Biden Actions ... And Reactions

BernieP

Resident PIA
and the stock market responds. A full 1% loss. And so the slide begins. Words do matter when we are talking economic policy.
Raise taxes on capital gains, well pull out of the market now and move your money out of the country.

Too bad us peasants don't get to do that. Thanks Uncle Joe, you demented old pervert.
 

GURPS

INGSOC
PREMO Member
Additional business taxes mean hurdles to better infrastructure



Infrastructure investment is an excellent step in that journey. But funding it with increases in the corporate income tax will be counterproductive and is a mistake. The corporate income tax is one of, if not the, most destructive taxes to economic growth. Even multilateral institutions have concluded this. Raising corporate income taxes, through rate increases or other measures, has a direct adverse impact on jobs. The National Association of Manufacturers released a study projecting that the most common corporate and individual tax increases proposed by Biden, many of which are included in his infrastructure plan, would cost us the equivalent of a million jobs in its first two years and nearly six million over the next ten years.

Indeed, studies have shown that between 25 percent and 100 percent of the corporate income tax is actually borne by employees, with 70 percent or higher the most likely number. And who bears the remainder of the tax? Other regular people, such as customers (all of us). And shareholders. Since now more than 50 percent of Americans hold stock in companies, that means most of us again, which includes retirees and pension funds holding money for millions of Americans. Politicians like to talk about the desirability of even more “progressive” taxes, often citing corporate income taxes as an example. But this is a shallow perspective, and when you look through to who ultimately bears the tax, it is often, instead, an example of regressivity.

Similarly shallow are some of the reasons being cited for increasing the corporate income tax now, such as companies that are profitable but are alleged to have not paid their “fair share” of taxes recently. Like it or not, sometimes things cannot be dismissed with simple sound bites. Some companies reduced their tax burdens because they made new investments in plants and equipment, as specifically intended under the Tax Cuts and Jobs Act.
 

GURPS

INGSOC
PREMO Member
Biden Eyeing Tax Rate as High as 43.4% in Next Economic Package

  • People earning $1 million would pay 39.6% plus Obamacare levy
  • Total tax rates for New Yorkers, Californians could top 50%
President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.

For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.

A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income, they said.
 

Hijinx

Well-Known Member
These fools watched as Trump built one of the greatest economies we ever had and they do just the opposite of what he did.

Are they trying to destroy the economy??/


It sure looks like it.
 

GURPS

INGSOC
PREMO Member
I am a Leftist, trans woman living in the rural South and a gun owner. Biden's proposed gun control legislation will only help the far right.


When you don't own a gun, it's really hard to care about gun law. It doesn't risk criminalizing you or too many people you know. We live in bubbles in the US. If you own a gun, your friends likely do too. If you don't, your friends probably don't.

Most advocates for gun control do not understand firearms, firearm law, or firearm culture. When people tell you what to do, while making it clear they don't have the first idea what they're talking about, it is always going to rub you the wrong way.

I own a gun and most of my neighbors own guns. Some of them hunt. Some of them are veterans. Some of them are concerned with self-defense. My neighbors in rural North Carolina, just like my neighbors when I've lived in major cities, run the full gamut of political affiliations. None of them operate under the illusion that the police would keep them safe in case of an emergency. Safety comes from knowing your neighbors. Safety comes, sometimes, from being armed.
 
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GURPS

INGSOC
PREMO Member
Expect as huge sell off if this goes into affect, and a fall off of capital investments
 

Hijinx

Well-Known Member
A Capitol Gains tax of 43% and here I am earning $0.25% or .25 cents on $100 dollars on my CD's.

There sure won't be any Capitol Gains there. Inflation is already outpacing savings.
It actually costs money to save money.
 

