With the dropping out of Pete Buttigieg, Amy Kobluchar, and fauxcahontas Elizabeth Warner from the 2020 presidential race, and Buttigieg and Kobluchar’s immediate endorsement of Joe Biden, it looks like the Democrat Party establishment is determined that pedo Joe will be their nominee.
The American people and especially businesses, already buffeted by the economic fallout of coronavirus, should know that Biden is hell bent on raising your taxes.
At a recent campaign appearance, Biden said to a supporter in the audience who said he got a Trump tax cut:
“That’s good. You know what, I’m proud to see you doing well already. Guess what. If you elect me, your taxes are gonna be raised, not cut!“
Now we know just how much Biden will raise our taxes.
Naomi Jagoda reports for The Hill that a report released yesterday by the Urban-Brookings Tax Policy Center (TPC), which is led by a former Obama administration official, determined that Biden’s tax proposals would increase taxes by $10.2 trillion:
- $4 trillion or 1.5% of U.S. gross domestic product (GDP) from 2021 to 2030.
- Another $6.2 trillion in taxes from 2031 to 2040.
About half of the revenue gain in the first decade would come from the proposed tax increases for individuals, and the other half would come from the proposed increases for businesses.
For individuals, Biden would:
- Increase taxes on all income groups on average, with the biggest tax increases on the highest-income taxpayers:
- In 2021, those in the top 1% of income would on average see a tax increase of nearly $300,000, or 17% of their after-tax income.
- Those with income between $52,000 and $93,000 would see an average tax increase of about $260, or 0.4% of after-tax income.
- Roll back Trump‘s tax-rate cuts for individuals making more than $400,000.
- Cap the value of itemized deductions at 28%.
- Tax capital gains at the same rate as ordinary income for people earning more than $1 million a year.
- Tax unrealized capital gains at death.
- Subject earnings above $400,000 to Social Security payroll taxes.
For businesses, Biden would:
- Increase the corporate tax rate from 21% to 28%, which would generate about one-third of overall revenue. The corporate tax rate increase will be passed onto consumers, making it in effect a tax increase on American workers and the middle class.
- Create a 15% minimum tax on the income companies report on their financial statements.
- Increase the minimum tax on corporations’ foreign earnings from 10.5% to 21%.
- Reduce tax breaks for the fossil-fuel and real-estate industries, while giving tax incentives for renewable energy and retirement savings.
The Urban-Brookings Tax Policy Center report points out that Biden’s proposed tax increases are “significantly” higher than those of Hillary Clinton in 2016, which totaled $1.4 trillion or 0.5% of GDP in tax increases over 10 years.
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