The Hill-
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.
The Hill has reached out to the White House for comment.
As Bloomberg notes, an independent analysis of the Biden campaign’s tax plan conducted by the Tax Policy Center found that it would raise around $2.1 trillion over 10 years. read more
Let’s shutdown the economy even more than it has been by raising taxes.
Biden isn’t doing this. He probably isn’t going to the washroom without being told to go.
Now who in the world could have seen this coming!
Just what’s needed, a tax hike. That will guarantee a total collapse of what’s left of the economy….
That’s why they need more troops at the Capitol. The wealthy and Corporations won’t pay more taxes, it will all shift to the little guy.
When all of this hits i.e. inflation, interest rates, taxes, go head down, butt up, DIG DIG DIG for cover.
Don’t be lulled into complacency by short term DJIA.
Considering the rising cost of fuel…I’d venture to say this is the second Major
Tax Hike…Paid $3.49 for Mid-Grade in the Keys Today…Was $2.39.
But it’s just for people that make over $400k right, right? $400k like Joe said.
Fritz – add in the escalating State and Federal pension crisis for good measure (retiring Boomers) and then the coming Medicaid crisis (with Biden’s open borders) and then, finally, the Medicare debacle down the road for all the sick and dying Boomers (plus COVID VAX diseases)…
…head for the hills and plant potatoes!
…and so it continues…
Be sure to thank a dumb democrat for stealing the election!!!
Like an impaired driver driving full speed at the economy as it limps along the sidewalk.
Cloward-Piven, and at warp speed.
Secession is our only hope.
WE ARE SCREWED. 🤬
Aaaaaaaaaaaaaannnnnnnnd there goes that $1400.00 dollars… and then some!
Tax this 🖕😡🖕, 💩head.
(STILL no swear words! 😁)
Government borrowing and spending goes into the economy and provides the fuel that runs it, taxes take money back out of it so that we don’t end up with massive inflation caused by an ever increasing money supply without a corresponding increase of goods and services to keep the money evenly valued.
This is how the robbery starts!
I disagree with the premise, Robo Joe Bama does not have the mental capacity to plan anything. This is all Obama. Unconstitutionally in his Third term.
Geben Sie Mir, drei to six Months und….