The Biden administration’s tax proposals are so outlandish that we have to dig deeper and ask “What exactly were they trying to accomplish or signal here?”
If there’s one thing we know about Team Biden, it’s that they value signaling and narrative above all else. So what signal were they sending?
Consider that the tax code changes propose to double or event triple taxes on all of the major DNC donor classes. Wall Street gets dinged hard with the elimination of the Carried Interest tax break. Real estate gets hit hard with the 1031 reduction (or elimination depending on the source you read). Oil & Gas get smacked with the reduction of drilling & depletion tax benefits. Those with capital gains get put on the rack with a more than doubling to 44.6%, making the combined federal and state capital gains rate well over 50%. Corporations will see a full doubling of their minimum tax rates.
Sure, the US is a fiscal train wreck right now, and yes I understand that the solution to that never involves cutting spending, but this is an election year.
Every single one of the main contributors to DNC coffers got absolutely chucked under the wheels of the tax bus.
Mysterious, ain’t it?
The only way I can make sense of this is to assume that either (1) Team Biden knows that the election is already won by them (due to rigged systems and machines), or (2) that there won’t be an election. So, who cares, right?
More troubling is that the Rules For Rulers framework tells us that revolutionaries often kill of their own once they get to power because those eliminated people who helped you get power aren’t the same people who will help you keep power.
Ah. Well then. In that case, what are we to make of the optics of Team Biden signaling that they no longer require the services of the wealthy, the upper classes, businesses or investors?
All I can figure is it means there’s a revolution underway and it’s gone along far enough that the purging has begun.
Or the Deep State wants Trump to win, the President of peace who is friendly with North Korea. If they wanted Biden to win abortion would have been brought forward as an issue like 2022.
My take on this is easy. What Biden says, and what he ends up doing are almost never the same. Remember - this is the man who stated “No mandates” in campaigns. So, if he says “Vote for me - I’ll tax the rich” this is a ploy to try to get votes from the poor and then after he gets elected simply be unable to get it past congress, or just as likely pass something with all sorts of loop holes that allow exemptions if name is {fill in in Key Supporter name here}.
My current working hypothesis of what’s going on with FJB:
make him as undesirable as possible (plenty of evidence for that)
later this summer, close to national convention, announce a “health event” for FJB
at the Dem national convention, the super delegates nominate a savior for the party. So that he/she can sweep in address the problems that the current admin has created. This takes away the thunder from Trump
They are either true believers or have Stockholm syndrome, doesn’t really matter because the end result is the same: the destruction of the country as we have known it. So far, the Democrats and Biden are doing an excellent job of driving us all over the proverbial cliff.
It’s manufacturing consent. None of this “left-wing” stuff (sexually assaulting children, open borders) threatens capital, they haven’t spent the last few years investing in universal healthcare, infrastructure, fitness facilities for the poor, quality housing. None of what they have done has redistributed wealth downwards, it’s all funneled up, up to the top.
How will JP Morgan, citadel, vanguard, black rock deal with something like the tax increase described? Big business don’t care about tax or regulations, they’re the ones lobbying for them, to kill off their competition. That nice Mr Kiker, trying to help people? They’ll be in trouble. It’s about taking out the middle for the benefit of the top.
I’ve seen it here, people gagging for a right wing dictatorship, that thinking is the desired result of all this nonsense. That’s the consent being manufactured And as a freedom & liberty for all kinda guy, I think that’s fucking gross.
Trump is coming back & he will continue doing the bidding of the new world order. It’s all razzle dazzle & a ton of people here have fallen for it hook, line & sinker.
null hypothesis 2 is, Team Biden is once again lying. His (sotto voce) motto of 2020 was “Nothing will fundamentally change.”
OTOH, Chris has been right about so many sinister/serious things before, his conclusions #1 and #2 should be considered and extrapolated from, with the slight modulus that members of the Donor Class in good standing will be offered ways to slither through the nets, while members of the Donor Class not in good standing will reap the whirlwind, both from the taxes and selective enforcement of the penalties for attempting to evade said taxes.
I think that your income tax comparison with 191x tax rates is unfair.
In the 1950s to 1970s, the united states was very prosperous and had a lot of manufacturing yet income tax rates were much greater.
Here’s 2021:
2021
10.0%
>
$0
10.0%
>
$0
10.0%
>
$0
10.0%
>
$0
Last law to change rates was the Tax Cuts and Jobs Act of 2017.
