Joe Biden’s proposed $3.5 billion tax hike is the worst in over fifty years. It will hit almost everyone. The trick of the bill is by redefining anyone as “rich” who basically has a pulse and isn’t on welfare.
Working people, small businesses, struggling families can look forward to paying taxes they can’t afford. Even though the $3.5 billion law is now being whittled down to around $1 trillion, it’s still a nightmare proposal.
Biden’s Big Tax Promises
Biden promised he’d push through a $3.5 trillion tax bill on “wealthy” Americans during his campaign for president. Calling him sitting in his basement a campaign is a bit of a stretch, but the point is that class warfare and encouraging economic division was part of how Biden got votes.
Instead of President Trump who promised to boost everyone’s standard of living and make Americans rich again, Biden promised to punish those who’d done well and steal their money. Democrats who are uncomfortable with the far left have succeeded in getting this bill pushed down a little, but it’s still extreme.
It’s still going to keep us down in COVID recession and hit working families. There are going to be huge hikes on corporate income and capital gains taxes as well. In fact, Biden wants to double the capital gains tax and hike taxes overall by 33%.
President Biden’s 33% tax hike would hit nearly 1.5 million small businesses that employ more than 12.5 million Americans.
— Ways and Means GOP (@WaysandMeansGOP) September 2, 2021
What Biden Wants
Among Biden’s proposals are the following: hiking the federal income tax to 39.6% and raising corporate taxes to 28%; also, anyone over a million in income is looking at 43.4% on capital gains.
There will be a hike in tax credits for kids under six to $3,600 or $3,000 if they are between six to 17. In general, what Biden wants to do is tax the baloney out of anyone who has any money at all.
The Democrats have shown who they really are for their whole party’s history: a high-spending, high-taxing behemoth that hates this country and wants to turn it into communist Cuba.
It’s good that this bill of the bill is getting watered down; however, it’s still going to do more damage to our economy, all those working basic jobs, and those just trying to put food on the table for their family.
How Biden's Capital Gains Tax Rate Hike Targets Hard Working Americans https://t.co/1iyi92ApoZ
— ATR (@taxreformer) August 27, 2021
While the Democrats forced our country into lockdown and closed small businesses, they were busy feeding at the government. Remember Congresswoman Ilhan Omar’s husband getting a huge payout for his political consulting firm from COVID relief funds?
Now that the bill is coming due, Biden and the Democrats are doing what they always do: turning to hardworking Americans and trying to guilt/force them into opening their wallets to pour out money for the good of blue state bailouts.
Why should this be our problem? If blue states and the Democrats want to run the country by locking it down, then they can pay it out of their own pockets. Maybe they could sell a few more of Hunter Biden’s crappy paintings to the Chinese to pay for it.