[ April 18, 2024 ]
Make no mistake, this massive tax hike will it every single America and most of all our savings. Biden is raising capital gains tax from 20% to 40%, imposing a tax on unrealized gains, huge increases on two income families, but hit worst of all, small business.
Biden’s titanic tax hikes are only exceeded by his spending.
Even with $5 trillion in tax hikes bringing the highest sustained tax burden America has ever seen, the public-held national debt would still jump from $25 trillion to $44 trillion according to the president’s own figures.
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Annual budget deficits would grow past $2 trillion even with peace and prosperity.
Simply paying the interest on the national debt would cost taxpayers $10 trillion over the decade — more than any program besides Social Security and Medicare.
Apart from crashing the stock market, it will impoverish savers, homeowners and stock-holders.
It’s a deathblow to the American economy.
In reality, his budget proposes the largest tax increase in modern history, plows much of the new savings into more new spending and leaves Social Security on its path to insolvency.
Start with taxes.
Inflation-adjusted federal revenues have already soared to $1 trillion above pre-pandemic levels, to their second-highest share of the economy since World War II.
Yet the president would raise taxes by an additional $5 trillion over the decade — the largest tax hike since the 1960s.
Total corporate taxes would jump by 56%, to their highest sustained share of the economy since the 1970s (and may exceed the 1970s levels when also accounting for small-business taxes).
Much of these revenues would come from raising the corporate tax rate from 21% to 28%.
When including state taxes, American corporations would face the second-highest tax burden among Organization for Economic Co-operation and Development nations.
In a world of global tax competition, America would again hamstring its own competitiveness.
President Biden just delivered his budget to Congress, and it is completely unserious.
He proposes trillions in new taxes that you and your family will pay directly or through higher costs.
Mr. President: Washington has a spending problem, NOT a revenue problem.
— Kevin McCarthy (@SpeakerMcCarthy) March 9, 2023
Biden's New Tax Plan Would Raise Combined Top Tax Rates to Nearly 60% in Some States
"That means if you live in California, your combined state and federal would be 57.9%. And if you live in New York City, the city, state and federal would all add up to a top rate of 59.4%." pic.twitter.com/iOnRrqe6Gq
— Chief Nerd (@TheChiefNerd) March 8, 2023
Daily Mail: President Joe Biden on Thursday released a $6.8 trillion budget that puts higher taxes on the rich, targets corporations and gives a huge injection of funding for social programs such as child care and paid family leave. There are also billions set aside for a 5.2 percent pay rise for federal workers, support for refugees, more offshore wind farms and a $25 billion investment in border security (Daily Mail). National Review: The budget would also quadruple a tax on stock buybacks, increase taxes on corporations already under pressure from higher costs driven by inflation, and add an additional 25 percent tax on high-net-worth individuals. He also increases an Obamacare surtax on investment income in a way that would hit small businesses, and then diverts the revenue from Obamacare to claim it will now shore up Medicare. Relative to the most recent baseline from the Congressional Budget Office, Biden would raise taxes by $5.5 trillion and spending by $2.2 trillion over the next decade (National Review).
BIDEN: "I wanna make it clear: I'm gonna raise some taxes" pic.twitter.com/m1g8c8jhEs
— RNC Research (@RNCResearch) February 28, 2023
Biden proposes $5.5 TRILLION in tax hikes on the rich to pay for $6.8T budget that includes pay raise for federal workers and funding for green agenda
- The budget proposes a 7.3 percent increase in non-defense discretionary spending – about double its increase in defense spending
- It calls for $688B in non-defense discretionary spending – a $47B increase
- Calls for $886 billion to be allocated to overall defense – an increase over 2023’s $858 billion
President Joe Biden on Thursday released a $6.8 trillion budget that puts higher taxes on the rich, targets corporations and gives a huge injection of funding for social programs such as child care and paid family leave.
The plan includes raking in $5.5 trillion in tax revenues from the wealthiest Americans by raising the top rate for those making more than $400,000 from 39.6 percent from 37 percent and imposing a 25 percent minimum income tax on billionaires.
The president’s plan – which he says will reduce the deficit by $3 trillion over 10 years – would also nearly double the capital gains tax rate for investment to 39.6 percent from 20 percent and raise income levies on corporations.
Enough for the largest peacetime budget in history has also been proposed – including $842 billion for the Pentagon, a 5.2 percent pay rise for troops, $6 billion in support for Ukraine and Europe and $37 billion on the nuclear weapons program.There are also billions set aside for a 5.2 percent pay rise for federal workers, support for refugees, more offshore wind farms and a $25 billion investment in border security.
