Sally Vix wrote:
agip wrote:
Right wingers seem to think that tax policy is the only thing you need to know, ever. It's a serious fault in their thinking.
Tax is one tool. There are many other tools. Tax is like 10% of the picture.
Just the good prospect of ending the trade wars dwarfs any tax hike.
If you have $4 million in capital gains as some have, do they really want to be paying 28% versus 15% on capital gains tax rates? Is that too hard to understand. And raising corporate tax rates back up to 35% is going to have a big-time effect on the stock market. Is that too hard to understand?
None of what you just said has anything to do with reality. For one thing, Biden said he would raise the corporate tax rate up to 28% from 21%, not back to 35%. For another thing, it really doesn't matter. Corporations, and many rightly so, have tax deals and deductions that let them pay nowhere close to what the corporate tax rate is. That was true before Trump, and that is true now. This corporate tax rate thing is one of the biggest just political footballs on both sides of the aisle that has not much to do with anything. Has some effect, but not as much as either side would have you believe.
As far as capital gains tax goes, you have to be earning more than $1 million a year to be affected by Biden's proposed changes. I think they can handle it. I don't quite make $1 million a year, and yet I would be fine paying more in taxes. Just not a big deal for wealthy people to have their taxes increased.