Author Topic: Biden to announce up to $4 trillion infrastructure plan with massive tax hikes  (Read 4225 times)

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Online Right_in_Virginia

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Biden to announce up to $4 trillion infrastructure plan with massive tax hikes
NY Post, Mar 30, 2021

President Biden will outline his massive $3 to 4 trillion infrastructure plan Wednesday, which will create four tax increases worth around $1.8 trillion, the White House revealed.

The commander-in-chief’s “Build Back Better” proposal, a centerpiece of his post-COVID campaign message, will be split into two packages for Congress to pass.

The first, the White House said, will focus on infrastructure investments specifically.

The second will focus on funding domestic policy areas of Democratic concern, such as providing universal pre-kindergarten and tuition-free community college, as well as health care.

Billions will also be put toward care for the elderly and disabled, as well as housing infrastructure and manufacturing.

As for how to pay for the plan, Biden’s main priority will be to raise the corporate rate from 21 percent to 28 percent.

In addition, Biden’s proposal would impose a global minimum tax on profits from foreign organizations, increasing capital gains taxes for the wealthy, and returning to the Bush-era individual rate of 39.6 percent for those making over $400,000.


More: https://nypost.com/2021/03/30/biden-to-announce-up-to-4-trillion-infrastructure-plan-with-tax-hike/
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Online Right_in_Virginia

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Biden’s insane new spend-fest is a recipe for national disaster
NY Post, Mar 30, 2021, Editorial Board

Three. Trillion. Dollars. Maybe four: That’s how much President Joe Biden wants for his next installment of Let’s Remake America. Think of it as pumping gasoline by the shipload onto a wildfire.

Fresh off signing a $1.9 trillion bill for “COVID relief” (that has little to do with COVID or relief), the prez is now set to roll out yet another tranche of his free-money orgy Wednesday. It’s so huge, he’s splitting it into two parts — one focusing on infrastructure, a second on progressive, social-policy wish-list items.

Together, they’d represent the single-largest outlay of cash in US history. And the aim is to “fix” everything from the nation’s insufficiently-= green economy to “income inequality” to child care, even as it miraculously revives domestic-manufacturing jobs while making the country carbon-neutral.

Biden’s been sold on the idea he can be the new FDR, imposing a historic nationwide transformation — including the Green New Deal fantasy of socialist-progressives like Rep. Alexandria Ocasio-Cortez.

Never mind his thin margin of victory last November or that Congress is nearly evenly divided. Forget his calls for unity and bipartisanship. And don’t even think about the fact that much of the money won’t even go toward his stated goals, just as President Barack Obama’s stimulus for “shovel-ready jobs” turned out to be pure fiction.

And to help this massive spending, Biden will slam taxpayers with trillions more in taxes, particularly on companies and the rich. That’s guaranteed to slow the economy, leading to income stagnation for lower earners, just as President Donald Trump’s tax cuts prompted big gains for working stiffs.

Even if the tax hikes total “only” a staggering $3 trillion, as the latest rumors suggest, much of Biden’s spree will be financed with yet more debt — when Uncle Sam already has more on his credit card than ever. Interest payments on the national debt this year alone total a whopping $378 billion. Biden’s borrowing would push that from the stratosphere and into orbit.

The last (but smaller!) such spending boom that began under President Lyndon Johnson in the ’60s wound up giving America the “stagflation” and double-digit inflation of the ’70s. This one could bring far worse — simply to feed Biden’s ego and AOC’s lunatic agenda.


https://nypost.com/2021/03/30/bidens-insane-new-spend-fest-is-a-recipe-for-national-disaster/
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Offline txradioguy

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The plan -- according to sources familiar with the details who spoke to the Post -- provides only $650 billion for roads, bridges, highways, and ports.

Also in the plan, the sources said: $400 billion for home care for the elderly and the disabled, $300 billion for housing, $300 billion to revive U.S. manufacturing, and $400 billion in clean-energy credits.

https://www.newsmax.com/politics/infrastructure-spending-roads-bridges/2021/03/30/id/1015784/
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Offline mountaineer

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The doddering dolt is coming to Pittsburgh to announce this boondoggle. I guess the usual unions will be represented, as they're the only ones who might benefit.
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Offline mikezpen

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Frankly, I hope they raise taxes. They can't keep borrowing like this.But the tax hike won't be received positively of course.