The huge budget is likely to be blocked in Congress, and Republicans have already called the plan ‘reckless’ and a ‘road map to fiscal ruin’.
Biden wants to Tax “Unrealized Capital Gains” this means no one will invest in the stock market. How could you buy a stock if it goes down you lose. If the stock goes up you pay taxes on it even if you don’t sell it? Ridiculous! 🤨 #Hannity pic.twitter.com/LnB9YZLrrb
— Louis Buchalter (@lepke2112) March 10, 2023
https://twitter.com/Heritage/status/1633973440322617344?s=20
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33 Comments
1 year ago
Taxing unrealized gains is nothing new. Ronnie “The Commie” Reagan did that, with commodity futures back when that commie was in office. Also, remember he raised self-employment tax to 15.3% (from dollar one), when it had been 2% as recently as 1966.
When people refer to Reagan as a conservative, I ask them to define “conservative”, comrade.
1 year ago
Reply to
Fork It
“Conservatism” is an umbrella term and movement, of disparate and conflicting groups and individuals, with so many contradictions in it that in practical terms it is doomed to fail if freedom, liberty, and capitalism are the values one seeks to achieve.
“If the “conservatives” do not stand for capitalism, they stand for and are nothing; they have no goal, no direction, no political principles, no social ideals, no intellectual values, no leadership to offer anyone.
Yet capitalism is what the “conservatives” dare not advocate or defend. They are paralyzed by the profound conflict between capitalism and the moral code which dominates our culture: the morality of altruism . . . Capitalism and altruism are incompatible; they are philosophical opposites; they cannot co-exist in the same man or in the same society.” – Ayn Rand, from her essay, “Conservatism: An Obituary”
1 year ago
Reply to
Fork It
Yep , you jerk off , that will accomplish a lot . Go hate somewhere else !
1 year ago
Come on, man. Burn it all down!
1 year ago
Don’t forget that the regime is also colluding with the EU to impose a global business tax
This is the the anti- growth movement at work.
They want to save China from its coming decline and want to also shut down the middle class. All over the West .
This is Klaus Schwab’ s hybrid of communism and fascism
Kill the auto sector, the energy output, create more inflation to curtail consumption and movement and finally install the neo’ feudal globalist regime.
1 year ago
Reply to
Armaros
They are slowly but surely creating a living HE// that they want us to live in while, with certainly, they have made sure they, the elites, will never have to experience because they are the filthy rich and have safeguarded and protected themselves….!! This is beyond human rights violations….!! This is tyranny and torture on a grand scale..!!
1 year ago
Congress and not the president has the power to tax. So, keep your eyes on Congress to see where this proposal goes.
D
1 year ago
Reply to
Don
The Constitution authorizes Congress to tax the people for the welfare of the USA. So why do these morons tax the heck out of Americans to give it away to parasites and those who hate America?
1 year ago
Reply to
PatD
When the Constitution was passed there was no income tax. Money was raised by tariffs. Part of that was to encourage American businesses. Which party gave us the income tax and under which president? Democrats and Woodrow Wilson. The Federal reserve Act was signed by Wilson The previous president, William Howard Taft said he would not sign such a bill, so the banker JP Morgan funded Teddy Roosevelt to run as a 3rd party, electing Wilson. Read G. Edward Griffin’s book THE CREATURE FROM JEKYLL ISLAND. The bankers wrote the Fed Act and now we have not only the inflation tax, but thanks to Wilson the income tax. BY the way, there is strong evidence that John Kennedy was murdered by the owners of the Fed. Why? He saw the strangle hold on America due to the federal reserve note and was planning to replace it with United States notes. Fed notes have interest atatched to them and were being phased out while US notes had not interest on them.
1 year ago
Reply to
PatD
History of the Income Tax
https://www.vcyamerica.org/crosstalk/2021/04/07/history-of-the-income-tax/
1 year ago
Reply to
Don
Congress has consistently let us down..!! So, while it’s still important to keep our eyes on thos scoundrels, we completely know what they are going to do….continue to let us down..!! It will soon be everyman for himself and then the doo doo is really going to hit the fan…!! Congress is a JOKE…!!
1 year ago
WAR on all these corrupt, evil people…..I am ready to meet the Lord, I am not scared to die. I am ready to march to WAR on these people!!!!!
1 year ago
Reply to
Staff Sgt Chaos
The nation has been in a soft war for a long time, but few know it. I wonder when the new name for America will be phased in? USSSA…Union of Soviet Socialist States of America. Democrat voters have been voting for it for a very long time.
