the top tax rate shouldn’t be 39.6 percent, which it was in the beginning of the Bush administration,” he said.

“There’s no reason why 91 Fortune 500 companies should be paying zero in taxes,” he went on.

The nation’s highest marginal income tax rate was 39.6 percent for Americans earning at least $374,000 when Bush made a series of sweeping cuts in 2001 and 2003, known as the “Bush tax cuts,” reducing the marginal tax rate to 35 percent.

These cuts remained in place until 2013 when President Barack Obama and Congress allowed the Bush tax cuts to expire as the economy regained steam in the wake of the banking-fueled financial crisis.

President Trump reformed taxes again in 2017, lowering the federal top marginal tax rate from 39.6 percent to 37 percent.

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https://nypost.com/2020/12/02/joe-biden-suggests-returning-to-bush-era-tax-rate/

[libertybele]

???? Didn't Bush have a series of tax cuts that Obama overturned??

I say Joe is a lying dog-faced pony solider.

[jmyrlefuller]

Those were the Clinton-era tax rates.

As for the mega-companies that pay zero in taxes, that has nothing to do with the tax rates and everything to do with the foreign tax-evasion and royalty-shuffling (money laundering) schemes they've set up. The ol' Double Irish-Dutch Sandwich scheme is a longstanding favorite. Then you have the tiny island nations that become financial megaliths because they lure huge amounts of capital and have very few citizens to whom they have to provide services. Even in the USA, Biden's home state of Delaware is famous for it.