2024 Campaign - Trump and Biden campaign promises

[Luvnit2]

A sharp contrast in plans for future taxes from Trump and Biden. Trump will make Trump tax cuts permanent. Biden will raise taxes significantly on the middle class business owners and all middle class. The info for Biden is from his proposed budget.

https://www.foxnews.com/opinion/massive-tax-increases-coming-second-biden-term

Here are the massive tax increases coming your way in a second Biden term

Donald Trump has outlined his plans for federal taxation should he be elected.

"I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.

Trump made the direction clear. Lower.

But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.

BIDEN'S TAX-HIKE PLAN WOULD COST THE US ECONOMY NEARLY 800K JOBS

Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.

Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.

Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.

Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.

Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years.

California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%. New York state businesses would pay a combined 53.4% on capital gains.

Meanwhile, the developed world average is 18.78%. China’s is 20%.

Under Biden you could work for 40 years, sell your business and the government could take half or more.

Biden vows to add a second death tax by eliminating stepped-up basis when parents die and pass on homes, land and stock to children.

[Mike M (the other one)]

(04-15-2024, 01:18 PM)Luvnit2 Wrote: A sharp contrast in plans for future taxes from Trump and Biden. Trump will make Trump tax cuts permanent. Biden will raise taxes significantly on the middle class business owners and all middle class. The info for Biden is from his proposed budget.

https://www.foxnews.com/opinion/massive-tax-increases-coming-second-biden-term

Here are the massive tax increases coming your way in a second Biden term

Donald Trump has outlined his plans for federal taxation should he be elected.

"I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.

Trump made the direction clear. Lower.

But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.

BIDEN'S TAX-HIKE PLAN WOULD COST THE US ECONOMY NEARLY 800K JOBS

Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.

Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.

Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.

Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.

Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years.

California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%. New York state businesses would pay a combined 53.4% on capital gains.

Meanwhile, the developed world average is 18.78%. China’s is 20%.

Under Biden you could work for 40 years, sell your business and the government could take half or more.

Biden vows to add a second death tax by eliminating stepped-up basis when parents die and pass on homes, land and stock to children.

That's a voter turn off

[Dill]

Sounds like Biden's plan might help get the deficit under control.

Also, I think it's time some of our "middle class" billionaires and corporations started paying their fair share.

[Mike M (the other one)]

(04-15-2024, 06:29 PM)Dill Wrote: Sounds like Biden's plan might help get the deficit under control.

Also, I think it's time some of our "middle class" billionaires and corporations started paying their fair share.

With the money the IRS is getting, why don't we just audit them first to make sure they are paying what they are supposed to be paying then go from there.
Would make more sense to make sure we are getting what we are supposed to be at the current rates before raising them and they still playing the same game.

[Luvnit2]

Here is someone who is billionaire who paid a bunch to the IRS today. I thought Democrats said Trump's tax cuts helped the billionaires pay no federal taxes.
One more liberal myth debunked.

https://www.foxnews.com/media/billionaire-mark-cuban-dodges-question-asking-pays-fair-share-taxes-pay-owe

Billionaire Mark Cuban dodges question asking if he pays his 'fair share' of taxes: 'I pay what I owe'
The Dallas Mavericks owner said he was 'proud' to pay $276 million in taxes this year

[*pally*]

(04-15-2024, 01:18 PM)Luvnit2 Wrote: A sharp contrast in plans for future taxes from Trump and Biden. Trump will make Trump tax cuts permanent. Biden will raise taxes significantly on the middle class business owners and all middle class. The info for Biden is from his proposed budget.

https://www.foxnews.com/opinion/massive-tax-increases-coming-second-biden-term

Here are the massive tax increases coming your way in a second Biden term

Donald Trump has outlined his plans for federal taxation should he be elected.

"I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.

Trump made the direction clear. Lower.

But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.

BIDEN'S TAX-HIKE PLAN WOULD COST THE US ECONOMY NEARLY 800K JOBS

Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.

Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.

Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.

Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.

Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years.

California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%. New York state businesses would pay a combined 53.4% on capital gains.

Meanwhile, the developed world average is 18.78%. China’s is 20%.

Under Biden you could work for 40 years, sell your business and the government could take half or more.

Biden vows to add a second death tax by eliminating stepped-up basis when parents die and pass on homes, land and stock to children.

Why haven’t those tax cuts been made permanent already? Or the child tax credit reinstated? I guarantee you the child tax credit would be popular and Democrats would vote for it.

