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Dem tax proposals -
WestlinnDuck
Member Posts: 15,036 
in Tug Tavern
If the dems win in the fall then the attack on capitalism, liberty and private property will begin -
50% federal tax rate on income (at least). Biden also wants a 40% capital gains tax. Stock market will reel. Ability of start-up to attract capital will be handicaped.
Carbon tax. Energy prices will skyrocket.
Attack on fracking and development of new oil and gas fields.
Attack on 401(k)s. That's where some real money is at.
Can't see how this ends well. Ask Venezuela.
ALL YOUR PLAN BELONG TO US: What Would A Joe Biden Presidency Retirement System Look Like? Farewell, 401(k), For Starters. “The promises to “equalize” tax breaks refers to longstanding complaints that, so long as 401(k) plans provide for the deferral of taxes on income saved for retirement, this tax break, or forgone tax revenue, primarily benefits relatively higher earners. Biden promises instead to ‘equalize benefits across the income scale’ and there’s no clear manner in which this lines up with a particular Sanders or Warren proposal, but progressives have been advocating for changes here for many years, for example, in this 2011 Brookings proposal in which tax deferral is replaced by a 30% federal match up to a cap, or other proposals with federal contributions to retirement accounts to be made on a flat per-person basis. Which of these Biden has in mind is unclear.”
50% federal tax rate on income (at least). Biden also wants a 40% capital gains tax. Stock market will reel. Ability of start-up to attract capital will be handicaped.
Carbon tax. Energy prices will skyrocket.
Attack on fracking and development of new oil and gas fields.
Attack on 401(k)s. That's where some real money is at.
Can't see how this ends well. Ask Venezuela.
ALL YOUR PLAN BELONG TO US: What Would A Joe Biden Presidency Retirement System Look Like? Farewell, 401(k), For Starters. “The promises to “equalize” tax breaks refers to longstanding complaints that, so long as 401(k) plans provide for the deferral of taxes on income saved for retirement, this tax break, or forgone tax revenue, primarily benefits relatively higher earners. Biden promises instead to ‘equalize benefits across the income scale’ and there’s no clear manner in which this lines up with a particular Sanders or Warren proposal, but progressives have been advocating for changes here for many years, for example, in this 2011 Brookings proposal in which tax deferral is replaced by a 30% federal match up to a cap, or other proposals with federal contributions to retirement accounts to be made on a flat per-person basis. Which of these Biden has in mind is unclear.”
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