Joe Biden and his caucus of angry socialists have promised that no one making under $400,000 would see an increase in their taxes. That is a blatant lie and the poor and the middle class could become the big losers. There would be 7 new taxes on this group of taxpayers. Actually, a couple would not be actual taxes but would reduce the buying power of your paychecks.
Remember that some of the taxes such as the raising of the corporate taxes do not really increase what corporations pay because they simply pass that on to consumers, plus the fact that jobs will be cut in order to minimize those price increases. There is also one tax increase in which the poor will carry the heaviest burden, That would be the doubling of the federal sin tax on cigarettes as the poor smoke more than any other group.
Here are the seven deadly taxes:
1. ATF firearm registration
President Biden endorsed a proposal that would extract hundreds or thousands of dollars from Americans of all income levels: He would force people to register semiautomatic weapons, as well as magazines that hold more than 10 rounds of ammunition, with the federal government — and charge a registration fee for each item.
2. Reinstating the Obamcare penalty
When former President Barack Obama transformed the U.S. health care landscape, the plan he unveiled proved so unpopular that he had to threaten to punish anyone who refused to participate. While President Donald Trump lowered this penalty to zero, candidate Joe Biden said he would reinstate the Affordable Care Act’s individual mandate — and its economic penalty.
The ACA, conventionally known as Obamacare, punitively fines anyone who fails to purchase a qualified health insurance plan $695 for a single person or as much as $2,085 for a family of four. Chief Justice John Roberts famously defined this penalty as a tax in the Supreme Court ruling that saved Obamacare from being overturned. Almost three-quarters of the 4.6 million households that paid the penalty had an adjusted gross income of $50,000 or less.
3. Carbon tax on home heating and cooking
Although Democrats dub this “carbon pricing,” internal documents clearly refer to it as a “tax.” They are weighing three separate proposals: “a per-ton tax” on the carbon dioxide content of such fossil fuels as coal, oil, and natural gas starting at $15 per ton and “escalating over time”; “a tax” on industries like U.S. steel or cement makers for each ton of CO2 emissions; or “a per-barrel tax” on crude oil.
4. Methane fee
In a more concrete step, on September 14, the Democrat-controlled House Energy and Commerce Committee passed a fee on methane, which is the largest component of natural gas, used for home heating and cooking. But it is also a greenhouse gas, so the Green movement deems it a building block of the impending “existential climate emergency.” And they recognize, “The power to tax is the power to destroy.”
The Democrats’ methane fee is based on legislation from Senators Sheldon Whitehouse (D-RI) and Cory Booker (D-NJ), which would charge $1,800 per ton, and increase by 2% above inflation each year. Worse yet, the proposal taxes a company on the amount of methane they handle, not on their methane emissions into the environment.
6. Cigarette tax
Democrats plan to impose “sin taxes” on tobacco and nicotine products to reduce smoking (and, possibly, to harm the tobacco industry, which is based in Republican states and has funded conservative causes in the past). As The Daily Wire’s Ben Zeisloft reported, “The Democrats’ tax plan would also double the existing excise tax on popular tobacco products — including cigarettes and small cigars — from $50.33 per thousand to $100.66 per thousand.”
This regressive tax will disproportionately fall on the poor. “The vast majority of smokers have lower incomes, and tobacco is one of the few goods that have an inverse relationship with income in that consumption increases as income decreases,” according to the Tax Foundation.
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Inflation has taken off under President Biden, thanks in no small part to a flood of currency entering the economy through government overspending. While reckless government spending did not begin with President Biden, his embrace of multiple trillion-dollar plans will put the downward slide into warp speed.
Inflation has already pulled up prices everywhere Americans spend money, especially on essentials. The price of staples like food have risen steadily, with the cost of beef rising 14% this year, pork by 12%, and poultry by 6.6%. Gasoline prices are up 42% over last year.