Because he’s further right than Reagan and Bush Jr.
Those 2 both gave gigantic tax cuts to the rich. Biden raised corporate tax rates. I can remember every president since Nixon and Biden has been the most progressive in my lifetime.
No he didn’t. We’re still under the tax rates Trump set in 2018 that dropped corporate tax rates to 21% and increased rates for lower and middle class individuals.
While the new taxes are “generally not positive for stocks,” the 15% corporate minimum tax won’t be “material,” Wells Fargo analysts wrote in an Aug. 9 research note that called the new taxes “modest.”
Just over 170 companies in the S&P 500 paid less than 15% in taxes last year, according to a new analysis by Credit Suisse. Of those corporations, less than half would likely see a tax hike for 2023 since the legislation allows companies to use adjusted earnings, which can be massaged in a number of ways, the analysis found.
So a very modest increase for roughly 80 companies. Really groundbreaking stuff here.
In passing the bill, they also stripped out universal child care and tax cuts for the middle class. Business as usual it seems. Lots of money for energy companies and health insurance companies and nothing for the working person.
This is projected to bring in up to $30B per year. The current deficit for the year is already at $855B and projected to hit $1.6T. Hardly a drop in the bucket.
I won’t argue that it’s bad these corporations are now paying at least a little bit in taxes, but this is pretty pathetic for some ‘landmark’ legislation.
[The Biden Administration on May 28, 2021, released its fiscal year (FY) 2022 budget…the Biden Administration proposes to increase taxes on the wealthy and corporations and to enhance Internal Revenue Service (IRS) compliance, information and enforcement initiatives, projected to raise $3.6 trillion in revenues over a decade.]
And in the future, another $4 trillion in taxes on the wealthy.
Your own link from earlier has this right in the header’s bullet points in reference to the bill that was actually signed into law not an analysis of a proposal from a year and a half prior:
The more than $430 billion package is expected to reduce the deficit by more than $300 billion over a decade.
The wealthy haven’t had their taxes increased so I don’t know where this $4T is supposed to come from unless IRS audits are going to find $4T worth of unpaid revenue.
Because he’s further right than Reagan and Bush Jr.
Those 2 both gave gigantic tax cuts to the rich. Biden raised corporate tax rates. I can remember every president since Nixon and Biden has been the most progressive in my lifetime.
No he didn’t. We’re still under the tax rates Trump set in 2018 that dropped corporate tax rates to 21% and increased rates for lower and middle class individuals.
https://en.m.wikipedia.org/wiki/Corporate_tax_in_the_United_States#Federal_tax_rates
Biden raised the minimum corporate tax rate from 0% to 15% rather than simply reverse the Trump corporate tax rate reduction.
https://www.cnbc.com/2022/08/16/watch-live-biden-to-sign-inflation-reduction-act-into-law-setting-15percent-minimum-corporate-tax-rate.html
So a very modest increase for roughly 80 companies. Really groundbreaking stuff here.
https://www.cnbc.com/2022/08/16/bidens-new-corporate-tax-hike-wont-be-material-to-most-us-companies.html
In passing the bill, they also stripped out universal child care and tax cuts for the middle class. Business as usual it seems. Lots of money for energy companies and health insurance companies and nothing for the working person.
Enough to significantly reduce the deficits and pays for some social spending and climate change efforts.
This is projected to bring in up to $30B per year. The current deficit for the year is already at $855B and projected to hit $1.6T. Hardly a drop in the bucket.
I won’t argue that it’s bad these corporations are now paying at least a little bit in taxes, but this is pretty pathetic for some ‘landmark’ legislation.
Nope. The figure is $3.6 trillion over 10 years.
https://www.hklaw.com/en/insights/publications/2021/06/biden-administrations-fy-2022-budget-and-its-tax-increases
[The Biden Administration on May 28, 2021, released its fiscal year (FY) 2022 budget…the Biden Administration proposes to increase taxes on the wealthy and corporations and to enhance Internal Revenue Service (IRS) compliance, information and enforcement initiatives, projected to raise $3.6 trillion in revenues over a decade.]
And in the future, another $4 trillion in taxes on the wealthy.
https://taxfoundation.org/blog/biden-tax-increases-2023-budget-proposal/
Your own link from earlier has this right in the header’s bullet points in reference to the bill that was actually signed into law not an analysis of a proposal from a year and a half prior:
The wealthy haven’t had their taxes increased so I don’t know where this $4T is supposed to come from unless IRS audits are going to find $4T worth of unpaid revenue.