GOVERNMENTS RAISE most of their money by taxing wages, but President Joe Biden has his eyes fixed on the rich, big business and Wall Street. He proposes to fund his $2.7trn infrastructure plan in part by raising the corporate-tax rate from 21% to 28%. And to help pay for more spending on child care and support for parents,he wants to roughly double the top rate of federal tax on capital gains and dividends.
Taxing savings and investment income can seem like unfair and inefficient double taxation. Those who earn today to spend today must pay only income and consumption taxes; why should someone who prefers to gain by deferring their gratification face extra levies? Discouraging saving and investment hurts the economy in the long run, which is why a review in 2010 by the OECD, a club of mostly rich countries, ranked corporate taxes as the most harmful of four common taxes to economic growth.
The trade-off between inefficiency and tax avoidance is painful, but two principles can help chart a sensible course. The first is to realise that taxes on capital stack up. Before they can return their profits to investors in the form of dividends and capital gains, firms pay corporate taxes. Whack up every capital levy to rates resembling income taxes and you will take a larger bite out of investment income than out of wages.
Doubling the total amount of corporate tax would still only add approximately 200 billion. Not anywhere close to to what they want to have.
Why do they need to tax when they can simply print “money”? 🤨 Bitcoin
Tax consumption not capital
The old-age president has old-age legacy policies in government. They must leave room for the younger generation to manage the country with creative effective policies, relevant to modern society!
Yes, of course, but where does that money end up? it is not to help the poor!
As to reach the white house with opposition collusion ?
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