Biden set to significantly raise taxes and spend trillions

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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.


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GuvGeek
GuvGeek
1 year ago

Here’s a novel idea, expand the Economy so everyone has a good job. With an expanded economy the Government gets more money. Oh! Sorry I didn’t realize that people with good jobs vote Republican. Imagine that!

Gadsden Forlorn
Gadsden Forlorn
1 year ago
Reply to  GuvGeek

Sadly, you can’t realistically expand the economy enough to cover the debt plus the deficit in this country. We’ve already gone over the tipping point. I’m a student of history and I can tell you it’s astonishing how many superpowers lost in history due to debt, and an inability to collect enough taxes to pay it (although, admittedly the U.S. has a FAR more powerful tax collection system than all previous superpowers). Ironically, throughout history, catastrophic debt usually happens when a great nation is handily WINNING a war. But in the process of winning they’re left too depleted to fight the next one and then they begin to falter before a new nation easily overtakes their economic and military power. It has happened so many times in history and it is absolutely happening again, here. We’re over the precipice now. Sadly, it’s already too late to stop the collapse of the U.S.A. We’ve exceeded our ability to ever pay the bills. It’s impossible to tax this much without collapsing the economy and destroying the country in the process. Classic Catch-22. We lose, either way.

The Prisoner
The Prisoner
1 year ago

The rapid deterioration of America is underway and unimpeded. November 3rd and January 6th were the pivotal dates.

Republicans have nothing to do, but when they did, they did not do it. We look to them for nothing.

The Law Of the Jungle
The Law Of the Jungle
1 year ago

Burning it all down won’t end up as they imagine it.
There is no wipe it out and then build it back better.
Like the ol’ gals pasting photos on the wall commercial and calling it fakebook friends, that’s not how that works.
But then again the CPUSA comrades are all about destroying Western Civilization once and for all.
Get ready for the time is short.

wheelie1952
1 year ago

Tyranny at any cost.