Biden On The Path Of Destroying The US Economy; Biden tax hikes would put U.S. at disadvantage against other nations (wage, dollars)

[TheGoodTheBadTheUgly]

IMHO...I don’t think this country can survive three more years of this administration.

Biden has proposed many tax increases to fund his several trillion dollars in new spending,

https://justthenews.com/nation/state...-other-nations

[Goodnight]

There is no proof that raising taxes 2% on the top bracket have any impact at all, none. Besides the fact that the senate republicans do not want an increase in taxes on the wealthy, they like the 2017 Tax Cut.

[DRob4JC]

Originally Posted by Goodnight

There is no proof that raising taxes 2% on the top bracket have any impact at all, none. Besides the fact that the senate republicans do not want an increase in taxes on the wealthy, they like the 2017 Tax Cut.

False talking points...

The truth about Trump's tax cuts by the numbers, not by Biden

So here are the results of the Trump tax cuts:

--The income tax burden for high earners increased $16 billion to 40 percent of the total owed.

--The income tax burden for middle class earners decreased by $31 billion to 13 percent of the total owed.

--The income tax burden for low wage workers decreased by $4 billion to 1 percent of the total owed.

Doesn’t sound much like a tax cut for the wealthy.

...
One reason high earners share of the tax burden increased is that the TCJA reduced the itemized deductions they were able to claim. High earners generally benefit more from itemizing deductions. Lower earners generally benefit more from the standard deduction.

...
The TCJA’s elimination of the deduction for state and local taxes (SALT) alone was responsible for $240 billion or 37 percent of that decrease. The SALT deduction primarily benefits high earners in high tax blue states. Despite claiming that he wants to increase taxes on high earners, Biden supports restoring the SALT deduction -- which would reduce them.

As for middle- and lower-wage earners, the number of tax returns claiming the standard deduction increased in 2018 by 29 percent to 134 million. Because the TCJA increased this deduction, the amount those taxpayers deducted increased $1.4 billion or 156 percent from $900 million to $2.3 billion.