GURPS

INGSOC
PREMO Member
Floodgates Open: Biden Admin To Increase Number Of Migrants Released Into U.S. By 800%, Reports Say

“The Biden administration anticipates that it will be releasing 400 migrant families into the country a day by mid-June as the influx of people encountered illegally crossing the border overwhelms its detention capacity,” The Washington Examiner reported. “The 400 figure is eight times greater than the 50 families that Border Patrol and Immigration and Customs Enforcement were releasing from its facilities each day early on in 2021. As of mid-March, Border Patrol agents were seeing 500 people arrive as part of a family group per day.”

Illegal border crossings remained near 20-year highs for the month of April with roughly 175,000 illegal aliens projected to be taken into U.S. Customs and Border Patrol custody.

Fox News expanded on the report from The Washington Examiner, adding that the move by the Biden administration was an attempt to “cope” with Biden’s border crisis.
 

GURPS

INGSOC
PREMO Member
Does Biden's Climate Agenda Mean 'Red Meat Passports' Are Coming?



If your home is heated by oil or natural gas, you’ll have to get an electric heat pump installed.

Experts say the economic shifts of Biden’s plan will cost Americans trillions of dollars.

But, worse yet, in addition to changing the kind of cars we drive and how we heat our homes, Biden’s plan may force Americans to limit our consumption of red meat.

That’s right, in Biden’s version of America, you might have to cut your consumption of red by a whopping 90 percent. According to a study from Michigan University’s Center for Sustainable Systems, to meet the changes proposed by Joe Biden, Americans would only be allowed to consume four pounds of red meat annually.

To put that in perspective, your red meat consumption would be limited to one typical hamburger per month.

Imagine being limited to one burger a month, and not being able to eat red meat. Will the government require us to have Red Meat Passports to ensure we don’t go over our quota of red meat?

Is that really so far out of the realm of possibility? Remember the Vaccine Passport.

If government officials think they can control your behavior based on whether you’ve been vaccinated, what’s to stop them from using the same idea to limit our consumption of red meat because of “the environment”?
 

GURPS

INGSOC
PREMO Member
Biden Wants $80 Billion To Fund IRS Audits, Tax Enforcement Against High-Income Earners


President Joe Biden is reportedly seeking an $80 billion handout to the Internal Revenue Service (IRS), to help the government agency increase the number of audits it does on high-income earners and seek out revenue that both individuals and corporations are “hiding” from the United States government, according to a new report from the New York Times.

The Biden administration hopes to raise around $700 billion from the tax enforcement effort, which the president hopes will offset the cost of his multi-trillion-dollar infrastructure plan, set to be unveiled this week.

The White House hopes to pair an increased IRS enforcement effort with new “disclosure requirements” designed to force small business owners and wealthy individuals to fork over cash they might have otherwise kept for themselves.
 

GURPS

INGSOC
PREMO Member
More Executive Orders: Biden Raises Minimum Wage To $15 For Federal Contractors, Including Tipped Workers

In a fact sheet about the order, the White House said: “These workers are critical to the functioning of the federal government: from cleaning professionals and maintenance workers who ensure federal employees have safe and clean places to work, to nursing assistants who care for the nation’s veterans, to cafeteria and other food service workers who ensure military members have healthy and nutritious food to eat, to laborers who build and repair federal infrastructure.”


The executive order will reportedly increase the hourly minimum wage for federal contracts to $15 beginning January 30, 2022, to be incorporated in new contract solicitations. By March 30, 2022, every agency must implement the minimum wage requirement into new contracts. The minimum wage must also be adjusted to an inflation measure “so that every year after 2022 it will be automatically adjusted to reflect changes in the cost of living.”

Additionally, the order will get rid of the tipped minimum wage for federal contractors by 2024, which applies to the statute that permits employers to pay a “sub-minimum wage” as long as the tips bring the wage up to the level of the minimum wage. During the Obama administration, an executive order was issued that raised the wages for tipped workers, but Biden’s new executive order on the topic will make sure that tipped employees who are working on federal contracts make the same minimum wage as other employees who are working on federal contracts.
 

