You didn’t think you were going to get all the ‘government money’ for ‘free’ did you? LOL, no, that’s not how this works.
How Biden promised he was going to jack taxes to the moon, and here we are on the launch pad, ready for ignition.
Remember the famous line? ‘Guess what? If you elect me you not gonna have, your taxes are going to be raised, not cut’
Well it turns out that for once, Biden isn’t lying.
Fox News is reporting:
‘President Biden is reportedly planning to include the first major tax hike in close to 30 years in the next economic spending bill set to follow his $1.9 trillion coronavirus relief package.
The next spending initiative — which is expected to be even bigger, costing as much as $4 trillion — won’t rely on just government debt as a funding source and could include an increase in both the corporate tax rate and the individual rate for high-income earners, according to Bloomberg News, citing a person familiar with the matter.
The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for individuals earning at least $1 million annually and paring back tax preferences for so-called pass-through businesses.
The White House did not immediately respond to a FOX Business request for comment.
The proposed tax increases will mostly mirror Biden’s proposals during the 2020 presidential campaign, when he vowed to reverse former President Donald Trump’s 2017 tax cuts on “day one” of his presidency. That includes raising the rate paid by corporations and wealthy Americans and making the tax code more progressive.
Any tax increases included in the legislation would likely take effect beginning in 2022, Bloomberg reported, with some lawmakers wary of raising rates until the economy more fully recovers from the coronavirus pandemic.
An analysis of Biden’s tax plan conducted by the Tax Policy Center estimated it would raise $2.1 trillion in new revenue over a decade.
…
The legislation would be in addition to the $1.9 trillion relief plan that congressional Democrats are aiming to pass by mid-March, as well as the nearly $4 trillion in stimulus measures under former President Donald Trump.
The nation’s deficit totaled a record $3.1 trillion for the 2020 fiscal year, and the national debt more than $28 trillion.”
Inflation is off the charts, you can not take your family out to eat for less than 100 bucks, gas has nearly doubled, the cost of lumber is up well over double, I rates are going up … If I were the CCP there would be on last nail I would put in this coffin … raising taxes.
That was we could squeeze people to the breaking point and complexly crash the economy once and for all.
This is what America ‘voted’ for, this is what we are going to get … complete and utter economic collapse.
