Democratic Party Tax Increase

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gounion
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Re: Democratic Party Tax Increase

Post by gounion »

Glennfs wrote: Fri Aug 05, 2022 4:32 am https://www.msn.com/en-us/news/politics ... r-AA10kaPs

The CBO has said it will have little to no effect on inflation.
While being a disincentive for business expansion.
Way to go liberals another victory for the glorious cause.
You are SUCH a hypocrite. You've been telling me how Manchin is a GREAT American, and standing up for Americans against the Democratic Party, and he's above partisanship.

But now he's made a big deal, and you don't support it?

I've told you all along, Glenn, that Manchin is out for himself and no one else. He's kinda like Bernie in that sense.

And it's not surprising he did this. He made a bunch of side deals for his state for this too. So why did he do it?

Simple. Right now, he's the most powerful man in Washington, as the 50th vote. Be he's getting ready to LOSE that power. The chances of the Senate remaining on that knife edge is extremely small. The Dems are either going to pick up extra seats, in which case he can be ignored by the Dems, or the GOP will be in control, in which he won't have any power as a member of the minority.

So he's making the best possible deal for himself as he can, while the getting is good.

This isn't to help out Joe Biden, this isn't to help out the Dems, this isn't to help out "the American people" as your talking points kept saying. It's to make the best deal to enrich Joe Manchin and make it more probable he can remain a Senator.
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Libertas
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Re: Democratic Party Tax Increase

Post by Libertas »

Yes, Manchin gives zero shits about people, like Ted Cruz and McConnell and most (not all) repubs.

And you are absolutely correct this is about the power he is about to lose when the DNC picks up seats in the Senate.
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Libertas
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Re: Democratic Party Tax Increase

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The title of this thread is INTENTIONALLY MISLEADING and should be CHANGED...it is rightwing PROPAGANDA
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gounion
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Re: Democratic Party Tax Increase

Post by gounion »

Libertas wrote: Sun Aug 07, 2022 5:09 pm The title of this thread is INTENTIONALLY MISLEADING and should be CHANGED...it is rightwing PROPAGANDA
I think it's perfect. It's Glenn unwittingly telling us how he's just not operating on an adult level. It shows how well he's learned Trump's lessons. :lol: :lol: :lol:
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Libertas
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Re: Democratic Party Tax Increase

Post by Libertas »

gounion wrote: Sun Aug 07, 2022 5:14 pm I think it's perfect. It's Glenn unwittingly telling us how he's just not operating on an adult level. It shows how well he's learned Trump's lessons. :lol: :lol: :lol:
It does sound like trump, i.e. 6th grade level. Remarkable how childish they are. Noticed he didnt say DemocRAT...slipping.
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Glennfs
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Re: Democratic Party Tax Increase

Post by Glennfs »

gounion wrote: Sun Aug 07, 2022 5:14 pm I think it's perfect. It's Glenn unwittingly telling us how he's just not operating on an adult level. It shows how well he's learned Trump's lessons. :lol: :lol: :lol:
Nice diversion from the fact that according to the CBO this democratic party tax increase will not lower inflation and will hurt business investment
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Glennfs
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Re: Democratic Party Tax Increase

Post by Glennfs »

gounion wrote: Sun Aug 07, 2022 4:42 pm You are SUCH a hypocrite. You've been telling me how Manchin is a GREAT American, and standing up for Americans against the Democratic Party, and he's above partisanship.

But now he's made a big deal, and you don't support it?

I've told you all along, Glenn, that Manchin is out for himself and no one else. He's kinda like Bernie in that sense.

And it's not surprising he did this. He made a bunch of side deals for his state for this too. So why did he do it?

Simple. Right now, he's the most powerful man in Washington, as the 50th vote. Be he's getting ready to LOSE that power. The chances of the Senate remaining on that knife edge is extremely small. The Dems are either going to pick up extra seats, in which case he can be ignored by the Dems, or the GOP will be in control, in which he won't have any power as a member of the minority.

So he's making the best possible deal for himself as he can, while the getting is good.

