Home 2021 US Tax Increases: They Will Come, They Will Damage the Economy

US Tax Increases: They Will Come, They Will Damage the Economy

by Paul Ebeling

#federal #tax #increases #economy

Americans will start seeing $1,400 federal stimulus checks showing up in their bank accounts this wk, as Treasury Secretary Yellen announced the administration is looking at ways to fund other projects beyond the aid/relief/stimulus bill down the road.

No tax increases were proposed to pay for the massive aid/relief/stimulus package, but she said that they will come later when money is needed for other priority projects. 

When we tackle longer-run priorities and longer-term investments, we’ll look at ways to fund those projects later on,” Schoolmarm Yellen said, clarifying that means “for other priorities, yes.”

Here is Mr. Biden’s tax plan, aka “for other priorities, yes.”

Mr. Biden wants to see higher taxes on the rich, especially those who derive most of their income from stock ownership and other investments, according to a detailed revenue plan quietly reported.

His overall vision for increasing social spending in the United States is ambitious — headlined by a $1.7-T climate plan, a $750-B health plan, and a $750-B education plan.

Mr. Biden’s tax ideas are less dramatic than the new wealth tax proposal Senator Warren made famous and the bigger wealth tax Senator Sanders has proposed. Both would equal his $3.2-B in spending proposals over a 10 yr frame.

The loose talk about a wealth tax and the Biden attack on corporations and unrealized capital gains is just that loose talk. They all should know that they cannot soak the ownership class without risking very broad harms to the economy. The big corporations, big earners and Billionaires’ will avoid their taxes and/or move offshore.

Have a healthy week, Keep the Faith!

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