Biden pushes massive tax hike on workers as recession begins

floridafan said:
Sweetheart, you must learn about elasticity of demand. If GM produces a car to compete with a similar product from S. Korea or Japan, and the import is cheaper than the GM car to begin with, the very last thing GM will do will be to raise the price of their product.
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But, GM produces crappy vehicles (their current SUV line-up is rated as some of the least reliable, poorest made) at uncompetitive prices. GM's problem(s) is more than about demand, it's about not making what consumers want.

That goes for EV's in particular. They are poor sellers due to their higher cost compared to ICE vehicles. If idiots like the Joke administration weren't heavily subsidizing (aka bribing with taxpayer money) them few people would be buying them at all. Of course, since GM and Tesla are two of the bigger sellers of those, and both companies make a shitty level of quality and reliability product, it isn't helping either sell an already unpopular product.
 
Grokmaster said:
Another CATASTROPHIC plan from Joey and the Imbeciles.

" The best way to revive an economy as you head into a recession is to slap businesses and workers with a massive tax hike. Said no legitimate economist ever."




Biden pushes massive tax hike on workers as recession begins


The best way to revive an economy as you head into a recession is to slap businesses and workers with a massive tax hike. Said no legitimate economist ever.

Yet that’s apparently the best plan President Joe Biden and Democrats in Congress can come up with. Their new so-called “Inflation Reduction Act,” which would do almost nothing to reduce inflation , also includes a $315 billion tax on businesses. This comes in the form of a 15% “minimum corporate tax” applied to major U.S. corporations.

Biden says that this tax will allow him to spend huge sums on green energy subsidies and tax credits and “pay for all of this by requiring big corporations to pay their fair share of taxes, with no tax increases at all for families making under $400,000 a year.”

Yeah, right.


~“William C. Randolph of the Congressional Budget Office found that for every dollar raised by the corporate tax, approximately 70 cents comes out of workers’ wages. Further confirming this finding, research from the Kansas City Federal Reserve concluded that a 10% increase in corporate taxes reduces wages by 7%.”

~ So, Biden’s plan to squeeze $315 billion more out of corporations actually means squeezing hundreds of billions out of workers — at the exact time we can least afford it.

Not only are families suffering under the crushing weight of inflation, but we also just crossed into a second consecutive quarter of a shrinking economy, which despite the White House’s attempted gaslighting, remains the conventional definition of a recession. (It is even used as the definition in several federal laws .) Raising taxes on businesses and workers is hardly ever a good idea, but in our current situation, it would be a gut punch to the productive sector at the worst possible time.

Tax Foundation Vice President of Federal Tax & Economic Policy William McBride warns that this tax increase would “reduce incentives for … companies to invest, grow, hire, and raise wages.”

He adds that in our current economic situation, “it would be extremely unwise to raise taxes, especially the type of taxes advocated by this administration, which would do excessive harm to the economy.”


https://www.washingtonexaminer.com/...msn&utm_medium=referral&utm_campaign=msn_feed



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Lionfish said:
Bullshit you moron. Corporations do not pay taxes, their customers do. Guess who runs the corporations. God, you people are ignorant.
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Thank you. AS I said, nothing illustrates the complete economic ignorance of Pres.Moron and the Dunce-o-crats more than this bill , and their imbecilic claims that it "only taxes the rich".


THIS WILL BE KILLING NEW BUSINESSES, AND STALLING HIRING HURTS EVERYONE, IN ADDITION TO PASSED ON COSTS...REALITIES THAT THEY ARE TOO STUPID TO GRASP.
 
raise corp taxes and spend $.8 trillion..during high inflation? The Dems are consistently bogus on policy.

and the green money is unproductive. Treasury might as well send a purchase order directly to China who will sell us all the solar panels and windmills we desire
 
Grokmaster said:
These fucking morons believe that yet ,another, multip-trillion dollar BOONDOGGLE will "help" inflation , and forcinfg a massive tax increase onto businesses and consumers alike, will "help the economy".

You cannot find a better example of economic ignorance, than that on display now from Pres.Moron and the Dunce-O-Crats continue their plan to WEAKEN AMERICA.
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You are crazy. What't the matter are you off her meds and/or taking their crazy pills?
 
T. A. Gardner said:
But, GM produces crappy vehicles (their current SUV line-up is rated as some of the least reliable, poorest made) at uncompetitive prices. GM's problem(s) is more than about demand, it's about not making what consumers want.

That goes for EV's in particular. They are poor sellers due to their higher cost compared to ICE vehicles. If idiots like the Joke administration weren't heavily subsidizing (aka bribing with taxpayer money) them few people would be buying them at all. Of course, since GM and Tesla are two of the bigger sellers of those, and both companies make a shitty level of quality and reliability product, it isn't helping either sell an already unpopular product.
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The singularly most reliable auto today is Buick, followed closely by Cadillac. GM has some of the least expensive electric vehicles with the most expensive being Tesla. You can but an electric vehicle from GM for under $30,000.

On top of all that, GM is coming off a year with the greatest net profit in their history- $10 billion net.
 
floridafan said:
The singularly most reliable auto today is Buick, followed closely by Cadillac. GM has some of the least expensive electric vehicles with the most expensive being Tesla. You can but an electric vehicle from GM for under $30,000.

On top of all that, GM is coming off a year with the greatest net profit in their history- $10 billion net.
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GM has mediocre quality overall.