This isn't to help out Joe Biden, this isn't to help out the Dems, this isn't to help out "the American people" as your talking points kept saying. It's to make the best deal to enrich Joe Manchin and make it more probable he can remain a Senator.
I love it blame Biden's failure on Manchin
" I am a socialist " Bernie Sanders
gounion
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Re: Democratic Party Tax Increase

Post by gounion »

Glennfs wrote: Sun Aug 07, 2022 6:04 pm I love it blame Biden's failure on Manchin
Not blaming a failure at all - I'm for the bill. But you're the one that is the great defender of corporations and the ultra-rich and keeping them from having to pay taxes.

I'm just pointing out your hypocrisy about Joe Manchin.
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Re: Democratic Party Tax Increase

Post by Glennfs »

gounion wrote: Sun Aug 07, 2022 1:57 pm Yeah, I support a minimum tax on corporations. Why don't you?
Even when it will hurt economic development
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Re: Democratic Party Tax Increase

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Glennfs wrote: Sun Aug 07, 2022 6:14 pm Even when it will hurt economic development
It won't.
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Re: Democratic Party Tax Increase

Post by Glennfs »

gounion wrote: Sun Aug 07, 2022 6:07 pm Not blaming a failure at all - I'm for the bill. But you're the one that is the great defender of corporations and the ultra-rich and keeping them from having to pay taxes.

I'm just pointing out your hypocrisy about Joe Manchin.
While I oppose the bill it should absolutely be passed. Biden is president and if this is his economic plan then he deserves to see it passed.
When it fails however I know all you lefties will somehow blame Republicans
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Glennfs
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Re: Democratic Party Tax Increase

Post by Glennfs »

gounion wrote: Sun Aug 07, 2022 6:16 pmIt won't.
According to the CBO it will.
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ProfX
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Re: Democratic Party Tax Increase

Post by ProfX »

While I DO agree it said the impacts on inflation THIS YEAR will be neiglible; show me where the CBO assessed the bill's impact on business, negative or positive. I'll wait. :mrgreen:

How the Inflation Reduction Act’s Tax Provisions Will Strengthen Our Economy
https://rooseveltinstitute.org/2022/08/ ... r-economy/

The IRA establishes a CMT of 15 percent of book income on the largest, most profitable corporations.

Many corporations maintain two sets of accounting books. One that records the “book” income, or the amount of income that they publicly report on their financial statements. Another contains the tax income that they report on their tax filings. These are often two different figures, allowing corporations to tout their profitability to shareholders, while minimizing their tax liability.

The IRA fixes that by establishing a 15 percent minimum corporate income tax on book income on the largest, most profitable corporations—those with an average annual income over $1 billion or, if they’re foreign-partnered companies, with at least $100 million of financial statement income from the US.

Thus, the CMT helps with the fair and effective application of existing corporate income tax law. In 2020, 50 corporations paid $0 in federal corporate income tax—despite recording substantial profits. In fact, many effectively had a negative corporate income tax, meaning they received more from the federal government in rebates than they paid in taxes.

One of the ways corporations that don’t want to pay their fair share push back on increased taxation is to claim that such taxes would depress their businesses. But to hypothesize about how business investment and productivity may be impacted by only the tax provisions in the IRA is to ignore how the package as a whole will leverage public investment to incentivize private investment, and directly benefit individual consumers and families through cost reductions.

Moreover, because the CMT is highly targeted, it will help rebalance the tax code for smaller businesses and individual taxpayers, who often pay taxes at rates effectively higher than most corporations.

[snip][end]
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gounion
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Re: Democratic Party Tax Increase

Post by gounion »

Glennfs wrote: Sun Aug 07, 2022 6:17 pm According to the CBO it will.
I guess you didn't read the CBO report. Not surprised.
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Drak
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Re: Democratic Party Tax Increase

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Conservatives sure love to complain about inflation while offering absolutely NO solutions to it. They just want to lie, distract and blame the Dems. I haven't seen one solution from Conservatives to help with inflation in America. It's all blabber and bullshit. They keep talking about it, but they have NO plan. The Dems put forth a bill to lower baby formula prices and the Republicans voted no. The Dems put forth a bill to help curb gas price gouging and the Republicans voted no. And not ONE republican voted for this important bill. Every time the GOP is in power, they destroy the economy. Then they blame liberals. They want America to fail in order to win elections. That's a fact. And the local clowns are the same.