GURPS

INGSOC
PREMO Member
The White House Gives a Pathetic Excuse for Biden Wearing a Mask During the Virtual Climate Summit




“Why was President Biden the only world leader at the Climate Summit Zoom who was wearing a mask?” Fox News’ Peter Doocy asked.

“Because he is sending a message to the world that he is putting in place precautions and continuing to do that as leader of the United States,” Psaki claimed. “And I don’t know what setups they all had in their countries — that may warrant some more reporting or not. But obviously, he had a pool there for portions. There were additional staff there, additional personnel. And that’s the sort of model that we try to keep ourselves to here.”

It’s an amusing explanation, but, as the reporter noted, “the CDC’s website and their guidance is that you can gather indoors with fully vaccinated people without wearing a mask or staying six feet apart.”

“That’s actually for — in your private home,” Psaki claimed. “So it’s not workplace guidance.”

Umm, really? The CDC guidance states that fully vaccinated people can “Visit with other fully vaccinated people indoors without wearing masks or physical distancing” and “Visit with unvaccinated people (including children) from a single household who are at low risk for severe COVID-19 disease indoors without wearing masks or physical distancing.” The guidance makes no distinction between home and workplace settings for this guidance.
 

GURPS

INGSOC
PREMO Member
People on the ground at the border confirmed to The Daily Wire that hundreds of migrants are being stuffed into holding facilities meant for only a few dozen people. A massive tent city in Donna, Texas, houses thousands upon thousands of migrants. The facility is booming with activity and plans are in the works to expand the tent city even more.

After the Obama-Biden administration’s public relations disaster in 2014 with the images of “kids in cages,” the Department of Homeland Security (DHS) had to find a new way to detain migrants. Now, instead of fences, plastic sheets divide the massive groups. The spaces are so tight that migrants have to take turns sleeping because there isn’t enough room for everyone to lie down.


For years, Biden and Vice President Kamala Harris decried Trump’s immigration policies and sounded the alarm over “kids in cages.” Now, they tell us a humanitarian crisis is just a “challenge,” and that thousands of children suffering in jam-packed facilities are not even worth visiting in person.

It’s been nearly three months, yet Biden and Harris have refused to go see the chaos and suffering that their administration’s policies are creating.

The Biden administration secretly admits that the crisis at the border is growing worse every day, but they don’t want anyone to know what they really think. A recent report revealed a desperate administration even trying to coax federal employees to come help with the “challenge” at the border in exchange for four months paid leave.

Border agents tell The Daily Wire that these employees, who have no training in border security or immigration processing, would not be helpful. Instead, they request that Biden focus on allowing deportations and expanding the wall.

 

GURPS

INGSOC
PREMO Member
Texas Official Sues Biden Administration For Discriminating Against White Farmers


Miller, backed by America First Legal Foundation, claims Biden’s Agricultural Department’s racial exclusion of whites in their COVID-19 relief package for farmers and ranchers violates the U.S. Constitution and Title VI of the Civil Rights Act of 1964, Courthouse News Service reported Monday.

“The lawsuit says the $1.9 trillion American Rescue Plan passed by Congress last month includes provisions for the forgiveness of loans to ‘socially disadvantaged’ farmers or ranchers of up to 120% of the value of the loan,” the report outlined. “It claims other federal laws limit help for white farmers and ranchers, including the Agriculture Department being required to give preference to grant applications filed by ‘socially disadvantaged’ farmers or ranchers.”

“These racial exclusions are patently unconstitutional, and the court should permanently enjoin their enforcement,” the complaint reads. “Doing so will promote equal rights under the law for all American citizens and promote efforts to stop racial discrimination, because ‘[t]he way to stop discrimination on the basis of race is to stop discriminating on the basis of race.’”
 

