On the corporations, right?
this post was submitted on 19 Jul 2024
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Right?
Their proposals are in the article
The IMF, which often requires fiscal prudence among its borrowing countries, recommended a series of options to lower deficits, including reducing some longstanding tax deductions and exemptions that it said were "poorly targeted." These include tax exemptions for the value of employer-provided healthcare plans and capital gains on the sale of a primary residence, and deductions for mortgage interest and state and local taxes - breaks that add up to about 1.4% of U.S. GDP per year.
The U.S. should consider closing the "carried interest" provision under which investment partnership income can be taxed at lower capital gains income rather than normal income, the IMF said. It added that corporate tax rates should be raised and the corporate tax system shifted to a cash flow tax.
The IMF also recommended raising federal excise taxes on gasoline and diesel, which have not been raised since 1993.
On the expenditure side, the IMF recommended indexing Social Security benefits to the chained consumer price index and subjecting earnings greater than $250,000 a year to payroll taxes.
So kind of a mix of good and bad. But raising corporate taxes was one thing. A lot more reasonable than I was expecting.
Thats the funny thing. Raising rates is always the go to for cooling down an overheated economy but then they talk about how raising taxes will slow down the economy but they never look to do that for inflation fixing.
How about the IMF minds their own damn business
Economics is not my strong suit but, aren't exactly these kind of things imf's whole 'damn business'?
Eh. I'm pretty sure what they're really saying is 'don't tax the rich'... but I could be wrong.
Friendly reminder, it was republicans who ballooned our national debt by, uh, not taxing the rich.
I wasn't saying if what they said is right or wrong, or making any interpretation, just saying it's their work to put out these reports. The article only mentions 'rising' taxes, tho.
Agree with the second, only thing to add is that if anyone was expecting that politicians i.e. rich, privileged, and powerful people would do anything but favor the rich, privileged, and powerful people they're an idiot.
Didn't be an apologist dude, and eat the rich.
I only said that these reports is the only thing the imf does, like its only reason to exist, so it is literally its business. But also, and again economics is not my forte so feel free to correct me if I'm wrong, lower rates than inflation only means free money for the rich. And if I understand correctly is Biden the one wanting to lower taxes to the rich ($400k/year is NOT working class).
Edit:
eat the rich
Unironically/literally this. Watching the recording of a fellow billionaire being roasted and devoured by a mob of poor folk would put a bit of fear in them.