Biden Plans Biggest Tax Raise Since 1993

Joe Biden_ by Gage Skidmore is licensed under CC BY-SA 2.0

The TV show Stranger Things told the story of a group of friends in 1980s Indiana who were being pursued by a dark force unleashed through supernatural science experiments.

The scary and dangerous world that the dark force came from was called “the upside-down.”

Needless to say, it was not a pleasant place and the kids didn’t all make it (spoiler alert).

We appear to now be in the political – and cultural – upside-down. What’s bad is good and what’s dumb is smart and what’s false is true.

After keeping the economy shuttered up like a South Carolina beach house in hurricane season and making Americans even more dependent on government, President Joe Biden now has plans for a major tax hike.

This guy can’t seem to walk two steps without doing the exact opposite of what needs to be done.

In other words, everyone who’s managed to scrape by and survive and work during this awful pandemic is now going to get raked over and held up by the IRS.

Instead of being incentivized to work and rewarded for their dedication and innovation, those who have managed to make a living during this tough time are going to be penalized.

Like I told you, it’s the upside-down (also known as liberalism).

Joe Biden by Gage Skidmore is licensed under CC BY-SA 2.0

Tax the Peasants!

Biden is reportedly putting together the first massive tax hike since the mid 1990s as a way to help pay for his “American Rescue” plan and the $1.9 trillion COVID boondoggle pork bill of which 91% had nothing to do with helping with COVID.

Sounds fair, right? Biden and the Democrats do a blue state bailout, climate change initiatives and handouts to their donors and pet causes and you pay for it.

Specifically, corporate and individual taxes are set to go up for high earners.

This won’t be a wealth tax of the kind that socialist Senator Elizabeth Warren wanted, but it will be a boost up of taxes on many different items and a removal of many of the pro-business tax cuts that President Trump had in place and which were part of the reason the economy rebounded so incredibly under him before COVID hit.

How Much Will Taxes Go Up?

Tax hikes are reportedly being considered that will be significant. Corporate tax could go up from its current 21% back up to 28%, limited liability companies and partnerships could see many of their benefits removed, those who earn over $400,000 per year could see a major tax increase and the estate tax is going to hit more people.

There will also be a higher capital gains tax for people who’ve made over $1 million in one year.

According to the Tax Policy Center, Biden’s ideas will put $2.1 trillion back into federal moneybags in the next decade, although it’s not clear he’ll be able to make the taxes as high as he’d like to and still get it through Congress.

There is not yet a firm date on when these changes might come down the pipe, but it’s clear that it’s likely to be in the near future, since the Biden Administration said they’d be looking to push them through after the COVID relief bill.

In order to get the bill through, at least 10 Republicans would need to be onboard in the Senate and that seems unlikely at this point, although it is possible that some kind of reconciliation and political maneuvering could get it done.

Tax cuts aren’t always the answer, but tax hikes coming just off the tail end of a brutal pandemic and near economic collapse are an incredibly bad idea. It’s hard to know what genius thought up these ideas, but it’s not a stretch to say that they could have an ulterior motive and want to get Americans even more dependent on government.