Remember how candidate Joe Biden promised America that he would not raise taxes on anyone who makes under $400,000 a year? He said it every time the subject of taxes came up: during his primary appearances, during his debates against Donald Trump, on Fake News CNN and MSNBC, and on the tiny, minute, minuscule teensy weensy itsy bitsy number of times he campaigned outside of his basement.
Well, like everything else the 78-year-old Democrat has ever promised, it was said disingenuously.
We now learn that Biden’s promise to not raise taxes on Americans who earn less than $400k a year only applies to individuals filing taxes by themselves and not for married couples filing jointly, according to a White House official as reported by The Hill.
This means a married couple whose combined income goes over $400,000 a year is subject to Biden’s higher tax rate to be imposed as a punishment on innocent Americans who earn more than others. The combination of who earns what doesn’t matter.
But wait, it gets worse.
The big reveal? Biden and the Democrats plan to increase the top tax rate from 37% to 39% for families that earn over $509,300 and for individuals who earn over $452,700 to fund his unconstitutional American Families Plan that is planning on spending $1.8 trillion.
In other words, Biden wants to force some Americans to work in order to give their money to other people they don’t know who will benefit from the other guy’s labor. And you thought we abolished slavery.
You have to wonder how they came up with those amounts. Why not $509,000 or $453,000? Weird, right?
An anonymous White House official told The Hill, “Consistent with the president’s campaign proposal, we are proposing to reverse the tax cut for the top bracket by returning that top tax bracket to what it would’ve been under pre-2017 law.” And then to make it appear less like punishment the official added, “That applies to less than 1% of Americans — the very top earners.” I’m sure those in the less than 1% aren’t too happy. According to the IRS numbers, the top wage earners already pay the overwhelming majority of the federal income tax burden.
Biden told CNBC in May 2020, “Nobody making under 400,000 bucks would have their taxes raised, period, bingo.”
So if a married couple files jointly and both spouses’ incomes are less than $453,000 individually but combined they go over $509,000, they will now be hit with a higher tax rate even though individually they earned under $453,000. So, if a couple earns $300,000 and $210,000, neither broke the threshold of $453,000 but they both will be punished with the higher tax rate.
That’s Democrat logic. And if you point this out to them, you’re probably a QAnon conspiracy nut or a white nationalist.
As the administration was preparing the rollout of the new tax attacks on the American people, White House officials gave inconsistent answers to questions about whether Biden’s $400,000 campaign pledge would apply only to single filers or married couples as well.
Biden thought selling his tax package as returning to pre-Trump tax levels for the top wage bracket would be a great thing to score political points. And then when questions came up about who would pay what, like everything else with this administration, the answers were pretty vague.
Biden also wants to double the capital gains tax, by taxing it at the income tax rate for wage earners, making over $1 million a year. That would bring the rate up to a crushing 43.4%, which economists everywhere say will absolutely bring in less in government revenues.
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The dirty little secret that the Democrats don’t want to tell you is that when the government lowers tax rates, the government itself gets higher tax revenues. And the opposite is true. When the government raises tax rates, government revenues go down. This sounds counterintuitive, but it is a fact. When the government raises taxes on the wealthy, they hide their money in tax-free municipal bonds kinda like the Kennedys. This means that the wealthy are not investing their money in new businesses or expanding their current businesses. When money is not being invested in new businesses, then new jobs are not being created. When the government lowers tax rates, the rich pull their money out of those tax-free investments and invest it in new businesses. When they create new businesses, they hire people to run them. All of those new employees running those new businesses will pay income taxes, and that’s how government revenues go up when you lower tax rates. The Biden people have to know this so economists are sitting around scratching their heads wondering what the administration is thinking.
Rich is a conservative syndicated opinion writer and runs Maga-Chat.com. He writes about politics, culture, liberty, and faith.
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