President Biden

[dawg80]

Of course if we didn’t tax income from capital different (lower) than income from labor, then this loophole wouldn’t really be an issue in the first place.

All taxes need to be lowered and guvmint spending practically eliminated. Neither will happen, of course, because some folks like to vote against real anti-Swamp candidates (ahem..).

As it is now, right at 50% of Americans pay ZERO income tax. In fact, many get a frickin' check instead of a tax bill. Everyone, and I mean EVERY one, should have to pay Federal income tax...yes, I can support at different rates...and taxpayers should get an invoice, whereby we see where our money goes, by category. Bet that would open some eyes.

Pipe dream...nothing good like that will ever happen.

[FriscoDog]

Circle back Jen... Psaki: It's ‘Unfair And Absurd’ That Companies Would Raise Costs Due To High Taxes

quote:

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White House Press Secretary Jen Psaki claimed during Monday’s press briefing that it would be “unfair and absurd” for companies to raise costs on consumers in response to the Biden administration raising the corporate tax rate.

---

It amazes me that people in this admin can be this stupid.. Career politicians and bureaucrats who have never worked in the "real world" have no idea how it works. They look at advice from economists and people who are theorists and have never actually practiced what they preach.

[PawDawg]

We have a few here who claim to be conservative but will find a way to defend this idiocy.

[techman05]

Cost in any business is divided into 3 or 4 parts. The third or 4th being profit. If you raise the amount attributed to the other parts, the cost to consumer has to go up to preserve the same or sometimes any profit.

They still don’t understand that free school lunches aren’t free. 100 kids get lunch every day. 25 of them eat for free. So instead of everyone paying a dollar, 75 of them pay $1.33. Now, I’m not saying I don’t support paying for things so that the truly needy can be provided for. But don’t mislead by telling us it’s free.

Simple concepts that elude those who have never created anything.

[dawg80]

Circle back Jen... Psaki: It's ‘Unfair And Absurd’ That Companies Would Raise Costs Due To High Taxes

quote:

---

White House Press Secretary Jen Psaki claimed during Monday’s press briefing that it would be “unfair and absurd” for companies to raise costs on consumers in response to the Biden administration raising the corporate tax rate.

---

It amazes me that people in this admin can be this stupid.. Career politicians and bureaucrats who have never worked in the "real world" have no idea how it works. They look at advice from economists and people who are theorists and have never actually practiced what they preach.

I would guess that most economists and theorists would acknowledge that companies would pass on any and all costs to consumers. They may not like it, in some goody-two-shoes lefty way, but they realize that's the way things are.

I get the quarterly magazine published by the college of business at the University of Chicago, which includes the very liberal Austan Goolsbee, who was economic advisor to obummer and who appears occasionally on Hannity to offer some goofy, lefty viewpoint, and in this publication, "Chicago Booth Review," I have found a lot of sensible, centric, even some business-friendly opinions. There was an article about a year ago, written by two of their economic professors, which clearly, concisely and fairly explained the reasons that businesses have to raise prices for all kinds of reasons, and even emphasized the double-edged sword of hiking corporate taxes as it will impact the middle class, etc...

So, again, while the lefties may not like it, there aren't very many who don't understand why companies raise prices to consumers. Oh, except if you work in Sleepy Joe's WH apparently. Have to ask Goosey this, if the adults are truly in charge in the Biden Admin, when can we expect them to show up? So far, it's been a free-for-all of unsupervised 8-year-olds with their parents gone and no babysitter showing up.

[techman05]

I would guess that most economists and theorists would acknowledge that companies would pass on any and all costs to consumers. They may not like it, in some goody-two-shoes lefty way, but they realize that's the way things are.

I get the quarterly magazine published by the college of business at the University of Chicago, which includes the very liberal Austan Goolsbee, who was economic advisor to obummer and who appears occasionally on Hannity to offer some goofy, lefty viewpoint, and in this publication, "Chicago Booth Review," I have found a lot of sensible, centric, even some business-friendly opinions. There was an article about a year ago, written by two of their economic professors, which clearly, concisely and fairly explained the reasons that businesses have to raise prices for all kinds of reasons, and even emphasized the double-edged sword of hiking corporate taxes as it will impact the middle class, etc...

So, again, while the lefties may not like it, there aren't very many who don't understand why companies raise prices to consumers. Oh, except if you work in Sleepy Joe's WH apparently. Have to ask Goosey this, if the adults are truly in charge in the Biden Admin, when can we expect them to show up? So far, it's been a free-for-all of unsupervised 8-year-olds with their parents gone and no babysitter showing up.

My nine year old might take offense to that. She has been preparing meals and folding laundry for a couple of years now. I would bet no one in the Biden admin can follow the directions on a box of macaroni.

[PawDawg]

Biden caught in another whopper, but it will be ignored.

