Since we all just received the annual prison shower treatment from the IRS, perhaps it’s a good time to look at the proposed tax policies of the two presidential frontrunners. If you think the suicide rate for middle-aged men has been bad during Biden’s first term, just wait until he gets into office again. Biden plans to grind the bones of middle-class Americans into powder with pulverizing tax hikes for everyone.
To put it mildly, if you’re struggling with the runaway inflation and tax hikes of Biden’s first term, you probably won’t financially survive another four years with him in the White House.
Donald Trump’s tax plan is really simple. His plan is so friendly to the taxpayers that he’s not afraid to say it out loud:
“I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that.”
Sweet relief! If you saw the check I cut to the IRS this week, you wouldn’t even believe it. Donald Trump’s plan is crystal clear. If he wins, your taxes will be cut. This is all but guaranteed by the economic nationalism that he plans to bring back. Tariffs on imported goods equal lower taxes for everyone.
Joe Biden, on the other hand, is not something that he’s openly bragging about. But he has a plan, and it has been written down. He wants to raise taxes by an astonishing $5 trillion per year during his second term.
Biden plans to raise small business taxes, corporate taxes, capital gains and dividends taxes, income taxes, and energy taxes. Oh, and he wants to impose a second Death Tax on top of the first Death Tax so that the government can inherit everything instead of your kids and grandkids.
Biden’s plan will increase the corporate tax rate from 21% to 28%. For just a bit of perspective, that makes it cheaper for corporations to operate in Communist China, which only has a 25% corporate tax rate. Needless to say, this will encourage more corporate investment in China than in America. (They really got their money’s worth with the Big Guy, didn’t they?)
When you add the average state corporate income tax rate of 4%, corporations in America would be taxed at 32%. That will be the second-highest rate on the planet, after Colombia.
Higher corporate taxes will also drive inflation even higher since companies don’t absorb the tax. They just raise the price of goods and pass them on to American households.
Biden’s budget will raise the federal capital gains tax to 44.6%, which would be the highest rate in the last century. When you combine that with the state capital gains tax rates of places like California and New York, businesses would pay a combined rate of 59% in California and 53.4% in New York.
How do you pronounce exodus?
Do you know what rate civilized countries that are not falling apart charge on capital gains? 18.78%. Communist China charges 20%. American companies under Joe Biden will be paying up to 59%. That means that you could work for 40 years, sell the company that you built up over that time, and Joe Biden will take more than half for the government.
And here is a tax increase that will be a really nasty surprise for Americans. He wants to impose taxes on “unrealized gains.”
Let’s say your local city assessor comes by next year and says your house is now valued at $25,000 more than you thought it was. You haven’t sold the house, so it’s not like you have that extra $25K in your pocket. It’s an unrealized gain. It’s not real, it’s just a number on a piece of paper. But Joe Biden is going to take a very real cut of that nonexistent $25,000 out of your bank account.
Oh, but it’s worse than that. Unrealized gains don’t just happen with land or property. They also happen with retirement accounts. If your IRA or mutual fund has a really good year, Joe Biden will tax the increased value of the account—even though you haven’t sold it! The other nasty thing about unrealized gains taxes is that if your property or stocks lose value, you don’t get money back from the government. But they’ll gladly take it if it looks like you have more wealth on paper.
Let’s see… lower taxes under Donald Trump. Murderously high taxes under Joe Biden. Please vote accordingly this November.
Taxes underneath the democratic socialist system is bound to increase yearly, in both cost of goods and services All without increased services or security for the nation! Just to pay for those that are thriving on the free government handouts and the increased numbers of illegals waiting in line for those free gifts that Biden is using to buy future votes! Cut wasteful spending reduced taxes, charge Biden’s administration with dereliction of duties in not enforcing the borders or even trying to secure the Nation.
John you are so right. I say let democrats flip the bills for the thugs not republicans. Especially those who are spending big bucks for basement boy.
What a disaster Joe Biden has been. He doesn’t know how to stop making it worse. He just keeps on doing the dumb stuff that caused all this caouse to begin with. A total screw up!!! CJ
SOCIALISM, Dementia Joe wants everything to go to the government. Yet he and his family skip out on paying income taxes. A dictatorship or a pricktatorship? Only the broke that pay no taxes will vote for him/them.
Capitalism rewards taking charge of your own life. Best system ever in the world.
If you like socialism, move to a socialist country, by all means. America has done pretty good under capitalism.