Whose taxes are going up? White House considering 4 ways to pay for spending package

[mystery-ak]

Whose taxes are going up? White House considering 4 ways to pay for spending package
Democrats push to pass Biden's infrastructure package in the House by Oct. 31

   By Caitlin McFall FOXBusiness

Congressional lawmakers are still hammering out a deal on President Biden’s multitrillion-dollar spending package that would boost funding for infrastructure and clean energy, along with social spending initiatives.

The president said this week he has agreed to cut the mammoth $3.5 trillion price tag, and reports have suggested lawmakers will land somewhere between $1.75 trillion and $1.9 trillion.

But some Democratic legislators, like Sen. Kyrsten Sinema, D-Az., have said they will not agree to a package that includes tax hikes on corporations and high earners.

Here’s how the Biden administration has proposed paying for the package:

Minimum corporate tax

Biden has advocated for enforcing a 15% minimum tax on corporations across the board, a move the administration has argued will ensure top companies do not skirt paying their "fair share."

"Some of the biggest corporations in America pay literally nothing in income taxes," press secretary Jen Psaki told reporters Friday. "Fifty-five of the biggest companies – they pay lower rates than wage-earning families. We can stop that by imposing a 15% minimum tax, a minimum corporate tax to make sure large corporations pay their fair share."

The original $3.5 trillion package included raising the corporate tax rate to 28%, but as the president said in a town hall event Wednesday, "It’s all about compromise."

"I’m a capitalist. I hope you can be a millionaire or a billionaire," he added. "But at least pay your fair share. Chip in a little bit."

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https://www.foxbusiness.com/politics/white-house-tax-hikes-spending-package

[DB]

Spending power is rapidly declining and these idiots want to increase taxes at the same time. With inflation everyone who works moves into higher tax brackets with the government extracting ever more. And the more the government prints the more inflation there is. Whomever you tax results in draining more out of the private sector which in turns raises costs for essentially everything even further.

Idiots leading idiots hellbent on ideology over reality...

[libertybele]

I don't drive that much these days. I had the displeasure of filling up my gas tank today and the total was over $45.00. I bought the car in 2019 and to fill up my tank was right around $20.00.

I feel sorry for those who have to cross the bridge in order to work in this city; during the pandemic they did away with all the tolls, then did away with the toll booth tenders, and now not only have they re-implemented the tolls but those who don't purchase a transponder have to pay a $5.00 administrative fee. So basically it costs those people $7.00 to drive to work a day in addition to the rising gas costs.  No wonder people are opting to stay home.  It averages to about $140 a week in tolls and another $150 or more in gas, so, it's costing people nearly $300.00 in transportation fees to work -- that's a chunk of change.

[IsailedawayfromFR]

Whose taxes are going up? White House considering 4 ways to pay for

"I’m a capitalist. I hope you can be a millionaire or a billionaire," he added. "But at least pay your fair share. Chip in a little bit."

Pay your fair share?  Chip in a little bit?  These are the people who spend capital to grow this country, not the meager incomes.

And they already pay most of the federal taxes anyway.
You take away that in the form of taxes, you lose out on growing this economy.

[christian]

Thus far Bidens plan has been to keep lieing and spending until America collapses into bankruptcy.  Like i've warned early on, they want nothing less than third world economic status for America-with tyrant rule.

[bilo]

Spending power is rapidly declining and these idiots want to increase taxes at the same time. With inflation everyone who works moves into higher tax brackets with the government extracting ever more. And the more the government prints the more inflation there is. Whomever you tax results in draining more out of the private sector which in turns raises costs for essentially everything even further.

Idiots leading idiots hellbent on ideology over reality...

A lot of people don't see how inflation is a tax. It moves you into a higher bracket at the same time your money buys less.

In my business (real estate) I'm preparing the contractors for a busy year next year because I'm forced to raise all my older tenants' rent to market rates in order to pay for the increases I'm seeing in property taxes, energy costs, and hidden fees I get stuck with (dumpster permit fees for example). I know in the short term my vacancy rate will go up but it's the only way to be profitable in the long term.

[Killer Clouds]

The answer to the question of whose taxes are going up is an easy one. It the same answer to this question every time. EVERYONE'S TAXES ARE GOING UP!

[skeeter]

The answer to the question of whose taxes are going up is an easy one. It the same answer to this question every time. EVERYONE'S TAXES ARE GOING UP!

Didn’t you watch Biden’s town hall? This plan is totally paid for, by golly, and no ones taxes are going up. No sir it doesn’t cost a penny. In fact his build back better plan includes a TAX CUT. You heard that right - a tax cut. On ol lunchbox Joe’s mammas honor.

[Killer Clouds]

Didn’t you watch Biden’s town hall? This plan is totally paid for, by golly, and no ones taxes are going up. No sir it doesn’t cost a penny. In fact his build back better plan includes a TAX CUT. You heard that right - a tax cut. On ol lunchbox Joe’s mammas honor.

It's more exciting to watch paint dry or grass grow than to listen to demented Traitor Joe lie about everything.

Yes I understand your sarcasm.

[GtHawk]

C'mon man! It's free, zero, nada, why on Earth would there be a penny of tax increase on anyone? If Biden tells us that 5 trillion plus of new spending is free then everything the government does must be free!

[christian]

skeeter:
Didn’t you watch Biden’s town hall? This plan is totally paid for, by golly, and no ones taxes are going up. No sir it doesn’t cost a penny. In fact his build back better plan includes a TAX CUT. You heard that right - a tax cut. On ol lunchbox Joe’s mammas honor.

While Biden has lied to us nearly every day since becoming President, and lied a lot before election day.  Every day Biden lies to us is a day to believe every word coming out of Bidens mouth is the gospel truth.  This is the morons, village fools methodology that gave us Biden and the mess he is now drowning America in.  For some Bidens lies are more addictive than crack to a crack whore, and denials are a heavy sweetener enhancer..  If they understood what their awhoring like this resultss in, they would soil themselves.