[DawgyNWindow]

Cost in any business is divided into 3 or 4 parts. The third or 4th being profit. If you raise the amount attributed to the other parts, the cost to consumer has to go up to preserve the same or sometimes any profit.

They still don’t understand that free school lunches aren’t free. 100 kids get lunch every day. 25 of them eat for free. So instead of everyone paying a dollar, 75 of them pay $1.33. Now, I’m not saying I don’t support paying for things so that the truly needy can be provided for. But don’t mislead by telling us it’s free.

Simple concepts that elude those who have never created anything.

The philosophy of the left is that everyone else should do things for free for the altruistic benefit of mankind. Note that this doesn't apply to them. When they make money (usually by fleecing the ignorant) it's not evil like it is when you do.

[Guisslapp]

I would guess that most economists and theorists would acknowledge that companies would pass on any and all costs to consumers. They may not like it, in some goody-two-shoes lefty way, but they realize that's the way things are.

I get the quarterly magazine published by the college of business at the University of Chicago, which includes the very liberal Austan Goolsbee, who was economic advisor to obummer and who appears occasionally on Hannity to offer some goofy, lefty viewpoint, and in this publication, "Chicago Booth Review," I have found a lot of sensible, centric, even some business-friendly opinions. There was an article about a year ago, written by two of their economic professors, which clearly, concisely and fairly explained the reasons that businesses have to raise prices for all kinds of reasons, and even emphasized the double-edged sword of hiking corporate taxes as it will impact the middle class, etc...

So, again, while the lefties may not like it, there aren't very many who don't understand why companies raise prices to consumers. Oh, except if you work in Sleepy Joe's WH apparently. Have to ask Goosey this, if the adults are truly in charge in the Biden Admin, when can we expect them to show up? So far, it's been a free-for-all of unsupervised 8-year-olds with their parents gone and no babysitter showing up.

Actually economists would not say that. Taxes are not all passed on. Only a portion of them.
It shifts the point of the supply and demand equilibrium.

https://saylordotorg.github.io/text_...-of-taxes.html

[techman05]

The philosophy of the left is that everyone else should do things for free for the altruistic benefit of mankind. Note that this doesn't apply to them. When they make money (usually by fleecing the ignorant) it's not evil like it is when you do.

I keep sending messages to Nancy, shifty, chuckle, and mad Maxine that they are more than welcome to cut a check to pay for all their programs. Their offices never respond. I guess those good Jews and Catholics don’t believe in charity.

[PawDawg]

Actually economists would not say that. Taxes are not all passed on. Only a portion of them.
It shifts the point of the supply and demand equilibrium.

https://saylordotorg.github.io/text_...-of-taxes.html

so it is unfair and unfair and absurd to pass on the cost of doing business

[Guisslapp]

so it is unfair and unfair and absurd to pass on the cost of doing business

It just doesn’t happen 1:1. That isn’t reality.

[PawDawg]

It just doesn’t happen 1:1. That isn’t reality.

If you had ever been involved in a small business you’d know reality and not liberal propaganda

[Guisslapp]

If you had ever been involved in a small business you’d know reality and not liberal propaganda

I have.

[dawg80]

I own and operate a small business: my rental properties. I keep a VERY detailed accounting of every penny spent and every penny earned. I'll spare y'all the gory details, but in general increases in property tax drives the price of rent up. Property taxes are reassessed every 5 years so it's a different dynamic than other taxes which may increase year over year, or every other year, or in some combination. But, regardless, all tax increases to me are rolled into the carrying cost of each property. The cost of insurance goes up too, especially when hurricanes cause $billions in damage, and that cost increase is rolled into the overall cost.

I can also tell you that an increase in the capital gains tax will affect the cost of rent too. Most investors own multiple properties and regularly divest some of them in favor of others, i.e. sell and buy something else. If an increase in capital gains takes a larger bite out of the profits of selling a property, that is money out of the investor's pocket. I guarantee he will seek to make it up elsewhere. In some cases, he might not have a choice, especially if he was counting on a certain walk-away profit from a sale which is now reduced.

For me, I have lease agreements, so an increase might go into effect, say a tax increase, and some or all of my tenants are in a lease with a set monthly price. I do not (and could not) alter that monthly rent cost. But, when it comes time to renew the lease then I build in the cost increases to me. One time my umbrella policy went up a whole $252/year. Spread over 8 properties = 31.50 each. divided by 12 = $2.65/month. I did not hike rents by the $2.65/month. But, two years later, I did have a general increase which went back and absorbed most of that $252 per year from the previous two years.

All of that to say, sure, there's not always an immediate transfer of costs from the supplier to the consumer, and it may not be an exact $1 = $1 either. But rest assured, cost increases are coming sooner or later that can be directly traced back to the increase of a cost, including a tax increase.

I don't have a fancy graph like in Goosey's post above...I use Excel spreadsheets. (and yes, I know, Excel produces graphs too)