BIDEN SCREWING OVER AMERICANS

FY25 BUDGET TAX INCREASES

Inflation isn’t the only problem Biden is unleashing against us.  To fund his over-generous and misguided programs, he plans to raise taxes substantially from now until 2034.  The goal is to obtain 95% more tax revenue from us poor schmucks who actually work for a living.  (It isn’t clear that Biden has ever earned his massive $400K/year, judging from the schedule he keeps.  I’ve heard rumors that his workday is substantially less than four hours/day). 

Aside from this being bad for each of us, it is also bad for the economy.  People cannot invest money they don’t get to keep.  Business capital fuels jobs and creates innovation.  At some point, the money will run out and we will find our country at the bottom of the economic heap.  BTW, I don’t believe this is an accident.  Radical progressives seek to destroy America.  This is only one of the many ways they are planning to bankrupt us.

1.   Taxing income that hasn’t even been earned.  Though it is clearly unconstitutional, Biden wants to tax us on unrealized gains, at a rate up to 25%. Note: they do not plan to refund money when you incur a capital loss.  Consider that if a company does really well and the stock doubles, the founder, employees and investors might have to sell their stock to pay the 25% tax.  This will cause the value of the company to tumble and perhaps even fold.  Imagine this on a personal level.  You’ve been fortunate to see the value of your house double over the 20 years you’ve lived in it. With this plan, should it apply to real estate, you might have to take out a new loan to pay taxes on a gain that you will never see. 

2.   Biden wants to increase the corporate tax rate from 21% to 28%.  With this and tax #1, companies would owe the 2^nd highest tax rate of all developed countries.  AND, your retirement accounts would drop.

3.   Doubling the tax rate on long-term capital gains and dividends.  Right now, the rate is 23.8%, which is a high enough disincentive to invest.  He wants it to grow to 46%.  States also add capital gains taxes, so you would see little of your own money.  When you factor in inflation, you might actually lose money on your investment.  You take ALL the risks, and the government steals the reward.

4.   For small businesses, he wants to grab additional money from those who make between $200-400K, not indexed for inflation.  This is a gift to large businesses.

5.   Biden seeks to increase the top tax rate (soak the rich) to 39.6%.  While some feel that the very rich deserve this punishment, remember that these people are top investors and top donors to charities.  And they already pay more than 90% of the total tax revenue.  The result on the economy would be severe and would only give more power to the government who mismanages everything.

6.   Biden put a 1% excise tax on stock buybacks.  He wants to make it 4% and it applies to the full price of the stock, not just the gain, and applies whether the stock price grew OR shrunk.  Stock buybacks are often used to return money to shareholders, which is a good thing.  But they won’t do it if they get taxed on it.  It means companies will hoard investor money instead of deploying it to you.

7.   $104BB to the IRS.  After the already ridiculous “gift” of $80BB to expand the IRS, he wants more.  The Dems want to ensure they get every last cent of yours to deploy on causes like giving benefits to illegals and helping criminals continue to prey on us.  Oh, and to disarm us, as armed citizens might band together to refuse to pay taxes.  Imagine even more of us getting regularly audited.  That should scare even Democrats who voted for this idiot.

8.   Ceding to stupid international law.  There is a global tax system that allows high-tax countries to tax companies for their activities in low-tax countries.  He wants to join in. This will also hurt us personally, as American companies won’t do as well if they don’t have the ability to choose where to operate. 

9.   End the 2017 Trump tax reduction.  Middle class taxpayers will be screwed, again, but this time very directly.  It allows more spending and more control from the federal government, something we should not support.  What the fed governs is usually poor quality, too expensive and larded with unseemly benefits for employees. 

10.                Double the death tax.  This will destroy family businesses and family farms.  And ALL of that money was already taxed at least once.  On death, there should be NO tax.

What Should We Do?

Vote all Democrats out, but especially Joe Biden.  Trump will not implement a single one of these new taxes.  He’ll probably find ways to lower them, both to stimulate our economy and to help individuals keep their own money.  The goal is to massively shrink the size of government.  We pay too much for the little we get.  You may love Trump or hate him; it doesn’t matter.  Biden and his party seek to destroy America.  Trump doesn’t.  Right now, that’s the only thing that matters.