Meanwhile, it's OK when the GOP passes trillion dollar bills to help rich corporations. It's OK when the GOP spends trillions on a dilapidated fence (wall) scam. It's OK when the GOP hands over billions and billions to farmers because the last guy was a complete idiot.
Last edited by Drak on Sun Aug 07, 2022 7:30 pm, edited 1 time in total.
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Libertas
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Re: Democratic Party Tax Increase

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Drak wrote: Sun Aug 07, 2022 7:29 pm Conservatives sure love to complain about inflation while offering absolutely NO solutions to it. They just want to lie, distract and blame the Dems. I haven't seen one solution from Conservatives to help with inflation in America. It's all blabber and bullshit. They keep talking about it, but they have NO plan. The Dems put forth a bill to lower baby formula prices and the Republicans voted no. The Dems put forth a bill to help curb gas price gouging and the Republicans voted no. And not ONE republican voted for this important bill. Every time the GOP is in power, they destroy the economy. Then they blame liberals. They want America to fail in order to win elections. That's a fact. And the local clowns are the same.

Meanwhile, it's OK when the GOP passes trillion dollar bills to help rich corporations. It's OK when the GOP spends trillions on a dilapidated wall scam. It's OK when the GOP hands over billions and billions to farmers because the last guy was a complete idiot.
He doesnt know what inflation is, in the first place.
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Drak
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Re: Democratic Party Tax Increase

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Libertas wrote: Sun Aug 07, 2022 7:30 pm He doesnt know what inflation is, in the first place.
Nope. And doesn't understand that inflation is a world wide problem due in large to a slow down in world wide manufacturing and shipping - the result of everything being shut down for a few years. They don't get that oil is controlled by conservative corps who are very obviously price gouging, which is also a major contributing factor. It's just nonsense and games. And utter stupidity.

Meanwhile, the economy is booming, with a 3.5 percent unemployment rate, the lowest in 50 years.
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Bludogdem
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Re: Democratic Party Tax Increase

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“ How Would Enacting the Bill Affect Inflation in 2022 and 2023?
In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment. In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, CBO estimates. That range of likely outcomes reflects uncertainty about how various provisions of the bill would affect overall demand and output, the supply of labor, the persistence of disruptions in the supply of goods and services, and how the Federal Reserve would respond to offset any increase in inflationary pressure. Responsiveness to the enhancement of health insurance subsidies established by the Affordable Care Act is the most important factor boosting inflationary pressure, and responsiveness to the new alternative minimum tax on corporations is the most important factor reducing inflationary pressure. The range applies to multiple measures of inflation: the GDP price index, the personal consumption expenditures price index, and the consumer price index for all urban consumers.“

“ JCT has projected that approximately 150 corporations would be subject to the new tax each year and that just under half of the revenues would come from the manufacturing sector.”

“ In CBO’s assessment, the proposed new corporate minimum tax would reduce the incentive for those large corporations to invest, primarily by limiting the tax benefit of accelerated depreciation and by decreasing the after-tax return on their new investment. According to the generally accepted accounting principles that are used for preparing financial statements, firms must deduct the cost of investments over the full useful life of the asset. In contrast, various provisions of the tax code—including “bonus” depreciation—allow firms to deduct investment expenses more quickly, increasing the tax benefit of those deductions and the expected after-tax return on the investments. By setting a new minimum tax, section 10101 would limit the tax benefit of accelerated depreciation for affected corporations and, all else being equal, reduce their business investment.”

https://www.cbo.gov/system/files/2022-0 ... Graham.pdf

This preceded the senate activities over the weekend. I haven’t seen the final info on the corporate tax issue but read in the times that Sinema was able to get most of the capital expenditure benefits restored. So no to a big impact on the manufacturing companies among the 150. So 150 out of 1.7 million C Corporations. Personally, if they aren’t paying taxes because of capital expenses, I’m good with that.


