POL Biden insists rich Americans will still have 'two homes and their jets' despite tax hike

20Gauge

Has No Life - Lives on TB

President Biden on Thursday defended his soak-the-rich tax agenda, maintaining that America's highest-earners will keep their vacation homes and private jets despite the new levies.

During a speech from Lakes Charles, Louisiana, Biden sought to drum up support for his $4 trillion spending proposals designed to redistribute trillions in wealth and dramatically expand the government-funded social safety net. He insisted that he wants to create a tax system where "everyone pays their fair share" by imposing higher levies on corporations and the top sliver of U.S. households.

"This is not punishing anybody," Biden said. "All those folks are still going to have two homes or three homes and their jets. It won't matter. Not gonna change their standing one little bit."


President Biden on Thursday defended his soak-the-rich tax agenda, maintaining that America's highest-earners will keep their vacation homes and private jets despite the new levies. (AP Photo/Alex Brandon)

The two measures that Biden is promoting — known as the American Jobs Plan and the American Families Plan — make up the basis of his sprawling "Build Back Better" agenda. The first package, worth roughly $2.3 trillion, includes billions in new funding for the nation’s roads and bridges, as well as transit systems, green energy and elder care, while the latter – with a price tag of about $1.8 trillion – would allocate billions for child care, prekindergarten, paid family leave and tax credits for low- and middle-income families.

The plans would be paid for by a slew of new tax hikes, including raising the corporate tax rate to 28% from 21% and restoring the top individual income tax rate to 39.6%, where it sat before Republicans' 2017 tax law, and doubling the capital gains tax rate for Americans earning more than $1 million. Biden indicated on Thursday that he would consider a corporate tax rate anywhere between 25% and 28%.

"We've got to build from the bottom up and the middle out," Biden said. "That's how we build America."

Biden, Vice President Kamala Harris and other White House officials have fanned out across the country over the past week in an attempt to build widespread support for the proposals. The travel is part of the administration's "Getting America Back on Track Tour" as they seek to move past Biden’s first 100 days in office.

"Infrastructure has historically been a bipartisan undertaking and there's no reason it shouldn't be that way again," Biden said Thursday.

Still, the initiatives face a steep hill to passage, even though Democrats control both chambers of Congress.

Many moderate members of the president's party are likely to push back against his tax-hike proposals amid fears it could jeopardize the U.S. economy's fragile recovery from the coronavirus pandemic. Republicans have already panned the proposal, with Senate Minority Leader Mitch McConnell, R-Ky., predicting that no GOP senator would support the measure, known as the American Families Plan.
 

20Gauge

Has No Life - Lives on TB
"This is not punishing anybody," Biden said. "All those folks are still going to have two homes or three homes and their jets. It won't matter. Not gonna change their standing one little bit."

I hate this attitude. It is the we are taking more because we can and don't believe you should have it.

I don't care if they still have two homes or not. The Feds are not due / owed anything from me.
 

Millwright

Knuckle Dragger
_______________
"This is not punishing anybody," Biden said. "All those folks are still going to have two homes or three homes and their jets. It won't matter. Not gonna change their standing one little bit."

I hate this attitude. It is the we are taking more because we can and don't believe you should have it.

I don't care if they still have two homes or not. The Feds are not due / owed anything from me.
It's the standard commie line.

The lazies buy it and vote accordingly.
 

The Hammer

Veteran Member
"This is not punishing anybody," Biden said. "All those folks are still going to have two homes or three homes and their jets. It won't matter. Not gonna change their standing one little bit."

I hate this attitude. It is the we are taking more because we can and don't believe you should have it.

I don't care if they still have two homes or not. The Feds are not due / owed anything from me.
It's the same attitude that causes them to complain about tax cuts as if they are allowing people to have too much of their own money...
 

20Gauge

Has No Life - Lives on TB
Exactly!

I do understand needing revenue for purposes of running the city / county / state / nation.

Yet, we are so far from that these days. Now it just seems to be a method to punish those not in favor.
 

Old Gringo

Senior Member

President Biden on Thursday defended his soak-the-rich tax agenda, maintaining that America's highest-earners will keep their vacation homes and private jets despite the new levies.

During a speech from Lakes Charles, Louisiana, Biden sought to drum up support for his $4 trillion spending proposals designed to redistribute trillions in wealth and dramatically expand the government-funded social safety net. He insisted that he wants to create a tax system where "everyone pays their fair share" by imposing higher levies on corporations and the top sliver of U.S. households.

"This is not punishing anybody," Biden said. "All those folks are still going to have two homes or three homes and their jets. It won't matter. Not gonna change their standing one little bit."


