70% of the Corporate Tax is paid by the middle class. Corps don't pay taxes, so the bulk of it will be paid by wage earners, it is passed on to them. Congress will tax profits, and if corps don't have profits, they can not give pay raises. Employers could end up with a 20% tax increase, while they are trying to create jobs.
Heard this in a biz zoom meeting. You know that the pie in the sky will be impossible, they said.
Just thought I'd pass it on for what its worth
@averagejoe1 saidThanks for passing on BS.
70% of the Corporate Tax is paid by the middle class. Corps don't pay taxes, so the bulk of it will be paid by wage earners, it is passed on to them. Congress will tax profits, and if corps don't have profits, they can not give pay raises. Employers could end up with a 20% tax increase, while they are trying to create jobs.
Heard this in a biz zoom meeting. You know ...[text shortened]... he pie in the sky will be impossible, they said.
Just thought I'd pass it on for what its worth
IF they don't pay Corporate Taxes, how come they cry and scream at the mere thought of a small raise in the rate that would still leave it at historic lows?
@no1marauder saidYour BS left out that if a business of 100 employees is cutting it fairly close in a competitive market ( I love competition ), hoping to expand over to the next time, establishing credit,, the works, ........they will be hard hit by pretty much any tax increase,, that which you call a small raise. You are aware that the word 'small' does not mean the same from one person to another. The owner of the business might see it different than you do, as you sit on a cloud and watch him scramble, laying off workers, limiting hours. And that Christmas bonus???? Forget it, workers.
Thanks for passing on BS.
IF they don't pay Corporate Taxes, how come they cry and scream at the mere thought of a small raise in the rate that would still leave it at historic lows?
You smack of an academic sort, we have same backgrounds for our training, but I left academia when it comes to business. Please don't mislead other posters who may be in Lala land. Cost of Living and Taxing is in our futures.
The corps, to start with, will get over their crying in about 2 days and just raise prices. THAT is how the middle class blue collars will pay those taxes. But they won't be able to raise them enough to pay those Christmas bonuses. Hey,, I have an idea. How bout the govt leave corps alone and let them do business, create jobs, and make money....money that they spend to expand and hire more people, and buy more products. (I'm not writing this to you, you know it all full well, you just like to stir the pot)
@averagejoe1 saidStop pretending you have any type of academic background.
Your BS left out that if a business of 100 employees is cutting it fairly close in a competitive market ( I love competition ), hoping to expand over to the next time, establishing credit,, the works, ........they will be hard hit by pretty much any tax increase,, that which you call a small raise. You are aware that the word 'small' does not mean the same from one pers ...[text shortened]... e products. (I'm not writing this to you, you know it all full well, you just like to stir the pot)
Companies these days finance any expansion through debt, not earnings. In fact, cuts in the corporate tax rate have this counterintuitive effect:
"Partly for reasons relating to the tax system, companies tend to finance most of their investment through debt. Companies that borrow to finance investment can deduct their interest expenses. In addition, companies can deduct their investment expenses at a faster rate than the economic depreciation rate of capital, using bonus depreciation or other forms of accelerated depreciation. The combination of the two tax shields (interest deductibility and accelerated depreciation) works as an investment subsidy: As companies expand their borrowing and investment, the present value of their tax liabilities decreases, making investment cheaper. The value of the two tax shields and the size of the subsidy both increase with the corporate tax rate. A cut in the corporate tax rate, then, decreases the subsidy and discourages investment.1" https://www.clevelandfed.org/newsroom-and-events/publications/economic-commentary/2020-economic-commentaries/ec-202017-effect-of-the-2017-tax-reform-on-investment.aspx
Companies have workers to generate profit; if they lay off workers they cut their own throat if their business is profitable. An after profits tax has no effect on profits obviously.
Here's a history lesson:
"President Bill Clinton's tax policies provided insight into the impact of both tax increases and decreases. The Omnibus Budget Reconciliation Act was passed in 1993 and it included a series of tax increases. It hiked the top income tax rate to 36%, with an additional surcharge of 10% for the highest earners. It removed the income cap on Medicare taxes, phased out certain itemized deductions and exemptions, increased the taxable amount of Social Security, and raised the corporate rate to 35%."
That must have led to economic disaster, right AJ?
Well:
"During Clinton's presidency, the economy added approximately 18.6 million jobs."
https://www.investopedia.com/financial-edge/1211/how-taxes-affect-the-economy.aspx
@no1marauder saidSo, we can all assume from your websites, and from those of many Marauder Websites that are in disagreement with other websites, and from thoughts that are not your own, that everything will be hunky dory in the tax world. That all businesses will be unaffected, we will all have raises and we will have Christmas bonuses, and the
Stop pretending you have any type of academic background.
