Article from For Liberty by Norm Leahy.
Democratic presidential nominee Joe Biden has proposed a number of changes to individual and corporate taxes should he be elected. What does he have in mind? The Tax Foundation took a look at his various ideas and put a price tag on them.
The bottom line:
…Biden’s tax proposals would raise about $3.8 trillion over 10 years. The plan would also reduce long-run economic growth by 1.51 percent and eliminate about 585,000 full-time equivalent jobs.
The specifics:
*Repealing the Tax Cuts and Jobs Act (TCJA) individual income tax reductions for those earning over $400,000 and restoring the top marginal income tax rate to 39.6 percent from today’s 37 percent. The Section 199A deduction would also be phased out for those earning over $400,000.
*Taxing capital gains at ordinary income tax rates—up from a top rate of 23.8 percent today—for those earning over $1 million. Biden would also eliminate step-up in basis for inherited assets with capital gains, instead taxing those gains at death.
*Capping the value of itemized deductions to 28 percent for those in higher marginal tax brackets and restoring the Pease limitation on itemized deductions for those with taxable income above $400,000.
*Raising the corporate income tax from 21 percent to 28 percent.
*Imposing a 15 percent minimum book tax on corporations with $100 million or greater in income.
*Doubling the tax rate on Global Intangible Low Tax Income (GILTI) earned by foreign subsidiaries of U.S. firms, from 10.5 percent to 21 percent.
*Imposing the 12.4 percent Social Security payroll tax on wage and self-employment income earned above $400,000.
Many of these ideas were floated before the coronavirus sideswiped the U.S. and global economies. The Tax Foundation notes that these proposals might have to be shelved given current conditions.
wpDiscuz
The losses of revenue from the coved 19 shutdown of the economy is going to have all levels of government; local, state, and federal, looking for ways to tax us more. Look out for all the snaky ways the levels of government will go to, to save their gravy train. It looks like the first place they are going is to reduce and/or defund the police. When you buy a gun for self protection for yourselves and family make sure you take some training. Guns in the hands of untrained people ARE dangerous.
Not a problem, Joe has been effin things up for 47 years, and he can still be counted on to continue.