C Corporations generate 6% of overall tax revenues.


And then there’s the scale involved. An article in the NYT this morning identified a the corporate minimum tax would generate $258 billion over 10 years. So $25.58 billion a year. The irs takes in $4.1 trillion. So that’s an increase of .0061%. And top tier accountants and tax experts wil find ways around it. Waste of time.

I’ve read several pieces and the consensus is that the deficit reduction will be in the $10 to $30 billion range per year. Big whup. After the Sinema changes expect less.

The Medicare pharmaceutical thing doesn’t kick in until 2026. And then only 10 drugs. Eventually it goes up to 20 drugs.

Not particularly impressed with this.

About the only thing I’m sure of is the dollars the 1% surcharge on stock buy backs will generate.
Last edited by Bludogdem on Sun Aug 07, 2022 7:38 pm, edited 1 time in total.
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Libertas
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Re: Democratic Party Tax Increase

Post by Libertas »

Pretender
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Re: Democratic Party Tax Increase

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Allow me to post the next 3 P's from the CBO's letter to Sen. Graham: (p. 7)

The provision would also affect private investment by increasing federal revenues and, all else being equal, by reducing the federal deficit and the amount of federal debt. Less government borrowing would increase the amount of funds available for private investment and put downward pressure on interest rates, which would have a positive effect on business investment, in CBO’s view.

The net effect on business investment, and hence on GDP, would depend on the relative magnitudes of the direct incentive effect and the indirect effect resulting from the change in the federal budget deficit. Additionally, the net effect would depend on overall economic conditions.

Other provisions of the Inflation Reduction Act would also affect incentives to invest. Thus, the legislation’s overall impact on business investment and GDP would differ from that of just this provision considered by itself.

[snip][end]

That was their actual answer, not what glenn is claiming.
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Libertas
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Re: Democratic Party Tax Increase

Post by Libertas »

All these Republicans here, the ones who admit they are and the ones who lie about it.

But what all of them have in common is they never tell the truth.
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Re: Democratic Party Tax Increase

Post by Drak »

ProfX wrote: Sun Aug 07, 2022 9:02 pm

[snip][end]

That was their actual answer, not what glenn is claiming.
All he does is parrot and lie.
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Are the same that burn crosses"

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Re: Democratic Party Tax Increase

Post by Glennfs »

Libertas wrote: Sun Aug 07, 2022 2:03 pm threads started by righty with untrue or misleading comments are ignored by me
We have a thread titled Klan Pack be sure and leave a similar comment there
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Glennfs
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Re: Democratic Party Tax Increase

Post by Glennfs »

Drak wrote: Sun Aug 07, 2022 7:29 pm Conservatives sure love to complain about inflation while offering absolutely NO solutions to it. They just want to lie, distract and blame the Dems. I haven't seen one solution from Conservatives to help with inflation in America. It's all blabber and bullshit. They keep talking about it, but they have NO plan. The Dems put forth a bill to lower baby formula prices and the Republicans voted no. The Dems put forth a bill to help curb gas price gouging and the Republicans voted no. And not ONE republican voted for this important bill. Every time the GOP is in power, they destroy the economy. Then they blame liberals. They want America to fail in order to win elections. That's a fact. And the local clowns are the same.

Meanwhile, it's OK when the GOP passes trillion dollar bills to help rich corporations. It's OK when the GOP spends trillions on a dilapidated fence (wall) scam. It's OK when the GOP hands over billions and billions to farmers because the last guy was a complete idiot.
The democratic party are the ones in charge now and the ones in charge when inflation hit
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Glennfs
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Re: Democratic Party Tax Increase

Post by Glennfs »

gounion wrote: Sun Aug 07, 2022 5:14 pm I think it's perfect. It's Glenn unwittingly telling us how he's just not operating on an adult level. It shows how well he's learned Trump's lessons. :lol: :lol: :lol:
We currently have a thread titled KlanPac prove your not a hypocrite and go there and make a similar comment.
If course you won't because you don't have the balls
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