Expiration of tax cuts and the assault on the middle class

Nice try.

https://www.whitehouse.gov/briefing...-tax-day-the-tax-contrast-couldnt-be-clearer/

Congress holds the power of the purse so they have to initiate legislation on tax changes. However we all know exactly what Biden is proposing.

-Remove the tax givaway for rich people
-reinstate the child tax credit to offset the small increase that'll come for people making under 400K a year which will actually give them a tax break

-Significantly help the US economy with more revenue to help the middle class with the things government does that helps the middle class.

....

Billionaires mostly support Republicans, and all Billionaires minus a couple here and there all support Republican tax policy. You have to be living under a rock to be dumb enough to buy your BS propaganda.

 

I'm not sure if those # are accurate, but that's actually due to Trump's tax policy.

The 2017 Trump tax cut for the rich was made permanent, which wasn't politically popular. To ensure its passage, a small tax cut for the middle class was included. However, this tax cut for the middle class is set to expire next year. To make the middle-class tax cut permanent, they would have had to reduce the tax cut for the rich, which clearly they didn't want to do. This is all public info.

 

@Astrodome and the OP is probably well aware that Bidenomics is about growing from the middle out.

The difference in tax policy between the Democrats and Republicans is no secret. Trump says he wants to give more tax breaks to the very top, while Republicans still believe in the broken trickle-down economic policy. Biden has done a great job reversing that decade old trend by investing in the middle and growing out from there. You can see it in the infrastructure bills and other major legislation that has passed. Although he hasn't been able to yet, he also wanted to increase taxes on those making $400k or more to help pay for all the bills. There shouldn't be any confusion here. However, partisan hacks will, of course, not misinformed themselves but purposely try to misinform the public. Many of the Fox News talking heads fall into that group.

 

I know that when I need serious financial advice, I turn to Wall Street Apes on Twitter.

It's never done me wrong. It's never done me right either, because who in the blue **** would pay attention to these people?

 

Biden's tax plan actually is to extend the tax changes for everyone making under $400K, so that is just a flat out lie that Biden has anything to do with possible increases. His plan would actually substantially cut taxes for those 2 examples with kids due to expanded child tax credit.

 

For the first time in history, the effective tax rate for Billionaires (23%) is LOWER than the effective tax rate of the average American (24%).

https://www.nytimes.com/interactive/2024/05/03/opinion/global-billionaires-tax.html

 

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Biden wants to extend the middle-class tax cuts while raising taxes on highly profitable companies and the richest sliver of Americans, setting up a battle with Republicans over a tax law with provisions slated to expire at the end of 2025.

“It’s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks,” White House National Economic Council Director Lael Brainard said Friday.
“Our tax system currently asks much less of corporations than it used to.”



Team Biden is proposing, apart from extending the tax cuts for those making less than $400K,

• a 25% minimum tax on those with more than $100 million
  • would raise $500 billion over 10 years to help fund benefits such as child care and paid parental leave.

under Biden's proposal, the tax burden will be shifting more from the middle class to the uber rich