Offline mystery-ak

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Biden will today announce 7% corporate tax hike to 28% - the largest jump since the 90s - and 'target profits in tax havens' to raise $2TN for his huge climate-friendly infrastructure proposal

    President Joe Biden will unveil in remarks in Pittsburgh, Pennsylvania on Wednesday afternoon his massive $4 trillion infrastructure plan 
    Biden plans to pay for $2 trillion of the Build Back Better initiative with a 7% corporate tax increase – bringing the rate from 21% to 28%
    The hike will undo former President Trump's famed tax cuts from 2017
    'If Republicans have alternative ways to pay for it, we're certainly open to hearing that,' Psaki told MSNBC's 'Morning Joe' on Wednesday morning
    The tax increased could also hit Americans earning more than $400,000 a year, married couples, businesses and estates

more
https://www.dailymail.co.uk/news/article-9422227/Eager-build-infrastructure-Biden-plans-tax-business.html
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Offline andy58-in-nh

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Total US income in 2019 (last year for which it has been calculated) was $18.6 Trillion.

$4 trillion = 21.5% of our total income. That would be in addition to the income taxes we are already paying... well, that half of us are paying.

$4 trillion divided by $143 million taxpayers last year = @$28,000 per taxpayer.

Average married couple tax increase = $56,000 divided by 10 years = $5,600 each year, on average.   

If they try to focus this on the top 10% of taxpayers (which they will), then the effect will be devastating for those who produce the most, and who create nearly all the new jobs.

Increases in corporate taxes will be passed along to consumers as well, increasing the cost of goods and services in regressive fashion, so that those with the lowest incomes will be hardest hit.

Pure socialism.
To hell with every single one of these bastards who are creating a moral permission slip for anarchists and other criminals and thugs to destroy our country as we know it.

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Offline catfish1957

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Pure socialism.

Damned right Andy...   And what is the most scariest part of this Biden plan is the precedent setting concept and implemtation of a Wealth Confisciation Tax.  Anyone thinking that $50M net worth threshold won't shrink down by a factor of 10 or 20 in the future are fooling themsleves.
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Offline DefiantMassRINO

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Corporations can move, restructure, and re-domicile.  I, unfortunately, can't re-domicile my working, middle-class existence to Bermuda.  Economically, to improve global competitiveness, the US should be making investments that drive efficiencies and pursue policies that increase the velocity of money through the economy.  Piles of money do not create economy.  It is the exchange of that money for goods and services that creates economy.  To that end, the U.S. needs to pursue a rigorous anti-trust enforcement regime to breakup monopolies, dualarchies, oligrachies, and cartels that impede free market competition.  ****slapping
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Offline andy58-in-nh

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Corporations can move, restructure, and re-domicile.  I, unfortunately, can't re-domicile my working, middle-class existence to Bermuda.  Economically, to improve global competitiveness, the US should be making investments that drive efficiencies and pursue policies that increase the velocity of money through the economy.  Piles of money do not create economy.  It is the exchange of that money for goods and services that creates economy.  To that end, the U.S. needs to pursue a rigorous anti-trust enforcement regime to breakup monopolies, dualarchies, oligarchies, and cartels that impede free market competition.  ****slapping

That's entirely correct.  Tax increases force corporations to engage in non-productive behavior in the short-term, so that they may be able to remain competitive and add value in the longer term.

Today's Progressives, many of whom have never even worked in the private sector, have no clue about real-world economics. They tend to see corporations as mere pots of money, rather than the organic enterprises that they truly are.
To hell with every single one of these bastards who are creating a moral permission slip for anarchists and other criminals and thugs to destroy our country as we know it.

- Rich Lowry, National Review

Online dfwgator

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You get what you vote for.

Offline mikezpen

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You beat me to it!

I don't feel sorry for this country. Millions upon tens of millions voted for this regime, and now they're getting it.Unfortunately, we're getting dragged along.
« Last Edit: March 31, 2021, 02:13:02 PM by mikezpen »

Online Bigun

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Total US income in 2019 (last year for which it has been calculated) was $18.6 Trillion.

$4 trillion = 21.5% of our total income. That would be in addition to the income taxes we are already paying... well, that half of us are paying.

$4 trillion divided by $143 million taxpayers last year = @$28,000 per taxpayer.

Average married couple tax increase = $56,000 divided by 10 years = $5,600 each year, on average.   

If they try to focus this on the top 10% of taxpayers (which they will), then the effect will be devastating for those who produce the most, and who create nearly all the new jobs.

Increases in corporate taxes will be passed along to consumers as well, increasing the cost of goods and services in regressive fashion, so that those with the lowest incomes will be hardest hit.

Pure socialism.

 :yowsa: Absolutely right on all counts and they will not raise anywhere near what they seem to think they will.
"I wish it need not have happened in my time," said Frodo.

