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| Illustration by Greg Groesch/The Wash Times |
President Biden’s next major legislative proposal will be a $3 trillion to $4 trillion spending plan, to be “paid for” by raising taxes on families and businesses.
While candidate Biden pledged not to raise a “single penny” of taxes on any American earning less than $400,000 per year, the White House last week clarified that this pledge applies to households, not individuals.
This has led some pundits to argue that Mr. Biden is already breaking his pledge because a person earning over $200,000 per year married to someone making the same amount would see tax increases.
However, this debate misses the fact that even before the “clarification,” Mr. Biden’s tax increase plan hurts American workers and families earning below $400,000. His tax increases on corporations will harm Americans in the form of fewer job opportunities, lower wages, higher utility bills and reduced savings.
Mr. Biden has proposed raising the corporate tax from 21% to 28%, a 33% increase. He has expressed support for several other corporate tax increases, including a new global minimum tax, a tax on “book earnings” as high as 15% and an unspecified tax penalty for “outsourcing.”
This could raise taxes by as much as $1.9 trillion over the next decade, which could be almost four to six times greater than the tax cut businesses saw from the Tax Cuts and Jobs and Act of 2017.
These tax increases would be directly borne by workers. --->READ MORE HERE
According to one expert, Americans of all socio-economic statuses should be cautious of President Joe Biden’s new tax plan.
Rob Luna, the CEO and Chief Investing Strategist at Surevest, told Fox Business’ “Mornings with Maria” on Tuesday that Biden’s new tax proposals will implement an “undercover tax on just about everybody.”
Biden plans to increase taxes on people making over $400,000 annually, as well as establishing a 15 percent minimum corporate tax applying to companies with an income of at least $100 million, according to Investopedia.
However, Fox News host Maria Bartiromo brought light to a misleading part of the proposed policy — the $400,000 threshold.
While initially appearing as a tax on individuals making as much annually, White House press secretary Jen Psaki clarified in a news conference last week that Biden’s tax hike actually applied to families, or married couples. This drops the income amount to just $200,000 a year per person. --->READ MORE HEREFollow links below to related stories:
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Biden’s Proposed Tax Increases Would Be Largest Since LBJ’s in 1968
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Now comes Biden's taxes
Biden tax hike could hit people earning $200K, White House clarifies
Report: Joe Biden Plans First Major Tax Hike in a Generation
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