President Joe Biden is set to do what for most politicians is usually the unthinkable: significantly raise taxes on Americans.
Biden is reportedly planning on attempting to increase the corporate tax rate from 21 to 28 percent, and on those making more than $400,000/year as well as on increasing the so-called ‘death tax’ (estate tax).
As The Hill reports:
President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus package.
Unidentified sources told Bloomberg that the increases will reflect the promises Biden made during his 2020 campaign.
The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making more than $400,000; expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital gains tax rate for individuals making at least $1 million…
Biden had said during his campaign that he would repeal Trump’s tax cuts on “day one” of his administration, though he has yet to do so.
It seems that Biden is wasting little time in imposing a radical left-wing agenda on Americans, right after he spent all of 2020 attempting to appear as moderate as possible.
BS. The demoscum who are really in charge are preparing to dump Biden, he will be the scapegoat, and Harris will appear like a moderate. That is until Pelosi impeachs her and takes over the White House. That’s why all the soldiers are in the capital.
Hopefully, the military will remember that they took an oath to protect and defend the constitution, not shithead politicians.
No way. Our military are at the beck and call of the shithead politicians
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Got a BLM man in charge.
That’s not enough soldiers. Also, do you think they will protect the horrible people that are running our country?
I know you can really see whats coming. biden will NEVER finish his term, next up harris, pelosi.
What makes you think it’s not already Harris and Pelosi?
If retard joe leaves token Harris will choose a vp. Nancy can’t take the White House unless both of them are gone. But don’t rule anything out.
Biden was a idiot before and hes 10 times worse without his Brains today! A trained Soros puppet working under Obama’s failed policies! There all useless! He needs removed before he does anymore damage to America and Kumula is no better! Another brainless puppet! To annoying to listen too! Voted in by idiots and given a free ride off of tax payers!! How stupid can people be! This is the trash you get cheating elections!
Hw wasn’t voted in. They cheated us Americans! They got rid of all Trump battles, All the ballots in all the states were Biden. They threw away the Trumo votes. They are all nothing but lies, cheat us out of money and then they will make sure we are never a country of good we will no longer know what freedom is!
We know that but crooked judges were either bribed or threatened
The IDIOTS who voted for them are Brainless,
open BhO sealed Records and you solve many of our Problems.
Soros should have been kicked out long ago.
If the Americans only knew their Constitution.
There were about 15 million ghost votes. He didn’t win. He cheated. I don’t know about you but I despise cheaters.
amen
what part of this is a surprise
That’s what Biden voters wanted (apparently).
we need to stop these dem freaks
if not we will have no country left
I’m willing to bet a large majority of Biden voters don’t even pay taxes, so why would they care about a tax increase.
Senile Democrap President Joe Biden has gone from being politically incompetent to being an Obama puppet; to being a putz, allowing illegal immigration; to being a schmuck by raising taxes during a Pandemic, in less than two months!
how do we get rid of them we need to vote the dems out of the house and fight to stop them
from doing other things to ruin our country
The dems apparently don’t read or study enough history – they’re going down a very dangerous path. As recent as Venezuela, l wonder if they’re even capable of recognizing the disaster they’re creating. These are all the signs of revolution in the making.
They all lie. Someday they will be sorry. This is going to come to a head. It’s not North and South. It’s Left versus Right.
I almost forgot. People didn’t vote for the jack a$$ – they voted against Trump. I know a few who are regretting it already.
He certainly didn’t wait long for tax increase, the only thing biden is doing in his “first 100 days” is f-ing up. I really don’t know how I can help, I wish I did.
THIS ADMINISTRATION IS BY FAR THE VERY WORST IN OUR HISTORY!!!
Thanks Democrats. We need to turn the House and Senate Red in mid-terms before the Democrats send us all to the poor house and set the economy in tailspin that will take decades to recoup from. Election fraud has extremely bad consequences, now we all have to and it’s no consolation that the cheaters will be paying as well, because I didn’t vote for it.
