Gage Skidmore via Flickr

President Joe Biden is planning the first major federal tax hike in nearly thirty years to help pay for his massive $1.9 trillion stimulus package, but if you think the reform only targets the corporations and the wealthy, you’re wrong.

“Yes, anybody making more than $400,000 will see a small to a significant tax increase,” Biden told “Good Morning America’s” George Stephanopoulos Wednesday. “If you make less than $400,000, you won’t see one single penny in additional federal tax.”


Hours later, White House press secretary Jen Psaki issued a correction, the $400,000 threshold actually applies to families, not individuals. Which has the potential to surge household income tax rates to 39.6%

While higher capital-gains tax rates for million-dollar annual earners might seem arbitrary to the general public, repealing portions of former President Trump’s 2017 tax law to increase corporate tax rates is going to hit home for most Americans.

The proposal to raise corporate taxes to 28% would give the country the highest combined federal and state tax rate of all developed nations, which could reduce corporation’s desire to invest in the United States and harm the county’s competitiveness in the global market.

The plan’s reported “paring back tax preferences” on “pass-through businesses” will be a major attack on small-businesses, as an estimated 75% in the nation are “unincorporated pass-through entities.”

Fox Business anchor Larry Kudlow remarked that Biden doesn’t want to admit that the tax hikes will be “a killer” to small businesses and corporations. “Small businesses will get slammed, corporations will have to cut back on wages and jobs and investments and you repeal the Trump tax cuts, you’re going to repeal all those middle-income benefits.”

Which according to a tax analysis, would drive down U.S. gross domestic production by 0.8%, reduce worker wages by 0.7%, and eliminate 159,000 jobs in the country.

Though tax hikes are still looming, Americans are already beginning to feel the effects of Biden’s policies on their wallets. Nationwide gas prices have soared in the past few weeks, spiking the national average to $2.88 a gallon, a 64 cent jump from this time last year.

Florida Republican Senator Rick Scott blames Biden for the recent uptick. The president’s energy policies, which include suspending oil permits on federal lands and cancelling the Keystone XL oil pipeline, Scott says will lead to “unbelievable increase in costs for poor families,” as gas prices rise and utilities are expected to soar.

“It’s like they’re trying to hurt all Americans,” Scott remarked. Kudlow agrees that Biden’s policies will be harmful to the people. “If you want to grow the local economy you should be cutting taxes, not raising them.”



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Salvatore Tuccio
Salvatore Tuccio
1 year ago

Any idiot would understand that when you cut off supply of a product like oil that fuels so many things and in addition 11 thousand jobs go away the economy is going to feel it. Just to let the democrats and RINOs know trucking cost go up, food prices go up, oil heat for homes go up which all translates into a tax hike meaning people will have less money to spend in other areas of the economy. I would also guess we will end up with more people again on welfare, food stamps and poverty. For you who voted for these criminals, take a long look at what you get and the people who are hurt by these policies.

Last point. We once were exporting oil (earning money) now were importing oil spending our money on acquiring oil. You really just cannot fix stupid, and that is what happens with public education.

Dan
Dan
1 year ago

Biden is already the worst President in history with Obama coming in second worst.

David Baker
David Baker
1 year ago
Reply to  Dan

Numb Nuts is what I call a “Media President”. Hillary would have been a previous example. Without the media intervening with their defensive measures and excuses for the obvious failings of this jackass, he would have been tarred and feathered shortly after his coronation by fed up Americans, who’ve been witnessing their Constitutional Rights being dismantled before their eyes. The media is now a version of TASS. Long ago, I stopped watching their offerings, and I rely on the internet for news and other information.

CHARLES NOLAN
CHARLES NOLAN
1 year ago

Can the military be purged of conservatives, or will the Democrats ask China for military assistance to “restore order”, while enforcing gun confiscation?
Like Imperial Japan, China thinks they can win a conventional war with us in Asia and break even on the nuclear war that will follow.
The communist Democrats see the Chinese as fellow communists, as did the members of Hitler’s Axis. The fantasy of class warfare sees no borders, with mobs of angry looters punishing the more successful people and their families.

David Baker
David Baker
1 year ago
Reply to  CHARLES NOLAN

China would fight back. These banana wars we’re performing for Israel in the Middle East entail much guerrilla activity conducted by rag tag terrorist cells, but they don’t have fighters, bombers, heavy artillery or other sophisticated weaponry to counter our forces. If there’s one thing the Chinese are good at, it’s making more Chinese. They can deploy MILLIONS of fanatics employing high grade weaponry against our forces, which our armies are not used to.