2021
12.0%
>
$19,900
12.0%
>
$9,950
12.0%
>
$9,950
12.0%
>
$14,200
2021
22.0%
>
$81,050
22.0%
>
$40,525
22.0%
>
$40,525
22.0%
>
$54,200
2021
24.0%
>
$172,750
24.0%
>
$86,375
24.0%
>
$86,375
24.0%
>
$86,350
2021
32.0%
>
$329,850
32.0%
>
$164,925
32.0%
>
$164,925
32.0%
>
$164,900
2021
35.0%
>
$418,850
35.0%
>
$209,425
35.0%
>
$209,425
35.0%
>
$209,400
2021
37.0%
>
$628,301
37.0%
>
$314,150
37.0%
>
$523,600
37.0%
>
$523,600
Tax rates from 1960s:
1965
15.0%
>
$1,000
15.0%
>
$500
15.0%
>
$500
16.0%
>
$1,000
1965
16.0%
>
$2,000
16.0%
>
$1,000
16.0%
>
$1,000
18.0%
>
$2,000
1965
17.0%
>
$3,000
17.0%
>
$1,500
17.0%
>
$1,500
20.0%
>
$4,000
1965
19.0%
>
$4,000
19.0%
>
$2,000
19.0%
>
$2,000
22.0%
>
$6,000
1965
22.0%
>
$8,000
22.0%
>
$4,000
22.0%
>
$4,000
25.0%
>
$8,000
1965
25.0%
>
$12,000
25.0%
>
$6,000
25.0%
>
$6,000
27.0%
>
$10,000
1965
28.0%
>
$16,000
28.0%
>
$8,000
28.0%
>
$8,000
31.0%
>
$12,000
1965
32.0%
>
$20,000
32.0%
>
$10,000
32.0%
>
$10,000
32.0%
>
$14,000
1965
36.0%
>
$24,000
36.0%
>
$12,000
36.0%
>
$12,000
35.0%
>
$16,000
1965
39.0%
>
$28,000
39.0%
>
$14,000
39.0%
>
$14,000
36.0%
>
$18,000
1965
42.0%
>
$32,000
42.0%
>
$16,000
42.0%
>
$16,000
40.0%
>
$20,000
1965
45.0%
>
$36,000
45.0%
>
$18,000
45.0%
>
$18,000
41.0%
>
$22,000
1965
48.0%
>
$40,000
48.0%
>
$20,000
48.0%
>
$20,000
43.0%
>
$24,000
1965
50.0%
>
$44,000
50.0%
>
$22,000
50.0%
>
$22,000
45.0%
>
$26,000
1965
53.0%
>
$52,000
53.0%
>
$26,000
53.0%
>
$26,000
46.0%
>
$28,000
1965
55.0%
>
$64,000
55.0%
>
$32,000
55.0%
>
$32,000
48.0%
>
$32,000
1965
58.0%
>
$76,000
58.0%
>
$38,000
58.0%
>
$38,000
50.0%
>
$36,000
1965
60.0%
>
$88,000
60.0%
>
$44,000
60.0%
>
$44,000
52.0%
>
$38,000
1965
62.0%
>
$100,000
62.0%
>
$50,000
62.0%
>
$50,000
53.0%
>
$40,000
1965
64.0%
>
$120,000
64.0%
>
$60,000
64.0%
>
$60,000
55.0%
>
$44,000
1965
66.0%
>
$140,000
66.0%
>
$70,000
66.0%
>
$70,000
56.0%
>
$50,000
1965
68.0%
>
$160,000
68.0%
>
$80,000
68.0%
>
$80,000
58.0%
>
$52,000
1965
69.0%
>
$180,000
69.0%
>
$90,000
69.0%
>
$90,000
59.0%
>
$64,000
1965
70.0%
>
$200,000
70.0%
>
$100,000
70.0%
>
Six figure incomes and above were subjected to 60 to 70% income tax.
If the economy is doing well and the money is being spent on things that improve the country for the common person, I don’t see a problem with high income taxes.
In modern times - wanna r and d alternative nuclear reactors?
Rebuild and electrify national rail?
Invest in coal to liquids tech?
Have a safety net for the people?
All takes massive investments.
Now, it’s a problem when people cannot afford it and or the money is being spend on poisoning people with gene therapy vaccines, sending stuff to be blown up in ukraine conflict, bailing out companies/corporate welfare.
Now of course, this is no positive benefit for average person making tax system so complex and layering taxes upon taxes to do anything - that just increases the administrative burden.
I suspect there is a revolving door between the government agencies that make these rules and the “tax accountants/consultants” people and businesses have to hire to navigate the complex system.
They makes the rules, then profit from it on the other side.
Well, we’ve already seen that the votes are definitely rigged, so that’s settled. The plan is probably to have the wealthy and successful blame the “little guy” for “soak the rich” voting leading everyone to “own nothing and be happy”. I think TPTB are definitely focused on the control of the narrative away from “Certain connected trillionaires have had their eyes on enslaving you for hundreds of years” and towards “Look, you lorded your wealth over those peasants too hard and now they are belligerent commies out to get you. Please, fight in the streets until we’ve got population where we want it”.
…or it means they’ll vote for Biden no matter what because they are so out of touch with reality. But I am surprised they are actually running Biden. Wasn’t he declared mentally challenged? So yes, it seems something is wrong here.
…just got a very slick and enticing marijuana ad in the mail today. All kinds of chic ways to ingest it, makes it look very sophisticated. It says “takes the edge off.” Oh my goodness, you cannot make this shit up! They cause the problems and offer the solutions. It’s so in your face obvious. This is the “and you’ll be happy” part. Everyone too high to care. I’m also sick of smelling it all over the place, don’t get me started. And it has ruined New York City.
Or, they are proposing all these taxes to make the “tax the rich” crowd happy. When these bills don’t pass Congress, they can blame the evil Republicans and use that for campaign ad fodder.