Politico loves Biden’s new tax plan since they think it will raise four trillion dollars [for more spending on social justice programs].
In the past, Biden has promised to abandon all of the President’s tax cuts which helps the middle class. His new plan does that and more.
The plan will miraculously hit the rich who -somehow — won’t leave the country, or hide their money, or pass the burden to the middle class.
He will tax “high-income households” and [small] businesses.
“Four big-ticket items account for about 80 percent of the revenue gain,” said Gordon Mermin, senior research associate at the nonpartisan group.
The corporate tax rate, which has created a boom in the economy, will go from 21% to 28%.
Social Security taxes on earnings of $400,000 and above will increase.
Capital gains and dividend taxes will go up. Lower taxes in these areas are also responsible for much of the improvement in the economy, [but Politico doesn’t mention any of that since they love Biden].
Biden will tax as ordinary income taxpayers who make more than one million dollars and tax unrealized capital gains of more than $100,000 at death unless left to a surviving spouse or donated to charity.
He will repeal income tax reductions.
Biden will restore the top individual tax rate to 39.6%, limit their itemized deductions and phase out business income deductions they get.
Politico leaves out the part about it damaging our economy and sending wealth overseas. Anemic Obamanomics is back and thensome!
The plan is “very progressive,” aka socialist.
“The Biden plan is “very progressive” even though taxes would climb on all income groups on average, Gordon Mermin, senior researcher at the Tax Policy Center, said.
“The distribution skews heavily toward those with higher income, with a 17 percent average tax increase on the top 1 percent and more than 23 percent for the top 0.1 percent. The top 20 percent would bear almost 93 percent of the tax increases.” [The top 1% already pays nearly 40% of the taxes according to the Tax Foundation dot org, and the top 20% pay 87% of the taxes currently, the WSJ reports. Do you think they will stay in the USA to be robbed blind?]
The bottom 80% wouldn’t go up more than .5% (to start).
Obviously, Biden didn’t write this since he’s senile. His socialist handlers did and will continue to do so. The message you should get from Politico is the Trump tax cuts and the booming economy are bad, but socialist taxes and a socialist economy are good. Vincent Maduro would agree.