Biden supporters are you really okay with his tax plan?

Question

Based on most estimates, the Biden Tax plan would devastate the Economy.  Oh and if you really believe the fact that he won't raise taxes on anyone earning under 400K, take a look at these estimates.

A net REDUCTION in GDP of 1.47%
An average after tax income REDUCTION of about 1.7%
Lower wages by about 1%
A net loss of over 500K full-time jobs
A reduction of about 2.5% in stock investment

So with this how can anyone really support this plan?

https://taxfoundation.org/joe-biden-tax-plan-2020/
https://taxfoundation.org/joe-biden-tax-plan-2020/#Updates

Answer 1

Based on what? Your estimate, Fox News estimate? You have no idea or clue what you’re talking about. Go back to Trump  brainwash school and leave real politics to the grown-ups

Answer 2

No. ~Trump 2020~

Answer 3

Oh boyyyyyyyyyy

Answer 4

Do your vow morals really matter. You vowed to Jesus to end poverty now we have a option do you dare call Jesus a liar fundies 

Answer 5

totally untrue........

Answer 6

His proposal to do away with the step up in cost basis is going to nail the middle class to the wall when it comes to the Trillions they are about to inherit from the Boomer generation.   I've looking at about 4 years of salary in taxes when I get rid of the obsolete companies my folks have owned since the 80s, and if it applies to their home as well there's a few more years of salary. 

Answer 7

He's the better option of the 2.

Answer 8

Based on no realistic estimates would it hurt the economy.  Taxes would still remain lower than they were before the first of several times that Republicans cut taxes too much and devastated the economy that way.  The last Republican to leave office with a good economy was Reagan, before the two Bush's cut taxes and left devastated economies.  Biden won't make taxes as high as they were under Reagan, but hopefully it will be enough.



Everyone can support the plan, because although it will leave taxes far too low, they will be closer to where they were when we had a better economy, although much lower.

Answer 9

The tax foundation is a right-wing think tank that still thinks the Laffler curve is a real thing.  Funded by the Koch brothers.  They said the same thing about Clinton's tax plan in 1993, and were screaming about Obama's tax plan in 2009 (funny how both presidents presided over massive job and economic growth).  They also were screaming that there would be this massive 'brain drain' under Obama over companies being unable to use their bailout money for corporate bonuses, because nothing says 'free market capitalism' like rewarding people for destroying the global economy.



The job loss numbers are laughable as the Koch brothers project.  If someone presented this as they have, I'd fire them for incompetence.  If this were true (it's not) then you'd have had 0 unemployment under the fat orange man.  Employers hire people based on need, not on who's in the White House.  Meanwhile the Koch brothers projected massive job growth under Trump and Bush 43.  WRONG.



There are literally hundreds of reasons for wages to go up or down.  A big reason for the suppression in wage growth?  Efforts by the Koch brothers to enact 'right to work' laws which limit union participation, which lowers wages and their spending billions to lobby against raising the minimum wage because your country's attitude is "screw the poors".



USGDP is down because your fat Orange moron destroyed your economy, which won't get turned around until they get COVID under control, which won't happen until the MAGA chuds decide to wear masks, socially distance and wash their hands (and accept that they won't be able to eat 8 pounds of slurry in an indoor restaurant anytime soon).  Tourism/hospitality accounts for around 10% of USGDP and millions of jobs.



Stock investment is down because companies took their Trump tax cut money and simply did buybacks of stock with it.  They didn't hire people (because you hire based on NEED), they didn't increase wages (supply and demand, minimum wage laws combined with union participation are the biggest drivers of that), and generally speaking, they didn't do what direct payments provide for- an actual boost to the economy.



When people got COVID payments they did things like pay rent, buy groceries, pay utilities.  Money that primarily stayed in their local region.  But X Company CEO didn't do any of that; he bought back stock, hid a bunch of it in overseas tax shelters, and didn't actually spend money.



Here in Canada people who lost their job got CAD$2000 per month.  

Answer 10

How did Trump's claimed tax reduction affect the middle class?  Was it different than what he claimed?



No matter who wins, taxes are going up to pay for covid.

Answer 11

Yes , I believe that the top tax bracket should pay their cars share of taxes as everyday Americans do (the taxpayer class) 

Answer 12

I’m voting for Trump all the way

Answer 13

Propaganda alert!!



