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Biden, Promising Corporate Tax Hike, Has Cut Taxes Overall
President Biden, amping up a populist pitch in his re-election campaign, has repeatedly said he would raise taxes on the wealthy and corporations to make them pay their "fair share."
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tonyroma
Joined 2005/05/24Visited 2024/05/05
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An analysis prepared for The New York Times by the Urban-Brookings Tax Policy Center, a Washington think tank that studies fiscal issues, shows that the tax cuts Mr. Biden has signed for individuals and corporations are larger than the tax increases he has imposed on big corporations and their shareholders. The analysis estimates that the tax changes Mr. Biden has ushered into law will amount to a net cut of about $600 billion over four years and slightly more than that over a full decade. "It's reasonable to conclude from those numbers that the Biden tax policy hasn't been some kind of radical tax-raising program," said Benjamin R. Page, a senior fellow at the center and author of the analysis. The analysis strictly looks at changes to taxes over the course of Mr. Biden's presidency, including some direct benefits to people and businesses that flow through the tax code. Mr. Biden has partly offset all of his tax cuts with a pair of major new levies. Corporations are now required to pay a tax when they buy back their own stock. Another tax requires large corporations to pay a minimum 15 percent federal income tax, even if they qualify for deductions that would have made them owe less.
The analysis estimates that the tax changes Mr. Biden has ushered into law will amount to a net cut of about $600 billion over four years and slightly more than that over a full decade.
"It's reasonable to conclude from those numbers that the Biden tax policy hasn't been some kind of radical tax-raising program," said Benjamin R. Page, a senior fellow at the center and author of the analysis.
The analysis strictly looks at changes to taxes over the course of Mr. Biden's presidency, including some direct benefits to people and businesses that flow through the tax code.
Mr. Biden has partly offset all of his tax cuts with a pair of major new levies. Corporations are now required to pay a tax when they buy back their own stock. Another tax requires large corporations to pay a minimum 15 percent federal income tax, even if they qualify for deductions that would have made them owe less.
#1 | Posted by tonyroma at 2024-03-25 08:38 AM | Reply | Newsworthy 1
Good read, Tony.
Unfortunately, nothing in the article about removing the SALT cap. Seems like everyone likes that.
#2 | Posted by eberly at 2024-03-25 08:52 AM | Reply
Biden signs but congress writes.
#3 | Posted by Brennnn at 2024-03-26 01:35 PM | Reply
My taxes sure didn't go down. Our withholding went up significantly last year to cover a short fall. That shortfall was twice as big this year. Trump's expiring cuts on the middle class and stupid restructuring of withholding.
#4 | Posted by GalaxiePete at 2024-03-26 05:15 PM | Reply
Overall tax cut, then toss the budget and the joke called Debt Ceiling out the window. bitemnomics? Or bitemcomics?
#5 | Posted by phesterOBoyle at 2024-03-27 08:14 AM | Reply
"An analysis prepared for The New York Times by the Urban-Brookings Tax Policy Center, a Washington think tank that studies fiscal issues, shows that the tax cuts Mr. Biden has signed for individuals and corporations are larger than the tax increases he has imposed on big corporations and their shareholders."
Seems appropriate to fix yhe idiotic giveaways to the 1% that the GQP handed out to their biggest campaign dobors and after the last few years of corporate geedflation.
#6 | Posted by danni at 2024-03-27 08:20 AM | Reply
In my experience President's usually wait to get reelected 1st before raising the taxes...
#7 | Posted by earthmuse at 2024-03-27 08:30 PM | Reply
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