While Benjamin Franklin was correct about mortality and taxes, higher taxes are only guaranteed when a liberal is elected to the presidency. Sadly, this is what we have now.
In Order to Implement His Plans, Biden Will Need to Increase Taxes
The House Oversight and Reform Advisory board published an outline of tax plans to counteract President Biden’s jaw-dropping spending commitments. This outline entails the anticipated mix of company and wealth tax hikes that Democrats like to pretend can help finance the social welfare state Biden has long yearned for and championed.
Individual income tax rates would rise from 37% to 39.6%; meanwhile, capital gains rates would rise from 20% to 25%. Likewise, corporate taxes would rise from 21% to 26.5%, among many other features fitting the hideously convoluted US tax system.
Look, I don’t want to punish anyone’s success, but the wealthy have been getting a free ride at the expense of the middle class for too long.
I intend to pass one of the biggest middle class tax cuts ever — paid for by making those at the top pay their fair share.
— President Biden (@POTUS) September 14, 2021
The fact that the subcommittee draft is a backward step from Biden’s tax reforms (while still clocking in at a huge $2.2 trillion in expected additional revenue over ten years) is a sign of the scale of Biden’s plans.
Corporate income taxes are especially obnoxious. Democrats adore the politics of corporate taxation, based on the erroneous and misguided belief that the company tax is the best method to punish shareholders and executives.
Companies, on the other hand, have limited budgets for investments that boost worker productivity levels if they pay a higher tax rate. Employees will eventually see decreased earnings as a result of this.
Nobody is thinking about returning to the pre-Trump percentage of 35%, which is significant. As per the Tax Policy Center, a top corporation rate of 28% (which Biden supports) will give the US the highest percentage in the OECD once again.
This will come in at 32.3% once state-level company taxes are taken into account. France has the highest percentage at the moment, but it is expected to drop next year.
President Biden and House Democrats' out-of-control spending caused inflation to surge again in August.
Inflation is a tax on every American. https://t.co/eShtjs4wQ1
— House Republicans (@HouseGOP) September 14, 2021
They Can’t Manage Unless they Tax the Middle-Class More
What is the point of making the economic climate in the United States less attractive and providing foreign countries a competitive edge? The Way & Means version opposes Biden’s recommendations (such as raising the capital gains tax rate to 39%) and goes to great lengths to protect anyone earning less than $400,000.
The measures are aimed to avoid the appearance of harming lower and middle-income families, writes the Washington Post. That’s what the liberals are ready to communicate but they’re not ready to act when it comes to a cradle-to-grave welfare system.
Without European-style taxation, there could be no European-style welfare system, at least not in the long run. The hidden secret about the Northern countries that the left holds up as models is that they don’t mind taxing the middle and lower classes.
These examples of social justice tax far more and also much more widely than we do. They recognize that taxing the wealthy and businesses alone is insufficient to sustain comprehensive and generous social services.
