The lie that the rich don't pay their fair share is just that, a lie. Now Corporations are the ones who don't pay..

By Ryan Saavedra
•
Mar 15, 2021

snip

The Tax Foundation reports that “the top 1 percent paid a greater share of individual income taxes (42.1 percent) than the bottom 90 percent combined (28.6 percent).”

Sources within the Biden administration told Bloomberg News that the administration was going to push for the following tax policies:

Raising the corporate tax rate to 28% from 21%

Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships

Raising the income tax rate on individuals earning more than $400,000

Expanding the estate tax’s reach

A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)

Economist Lawrence Summers, who previously served as undersecretary in the Treasury Department, warned that Biden’s coronavirus stimulus package could cause a serious inflation boom as soon as this year, saying that Biden’s stimulus “is three times as large as the projected shortfall” and “relative to the size of the gap being addressed, it is six times as large.”

“Given the commitments the Fed has made, administration officials’ dismissal of even the possibility of inflation, and the difficulties in mobilizing congressional support for tax increases or spending cuts, there is the risk of inflation expectations rising sharply,” Summers wrote. “Stimulus measures of the magnitude contemplated are steps into the unknown. For credibility, they need to be accompanied by clear statements that the consequences will be monitored closely and, if necessary, there will be the capacity and will to adjust policy quickly.”

Jim Bianco, president of Bianco Research, told Axios that there was a serious threat of inflation that it would damage the real economy and the stock market.

“If we get to 2.6% or 2.7% on the core [inflation] number that’s the highest level we would have in 30 years,” Bianco noted. “With the 10-year yield at 1.1% and with the stock market at a new high and a forward P/E ratio of 24 [times earnings] that’s going to be a problem for risk markets to see that kind of level of inflation even if the Fed says that they want that level of inflation.”