Happy Halloween! Taxes on the Productive Will Skyrocket!

1
154

The House’s Build Back Better Act (BBBA) raises the average top tax rate on personal income as high a 57.4 percent. The taxes will be the highest in the developed world. Our capital gains tax will be higher than China’s.

This is while 47% or more of Americans pay no taxes or very little.

It makes the US highly uncompetitive. America Last!

High-income taxpayers would face a surcharge on modified adjusted gross income (MAGI), defined as adjusted gross income less investment interest expense.

The surcharge would equal 5 percent on MAGI in excess of $10 million-plus 3 percent on MAGI above $25 million, for a total surcharge of 8 percent (equivalent to about a 9.1 percent tax rate on taxable income).

The plan would also redefine the tax base to which the 3.8 percent net investment income tax (NIIT) applies to include the “active” part of pass-through income—all taxable income above $400,000 (single filer) or $500,000 (joint filer) would be subject to a tax of 3.8 percent due to the combination of NIIT and Medicare taxes.

Under current law, the top marginal tax rate on ordinary income is scheduled to increase from 37 percent to 39.6 percent starting in 2026. Overall, the top marginal tax rate on personal income at the federal level would rise to 51.4 percent (or 52.5 percent on the basis of taxable income.

Adding personal income taxes, state, local, and sales taxes, this punitive taxation will be astronomical. However, that’s not the end of it. Janet Yellen, the Treasury Secretary wants to tax income that doesn’t even exist.

It’s thievery.

Watch:
Our Treasury Secretary thinks it’s normal to tax income a person doesn’t have, income that isn’t in the person’s bank account.

We are definitely not competitive:

Biden wants people who pay 40% of the taxes now to pay their fair share. This is from a man who did nothing but play the role of partisan hack for nearly fifty years.


You can comment on the article after the ads and subscribe to the Daily Newsletter here if you would like a quick view of the articles of the day and any late news:

PowerInbox
0 0 votes
Article Rating
1 Comment
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
unsalted shelled peanuts
unsalted shelled peanuts
3 years ago

We don’t have any mean tweets though.
All comrades will have to pay a little bit extra to be rid of the Bad Orange Man.
We’re all in this together with the unity and it is for the good of the children to go back to the 1970’s so they can learn about a shrinking dollar, high energy prices, inflation, wild gas price fluctuations along with some great Jimmeh Carta/Jo Jo Brandon Magoo agitprop jokes but I repeat myself.