Posted on 04/15/2024 1:14:42 AM PDT by Libloather
Donald Trump has outlined his plans for federal taxation should he be elected.
"I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.
Trump made the direction clear. Lower.
But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.
Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.
Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.
Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.
Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.
Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.
(Excerpt) Read more at foxnews.com ...
Essentially with all the new rules for IC’s already in place, even if you are an LLC doing B2B work, you could find your client putting you on their payroll.
This is all a mess already and looks like it is just going to get worse. This all stems from the government greed and debt when one really thinks about it.
The Wuhan China Scam didn't kill ALL small businesses in America ... so they still have work to do.
'All within the state, nothing outside the state, nothing against the state,'
-Benito Mussolini
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