Companies these days finance any expansion through debt, not earnings. In fact, cuts in the corporate tax rate have this counterintuitive effect:
"Partly for reasons relating to the tax system, companies tend to finance most of their investment through debt. Companies that borrow to finance investment can ded ...[text shortened]... own throat if their business is profitable. An after profits tax has no effect on profits obviously.
USA will be a Utopia, Nirvana. This is or course, in your words, BS.
I,, and other websites, would disagree with you, if we the Repubs do not get control back pretty soon. I am not going to truck with highlighting websites, but suffice to say that if you and your govt don't leave us and our businesses the hell alone, we are in for a rude awakening . It is actually funny that you have it all figured out. I don't. Our middle class, under Biden and Obama and the rest, will be owned by them, and think they are safe.
Safe from what, Marauder? Can't they peek their heads out of a tent and fend for themselves? No, not according to you. Could you write us what you think about independence?
Will compare academia any day. From the looks of it, yours is a major in Librarianism. Nexislexis!!!!!!
@AverageJoe1 Cut to the chase? For every link with your position, I could provide as many with the opposite position ...esp since both sides can only 'predict'. Hell, I predict Biden is out of there in a few months. As a prediction, take it for what is worth, which is nothing.
So it boils down to DEBATING. I am suffering from Linkphobia. So ;what do you think, when I say the dems will tax us to hell? That corps will raise prices when necessary to keep shareholders happy. That Biden will reneegg on his promise not to raise taxes on the people under $400K,,,,,,he will do it in one way or another, and hell, maybe just break his promise. It has happened, you know.
So enough with laborious links, break out. Do you think Nirvana is just around the corner, or are you gonna tell us what websites think?? Gag.
@averagejoe1 saidDemocrats will raise taxes on the higher income (who have seen their tax rates sharply reduced for 40 years) and probably corporations (ditto) for sure.
@AverageJoe1 Cut to the chase? For every link with your position, I could provide as many with the opposite position ...esp since both sides can only 'predict'. Hell, I predict Biden is out of there in a few months. As a prediction, take it for what is worth, which is nothing.
So it boils down to DEBATING. I am suffering from Linkphobia. So ;what do you think, wh ...[text shortened]... Do you think Nirvana is just around the corner, or are you gonna tell us what websites think?? Gag.
Biden won't break his promise not to raise taxes on those under $400,000 and raising taxes on artificial, government created entities like corporations doesn't count.
Inflation will moderate by the 4th Quarter at the latest for reasons already explained to you.
The country won't be "Nirvana" but working and middle class people will have a better life with more opportunities if the progressive agenda is passed.
Stop crying about me showing what stupid things you believe in by presenting information that debunks your ridiculous claims.
@no1marauder saidYou've debunked nothing, I am prevailing.
Democrats will raise taxes on the higher income (who have seen their tax rates sharply reduced for 40 years) and probably corporations (ditto) for sure.
Biden won't break his promise not to raise taxes on those under $400,000 and raising taxes on artificial, government created entities like corporations doesn't count.
Inflation will moderate by the 4th Quarter at th ...[text shortened]... ing what stupid things you believe in by presenting information that debunks your ridiculous claims.
As to Biden's promise to not raise taxes, that is now a moot discussion, because he is soon to be gone, the promise is gone with the wind. Does Kamala have to abide by his lying promise? I think not.
You say tax of corps will be raised. Yes, but you don't round out your statement by saying the increases will simply be passed on to
"The People".
@AverageJoe1
You are truly living in la la land.
What POV will you pump out when your god king Trump is a court convicted criminal and in prison?
Or convicted and driven into bankruptcy by civil courts.
I guess in that case Trump will just be considered a martyr by all you ultrarightwingnutjobs.
@sonhouse saidTRUMP!?!?!?!?!??!?!?!?!?!??!?!?!?!!??!!?!?
@AverageJoe1
You are truly living in la la land.
What POV will you pump out when your god king Trump is a court convicted criminal and in prison?
Or convicted and driven into bankruptcy by civil courts.
I guess in that case Trump will just be considered a martyr by all you ultrarightwingnutjobs.
@averagejoe1 saidAs I already stated, IF corporations could just pass on any increase in taxes to someone else, they wouldn't spend hundreds of millions of dollars on lobbyists and vote buying to try to keep corporate taxes as low as possible.
You've debunked nothing, I am prevailing.
As to Biden's promise to not raise taxes, that is now a moot discussion, because he is soon to be gone, the promise is gone with the wind. Does Kamala have to abide by his lying promise? I think not.
You say tax of corps will be raised. Yes, but you don't round out your statement by saying the increases will simply be passed on to
"The People".
And if you knew anything about economics (and you don't), you know that if corporations could raise prices and thus increase profits in response to a tax increase, they'd do it now and increase their profits. Why wait?