Source?
Name of bill?
Any info at all I could use to look up more details?
Sounds interesting but I can't find anything relevant through searching.
Not really a specific source, its a private biden group on facebook. I might link it when I get home and maybe you guys can join if I do, but dont really want my personal info known to the public since its a small group and its my main facebook account with all my private details there. In any case, I know some reading that will wave their hand at it cause its just a facebook group, but they had some good info. But, because biden wants to raise taxes on the rich by 28% for corperations, it'll cause a trickle down effect of all kinds of benefits for everyone else.
Here is an article showing how much corperations will be taxed by. It isn't specifically about the taxes themselves, but it does say how much they'll get raised
https://www.nytimes.com/2020/10/18/business/biden-tax-plan-economy.html"Polls show Americans largely support raising taxes on the rich. But Mr. Biden has faced mounting questions about whether, given the pandemic, he would delay his tax increases, which also include raising the corporate rate to 28 percent from 21 percent and increasing the rate on investment and labor income for high earners."
So its a 7% increase, though from my understanding individuals who earn 400k a year will be taxed more than corperations will. And the more money one earns, the more they'll get taxed.
So because it'll cause a trickle down effect, people in the group did the math and it'll be on average about 150 or so USD a month increase, and up to 300 for those who are in poverty but still earn a tiny income (this is my situation so hopefully it works out that way, thats a huge increase to what I usually get). Though usually taxes go to all kinds of things which is the point of taxes, like repairing roads and general infrastructure. But not sure all the benefits besides that, besides the personal benefits I'll get.
Admittedly, they've been wrong before. They used to be a hillary clinton group but got rebranded when biden was going to be the obvious choice, and they got a lot of things wrong back then. (They got a lot of things right though, and somehow they knew about a lot of the negatives about trump way before the media ever did.) But the math they did looks good to me and the info they have seems legit. Gets me excited to get a personal increase in income if biden wins, so hopefully they got it right.
(edit:
To add before I leave my pc to go shopping. Their reasoning is the "trickle down" effect comment biden made, I'll have to try to find that quote when I get back, I'm sure its out there. Kinda went unnoticed at the time. But say a company makes 1 billion a year, they'll get taxed 28% of that, which is a huge increase even if 7% increase might not seem like too much. So the more money a company or person makes, the more they'll give out to those beneath their income. So in the end, a lot of people end up benefitting from it is the group's reasoning and the way they got the math to work to that increase, though its an estimate until it actually goes into effect. Though I'm unsure if EVERYONE gets that benefit, or if already have to earn some kind of income from it (whether its social security or disability or whatever). Or if people who have no income at all (the homeless) will also benefit from it.
I'd do the actual math, but like I said, I suck at math lol