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A rise in taxes is always detrimental to the economy. In every instance, and individual could spend their money they earned on things that they want and better boost an economy than any government. But in this day and age of centralized banking and monetary control, people seem content to have some people take from others in the name of taxation.

Putting aside the immorality of taxation, leaves us with the economic impacts of it. If you have spent your life working hard and making a living, the government is now going to take more of what you have earned.

Biden will promote his tax hikes with “feel good” policies that will do little to actually help anyone other than those at the very top. Biden will likely propose universal preschool, two years of free community college, $225 billion for childcare and monthly payments of at least $250 to parents (universal basic income) which he will say is going to be paid for with the tax hikes. He will say he want to help the poor and middle class by stealing from the producers.

Funding all of Biden’s plans would be the “wealthy”. They would experience a series of tax increases on the wealthy that would raise about $1.5 trillion over a decade. He also wants to give the Internal Revenue Service (tax collectors) much more power and more money in order to collect more money.

Biden wants to boost IRS enforcement and require disclosures by financial institutions, specifically targeting the rich. The White House estimates that would bring in $700 billion over 10 years, but the cost of this “enforcement” is not known. He would raise the top tax rate on the most affluent families from 37% to 39.6%. People earning in excess of $1 million a year would see their rate on capital gains — the profits from a sale of a stock or home — nearly double from 20% to 39.6%, which would mean the wealthiest Americans could no longer pay at a lower rate than many families who identify as middle class.

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    Basically, Biden will undo all of Donald Trump’s previous tax cuts and try to appeal to those at the bottom rung in order to make sure he can get enough support to take more from others. Biden has said that no household earning less than $400,000 a year will pay more in taxes, a move that both broadened the definition of the middle class and clearly delineated just how extreme inequality has become.

    We will see what he comes up with and what he can get through the fully left leaning government. If you are towards the top, now would be a good time to make appropriate preparations for the upcoming cost burden. Taxes will go up under this administration. But by how much is still to be seen.

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