Biden is currently looking to impose the nation’s biggest tax hike since 1993. The funds that are raised will be used to tackle a number of growing national concerns. Climate change and infrastructure are at the top of the list. There are all sorts of socialist pet projects that are ready to come rolling down the pipeline, though. The progressives will keep their foot on Biden’s neck until they get exactly what they want.
On top of the $1.9 trillion COVID-19 relief bill that was recently signed into law, Biden wants to use these taxes to raise another $2 to $4 trillion. Corporate taxes and high earners are being targeted. “The tax hikes included in any broader infrastructure and jobs package are likely to include repealing portions of President Donald Trump’s 2017 tax law that benefit corporations and wealthy individuals, as well as making other changes to make the tax code more progressive, said the people familiar with the plan,” Bloomberg News reports.
It does not end there. Bloomberg News has more: “The following are among proposals currently planned or under consideration, according to the people, who asked not to be named as the discussions are private:
Raising the corporate tax rate to 28% from 21%
Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships
Raising the income tax rate on individuals earning more than $400,000
Expanding the estate tax’s reach
A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher),” they shared.
It’s so sad to see how out of touch Joe Biden is. After a year spent out of business, the first thing that Biden wants to do is start raising taxes. How are small business owners supposed to survive this storm that does not ever seem to end? Even when they receive a rough outline of when they can expect to open their doors, they are given yet another obstacle to deal with soon after that.
The Democrats have a narrow majority in both chambers at the moment, which should lead to some ridiculous political theater over the next few months. They are now facing a major challenge. The task of creating an economic package that appeals to the progressives and the moderates that they are going to have to convince is a big one. Of course, the GOP is going to provide plenty of opposition to the plans. Mitch McConnell is never going to sit idly by and allow these sorts of things to take place.
There are those who have seen what happened with the current relief bill and are less optimistic. They believe that the Democrats are going to find a way to ram their tax hikes through without any support from the GOP. After what we have just witnessed, we would not be surprised. Remember when Biden spent the vast majority of his campaign claiming that he was going to be the president who united America? All he’s done since is come up with divisive ideas.
This was supposed to be the year of unifying America but Biden does not want to do that. He’s gotten his way on everything else and now it is time for him to see if he can shove one more thing through. If Biden has his way, all of the business owners who suffered through a terrible 2020 are going to have an even worse 2021.
That’s just the way of the world now. The Democrats are the ones who are going to get their way time and time again, while the rest of us are left out in the cold. They are using their newfound power as an opportunity to go full scorched earth on all of the people who they perceive as enemies. Unfortunately, we are the enemy that they are looking to eliminate and they are not going to be happy until they are finally able to do just that.
