Home PoliticsAmerica Mr. Biden’s Proposed Tax Hikes Will Punish the Economy

Mr. Biden’s Proposed Tax Hikes Will Punish the Economy

by Paul Ebeling

#Biden #taxes #economy

“The corporate tax rate structure should be 1 where the US is competitive with the other world economic powers“–Paul Ebeling

Joe Biden is “punishing the economy” through his proposal to tax capital gains and that these tax hikes will have a negative impact on small businesses and blue-collar workers.

Representative Kevin Brady (R-TX) maintains that “this is another major economic blunder by President Biden. Look… after the tax cuts and Jobs Act investment surged in America, and as a result, it was blue-collar workers, it was local communities that benefited. When you double that tax, you have the opposite effect. In reality, you wouldn’t… encourage a cure by punishing the most frequent and successful researchers. You don’t rebuild a healthy economy by punishing those who invest in that local in the U.S. economy, and that’s exactly what you have here. So, at the end of the day, America, again, American workers are the net loser in President Biden’s capital gains proposal.”

The Biden packages, among other things, aim to make huge investments in infrastructure, child care and a host of other projects that will be paid for in part by hiking the Top income tax rate to 39.6% and raising the corporate tax rate to 28%.

Mr. Biden’s proposals would reverse some Key pieces of the 2017 tax-cut law, which Mr. Brady, then the Chairman of the House Ways and Means Committee, helped craft. The $1.5-T legislation, which cut taxes for corporations and individuals, became a key achievement of President Trump’s (45) term in office.

Notwithstanding the fact that the GOP and the liberal Democrats are at odds with Mr. Biden’s proposed spending plans, Mr. Brady thinks that, Republicans and Democrats in Congress can “absolutely compromise” on an infrastructure plan, which has “always been a bipartisan issue.

Working to Make and Keep America Great!

Have a healthy day, Keep the Faith!

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.