‘Damn it … I’m sick and tired of ordinary people being fleeced’: Biden defends corporate tax hike

The problem is that all these Amazon investments are in facilities that are destroying these small businesses that have to pay higher corporate taxes than Amazon. Even if a corporation invests a lot, there should be a minimum corporate tax it should be paying. It shouldn't be paying lower taxes than the local businesses its wiping out. Obviously we need to revise our corporate taxes to correct this.

 

I read them all; Didn’t see any major “loopholes” that the “rich” use to escape taxation - mostly situational nitpicks.

 

Raising taxes won't do a bit of good with subsidies in place.

 

Well, if subsidies are the same, and taxes are higher, you will get more tax revenue. But yes, taking away subsidies should be part of it.

 

Oh you’re funny.

 

I don't understand your confusion as to my logic. The money (taxes; investments in infrastructure) is the People's money. The politicians are merely Our money managers. Does this help clarify my answer?

 

Taxes held could be said to be the Peoples money. Money not taken through taxes however are not the Peoples money.

And I would suggest getting new "money managers" if I were you. Since it is they that "fleeced" the People. Not corporations. It is politicians that use subsidies to attempt to draw corporations to their various areas. It is politicians that give tax breaks. It is politicians that create loopholes. Politicians are the ones that make the rules. Not corporations. Do corporations lobby for such things? Of course. So would you and anyone else. And they, and you, have every right to do so. In the end though, it is the politicians that decide whether something is done or not. The buck stops with them. The only reason to claim that it is corporations that are doing the fleecing is to shift the blame away from those that make the actual decisions when it comes to taxes. The Politicians.

In case you hadn't noticed, politicians shift blame all the time. Its how they keep getting re-elected despite Congress having the worst approval rating out of any branch of the government while enjoying high approval rating in their individual districts. Why do you think agencies like the EPA were created and allowed to make regulations that have the force of law behind it even though Congress is the only ones that are supposed to be able to make law? (An agency under the direct purview of the Executive Branch.) So that politicians could blame the agency/President (depending on situation...normally and preferably the President) and keep their hands "clean" and generalized.

 

I take your point. But the resulting conclusion-- that corporations should not be allowed to skate on their obligations-- is the same, whether one regards them (as the direct beneficiaries) or the politicians who have catered to them, as the fleecers. In fact, I can't say, for sure, that President Biden wasn't thinking of it in exactly the way you describe, when he made the comment about being fleeced (in which case, the correct answer to your question, would be your own).

 

Naturally..

 

1. China doesn't need your tax dollars, and neither does Biden, that's just the current sick monetarist orthodoxy that has led you to believing it, whereas it's the system you should be fixing.

2. Pakistan and Palestine - as developing nations - certainly need assistance from the developed world. There are already 70 million refugees in the world (with some of them at the Mexican border...speaking of "illegals")
3. How many gender confused people are there in the US? And the cost...maybe equal to the cost of a windshield in an F-35...
3. Now if AGW global warming IS real, then .....then your current sick monetarist orthodoxy really will have to be ditched...
4. Taxpayers should not fund government, that just your sick monetarist orthodoxy.

Opinion | Biden Can Go Bigger and Not ‘Pay for It’ the Old Way - The New York Times (nytimes.com)

"By focusing on how much revenue they hope to raise from tax increases on the well-off, Democrats risk limiting the scope of their ambitions".

By Stephanie Kelton

Dr. Kelton, a professor of economics and public policy at Stony Brook University, is the author of “The Deficit Myth.”

 

So long as there are corporate tax loopholes that is exactly what I'm saying. Just raising the tax rates won't make much of a difference. Corporations retain lawyers who specialize in corporate tax loopholes.

 

Noted.

 

Only Carly Fiorina addressed the tax regulations. She said it should only be 3 pages long. Of course this would put lawyers who specialize in taxes and tax preparers out of business. No reason to wonder why closing tax loopholes is very unpopular.

 

No he's not. Him and his party are just getting started...