D
1 year ago
Reply to
Staff Sgt Chaos
You want to fight and die for the cause. I’ll fight but I don’t plan on dying for the cause. I plan on Killing for the cause. That’s how you get results.
D
1 year ago
Well, the moron has almost killed the country so now tax it to death so he can give it to foreigners who hate America!!!!
D
1 year ago
No mention about funding war in Ukraine , Shoring up southern border or funding government day to day operations . Dems and Liberal media will meet a New Conservative block that is very cautious about any new spending or tax hikes. Grab the popcorn it’s going to be a slug fest.
1 year ago
Typical “tax & spend”, commie/democrat.
D
1 year ago
Kinda funny. Big businesses and wealthy people, basically the “Big Rich” don’t pay much now. I’m sure under this plan, the “Big Rich” will pay nothing. See, the loopholes, deductions, write-offs, deferrals, everything in the tax code, is there for the super-wealthy to remain super-wealthy. Some extremely large companies actually pay zero taxes.
This plan will only hurt small businesses and working people.
1 year ago
Might as well raise taxes by $30 trillion and pay off the debt. All the rich leftists like gates, bezos and buffett can easily afford to pay more.
1 year ago
OLD Degenerated Jo(k)e Biden is crazy and delusional, he actually thinks is the the KING….!! This is just more of his and his handler’s plans to destroy us and our country..!! He must be stopped..!! Impeach and get rid of him…..NOW…!!
D
1 year ago
Irresponsible national bleed down.
Transfer of wealth. Marxist. We’re already there.
1 year ago
FYI: The IRS is organized extortion. Federal income taxes were NEVER ratified and are voluntary. It was created to help fund our military in WW2. The federal government’s shenanigans can be brought to a dead stop, if they don’t get the tax dollars they frivilously waste.
1 year ago
Stolen elections have catastrophic consequences. Hold accountable your closest deep state asset, your local fake news purveyors, FBI/IRS/Military officers/etc… all are living in a neighborhood near you.
1 year ago
The organized crime family that masquerades as the Democratic Party is well along with its plans to completely turn the USA into its sole crime turf. First they hire their “made men” as IRS and FBI agents. Then they stock the DOJ with their consiglieres then they pass rues (laws) that forces all to pay huge taxes (grift) to their crime bosses who then distribute the loot among their “mob captains”in the form of contracts and other forms of payment. When someone opposes them they are canceled. If that is not sufficient they are indicted and placed in a federal prison, and if that is not sufficient they their hitmen take care of them. When will people wake up and realize that we live in the grip of an organized crime family? Its not politics,it’s pure criminality.
1 year ago
Here Joementia is carrying out one of Karl Marx’ plans, crush the middle class. I wonder how many of those BAAL worshipping Democrats will be begging the God of the Bible to save them? Similar to Judah in 2Chron36, America will be facing it’s own Babylon because the churches did not do what the Scriptures tell them to do.
1 year ago
No civilization has ever existed without taxation. The way a society taxes itself says a lot about that society. With the FAIRtax the people choose their own tax rate by how much they spend. 0% on spending up to the poverty level because the tax is paid with the prebate. Everyone is treated equally.
1 year ago
Reply to
Marty
You might want to read a book on the income tax by the historian William Federer. It’s called THE
INTERESTING HISTORY OF INCOME T A X. YOU find that the party that gave us the INCOME TAX undid what the Founders planned. That is the party of slavery, secession, segregation and socialism. America began with tariffs. They encouraged manufacturing in America. HUMM? Which party began pushing that to places like China and other cheap labour nations? The same party that advocated for slavery and began to Civil War by seceding six weeks after Lincoln was elected.
1 year ago
We must stop the tax and spend scum !
1 year ago
Reply to
jim bushlow
By the way, in 1980 I worked at a high tech company with a man that served in the German Army during WWII. He served on the Western front that may have saved his life. During the 1920s he told me that due to the hyper inflation that was brought on by war reparations of WWI when his father would bring his weekly pay home and give it to his mother if she waited to go grocery shopping the next day she did not have enough money to shop.
I wanted collect coins as a kid and my uncle gave me a 100 thousand Deutsche Mark note printed in 1923.
If it had been printed in 1914 it would have been worth $25 thousand. Printed in 1923 it was worth about 25 cents.
Americans should get ready for the same.
By the way, read John McManus’ book “Financial Terrorism” to learn what a resident of Portland, OR experienced having a bank account in a German bank in the 1920s. It was not pretty.