"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
- J. R. R. Tolkien

Online Bigun

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"I wish it need not have happened in my time," said Frodo.

"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
- J. R. R. Tolkien

Offline andy58-in-nh

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:yowsa: Absolutely right on all counts and they will not raise anywhere near what they seem to think they will.

@Bigun

Tax increases NEVER raise what they project because they are based on static revenue analysis, i.e.-  the assumption that changes in tax rates will not alter taxpayer behavior in a quantifiable way.

Progressives adhere to this way of thinking not because they believe it, but because it is politically useful.
To hell with every single one of these bastards who are creating a moral permission slip for anarchists and other criminals and thugs to destroy our country as we know it.

- Rich Lowry, National Review

Online Bigun

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@Bigun

Tax increases NEVER raise what they project because they are based on static revenue analysis, i.e.-  the assumption that changes in tax rates will not alter taxpayer behavior in a quantifiable way.

Progressives adhere to this way of thinking not because they believe it, but because it is politically useful.

 :yowsa: @andy58-in-nh and the "progressives" among us have adamantly refused to allow anyone in government anywhere near dynamic revenue analisis because they KNOW if that happens their goose is cooked!
"I wish it need not have happened in my time," said Frodo.

"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
- J. R. R. Tolkien

Offline corbe

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No government in the 12,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Offline corbe

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    Infrastructure (Union Support) must be in our DNA by now, we've traded Infrastructure Mondays under Trump to Infrastructure Wednesdays with biteme.
No government in the 12,000 years of modern mankind history has led its people into anything but the history books with a simple lesson, don't let this happen to you.

Offline mountaineer

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Like I said, it's all about the unions.
Quote
John Kartch
@johnkartch
·
8h
Biden “infrastructure” bill bans Right to Work laws nationwide.
27 states have Right to Work.
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Offline Sled Dog

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Anyone miss the Last President, yet?   According to the whiners, he spent only 20,000 billion in four years, or 417 billion a month.

Now the Whiners have their Senile Idiot...and yes, the Whiners include those NT Morons who we all know about and can't understand...and he's spent 10,000 billion in four months, or 2500 billion per month.

Anyone that does not vote GOP-Conservative is a traitor, unless they're an illegal alien, then they're seditious enemy aliens.

« Last Edit: March 31, 2021, 05:41:17 PM by Sled Dog »
The GOP is not the party leadership.  The GOP is the party MEMBERSHIP.   The members need to kick the leaders out if they leaders are going the wrong way.  No coddling allowed.

Online Right_in_Virginia

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Sure ... a morally, socially and economically bankrupt US is such global challenge   ***suicide***

Breaking911
@Breaking911


BREAKING: President Biden says $2 trillion infrastructure plan will create millions of jobs

"It's not a plan that tinkers around the edges.”

The plan "will put us in a position to win the global competition with China.”

Video: 

https://twitter.com/Breaking911/status/1377364185076527105

4:56 PM · Mar 31, 2021·Twitter for iPhone
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Offline GrouchoTex

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@Bigun

Tax increases NEVER raise what they project because they are based on static revenue analysis, i.e.-  the assumption that changes in tax rates will not alter taxpayer behavior in a quantifiable way.

Progressives adhere to this way of thinking not because they believe it, but because it is politically useful.

Correct

Offline GrouchoTex

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:yowsa: @andy58-in-nh and the "progressives" among us have adamantly refused to allow anyone in government anywhere near dynamic revenue analisis because they KNOW if that happens their goose is cooked!

Also correct

Offline Wingnut

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I watched the Resident unveil his 2.4 T socialist program this afternoon and came away with one thing.  Give that guy a redbull and a greenie to pump up his energy level.  The guy is like watching paint dry.
Any political party that can't cough up anything better than a treacherous brain-damaged old vulture like Joe Biden deserves to die a slow death.

Offline mountaineer

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More Than Half of Biden’s Infrastructure Bill Does Not Go Towards Infrastructure
Biden plans to pay for this monstrosity by raising the corporate tax rate to 28% from 21%.
Posted by Mary Chastain
 Wednesday, March 31, 2021 at 03:00pm

Basic infrastructure makes up $621 billion of President Joe Biden’s $2 trillion infrastructure bill. That means $1.379 trillion of the bill does not go towards infrastructure.

If you combine it with what they call “at home” infrastructure, it makes up $1.272 trillion of the bill.

Either way, projects that have nothing to do with infrastructure will receive more money than basic infrastructure. ...
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