BIDEN'S bid for tax reform

07 Apr 2021 11:46 #1 by homeagain

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07 Apr 2021 15:02 #2 by FredHayek
Moderate Democrats are not very happy with this plan. It will make it harder for US corporations to compete with those overseas. And it will encourage foreign corporations to buy up US ones. Or more sneakily, US corporations will merge with a foreign corporation and then name the smaller foreign firm as the corporate headquarters.

So while it sounds good on paper to "make those rich corporations pay their fair share", it never really works out that way.

And Bezos and Amazon? If he feels that he and Amazon are not paying their fair share, he can always choose to pay more voluntarily. Warren Buffet will say the same thing to the press, but he still hire teams of accountants and tax lawyers to make sure they get out of paying any taxes they can.

#35

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07 Apr 2021 20:30 #3 by ramage
Replied by ramage on topic BIDEN'S bid for tax reform
It was difficult to determine where to post this comment. read it and tell me where it belongs.

"In 1970, Republican President Richard Nixon signed the Economic Stabilization Act that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers as part of a general program of price controls within the American domestic goods and labour markets." This occurred in the context of a recession during the Vietnam War and an energy crisis. As a result, companies found themselves unable to compete for key personnel via salaries and wages offered because they were artificially capped; instead, they were forced to compete on the basis of benefits each applicant would receive. In many cases, the benefits offered a rich package of health insurance goodies.

So began the escalation of tax-deductible health benefits provided to employees. Unlike wages, the benefit was tax-free to the employee. It was the beginning of a dramatic distortion in the application of free-market principles in the health insurance field. The perfect storm for corporations to keep control of their wealth via the tax code. If you were an independent contractor or self-employed in a small business, you had to purchase health insurance for yourself and your family with after-tax dollars.

www.americanthinker.com/articles/2021/04...cks_health_care.html

Please show me where this analysis is incorrect, if you think so.

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08 Apr 2021 07:54 #4 by Rick
Replied by Rick on topic BIDEN'S bid for tax reform

homeagain wrote: www.forbes.com/sites/sarahhansen/2021/04...ned/?sh=23de9c6d76f1

NEW INFO on tax plan.......

From the article...

Biden’s plan would also eliminate tax subsidies for the fossil fuel industry and create incentives for clean energy production and roll back elements of President Trump’s 2017 tax-cut legislation.


I'd be interested to know what kind of "subsidies" they are talking about and if they are actually expenses that every other kind of company is able to write off by law. Then I'd like to know what "incentives" look like for "clean energy" production... are these incentives paid for by American citizens so that these companies can survive? Details are always left out on purpose.

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08 Apr 2021 08:00 #5 by homeagain
BUT, "details" are always nebulous,regardless of who is in the power position....SSDD

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08 Apr 2021 09:08 #6 by FredHayek
The ways of the modern congress: we don't want the public or the representatives to read the bill before they pass it.

WSJ had a piece about how the Biden Team is making a giant turn away from what both parties did for years on economics. Joe is going complete Keynesian mode. Any issue:? Throw money at the problem. And since interest rates are at record lows, now is a great time to add debt. Can't afford your rent this month? We will let you skip payments. Spent 100K getting a college major in fine arts? Don't worry, we will pay that debt off for you.

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