Here are the massive tax increases coming your way in a second Biden term

Fox News ^ | 4/15/19 | Grover Norquist

[Libloather]

Donald Trump has outlined his plans for federal taxation should he be elected.

"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," he said in a speech in North Charleston, South Carolina, on Feb. 14, 2024.

Trump made the direction clear. Lower.

But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase.

Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes and even a second Death Tax on top of the first one.

Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%.

Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.

Households bear the burden of the corporate income tax in the form of higher prices and slower wage growth. Companies do not simply absorb the tax, it is passed on to all of us.

Biden also promises to increase the tax on Subchapter S corporations, partnerships and all "pass through" businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate.

[Libloather]

Let's go Colombia.

[clearcarbon]

"Here are the massive tax increases coming your way in a second Biden term"

He's raising his allowance by letting us keep less of his money.

[EBH]

partnerships and all "pass through" businesses, most of them small businesses, to 39.6%.

Usury rate is what that is. Bone crushing, business killing rate.

[SaveFerris]

Democrat Joe Biden has to keep on working on Democrat Barack Hussein Obama's dream of destroying America.

Not that the fools will ever figure it out...

[Blennos]

...business killing rate.

Maybe that's the idea. Isn't the ideal state, the blessed utopia, one in which the central government owns and controls all business activity? Interesting that this has never been tried before.

[ComputerGuy]

My taxes went up under Trump. I expect nothing less from Brandon.

[HighSierra5]

A DemocRat never met a tax he/she/it/thing didn’t like.

[Omnivore-Dan]

A tax increase on small businesses is especially damaging in several ways. I had a small business, as small as can be, the only employee was me, a company of one. The taxes I paid were obscene, and I had to pay all of the Social Security, twice as much as a company employee. And, because I was the president, I was unable to collect unemployment even though I had to pay into it. Small businesses struggle to make a profit with the rising costs of everything, have to let some employees go, which means everyone left has to work harder. Our government only caters to big business where payoffs, kickbacks, favors, etc. are available.

[Chad C. Mulligan]

'The way to crush the [middle class] is to grind them between the millstones of taxation and inflation.'

V.I. Lenin

[Tell It Right]

Biden, Vice President Kamala Harris, Treasury Secretary Janet Yellen and Transportation Secretary Pete Buttigieg have all endorsed an energy tax/carbon tax. All but 10 Democrats in the House voted against a resolution opposing a carbon tax this spring.

This is on top of the carbon taxes we're already paying, such as the RIN (Registered Identification Number) tax that refineries pay per gallon of gas (passed onto the consumer). This new tax would be on all energy, including power to charge the EV's the Dims are trying to force people into.

[maddog55]

Why the need for tax increases when you can just print whatever money you want?

[Cowgirl of Justice]

Because it is about punishing Americans and bringing us to our knees, stealing all we have to give to those who want us dead.

[mewzilla]

A healthy, growing middle class doesn’t require a Deep State.

We pose a threat to Deep State.

Deep States worldwide are dealing with the threat we pose by annihilating us financially.

Trump is the only person standing between us and them.

[napscoordinator]

Trump should have made them permanent to begin with. He did make them permanent for the rich. But for some reason put a sunset on the working class.

[Dr.Deth]

The Fed just prints all the money they need anyway, they don’t actually need the taxes except to punish you.

[linMcHlp]

American Taxpayers Are Now Slaves to Interest Payments - 11/28/2023 Heritage Foundation EXCERPT:

Interest on the federal debt is now so immense that it's consuming 40% of all personal income taxes. The largest source of revenue for the federal government is increasingly being devoted to just servicing the debt, not even paying it down.

The problem is getting worse daily . . .

US national debt tracker for April 12, 2024: See what American taxpayers (you) owe in real time

Thanks to a combination of high inflation, rising interest rates and unrelenting growth in the national debt, interest payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032.

Given that the left refuses to cut spending on wasteful communist-socialist pogroms and too many politicians overall refuse to cut spending on pork . . .

Some time within the time-span of mid 2027 on up to mid 2029, all of personal income taxes will be paying all of the interest on the national debt. None of personal income taxes, will be paying down the national debt.

[PGalt]

Taxation without representation. Inflation without representation. Invasion without representation.

[PGalt]

Thanks to all posters. BTTT!

[Political Junkie Too]

Biden wants to raise the capital gains tax to 44%? Is that the long-term capital gains that's currently taxed at 15% under $500,000? That will kill retirees who live off of their IRAs if Biden wants to take nearly half of their gains.

And then the tax on unrealized gains will steal the rest.

-PJ

[Phlyer]

I had to pay all of the Social Security, twice as much as a company employee.

This is one of the big lies of the Federal Government. The employee always pays *all* of Social Security.

Consider the situation where the employer puts on a table all the money he has to compensate the employee for the value the employee has added to the company. He pulls back one dollar out of every eight and puts that in a separate pile.

One half of that pile is sent it to the Federal Government labeled "Employee contribution to Social Security" and the other half of that pile is sent in to the Federal Government labeled "Employer contribution to employee's Social Security." But it was all potentially available for compensation to the employee and none of it ever went to the employee.