GURPS

INGSOC
PREMO Member
Biden Admin Expected To Propose Ban On Menthol Cigarettes, ACLU Says It Will Disproportionately Affect Communities Of Color

Certain groups are split on the ban, with some seeing it as a way to help reduce the addiction to cigarettes among communities of color, while others see it as a move that will lead to broader incarceration levels.

The Post reported that ten civil rights and black health organizations recently sent a letter to Health and Human Services Secretary Xavier Becerra pushing for the ban. Signers included the African American Tobacco Control Leadership Council, the NAACP, and the National Medical Association, which represents black physicians, per the outlet.

The letter said, “The predatory marketing of menthol cigarettes and other flavored tobacco products must be stopped and we should all recognize this as a social justice issue, and one that disproportionately impacts youth and communities of color[.]” According to the Post, the “letter noted that the tobacco industry gave away free samples menthol cigarettes at gatherings in African American neighborhoods, promoted menthol tobacco through extensive advertising and sponsored educational and cultural events, such as jazz festivals, popular with the Black community. Throughout the years, the industry also has donated generously to the political campaigns of many Black, as well as White, lawmakers.”

The American Civil Liberties Union (ACLU) and other groups sent a letter to the Biden administration earlier this week, pushing back against a potential ban on menthol cigarettes. The groups said that such a move would “Disproportionately Impact People and Communities of Color, Trigger Criminal Penalties, and Lead to Negative Interactions with Law Enforcement.” The letter pointed to the cases of Eric Garner, Michael Brown, and George Floyd as situations where cigarettes were involved, adding that “well-intentioned efforts to continue to reduce death and disease from tobacco products must avoid solutions that will create yet another reason for armed police to engage citizens on the street based on pretext or conduct that does not pose a threat to public safety.” The groups argued that a ban on menthol cigarettes “would disproportionately impact communities of color, result in criminalization of the market, and exacerbate mass incarceration.”




Predatory Marketing - WTF does that even mean

Does this mean BIPOC are too stupid to discern marketing tactics .... BIPOC need to Gov to be a Nanny for them
 

GURPS

INGSOC
PREMO Member
According to the White House, the plan will address a number of key areas.

Education

  • Invest $200 billion to establish universal preschool for three-and-four-year-olds.
  • Invest $109 billion for free community college for Americans and DREAMers.
  • Invest $46 billion in Historically Black Colleges and Universities (HBCUs), Tribal College and Universities (TCUs), and other minority-serving institutions.
  • Invest $80 billion in Pell Grants, including upping award amounts by $1,400.
  • Invest $9 billion to “train, equip, and diversify teachers.” Scholarships for students training to become teachers would double, from $4,000 to $8,000. Around $2.8 billion of the money would be used for teacher fellowships and training programs, and another $1.6 billion would help fund teacher certifications in areas like special education.
  • Invest $62 billion in grants for colleges and universities servicing low-income students.
Families

  • Ensure that families deemed “low” or “middle-income” spend no more than 7% on child care.
  • Create a national paid family and medical leave program up to $4,000 a month, with a minimum of two-thirds of average weekly wages replaced.
  • Invest $25 billion to expand EBT benefits in summer for all students.
  • Invest $1 billion to build on the Obama administration’s nutrition standards in schools.
  • Allow those who are formerly incarcerated to receive SNAP benefits if needed.
Taxes

  • Expand the Child Tax Credit “from $2,000 per child to $3,000 per child for six-years old and above, and $3,600 per child for children under six.”
  • Creates the Child and Dependent Care Tax Credit, which would allow families to receive up to half of their child care spending as a tax credit. The maximum allotment is $4,000 for one child or $8,000 for two or more children. Families making $125,000 or less will receive a 50% reimbursement. Those making between $125,000 and $400,000 will receive a partial credit.
  • Make the Earned Income Tax Credit permanent.
  • Extend health insurance tax credits.
  • Increase the top marginal-tax rat on families making more than $400,000 to 39.6%
 
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