The corporate-colluding Great Depression, Reagan recession, and GOP's more recent nearly fatal 2001-2008 Great Recession, in case you have some short-term memory deficit, gives all the gigantic revenues-stealing tax cuts to the wealthiest 1% of our nation's billionaires and hugely rich corporations---a KISS-UP attempt to get more campaign coffers filled. All of the nation's wealth under fiscally insane Republicans concentrated at the tippy top 1% of the economy, and the GOP's always-fail "trickle on down" (supply-side) economics coupled with their dereliction of duty in deregulating pollution-prone Koch industries et al. is a disaster every single time these greedy-gut power-lusting Putin-puppet right-wing Republicans manage to voter-suppress their nation-destroying way into power.  



The Obama/Biden administration inherited one of these Republican messes from the 2001-2008 totalitarian Republican years: Dow Jones plunged in 2008 to 6,900; the GOP-deregulated housing and credit markets COLLAPSED between 2006 and 2009, costing many millions of Americans their homes and blighting urban areas nation wide; the FINANCIAL SYSTEM MELTDOWN due to GOP's deregulation (removal of all government oversight, all regulations, all systems of checks and balances, all consumer protections) bankrupted most of Europe (our trading partners, so no trade help to bring us out of the DEPRESSION these Republicans caused); unemployment under the Republican totalitarian policies was DOUBLE-DIGIT and by 2008 and 2009 we were HEMORRHAGING JOBS at the rate of 800,000+ per week; our American auto industry was facing RUIN (rescued by the Obama/Biden plan and their Recovery Act). 



Taxes are necessary to sustain our nation's infrastructure, fund our social safety nets, provide for our educational systems---all of which must be funded in order to exist.  The GOP tries to buy favors by allowing the wealthiest corporations and our nation's infrastructure-using BILLIONAIRES to SHIRK RESPONSIBILITIES to this great nation by paying NO TAXES, while the crucial backbone of our nation---the middle-class workers---end up paying far more than their fair share to the point where these families can barely make ends meet.  DEMOCRATS, including the socially responsible gentle man Joe Biden, give tax breaks to the working-class Americans and make the filthy rich greedy-gut spoiled-brat billionaires contribute to the well-being of our nation as a whole.  



In 2008 after eight horrendous years of fatally flawed Republican control, unemployment was at 10.6% our nation's GDP, but by the end of the Obama/Biden FIRST TERM this figure was cut more than one-half to 5.2% of GDP and still going down. Suggestion: Avoid spewing Russian MAFIA propaganda.

Answer 14

To tax more fairly those making over $400K/yr?  Yes, I find that to be quite fair and reasonable.

Answer 15

REPUBLICAN TRICKLE DOWN ECONOMICS DON'T WORK!

WHY SHOULD WE KEEP ON SUPPORTING THIS FAILURE?

Answer 16

THE ONLY THING WE"RE NOT OKAY WITH IS YOU, LYING MORONIC FASCIST.

Why dont you go blow your dog again and kill yourself, cowardly pvssy!

Answer 17

No, dear, it wouldn't "devastate" the economy.  I notice you didn't actually link to all these supposed "estimates" as analyzed by a serious economic agency.



Your claims are supported by nothing substantive, as usual.  It's impossible to take little idiots like you seriously.



Get an education. Until you do, stop pretending that you know anything at all about the economy or tax plans. You so clearly do not.

Answer 18

No legit studies have said it devastates the economy 

Its a very sound plan according to  most economists 

The "tax foundation " is a right wing organization  that always lies

Honest estimates say it will create between 4-5 million jobs, leave GDP unaffected and cause the first real rise in wages in decades

Answer 19

Estimates are just guesses, and these sound biased.  You know what isn't a guess?  I paid more in taxes in the last two years than in my entire life.

Answer 20

Tax Foundation is right wing bias. The 2017 tax cuts increased the skew of wealth that is collapsing the nation and ALL gains since the 1970's have gone to the top 10%.

I HIGHLY SUPPORT MORE TAXES ON RICH PEOPLE AND CORPORATIONS!

They'll work out the details between Congress and a decent man President.

The net job loss is total bullcrap.

Tax cuts didn't create jobs to begin with.

Economy does better as a whole under DEMOCRATS.



Trump lies about everything, at an average of once every 96 seconds.