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.”
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.
Biden is already the worst President in history with Obama coming in second worst.
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.
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.
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.
Dan: Amen to that. History will show that President Trump was far from the worst, having helps all sectors of the country achieve greater prosperity, while Biden and Obama have brought back racism and pushing more middle class into poverty and more people getting government “handouts” Who do they think is paying for all this if there is no middle class?
To quote the reaction of a Valley Girl, “DUH!” Tax hikes in any sector raise the costs of living for everyone. All those “One Percenters” do is offset their tax burdens with higher product or service prices. (They also inhibit competition for Big Businesses from competitor start ups and struggling firms. Read about the “Liberal-Corporate Complex”) There was a party in Boston Harbor a while back that took the form of a protest against unwarranted taxation. Maybe Americans could spruce up a sequel to that party: This time we’ll wear togas.
I don’t know whether it is only Joe Biden who is brain damaged, or the people around him also. Then again, maybe they are just doing what it takes to destroy the American society, since they are all hard-over socialists, and want, more than anything else, a full fledged socialist society for the United States. Are they all really so dumb as not to be aware of the fine example of socialism furnished by Soviet Russia, North Korea, and Venezuela in our time?
Liberals are control freaks, and our government is the mechanism for imposing their will upon the citizenry. My father was a liberal, and he tried to control everything, including my property. As we’re starting to notice, other elements of liberal authoritarianism include the media, courts, schools, covert agencies, Social Media Websites, NGOs, lobbyists and pressure groups. All of these assets aid the efforts of these people to dominate populations. The American people have the Constitution to hold our leaders accountable if they violate their oaths, but they’re now defended by a moronic, whining coterie of ‘victims’, who’ve been steeped in the processes of cultural Marxism by said media, schools and courts. They actually believe they can permit our government to dismantle our Bill of Rights! If anyone complains, they’re Bigots, Xenophobes, Nazis, Misogynists, Racists, Extremists……….
Socialism has invariably proved to be a scam. Unscrupulous tyrants ply segments of a culture to mobilize their government in an effort to promote (Nay, Enforce..) “Equality” and “Economic Fairness”. By the time those people realize they’ve unleashed a regime that’s Hell Bent on oppressing their populations, destroying their cultures, economy, borders and voting systems, they’re living in tents and pitifully short of commodities. Just look at Venezuela. The relatives of their regime rub the noses of their starving, destitute subjects in their ostentatious wealth, while those ‘Socialists’ serf are disarmed, disenfranchised and are now culturally dystopian, with murders, rapes and corruption being rampant.
Hell Biden is a lierand a cheat !!!! never wanted him and never voted for him, the only reason he is prez is coz Trump was cutting taxes and leaving the dems investments shrinking
History is going to look back on Biden and Obama as the two worst presidents in American history, although Biden offered up one worthwhile comment – “Never under estimate the American people.” I think he already has.
Biden is the worst president our country has ever seen. He’s a gold digger. He’s hurting all Americans because people will lose benefits and work hours will be cut and the price if everything will go sky high. He’s a dictator and a true communist. We must impeach him.
Well as far as I’m concerned the dumb democrats are getting what they want , higher gas prices,higher taxes and an asshole for a leader and the possibility of another war.
Way to go idiot 🤙🏻
You forgot trans-species Pronoun Laws. Fairly soon, we’ll have to carry a manual to ensure our addressing certain people with their preferred titles won’t land us in prison.
The Biden Harris administration plan is to prioritize legislation that will do the most harm to we the people.
Anyone who believes the Democraps LIES about who their tax hikes are going to hit are too IGNORANT for anyone’s good. All the tax hikes will hit the middle class and working poor. When you add in the Minimum Wage hike IGNORANCE there will be even fewer in the middle class and Working poor. As for those claiming Demcraps want the wage hike to get more taxes they do not take into account the jobs lost because of the wage and tax hikes.
With the Feds issuing beaucoup gratuitous $$$$$$ to every Tom, Dick and Harry in America, what does this mean? It means they are just PRINTING MONEY, becaue it is money that they do not actually HAVE on hand. We will soon see runaway inflation economics befitting the Weimar Republik or worse yet, Venezuela. Congratulations, America! You have elected the vacuous liberal Schweinhund of the century!
You know what is not being talked about with these higher taxes!! These $1400 stimulus payments that we are getting, they are not losing anything becasue they will get it all back with massive tax increses on us all!!! It is a total “con and a sham”!! What the American government under them that they “giveth they taketh away”, it all is for “show’, period!!