Biden's record-setting tax increases will take your money
Hillary ran on a proposed $1T tax increase. Not to be outdone, Joe quadruples down: a $4T tax increase over 10 years. That will dampen the economy and harm taxpayers. It will also harm government programs because it would not bring in anywhere near the expected revenue.
The entire proposal is problematic. The prosed doubling of the capital gains tax rate shows a fundamental lack of understanding of capitalism. Or perhaps a preference for Marxism. How many people are going to invest money knowing 40% of the profits will be seized by the State? What is going to make up the difference in investment? Dementia Joe?In 2016, Hillary Clinton ran for president proposing $1 trillion in tax increases. Would President Trump’s blue-collar boom ever have gotten off the ground with such a back-breaking tax burden?
But now, four years later, former vice president Joe Biden thinks he has a better idea. In his third run for the White House, Biden is proposing tax increases of nearly $4 trillion over the next 10 years. If he wins in November and these increases were to pass, they’d be the highest in American history — indeed, in world history.
President Trump’s 2017 tax reform cut taxes for corporations, small businesses, blue-collar workers and the middle class. Since the 2016 election, employers have added 7 million new jobs and, until the COVID-19 pandemic this spring, Trump’s tax reform package created an economy that produced the lowest unemployment in American history for Blacks, Hispanics and Asians, along with increases in wages and middle-class incomes.
Are Biden’s proposed tax increases what America needs while our economy is still mired in the coronavirus downturn, and now beset by anti-police protests? What will happen to jobs under that farsighted “leadership”? How long until America’s economy could return to where it was at the beginning of 2020?
Biden proposes an outright repeal of Trump’s tax reform package, raising taxes on the middle class, blue-collar families and American corporations, large and small. Such tax increases would return America’s corporate tax rate to close to 40 percent, the highest in the world.
At the start of the Great Depression in 1929, President Hoover’s tax increases to balance the budget in a collapsing economy caused America to suffer 25 percent unemployment for more than 10 years. Is that what Americans want again?
And Biden also proposes to raise the capital gains tax to 40 percent, doubling it from today’s rate. We know from experience that would dramatically reduce tax revenues from that source and slash investment returns for all Americans.
Reply With Quote
Originally Posted by JakeStarkey