Here's the list of the top 10 vehicles in reliability

Lexus GX
Kia Niro EV
Toyota Prius Prime
Toyota Prius
Cadillac XTS
Mazda MX-5 Miata
Honda Insight
Toyota Highlander
Subaru Crosstrek
Mazda CX-9

And the 10 least reliable

Mercedes-Benz GLE
Ford Explorer
Ford Mustang
Chevrolet Silverado 1500/GMC Sierra 1500
Chevrolet Corvette
Volvo XC90
Volkswagen Tiguan
Tesla Model Y
Chrysler Pacifica
Subaru Ascent

The push being made by the Joke administration to get EV's mainstreamed is a disastrous mistake in any case. These vehicles are not popular by their sales numbers, even with heavy subsidies. They represent a niche market and are being forced on a largely unwilling consumer base by the Greentards in Joke's administration.
 
Grokmaster said:
STOP THE LYING. NO ONE IS BUYING THE "IT'S NOT A RECESSION" BULLSHIT, AND IF YOU REALLY THINK THIS MASSIVE TAX INCREASE WILL NOT HURT WORKING FAMILIES THE MOST, YOU'RE A BIGGER MORON THAN WE THOUGHT.
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Sounds as if you are just quoting the same old worn out Republican propaganda written in the old worn-out Republican playbook!

You know, where the Republicans condemn and Demonize the Democrats for everything they do or do not do, no matter what!

In other words- THE SAME OLD TYPICAL AND PREDICTABLE BULLSHIT AND TRICKLE DOWN ECONOMIC CONSPIRACY THEORIES that has created the wealth gap in America for GENERATIONS.

The Current Tax laws put into play by the BILLIONAIRE PRESIDENT TRUMP that let the largest corporations in Americas (INCLUDING HIMSELF} go without paying their fair share of taxes, while the lowest paid workers working for those same corporations, individually pay more in income taxes than the owners of those same companies was a power grab by the Republican PLUTOCRATS AND AUTOCRATS! Trump and McConnell's Tax Bill put the entire burden of taxes off onto America's Hardest low pay wage earners in America.

This Bill will level the playing field by making Corporations pay their fair share of taxes again.

NO ONE IS ABOVE PAYING TAXES IN AMERICA! NO ONE IS ABOVE THE LAW IN AMERICA!

Just as the Republicans think they are above the law in America, they think their Rich campaign donors are above having to pay taxes as well!

WELL FUCK YOU AND THE HORSE'S ASS YOU RODE IN ON!

DprvSscXUAAbLdP
 
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Geeko Sportivo said:
Sounds as if you are just quoting the same old worn out Republican propaganda written in the old worn-out Republican playbook!

You know, where the Republicans condemn and Demonize the Democrats for everything they do or do not do, no matter what!

In other words- THE SAME OLD TYPICAL AND PREDICTABLE BULLSHIT AND TRICKLE DOWN ECONOMIC CONSPIRACY THEORIES that has created the wealth gap in America for GENERATIONS.

The Current Tax laws put into play by the BILLIONAIRE PRESIDENT TRUMP that let the largest corporations in Americas (INCLUDING HIMSELF} go without paying their fair share of taxes, while the lowest paid workers working for those same corporations, individually pay more in income taxes than the owners of those same companies was a power grab by the Republican PLUTOCRATS AND AUTOCRATS! Trump and McConnell's Tax Bill put the entire burden of taxes off onto America's Hardest low pay wage earners in America.

This Bill will level the playing field by making Corporations pay their fair share of taxes again.

NO ONE IS ABOVE PAYING TAXES IN AMERICA! NO ONE IS ABOVE THE LAW IN AMERICA!

Just as the Republicans think they are above the law in America, they think their Rich campaign donors are above having to pay taxes as well!

WELL FUCK YOU AND THE HORSE'S ASS YOU RODE IN ON!

DprvSscXUAAbLdP
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NO DUMBFUCK. TWO QUARTERS OF NEGATIVE GROWTH = "RECESSION".
 
Grokmaster said:
NO DUMBFUCK. TWO QUARTERS OF NEGATIVE GROWTH = "RECESSION".
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Well, that's the cost of Donald Trump and all of his TRUMPTARDS playing down the results of a pandemic that killed over a million Americans, and ended up having to shut down the country just to get us out of it.

FUCK YOU FOR FORCING THIS NATION THROUGH ALL THIS UNNECESSARY ECONOMIC DISASTER CAUSED BY YOUR IDIOT- DONALD TRUMP!
 
Geeko Sportivo said:
Well, that's the cost of Donald Trump and all of his TRUMPTARDS playing down the results of a pandemic that killed over a million Americans, and ended up having to shut down the country just to get us out of it.

FUCK YOU FOR FORCING THIS NATION THROUGH ALL THIS UNNECESSARY ECONOMIC DISASTER CAUSED BY YOUR IDIOT- DONALD TRUMP!
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He did no such thing, and more people died frmo COVID under Biden than Trump, even WITH the vaccines.

THE SHUTDOWNS WERE ALL ORDERED BY CORON-A-CRATS...NOT TRUMP.


YOUR DESPERATE ATTEMPT TO "BLAME TRUMP" IS HILARIOUS....
 
Grokmaster said:
He did no such thing, and more people died frmo COVID under Biden than Trump, even WITH the vaccines.

THE SHUTDOWNS WERE ALL ORDERED BY CORON-A-CRATS...NOT TRUMP.


YOUR DESPERATE ATTEMPT TO "BLAME TRUMP" IS HILARIOUS....
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Well, we take our orders here in Texas from our Governor. Biden didn't shut down anything here in Texas- BUT OUR GOVERNOR CERTAINLY DID.

LAST TIME I LOOKED, OUR GOVERNOR IS A TRUMPTARD!

SO you are blaming Biden and Democrats of SHIT our TRUMPTARDED GOVERNOR DID!

Before you Trumptards blame others for anything- YOU NAME IT!- TAKE A LONG HARD HONEST LOOK AT YOURSELVES!
 
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