Bloomberg reports Joe Biden has planned the first major tax increase since Bill Clinton in 1993.
Biden allegedly intends to raise the corporate tax rate substantially, increase the capital gains tax for people making over a million dollars, widen the estate tax, increase the income tax on people making more than $400,000 and reduce tax breaks for businesses.
His tax policy during his campaign was to raise taxes by $2.1 trillion over 10 years. He’s also going to sign more wasteful, socialist trillion-dollar bills during COV. If Schumer and the Democrats abolish the Senate filibuster, they will be unimpeded in spending. They will crash the economy.
This tax increase will raise money for infrastructure and the environment but that means money for unions and the end of our lucrative energy sector.
Democrats allegedly have a $4 trillion package for those issues and we don’t even take in $4 trillion in a year. We are about $30 trillion in debt and ran a $4 trillion deficit last year.
We spent $4 trillion on COVID but much of it now is not going to COVID. Republicans are complaining they have nothing to do because Democrats won’t even negotiate.
We are going to borrow this money, probably some from China, and the Federal Reserve has already printed trillions in money backed by nothing.
The revenue from taxes will hurt business and the economy as Biden is spending like a drunken sailor.
We have a socialist/progressive income tax system and we’re killing the rich, who don’t need to live in the USA. Then where will the revenue come from?
Democrats know all this and they don’t care. They don’t care about saving the country because they want a new country, a socialist/communist country they control.