The eeeeeeeeeeeevil rich and corporations would be hit the worst with tax increases proposed by Joe Biden. Right off the top that means middle and lower class workers and consumers will feel the hit worse than anyone else. But, but, but, but how?
When you increase taxes on a business, the business never pays the tax. Oh, the business sends that money into the government, but that extra money comes from the consumer, because the tax increase is figured into the cost of the product or service. Therefore, it hurts the little guy who has to pay more.
Many small businesses have margins that are so thin they can’t pass the tax increases to the customer, because the increased cost for products or services would turn them off, so they have to cut specific services and/or lay workers off.
The Democrats love to raise taxes on the so-called rich, because it plays right into their class warfare narrative that the rich are evil and got rich by someone screwing them, but the fact of the matter is raising taxes exclusively on the rich hurts everyone below them. Either Joe Biden knows this and is playing class warfare games or he and his advisers are ignorant of simple basic economics.
Biden’s plan would increase taxes by $2.4 trillion over the next 10 years, according to analysis by the Tax Policy Center, a nonpartisan think tank on tax policies and proposals.
Wealthy individuals would pay approximately 40 percent of the tax increase, while businesses, especially corporations, would pony up the remaining 60 percent.
For individual taxpayers, Biden’s plan is set to attack taxpayers earning over $400,000. It raise their tax rates while lowering the number of deductions they can itemize.
Here’s the dirty little secret. A majority of Americans make less than $400,000 and Biden has said multiple times that he is going to repeal the Trump tax cuts. If you take away a tax cut, you are increasing a worker’s taxes. They will take home less money with every paycheck, but Biden lies now when people call him out on it. He now says he’s not going to raise taxes on people who make under $400,000, but then when called out on his repealing the Trump tax cuts he says that’s just not true. Well, it is true. He has said it many times. Common sense dictates that if you work and you received a tax cut, your taxes are going to be raised when Biden removes the Trump tax cuts. There’s no way around this.
The proposal would additionally tax capital gains, which currently have a preferential tax rate, as income, which carries a much higher rate, for taxpayers with earnings above $1 million. It will also tax unrealized capital gains at death while also upping the estate tax for incomes over $400,000. So, the Democrat ghoulss want to bring back the death tax so that they can rob graves.
In 2022, the highest 1 percent of wage earners would see an average tax increase of about $260,000, while the poorest of the taxpayers would see a $750 reduction in what they owe, according to the analysis.
Non rich taxpayers would receive some tax breaks under Biden’s plan, together with an expansion of the refundable child tax credit and a credit for first-time homebuyers. Why would you want to pay a tax only to have it refunded to you? Just eliminate the tax amount in the first place.
And can we please be honest for a minute about taxes? The federal government is involved in over 10,000 things, with about 9,000 of them being unconstitutional. You are being taxed to pay for programs that have not been legally created. Sure, the Congress voted on bills and a president signed them into law, but the overwhelming majority of bills are passed without the federal government having the Constitutional authority to do so. The Constitution gave the federal government 18 enumerated (that means numbered for the liberals) powers. All other powers, including any not yet thought about, belong to the states. Any power the federal government wants, like creating Obamacare, the federal government must ask the states if they can have that power, because according to the Constitution, creating Obamacare was not one of the listed 18 powers for the federal government. The federal government must go for an Amendment to the Constitution, but because that process was intentionally made very difficult to do, the politicians just ignored it, and started passing bills with no regard to the limitations of power invested in the Constitution.
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The Biden model is not designed for growth or for American workers to have a chance to make their lives better. The Biden model is designed for government to control your life by creating government programs to help people rather than the Trump model which allows people to help themselves by getting the government off the people’s backs.
Rich is a conservative syndicated opinion writer and owner of Maga-Chat.com. He writes about politics, culture, liberty, and faith.
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