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FACT CHECK: Did 83% Of Trump’s Tax Cuts Go To The Top 1% Of Income Earners? Economy
FACT CHECK: Did 83% Of Trump’s Tax Cuts Go To The Top 1% Of Income Earners? Min
At his first presidential press conference on March 25th, Joe Biden trotted out an old Democratic talking point about the 2017 Tax Cuts and Jobs Act (a.k.a. “the Trump tax cuts”).
Mocking Republicans who have criticized the cost of his $1.9 trillion American Rescue Plan, Biden asked: “Did you hear them complain when they passed close to a $2 trillion Trump tax cut 83 percent going to the top 1 percent?”
Lockdowns Did More Economic Good Than Harm, Data Show
Republicans have claimed repeatedly that so-called blue state lockdowns in response to the coronavirus pandemic have destroyed their economies and that red states are enjoying robust recovery. However, a recent study has found that of the five states recovering jobs the most quickly since the beginning of the pandemic, four of them went blue in the 2020 presidential election â and the other is helmed by a Democratic governor.
The study, conducted by Wallet Hub and released on March 25, found that Maine, Minnesota, North Carolina, Pennsylvania, and New Hampshire had the most marked decreases in unemployment claims between the beginning of the pandemic to the present, indicating at least some promising recovery for their respective job markets. Of these, three (Minnesota, Pennsylvania, and New Hampshire) went to President Joe Biden in the November presidential election, with a fourth, Maine, giving three of its four
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President Joe Biden called for the U.S. corporate tax rate to rise from 21% to 28% in order to help pay for his $2.5 trillion infrastructure plan, but tax experts are divided as to whether doing so is actually good for the country.
The increase and subsidy combination would raise approximately $740 billion over this decade, according to the Urban-Brookings Tax Policy Center, which on its own would pay for a sizable amount of Biden’s infrastructure plan.
Opponents of the increase, however, argue that it will dramatically reduce private investment and cost workers’ wages and jobs.
“If you raise the corporate tax, there is going to be less infrastructure investment,” Chris Edwards, director of tax policy studies at the libertarian Cato Institute, told the Daily Caller News Foundation.
WASHINGTON â California is where the likes of LeBron James and Elon Musk face ultra-high state income tax rates that the government uses to provide money to help the homeless, the poor and the unemployed.
So is California, whose top rates are the nationâs highest, a good model for the rest of the country as President Joe Biden tries to increase tax rates while boosting social services spending?
State Controller Betty Yee says Californiaâs progressive tax system âhas been effective at achieving its intended result â reducing the tax burden on those who can least afford to pay.â
Critics counter that higher rates will trigger an economic disaster. âA mortal wound on our still-recovering economy,â T. W. Arrighi, spokesman for the National Republican Senatorial Committee, said of Bidenâs ideas.