letmedance Loc: Walnut, Ca.

Did you forget that Biden said he would cancel the Trump Tax cuts, that in and of itself will increase your taxes. The 400,000 mark is another gotcha , my Doctor is in that tax bracket, if his taxes go up bill goes up, when his suppliers pay more taxes they raise his price which is passed along to me, it is the consumer that pays taxes.
You might possibly call this Cost Push Inflation which will eventually increase your cost of living. If you are a consumer you pay the taxes and the tax increases, in everyone's eyes we are sticking it to the rich but in reality we are screwing ourselves.

Leo_B Loc: Houston suburb

sippyjug104 Loc: Missouri

Shutterbug, it's not so much the household income that's the economy k**ler, it's the business that will get hammered by the higher taxes. As a former partner in business I can tell you that the first thing a business does when its burden goes up is to cut back and the second thing we do is to raise our prices because our competition is experiencing the same trials and tribulations.

Now, higher taxes do thin the herd so to speak for many fail and many have laid off their better employees so there are more and better ones available. That meant that we could cull our weak employees and pick up theirs.

The economy is not made healthy by punishing employers who hire the majority of the nation. The economy is healthy when businesses are incentivised to put more people to work so that they can earn more, pay more taxes and buy the goods and services that they need or want.

Triple G

Unfortunately, the tax break to corporations didn’t result in appreciable increases in wages or jobs. Corporations bought back stock. What you say may be true for small businesses, but hard to quantify.

https://www.epi.org/publication/swa-wages-2019/

https://americansfortaxfairness.org/key-facts-american-corporations-really-trump-tax-cuts/

I’m not for increased taxes in general, but sure wish there were some better fiscal policies (revenue and spending sides). The payroll tax deferral scheme certainly doesn’t address any of those issues.

scooter1 Loc: Yacolt, Wa.

It's amazing and sad how people buy politicians b.s. after being lied to time after time. I'm not putting this only on democrats it's from both parties. So many v**e for someone just because they recognize the name.

sippyjug104 Loc: Missouri

Triple G, sorry that I did not clarify my viewpoint for I was referring to small businesses that are privately held which are by far the majority of all businesses. Those owners have a large degree of risk and to have much of it taken away when they have a good year is pretty demoralizing.

Where I take issues with building wealth is on those that do not produce anything tangible nor hire large numbers of employees. Of course I am mostly referring to those who make their wealth via investments in large ways. Not the 401K kind of guy.

The mega corporations have an army of tax consultants and take every means possible to defer or avoid taxes such as General Electric that made $80-billion dollars in profit and paid no federal income tax.