Or is this another case of House Republicans refusing or incapable of doing their jobs. Can’t pass anything that might be perceived as a victory for the other side

[Mike M (the other one)]

(04-16-2024, 08:00 AM)pally Wrote: Why haven’t those tax cuts been made permanent already?  Or the child tax credit reinstated? I guarantee you the child tax credit would be popular and Democrats would vote for it.

Or is this another case of House Republicans refusing or incapable of doing their jobs.  Can’t pass anything that might be perceived as a victory for the other side

wtf? You got it backwards, The House passed this back on Feb 5, it's stuck in the Senate (the one where the R's aren't the Majority??). So why haven't the D's passed it yet????  

https://www.kiplinger.com/taxes/congress-negotiating-child-tax-credit

At the end of January, the U.S. House of Representatives passed $78 billion tax legislation that includes a newly expanded child tax credit (CTC) and various tax breaks for businesses.


Since then, the bipartisan tax package has been stalled in the U.S. Senate. Although Congress has returned from its recent recess, obstacles remain, and the hope that the new child tax credit will become law before the end of the 2024 filing season is dwindling.

[NATI BENGALS]

(04-16-2024, 09:02 PM)Mike M (the other one) Wrote: wtf? You got it backwards, The House passed this back on Feb 5, it's stuck in the Senate (the one where the R's aren't the Majority??). So why haven't the D's passed it yet????  

https://www.kiplinger.com/taxes/congress-negotiating-child-tax-credit

At the end of January, the U.S. House of Representatives passed $78 billion tax legislation that includes a newly expanded child tax credit (CTC) and various tax breaks for businesses.


Since then, the bipartisan tax package has been stalled in the U.S. Senate. Although Congress has returned from its recent recess, obstacles remain, and the hope that the new child tax credit will become law before the end of the 2024 filing season is dwindling.

Welll shit

https://finance.yahoo.com/news/republicans--are-killing-a-tax-cut-203349220.html

"In January, the House of Representatives passed $78 billion in tax cuts in a surprising act of bipartisanship. Republicans got a trio of business tax cuts meant to juice investment and innovation. Democrats got an expansion of the child tax credit for lower-income families. There was grumbling on each side about the other getting too many freebies, but the bill went to the Senate for what could have been a rare do-something opportunity.

For some Senate Republicans, however, doing nothing now seems better. Bloomberg reports that several Republican senators are indicating they don’t want to vote on the tax cut bill. One opposition leader is Mike Crapo of Idaho, who's influential because he's the top Republican on the Senate Finance Committee. Crapo has reportedly persuaded Minority Leader Mitch McConnell and John Thune of South Dakota, who's vying to replace McConnell as minority leader, to join him in squashing the bill."


Turns out it's because of party over country!!!!!!!!!!!! And this broke ass two party bullshit system we have.

[*pally*]

(04-17-2024, 01:39 AM)NATI BENGALS Wrote: Welll shit

https://finance.yahoo.com/news/republicans--are-killing-a-tax-cut-203349220.html

"In January, the House of Representatives passed $78 billion in tax cuts in a surprising act of bipartisanship. Republicans got a trio of business tax cuts meant to juice investment and innovation. Democrats got an expansion of the child tax credit for lower-income families. There was grumbling on each side about the other getting too many freebies, but the bill went to the Senate for what could have been a rare do-something opportunity.

For some Senate Republicans, however, doing nothing now seems better. Bloomberg reports that several Republican senators are indicating they don’t want to vote on the tax cut bill. One opposition leader is Mike Crapo of Idaho, who's influential because he's the top Republican on the Senate Finance Committee. Crapo has reportedly persuaded Minority Leader Mitch McConnell and John Thune of South Dakota, who's vying to replace McConnell as minority leader, to join him in squashing the bill."


Turns out it's because of party over country!!!!!!!!!!!! And this broke ass two party bullshit system we have.

Ok so it’s Senate Republicans not House holding things up…Republican is still the common denominator

[Mike M (the other one)]

(04-17-2024, 01:39 AM)NATI BENGALS Wrote: Welll shit

https://finance.yahoo.com/news/republicans--are-killing-a-tax-cut-203349220.html

"In January, the House of Representatives passed $78 billion in tax cuts in a surprising act of bipartisanship. Republicans got a trio of business tax cuts meant to juice investment and innovation. Democrats got an expansion of the child tax credit for lower-income families. There was grumbling on each side about the other getting too many freebies, but the bill went to the Senate for what could have been a rare do-something opportunity.

