Thoughtson Biden's speech/plan?

[Dill]

(05-03-2021, 04:09 AM)Goalpost Wrote: CNBC did a check last week.  How long does one appear on a millionaires list?  The results were surprising to me.  After 10 years, only 9 percent of those that appeared on it, were still on it.  That's right.  91 percent of people 10 years later on a millionaire list are new people, not the same people.  Basically you are transferring wealth out of a short term success people had.  Is it a fair share that someone in NY who makes a million dollars can be taxed between 55 and 60 percent on it.  I only ask the question.  It's not a perpetual rich person we're dealing with.

There is also an argument that corporations are cheating on taxes.  Many of these corporations get tax credits, that well, congress people approved.  I mention this because you mention clean energy.  These companies have done exactly what the tax code encouraged them to do.  Changed their energy usage, at a cost, which is approved as a write off.  Now somehow, corporations are being blamed for doing exactly what the tax laws, and the people who made them, encouraged them to do.  I watched Elizabeth Warren asked this question last week, to which she basically ran away from.   How can you blame companies as a congress person, when companies are operating in a system that same said congress people created?

Hey GP. Thanks for responding, and sorry I am late getting back to you.

I don't much mind if temporary millionaires get charged at the millionaire tax rate, but I'm wondering where you got the 55-60% number.

I thought the new top rate was 39.6. 

As far as the bolded goes, I never saw blaming corporations as some end in itself. And I don't think that is what Biden et al. are doing when they remind us of billion-dollar corporations which paid no taxes over the last few years. If you give them loopholes and subsidies and tax breaks they will take them. (I will too, by the way.) 

So the point is not to "blame companies" but to change the law. And that is what the Dems are trying to do now--because it has not been "the same" Congress people who gave them all those tax breaks. The Dems did not lead Trump's massive tax cut for the rich back in 2017. That's why it matters whom we vote for.

So far as I can tell, green incentives will remain.