Saturday, April 10, 2021

Tax Cut 34, Bidenomics and reversal of Trump tax cut

US President Joe Biden's $2 trillion tax hikes plan will reverse many tax cut made by former President Trump. Among these tax hikes under Bidenomics are the following: 

1. Corporate income tax (CIT) rise from 21% to 28%.
Plus ave state taxes 4%, US CIT at 32%, higher than communist China 30%.

2. Create a new global minimum tax 21%.

3. Double the capital gains tax to 39.6%.

4. Raise indiv income tax back to 39.6%,...

Ten Things You Need to Know About Biden's $2T Tax Hike
by Alex Hendrie and John Kartch on Tuesday, March 30th, 2021, 6:14 PM

Biden's true tax priorities
Hans Nichols   Mar 30, 2021

CBO Study: Benefits of Biden’s $2 Trillion Infrastructure Plan Won’t Outweigh $2 Trillion Tax Hike
Scott A. Hodge   March 31, 2021

President Biden unveils his $2 trillion infrastructure plan – here are the details
Jacob Pramuk   WED, MAR 31 20215:00 AM EDT UPDATED THU, APR 1 20217:16 AM EDT

Architect Of Reagan Revolution Blasts “Bidenomics”
by Gregory Bresiger  April 07, 2021

“Raising taxes will especially hurt the poor and minorities who need jobs,” said Laffer, adding, “It is more than bad policy; it is cruel.” 

by Alex Arnon, Marcos Dinerstein, Jon Huntley, and John Ricco under the direction of Richard Prisinzano and Efraim Berkovich    April 7, 2021

The Richest New Yorkers Could Be Hit With a Top Tax Rate of Over 50%

Governor Andrew Cuomo and lawmakers are targeting wealthy residents just as some of them consider relocating permanently to low-tax locations.

By Misyrlena Egkolfopoulou  April 7, 2021, Updated on April 8, 2021, 1:36 AM GMT+8

With New York City residents also paying city taxes, the combined top rate for the highest earners would be between 13.5% and 14.8%, surpassing the 13.3% rate in California, currently the highest in the nation, according to the Tax Foundation.

Overall, experts say the increases, along with federal levies, would mean that the richest New Yorkers would be hit with a combined marginal rate of 51.8% — higher than levels in some European countries.

See also:
Tax Cut 31, Talk at Deloitte TRAIN forum, January 2018, February 11, 2018 
Tax Cut 32, Rene Azurin on zero income tax, May 31, 2018 
Tax Cut 33, WTA meeting and Asia tax competition, March 14, 2021.

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