The Biden-Harris regime’s prescription for America to “Build back Better” is… a massive job killing tax hike! Oh, but wait there’s so much more they aren’t telling you about. In addition to lobbing a devastating jump in corporate taxes from 21% to 28% in the middle of a recovery (which is sure to help generate jobs![sarcasm]): Joe’s famous promise that no one making less than $400k would see “one single penny in additional federal tax.”? Well….less than being a ‘Biden-ism’ it’s more like a bold faced lie.
Fox Business reports,
“White House press secretary Jen Psaki clarified on Wednesday that Biden’s proposed $400,000 threshold for tax increases applies to families, rather than individuals, meaning the hike could hit individuals who earn $200,000 a year if they are married to someone who makes the same amount.”
Oh and don’t worry, ol’ Joe was extremely precise about how much of an increase you’ll see if you and your spouse meet that bracket together
“Anybody making more than $400,000 will see a small-to-a-significant tax increase,” Biden said.
What exactly is a “small-to-a-significant tax increase”?!?! Something between .01% and 100%?
Let’s take a Look at Some UGLY Secrets
(This took some digging)
In order to actually get straight answers on this ridiculous tax hike you can’t go to mainstream media, they’re dutifully burying it deeply. You need to go to the extremely dense analyses from organizations like the Tax Policy Center or Americans For Tax Reform and Tax Foundation.org. Here are some highlights:
First: Let’s Talk About The Estate Tax Hike
- Hopefully you don’t want to leave your kids anything when you die… because the estate tax is going up to a punishing 45%! When you go the government takes almost half of your assets!!!
- But hey at least “Biden’s plan would temporarily increase the child tax credit and make it fully refundable and permanently boost the child and dependent care tax credit and make it fully refundable as well. His plan would provide new tax credits for first-time home buyers, family caregivers, and low-income renters.”
- So in short, if you’re a low income person and don’t have anything to leave your kids: let the good times roll! But if you’ve worked hard all of your life to move the ball a bit further down the field and ensure your kids a better life than you had by passing down the wealth you earned…. well shame on you, you privileged capitalist pig.
Tax Hike Only for the “Top Quintile”
(So who is in the ‘top quintile’? You’re going to be surprised)
Based on reports from the TPC or Tax Policy Center, every American in the first four income quintiles or the bottom 80% should see a net decrease in taxes, so that’s great! Right? Is that great? Not really no, according to the TPC, as of 2018 the “top quintile” or top 20% of households based on income… started at $130,000 per year with an average of $233,895.
First: does that sound like the $400k that Biden was talking about? NOPE. That sounds like a typical middle-class family!
Second: If you make $80,000 and your spouse makes $50,000 guess what? You’re in the “top quintile” get ready for your “small-to-a-significant tax increase” which could be anywhere up to about $14,090 an increase of about 3.7% bumping you up to 27.6% Federal income tax.
But hey, at least you got your $1,400 check right? Doesn’t that make you feel better about screwing over your descendants with no inheritance, no jobs and socialist government subsidies forever?