In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR

Wh3

Biden planning first major tax hike in nearly 30 years

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%.”

6 thoughts on “Biden planning first major tax hike in nearly 30 years”

  1. Good luck with that! At the rate he’s going in his effort to help the American people he may not live long enough to do any of this stupidity.

  2. President Trump had taxes cut. That helped all Americans and boosted the national economy. Senile joe is doing the opposite by increasing taxes. To destroy our country, exactly the opposite of everything that President Trump did must be done. The pelosia/schumer/biden Axis of Evil are doing exactly that, that is, totally the opposite of President Trump – open borders, increase taxes, you name it. This is not what the American people wanted nor voted for. That is why the election had to be rigged for these warped-minded people to gain control.

  3. I think most Americans don’t mind paying taxes as much as they hate what the federal government does with their tax money:
    1) Paying to usher in more gimmecrat voters, then supporting them
    2) Overpaying for everything
    3) Constant corruption
    4) Unwise ‘investing’ in personal agendas

    1. Beammeup, You made an excellent point. Gerard Depardien, the famous actor, gave up his French citizenship and became a Russian citizen.
      He was in the 75% tax bracket vs Russia’s 35% but he said the reason he changed was he was unhappy with the way the French government spent the money.

Comments are closed.