Biden: Increase corporate taxes to reduce inflation

This isn't a matter of RAISING taxes.

It's a matter of requiring corporations to pay the taxes THEY ALREADY OWE.

THIS YEAR there is a $6,000,000,000 dollar shortfall in the taxes OWED by the wealthy.

That is not coming from wage earners and other employees, as employees have their taxes withdrawn by the government.

Today, economists say that fighting inflation requires that we slow the growth of the economy. That WILL be done by raising interest rates.

But, getting corporations to pay their fair share IS another step toward accomplishing that goal that everybody has been demanding - lowering inflation.

 

Totally re-write the entire fugging U. S . Tax Code to get rid of ALL loopholes, shelters, exemptions, exceptions, exclusions, AND, "carried interest" for everybody -- rich and otherwise.

I've only suggested that about 3,000 times here at the Forum, for YEARS. But nobody (NOBODY) among Democrats or Republicans EVER DOES THAT! WHY NOT?!

 

He is allowed to say the stupidest things because the average American hears it and believes it because that is who they voted for. They heard he was going to defeat Covid too. And Biden says the economy is great.

 

I don't believe congress will EVER agree to that, as exemptions are one of the tools congress uses to cause behavior they want to see. It's a softer approach that laws and regulations.

Also, opening our tax code in a wholesale manner would be a major opportunity for all sorts of total BS.

I think the major problem today is that there are wealthy individuals and corporations who are just flat out cheating us.

We can take action to stop that, such as:

Ending tax cheating

 

Brilliant! "And we shall continue to increase irresponsible spending until inflation turns around"

 

Note that he did NOT say anything about RAISING taxes.

There is $6 billion in unpaid taxes today.

YOUR taxes and MY taxes are higher, because of the scofflaws that don't pay their taxes.

 

How many times do I have to say this... businesses don't pay taxes, they just collect them from us and send them to .gov. Those costs get passed along to us as surely as an increase in the wholesale costs do, which only make them tax collectors, not payers. This is precisely why solving inflation by increasing businesses costs is so adorably laughable. It's something only a moron would say. Indeed, not just a moron, but one who never even took Econ 101.

 

I made no such statement. 11% (whsle Inflation) is roughly 27% more than 8% (retail inflation).

Nobody is arguing against the economic fact that when supply lags demand that inflation results and destroys demand until equilibrium with supply is restored.

The key to inflation free sustainable growth is a steadily increasing SUPPLY of goods and services to meet the rising demand for the same.

Biden/The WH/ and the Congressional Leadership are blithering idiots or villians that are deliberately destroying demand because they are degrowthers who think the "masses" need to be content with less while they "the ruling class" live lives of opulent excess.

Risk fluctuates after Wednesday bloodbath while Dollar dives

"Equities down, Treasuries up, Crude up, Dollar down."

November will be a restorative election with younger folks, with better brains, fresher thinking and longer term outlook begin to impact national policy for the better.

 

Well, the problem with that is that you're just dodging the issue.

Businesses are collecting the taxes (if that's the way you want to look at it) and then they are NOT passing them on to the government!

Get it???

Economists point out that raising interest rates slows business investments. That slows the economy. Slowing the economy is really the only tool the government has in fighting inflation.

Having businesses pay the taxes they owe also slows the economy. So, besides being an enforcement of the law, it helps fight inflation.

Besides that, they are cheating. Why should we support that kind of crime??

 

Did you notice how Sanders and Warren always wanted to raise taxes on millionaires until they became millionaires and then wanted to raise taxes on people worth tens of millions. They never want to tax their own money. Even Biden said his taxes would only impact people making more than $400,000 which is what he makes.

Whoopi Goldberg (ugh) always screamed about making the 1% pay more in taxes until she found out she was in the 1%. Now if you say you want to raise taxes on the 1% she will chew your face off.

 

And according to you guys corporations don't pay taxes so why did you think your prices would go down??? Now what we did see is rising wages for the lower to middle earners even faster then upper wage earners for the first time in decades.

 

This is total BS.

You have ZERO evidence.

The issue here is that those with money ARE powerful. And, the result is that passing anything that would affect those only making half a million is not going to pass congress.

The only way around that is to raise the minimum.

I'd also point out that we refuse to go after those who owe a combined $6B in income tax.

 

Yawn, you have the house, the senate and the presidency. Do tell us why your side hasn't closed the loopholes but use the false narrative of raising corp taxes then?

 

It got blown to help by Bidenflation. You can thank the Commiecrats. Elections have concequinces.

 

Even on corporations? Corporations can't deduct losses?

 

They don't have the senate with a filabuster and Manchin won't go along with any increases - so moot point

 

Republicans have been outstanding at squelching any movement in congress.

Then, they WHINE about no action!!

We even have Republican congressmen taking part in the Jan 6 insurrection, with Republicans APPLAUDING their nearly successful assault on our democracy and continuing with their work to ensure our democracy is stifled.

 

You don't honestly believe the Democrats are going to raise taxes on their rich friends, as well as themselves. Do you?

 

lol - not at all, but even if they wanted to, they could not

Besides they are too busy with their SALT tax bs

 

So even their own party doesn't agree with it? My suggestion is quit bitching about it then. Or it's just a ruse to get those feable minded in their partying thinking believing BS lies.

 

We're all familiar with the Demokrats' Marxist "fair share" claptrap, and yes, it's about raising taxes....

As the OP pointed out, raising corporate taxes will further raise inflation.

 

Economists say that the economy has to slow in order to fight inflation.

And, what Biden was talking about is corporations who have been cheating on their taxes.

Are you in favor of corporations cheating on their taxes to the tune of BILLIONS of dollars per year?

 

Because they always want a way to repay political favors. Both parties leave a back door open to their friends! Did you ever suggest spending cuts?

 

It’s not BS. Just because Don Lemon never mentioned what I said doesn’t mean it never happened.

 

There's all kinds of things that need to stop to reduce inflation - WuFlu era Fed policy, the Left's boneheaded energy policies, excessive government spending, and Dems can always be counted on to kick the economy in the nuts...

What Biden is running his mouth about is displacing responsibility and accountability, and so are his supporters.

It's the usual Marxist class warfare claptrap we've come to expect from Demokrats. It's ALWAYS excuses and never results...