Isn’t it awesome , the morons that voted for Biden now get a hefty tax increase.
They also get to pay for the illegal aliens housing, medical , food stamps, college tuition. The illegal aliens will get your jobs too.
Now , how many murders , rapes and robberies will happen to the morons that voted for Biden.
IM SO HAPPY FOR YOU DUMMOCRATS .
The range of potential scenarios look grim for America. The useful idiots who elected these greasers will get the leadership they deserve. Regrettably, the rest of America will ALSO reap what these idiots have sown.
Economic activity is what generates taxes and tax hikes have never increased revenue to the treasury because they take money from the economy. Every major tax cut – 1961, 1981, 2001, 2017 – have actually caused an increase of revenue to the treasury through increased economic activity.
Inheritance taxes are morally wrong and I believe come from centuries old European thinking when it was believed total wealth of the people and the economy itself were finite and could never increase. With that belief, those who had wealth must have it taken away or else only few families would have it all. Capitalism proved that to be wrong because it allows an economy to expand and everybody has the opportunity to gain wealth. Of course, under socialism nobody has wealth except those politically connected, we plebes should never have any wealth and the best way to take it away is increased taxes including limiting inheritance through taxes.
I once heard a regular citizen like myself justify inheritance taxes because they claimed heirs don’t work for the money. Well, sometimes they do in a family business, family farm or by other means. But what if they don’t work for it, it’s nobody’s business. What did the government do to justify taking that wealth. Nothing except being in control.
See businesses close
No jobs
Great Depression 2
SAD UNLESS BIDEN IS REMOVED OUR ONCE GREAT ECONOMY WILL BE DESTROYED FOR 4 YEARS.
It’s more then obvious now Democrat’s, can’t govern, Governor Newsom, Governor Cuomo, Speaker Pelosi, the additional Governors who caused the death of thousands of seniors, before their time, and now our biggest joke of all, Joe Biden always rushing to go nowhere and do nothing. It is really time to impeach this guy, have a recall? or force his resignation. Our energy policy about to financially collapse, our southern border overrun with virus ridden illegal’s with thousands more coming. The country more divided then ever and a bunch of radicals controlling purse stings who really never had a business or had to meet payroll etc. spending and taxing like they new what they are doing. The American people what to know your doing acting has a president? The frequency of blank stares has increased, the inevitable is occurring more often, where is this tax payor white house doctor? Has this person ever been approved to serve as President? Where is our country going now ? Are those who know, going to be held responsible for his mental decisions taken? Is the only plan to bankrupt our Country and tear apart all the good that Trump accomplished? Taxes on the rise is that the plan? tax and spend, tax and spend, why because they don’t know how to govern. What Democrat city or State is operating in the black? It/s Resignation time
Two things will not happen – any day soon – an increase in the minimum wage for the working class or an increase in taxes for the rich. There are no substantive differences between a rich Democrat or a rich Republican when it comes to these two actions – neither of them want to give a dime of their money to raise up the working class. “What the Hell, good does it do me to become poorer or to make some inferior slob richer”?
Either of these changes will require force from the working class – you can’t elect someone to just do it.
All new tax inceases on businesses and the wealthy elite arfe really a tax increase on we, the American taxpayers, for they are going to pass those tax increases on us with higher prices for every thing, screwing we, the middle class taxpayers again!!!! Also, millions more unemployed people due to tax increases destroying our American strong economy!!!!!! Total screwing of we, the American, people!!!!
Anyone who makes $400,000 a year isn’t stupid enough to leave their money sitting around in a 1.2% Savings Account. They got their wealth by NOT being stupid and by NOT Paying Taxes they can get around or take big deductions to offset their taxes. So these people will not be effected by the Biden Socialist Regime’s Tax Hike, what will happen, as it usually does, the quickly disappearing Middle Class will feel the full brunt of these tax hikes. Most if not all of the members of the House and Senate are Millionaires, does anyone really believe that they are going to raise their own taxes. I know that most people think that these people are stupid but no one is that stupid.