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March 15, 2021
Joe Biden Wants First Major Tax Hike in Almost Thirty Years: Report
Joe Biden has already proposed an extreme immigration plan. His extreme climate plans are under way. Just recently, he signed a "stimulus" bill that doubles as a massive expansion of the role of government in our lives. It only makes sense that he would be planning the first major tax hike in close to thirty years. Here's what's being reported:
- Raising the corporate tax from 21% to 28%
- Increasing the income tax rate on people making over $400,000
- Expanding the estate tax
- Higher capital gains tax rate for individuals making at least $1 million
And of course, at least a partial repeal of the "Trump tax cuts." The same Trump tax cuts that led to massive recovery, job growth, and the "best economy of our lives." Those are the tax cuts Joe Biden is reportedly planning to repeal.
If the left follows the usual script, they'll point out how this is only a tax hike on millionaires and billionaires. Though, recently, they switched to just billionaires since so many of them have become millionaires. They'll point to polls showing that tax hikes on the rich are popular. Because, as shocking as this may sound, people tend to be more favorable to tax hikes when they think it's other people getting the taxes hiked.
We'll see where things go from here. If I were to guess, an actual tax hike won't be announced until closer to Biden's rumored address to a joint session of Congress next month. This most likely was just leaked to the press today to gauge response.
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