Posted on 03/18/2021 5:00:22 PM PDT by MtnClimber
If you’re an American of average income, listen up. You’re about to become a lot poorer. President Joe Biden’s proposed soon-to-be-unveiled multi-trillion dollar tax hike, the first major increase in taxes since 1993, will ensure that.
With a massive wave of new spending on the way, it was only a matter of time before Biden and his far-left economic team came up with massive new tax increases to match. You might be happy with your $1,400 “stimulus check,” but you won’t be happy with the higher taxes you’ll be paying from now until you die.
That’s right, because no matter what the Democrats said during last year’s presidential campaign about “taxing the rich” and “big corporations” it’s the middle class and the poor who will really take a hit.
Though still in the discussion phase, the White House says only those earning more than $400,000 a year will feel the pain. They’ll face higher taxes on their estates and so-called pass-through businesses, including limited-liability companies and partnerships. Millionaires might get a double-whammy, with both higher income and capital gains taxes.
A tax-fairness win for the little guy? Don’t believe it. Biden also wants to raise the corporate tax rate from the current 21% to 28%, a one-third increase. And that tax on “pass-through” businesses? That’s a tax-code euphemism for “small businesses.”
Stick it to the man, right? Sorry, but the man is you.
(Excerpt) Read more at issuesinsights.com ...
Joe is going to try to tax us into prosperity.
I thought that's been revised to be "families" earning more than $400,000 per year will see increased taxes. Individual earners making $200,000 or more will see taxes go up.
-PJ
Seriously? Seriously? Joe would screw us little guys? Next you’ll be saying Ford is going to Mexico and the pipeline project is tits up. Geez Dude you are hallucinating. Get an effing grip.
And the DemoNazi party is trying to borrow and spend our way to prosperity.
Yes, lets recite the long, long list of all the countries that have taxed themselves into prosperity:
Biden: Leading from behind.
No , Nancy will spend to prosperity ,LOL
Remember. If you see a quarter on the ground and you didn’t drop it, don’t bend over to pick it up. It’s bait! Oops! It’s a bit late now.
If you don’t know that you are dumber than dirt and obviously a targeted minority.
I would encourage small business to cheat,like the big boys....for we peasants, use every tax dodge available....becoming a reverend and forming a little church for instance.
I think we’re all going to take it in the shorts. This roller-coaster ride does not end well.
the White House says only those earning more than $4 a year will feel the pain.
There fixed it
So I read that Leaking from behind. Probably true, also
What the state gives is what is left of what it takes after the bloated state keeps to pay bureaucrats salaries and benefits that are much larger that the private sector for the same job, but where the private sector actually has to perform.
But what about other taxes such as the gas tax? New Trans. Secretary Pete Buttgig(sp?) lamented how the federal gas tax hasn’t gone up.since 1993, and was frustrated that this tax is not indexed to increase with inflation .
Everyone who drives will pay that tax increase , not just drivers who earn $400K or more per year.
The price of gas has already taken half of the stimulus.
Old News!
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