President Biden on Thursday defended his soak-the-rich tax agenda, maintaining that America's highest-earners will keep their vacation homes and private jets despite the new levies. (AP Photo/Alex Brandon)

The two measures that Biden is promoting — known as the American Jobs Plan and the American Families Plan — make up the basis of his sprawling "Build Back Better" agenda. The first package, worth roughly $2.3 trillion, includes billions in new funding for the nation’s roads and bridges, as well as transit systems, green energy and elder care, while the latter – with a price tag of about $1.8 trillion – would allocate billions for child care, prekindergarten, paid family leave and tax credits for low- and middle-income families.

The plans would be paid for by a slew of new tax hikes, including raising the corporate tax rate to 28% from 21% and restoring the top individual income tax rate to 39.6%, where it sat before Republicans' 2017 tax law, and doubling the capital gains tax rate for Americans earning more than $1 million. Biden indicated on Thursday that he would consider a corporate tax rate anywhere between 25% and 28%.

"We've got to build from the bottom up and the middle out," Biden said. "That's how we build America."

Biden, Vice President Kamala Harris and other White House officials have fanned out across the country over the past week in an attempt to build widespread support for the proposals. The travel is part of the administration's "Getting America Back on Track Tour" as they seek to move past Biden’s first 100 days in office.

"Infrastructure has historically been a bipartisan undertaking and there's no reason it shouldn't be that way again," Biden said Thursday.

Still, the initiatives face a steep hill to passage, even though Democrats control both chambers of Congress.

Many moderate members of the president's party are likely to push back against his tax-hike proposals amid fears it could jeopardize the U.S. economy's fragile recovery from the coronavirus pandemic. Republicans have already panned the proposal, with Senate Minority Leader Mitch McConnell, R-Ky., predicting that no GOP senator would support the measure, known as the American Families Plan.
Tax and spend.
 

Doc1

Has No Life - Lives on TB
Most of you understand that the Feral Government was never supposed to directly tax citizens and was only designed to exist on tariff income. The attitude today is that whatever you have belongs to .gov and out of the goodness of their black hearts they'll let you keep a little of it.

There would be only one remotely fair taxation system - not that I believe in even that - and it would be an across the board flat tax, whether you made one Dollar or a $billion. The problem (or at least one of them) is that the very wealthy have legal and accountancy resources - which the poor and middle class don't - which allows them to pay virtually nothing.

It's all coming down anyway. The whole corrupt system is well on the road to implosion. The only sane thing any of us can do is to prep and try to stay out of the way of the coming storm.

Best
Doc
 

West

Senior nut
Most Democrats think business expenses is a tax loophole.

See that's what their going for, no longer will businesses (unless your crony non profit alike, or who you know) be able to use business expenses as a expense, but taxed on those liabilities as income.

: D
 

Doc1

Has No Life - Lives on TB
Gee, I cannot afford a second home and a jet ... guess I am not rich, huh JOJO?

Doz, you're obviously an economic illiterate in communist-democrat terms. Allow me to explain:

Let's imagine you "own" one house worth $200,000.00. Even though you don't really own it because you have a $225,000.00 mortgage, you get to pay all the taxes and maintenance expenses while the bank and the government gets all the profit.

But we're not done yet.

You have a dog house in your backyard, so that's two residences! You have a birdhouse hanging in a tree? That's three residences and if there are any homeless people in your neighborhood, that large empty appliance box you've been meaning to throw out counts as a fourth residence!

See how it works? You're a filthy rich, white exploiter with four residences and you should be taxed into penury. It's only fair and, er, it's for the children!

There. Aren't you glad I was able to educate you in Woke economics?

Best
Doc
 

Millwright

Knuckle Dragger
_______________
On an aside note, where he is standing...I drank a lot of beer there during my misspent youth.

Well...there and many places in a 20 mile radius. :lol:
 

Intestinal Fortitude

encouraging others
Most of you understand that the Feral Government was never supposed to directly tax citizens and was only designed to exist on tariff income. The attitude today is that whatever you have belongs to .gov and out of the goodness of their black hearts they'll let you keep a little of it.

There would be only one remotely fair taxation system - not that I believe in even that - and it would be an across the board flat tax, whether you made one Dollar or a $billion. The problem (or at least one of them) is that the very wealthy have legal and accountancy resources - which the poor and middle class don't - which allows them to pay virtually nothing.

It's all coming down anyway. The whole corrupt system is well on the road to implosion. The only sane thing any of us can do is to prep and try to stay out of the way of the coming storm.

Best
Doc
COMMUNISM
 
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