 

Well, yeah, Dutch, compared to today's festering quagmire of vicious, America-hating stupidity which masquerades as an "administration", I do miss Trump. But much, much more I miss Ronald Reagan. We've been going slowly down hill ever since he left office, and that's simply the truth....

. "What is truth?" -- "You know it when you see it!"

 

Yes business changes and now you are complaining about workers making more money? BTW as in another thread I just started a HUGE loss for unions as the workers at Alabama hub reject the union almost 3 to 1. Those other businesses are free to expand and write off those cost too and they might eliminate any income tax for those years.

 

We've had out moments such as Gingrich and Kaisch forcing Clinton to sign their tax rate cut, welfare reform and budgets which produced the surpluses and solid economies. Even Bush43 and the Republican congress which passed the $600 "prebate" for their tax rate cut but made the kistakenofbhaving those cuts phase in over time not giving the kick the economy needed but they corrected that and the economy took off and they lowered the deficit to a paltry $161B heading to surplus again. Heck had the Republican Congresses under Trump paid more heed to his budget submissions the deficits would have WAY lower but there are just too many RINO's and fewer actual fiscal conservatives in there now.

 

You don't recall "no shovel ready jobs"?

How about the "recovery Summer"?

 

Oh, and don't forget the 'zenith' of Obama-thought which married the two concepts of 'stimuloid' money and 'green energy' development -- SOLYNDRA! If there was ever a shovel-ready debacle, Solyndra was it! People were shoveling money at Solyndra until the whole thing was revealed to be a horribly expensive scam and Democrat give-away fraud.

But, ol' Joe has promised us 'Obama 2.0', and evidently that will take place on a scale that our wonderous former President "Messiah" could never have achieved!

 

I get that maybe companies like Amazon are the future and we can't prevent the free market from killing old jobs. But at least we shouldn't tax these mom and pop shops more than these huge corporations. Thats just rigging the game against them. We need to fix our corporate tax system.

 

The problem with infrastructure is that it can take years to plan these projects before starting. Infrastructure isn't the best option if you want an immediate stimulus to the economy, but is better if you want a long term stimulus in the next few years.

 

I think you're quite right about this. It's idiotic and wholly irresponsible to just grab up TWO TRILLION DOLLARS and say, "Well, hell, I think I'll just go throw tons of money at my friends with both hands and see what happens!" As it is, everything I've read says pretty plainly that only a small percentage of all this money would even GO TO "infrastructure" under the BEST of circumstances. And so far, the only 'best' circumstances I've seen in the Biden regime are those that portend unmitigated disaster!

 

But Trump wanted exactly the same thing. In 2016 he ran on the platform of a 2 trillion dollar stimulus bill. He even wanted it in 2020 as a way to help the economy. He also passed a 1.5 trillion dollar tax cut that was completely added to the debt.

 

With all the expanding we had we reached RECORD unemployment levels. They said the same thing when the phone company automated and didn't need those hundreds of thousands of telephone operators. And the mom and pops have the same corporate rates else they are taxed under a passthrough filing and can take the very same deductions Amazon and other companies take. How would you fix it? And what we certainly don't need are HIGHER tax rates.

 

Believe me, that big, hooptie 'tax cut' didn't do a LOT of us Conservatives any real good.

Example -- his 'tax cut', by itself, saved me a thousand bucks. Nice, I guess... better than a poke in the eye with a sharp stick.

BUT, with his mulish insistence that interest rates be squashed to zero -- or even into NEGATIVE areas, he both encouraged and bullied the Fed Chairman, Powell, into destroying interest rates on people's SAVINGS ACCOUNTS in S&L's, banks, and credit unions. He did it, obviously, to push and shove people into the stock market 'casino' so that he could run in 2020 with the Dow Jones at 30,000+, which is grotesquely overvalued (and still is). Ooh, but then along came the 'virus'....

THAT interest-destroying stunt has cost me way, way more than Trump's bullshit 'tax cut' ever saved me. So, this one Conservative person who will tell you straight up, there was a lot about the way that Trump handled the economy that I didn't like at all!