President Biden is planning the first major tax increase in nearly three decades. Because that’s what liberals do.
Vice President Harris was asked about the plans today, but she dodged the question.
They never like the phrase “tax and spend.” It’s just too simple, too direct, and too true.
Biden has to at least try to pay for Covid relief package, infrastructure spending, and all the rest of it. He’ll borrow a lot of it, but he will also try to soak the rich, because it feels so good.
With socialism and wealth redistribution now completely unrestrained, tax increases and federal borrowing will skyrocket. Any guilt or second thoughts about spending other people’s money, and any belief that maybe welfare does more harm than good, is now off the table.
According to Bloomberg:
Biden is “said to be planning the first major federal tax hike since 1993, with the aim of delivering on one of his campaign promises. Biden’s proposal will mostly affect those earning more than $400,000 a year and could prove to be the vehicle with which he’ll pay for some of his long-standing economic and infrastructure plans.
“The Biden administration is drawing up its plan at a time when at least half a dozen states are also considering raising taxes for the wealthy in response to the economic fallout from the coronavirus pandemic.
“The proposed policies could shape the way millions of Americans save, spend and manage their finances for years. While the specifics of each package are still being determined, there’s several ways with which those plans could affect your money.
“The White House is expected to propose a suite of tax increases targeting the wealthy, mostly mirroring Biden’s 2020 campaign proposals, according to four people familiar with the discussions. An independent analysis of those proposals by the Tax Foundation estimated that the top 1% of taxpayers would see their after-tax income reduced by around 11.3% in 2021 and the top 5% would see it shrink by 1.3%. Those in the 90th to 95th percentile would see their after-tax incomes reduced by 0.2%.”