Uncategorized
IBM vice chair points out flaw in Biden billionaire claim
Gristedes CEO John Catsimatidis reacts to President Biden’s economic talking points during the State of the Union and his proposals on raising the corporate tax and taxing the rich.
President Biden’s jab at billionaires not paying their fair share during his State of the Union address last week is flawed, according to Gary Cohn, IBM vice chair and former Trump economic adviser, who said that billionaires with income in the U.S. pay at least 20% in taxes.
Cohn appeared on CBS’s “Face the Nation” to dispel how Biden tried to tap into the perception that the wealthy have greater advantages than the “little guy” after Biden claimed that billionaires pay a lower tax rate than teachers and proposed slapping a minimum tax of 25% on billionaires.
“If you actually look at who pays taxes in this country, the bottom 50% of earners in the United States pay 2.3% of tax collected, and the top 10% pays over 70% of tax collected in this country,” Cohn said, adding that this is in large part thanks to how the Trump administration redid the tax code in 2017.
Cohn then identified a problem with Biden’s talking point about billionaires, noting that a billionaire is a measure of net worth, not a description of one’s taxable income.
BIDEN, IN STATE OF THE UNION, TO CALL FOR WEALTH TAX AND HIGHER TAXES ON BUSINESSES
During his State of the Union address, Biden called for a 25% tax on the wealthiest Americans. (Reuters/Elizabeth Frantz/File / Reuters Photos)
“You could be a billionaire and have no taxable income,” he said. “You could not have $1 billion and have a high taxable income.”
5 KEY HIGHLIGHTS FROM PRESIDENT BIDEN’S SOTU SPEECH
Cohn said this is because some people may be sitting on assets, some of which may be liquid or illiquid.
Cohn was the director of the National Economic Council under President Trump and helped to reform the tax code. (Drew Angerer/Getty Images / Getty Images)
“We do a very good job in this country of taxing income,” he said. “There is no income in this country, unless you buy a tax-free bond, that doesn’t get taxed at a minimum of 20%, whether it’s interest or dividends or capital gains. So, there’s no billionaire in this country that has income that is not paying at least 20%.”
Freedomworks chief economist Steve Moore discusses how the top 1% pay almost half of all federal income taxes on ‘The Bottom Line.’
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Biden also wants to increase the corporate tax rate from 21% to 28%, and increase the 15% corporate minimum tax on companies reporting over $1 billion in profit that was included in the 2022 Inflation Reduction Act to 21%.
FOX Business’ Eric Revell contributed to this report.
Product Name: Urgent Money Miracle – $2+ EPC! Get Instant 90% Commission Bump
All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.
Urgent Money Miracle – $2+ EPC! Get Instant 90% Commission Bump is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.
Product Name: NEW! Christian Wealth Manifestation – Highly Targeted For Christians!
All orders are protected by SSL encryption – the highest industry standard for online security from trusted vendors.
NEW! Christian Wealth Manifestation – Highly Targeted For Christians! is backed with a 60 Day No Questions Asked Money Back Guarantee. If within the first 60 days of receipt you are not satisfied with Wake Up Lean™, you can request a refund by sending an email to the address given inside the product and we will immediately refund your entire purchase price, with no questions asked.
As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
-
Reverse Mortgage8 months agoHow Reverse Loans Can Provide Financial Relief in Retirement
-
Mortgage Rates8 months agoComo puedo comprar una casa a crédito si no se nada?
-
Reverse Mortgage8 months agoThe Pros and Cons of Using a Reverse Mortgage for Retirement Planning
-
Mortgage Rates8 months agoNiro Loan App 2024 || Niro App Se Loan Kaise Le || New Loan App Best Instant Loan App Without Cibi
-
Reverse Mortgage8 months agoExploring the Myths and Realities of Reverse Mortgages for Seniors in 2024
-
Reverse Mortgage8 months agoUnlocking Your Home’s Value: Everything You Need to Know About HECM Loans
-
USDA Mortgage6 months agoMaking Your Dream of Country Living a Reality: FMHA Rural Home Loans in Focus
-
Reverse Mortgage8 months agoIs a HECM the Right Choice for You? Exploring the Pros and Cons