Joe Biden and the White House are putting together a proposal that would raise taxes. An additional $1 trillion in taxation is what they are looking for, but some in the government say the likely increase will be $500 billion.
Not that that is “nothing” especially to those who are going to be forced to pay these taxes. Politicians do not create wealth, and it is important to keep that in mind. They only take the laboring energies of producers. Now, they want more of our laboring energies and it is to give us “better infrastructure.”
A lot of people in government, such as Treasury Secretary Janet Yellen, have started suggesting what will be in the White House’s new taxation plan. Bianchi says hiking the corporate tax rate to 28% from 21%, establishing a global minimum tax and raising what is called the global intangible low-taxed income rate to 21% will be in Biden’s plan. The plan will probably include nearly doubling capital-gains taxes on those with income over $1 million, and likely will include taxing unrealized gains at death, ending carried interest and raising the top individual income-tax rate.
The proposal will also include limiting individual deductions and restoring the draconian 2009 estate tax policies. There would also be a removal of business deductions further straining small businesses that are already struggling to stay afloat in the wake of the government’s COVID-19 restrictions.
This whole proposal is adding salt to an open wound already caused by the government’s intentional failures. It looks, for all intents and purposes, the individuals and small businesses, are on the chopping block. Sure, the proposal will include a corporate income tax increase, but they will be able to absorb the costs easily, and government has made up for it by continuing to prop them us during the COVID panic. Small businesses and individuals, on the other hand, rely on tax deductions just to get by.
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This should be seen as a slap in the face to all of us. Nothing good had ever come from tax increases, and it is becoming clear that nothing ever will. According to Sarah Bianchi, the head of U.S. public policy and political strategy at Evercore ISI and the former director of economic and domestic policy for then Vice President Joe Biden, only $500 billion in tax increases is expected to actually pass into law.
Bianchi says Congress is not likely to go along with the whole proposal. She suggests the politicians will only agree to $500 billion of new taxes. For instance, Congress may agree to increase the corporate tax rate, but only to 25%. She says Congress will agree to end carried interest and is likely to approve increasing the top individual rate of taxes but will not be as eager to increase capital-gains taxes. The global minimum tax that Yellen has floated also is considered unlikely to pass.
But the individual and business deductions will probably make it, passing all of the cost down to those who can least afford it. We are going to be asked to sacrifice so the government can gain more power and live like kings while some of our fellow humans barely scrape by. This draconian tax system has to end.
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