For some Senate Republicans, however, doing nothing now seems better. Bloomberg reports that several Republican senators are indicating they don’t want to vote on the tax cut bill. One opposition leader is Mike Crapo of Idaho, who's influential because he's the top Republican on the Senate Finance Committee. Crapo has reportedly persuaded Minority Leader Mitch McConnell and John Thune of South Dakota, who's vying to replace McConnell as minority leader, to join him in squashing the bill."


Turns out it's because of party over country!!!!!!!!!!!! And this broke ass two party bullshit system we have.

(04-17-2024, 07:47 AM)pally Wrote: Ok so it’s Senate Republicans not House holding things up…Republican is still the common denominator

Get all your Majority azzes and get it passed. you only need 9 to flip, i'm sure you can do it. The media will do everything possible to help you get that pressure on them.

[NATI BENGALS]

(04-17-2024, 08:07 AM)Mike M (the other one) Wrote: Get all your Majority azzes and get it passed. you only need 9 to flip, i'm sure you can do it. The media will do everything possible to help you get that pressure on them.

https://thehill.com/business/4597462-impatience-over-stalled-tax-deal-grows-in-senate/

[Mike M (the other one)]

(04-17-2024, 07:26 PM)NATI BENGALS Wrote: https://thehill.com/business/4597462-impatience-over-stalled-tax-deal-grows-in-senate/

So they are holding it up because:

"The deal’s business credits enjoy bipartisan support, but Republicans are sounding cagey about moving ahead on a bipartisan deal ahead of the November elections. A GOP sweep could give Republicans the power to enact another major tax bill and firm up Trump-era tax cuts set to expire in 2025."


Which they say the Trump tax cuts are better than what this deal offers. 


Well that seems like solid reasoning. Guess that means the whole "they doing it to stop us from getting a win in Nov" thing is a no go.
Don't you want a better tax break?

[MrRager]

(04-17-2024, 08:07 AM)Mike M (the other one) Wrote: Get all your Majority azzes and get it passed. you only need 9 to flip, i'm sure you can do it. The media will do everything possible to help you get that pressure on them.

I can't tell, do you want this passed?

This response is hilarious. Basically being pissed at Democrats for not passing it, then finding out it is the Senate Republicans not passing it and.... still being pissed at the Democrats??? What kind hilarious logic is that lol. 

[Mike M (the other one)]

(04-17-2024, 07:57 PM)MrRager Wrote: I can't tell, do you want this passed?

This response is hilarious. Basically being pissed at Democrats for not passing it, then finding out it is the Senate Republicans not passing it and.... still being pissed at the Democrats??? What kind hilarious logic is that lol. 

It's called getting to the facts of it. 
Dems whinning saying it's the R's that won't pass it, but they won't tell you why, now we know why. 

It's like that whole "If Trump isn't elected POTUS, it'll be a blood bath" type of thing. You have to dig into it to understand the reasons. Sometimes it is just politics.

[NATI BENGALS]

(04-17-2024, 07:57 PM)MrRager Wrote: I can't tell, do you want this passed?

This response is hilarious. Basically being pissed at Democrats for not passing it, then finding out it is the Senate Republicans not passing it and.... still being pissed at the Democrats??? What kind hilarious logic is that lol. 

This bit had me cracking up last night.

Same type of logic as this guy at 3:30 in this video.
https://youtu.be/n4i7h4iAqu0?si=_BSZ8A13mIeKA87n

Imo that is the type of “logic” running rampant in the GOP.

Nothing is fair until Trump tells them it’s fair.

[NATI BENGALS]

(04-17-2024, 07:52 PM)Mike M (the other one) Wrote: So they are holding it up because:

"The deal’s business credits enjoy bipartisan support, but Republicans are sounding cagey about moving ahead on a bipartisan deal ahead of the November elections. A GOP sweep could give Republicans the power to enact another major tax bill and firm up Trump-era tax cuts set to expire in 2025."


Which they say the Trump tax cuts are better than what this deal offers. 


Well that seems like solid reasoning. Guess that means the whole "they doing it to stop us from getting a win in Nov" thing is a no go.
Don't you want a better tax break?

Sure I would like a better tax break. What I don’t want is another unfunded tax break for the rich that balloons the deficit when the economy is already strong. Like trumps tax cut did the first time.