biden tax hikes on small businesses largest tax hike in generations

Surging taxes on small businesses and dead people’s money while making it harder for small businesses to claim deductions, which would bring in $140 billion

Surging taxes on small businesses and dead peoples money while making it harder for small businesses to claim deductions, which would bring in $140 billion

Don’t worry, the fake news is convincing everyone this will reduce inequality. They are impossibly wrong and they are actually taking away money from all the companies who hire people and provide paychecks. These new taxes will result in less employees and more business closures. The issue is this is the plan of the great reset, ending “non essential” businesses forever to save the planet.

They said they haven’t added all of the new tax raises in the “infrastructure” (great reset) bill because they worried about push back and the “racist” filibuster getting in the way if they reveal all of their destructive policies at once, remember these are the “we have to pass the bill to see what’s in the bill” kind of people

There are four main “The Largest Tax Hike In Generations” increases Biden is immediately eying, according to Axios

  • corporate tax increase from Trump’s 21% to 28%, raising an estimated $730 billion over a decade, according to the Tax Policy Center.
  • A global minimum tax on profits from global subsidiaries worth $550 billion over the same period.
  • Taxing capital gains for the wealthy as ordinary income, as opposed to the current rate of 20% for those making $441,451 or more per year, and a tax on unrealized capital gains at death: $370 billion
  • Return the top individual tax rate for people earning over $400,000 per year to the pre-Trump rate of 39.6%: $110 billion

Given the slim majority Democrats hold in the Senate, they will need to appeal to centrist Democratic colleagues, most notably Sen. Joe Manchin (D-WV) in order to pass legislation via a budgetary process called reconciliation, which allows for a simple majority as opposed to 60 votes normally required to pass legislation.

Still, the choice to increase the bill’s tax hikes in part because of its effects on the deficit reflects how concerns over the nation’s spending imbalance are shaping the White House’s internal policy debate. But it also sets up the administration for an enormous political challenge in convincing Congress to pass a package of tax increases on wealthy Americans and companies that together would represent the largest tax hike in generations. -WaPo

According to Axios, Democrats close to the White House don’t expect the Biden Administration to fight for certain harder-to-pass proposals – such as one which could raise around $740 billion with new Social Security taxes on the wealthy.

Other items which may not make the final cut per Axios:

  • His campaign plan to impose a 28% minimum rate on the wealthy, which would raise $220 billion, is unlikely to cross the finish line.
  • And making it harder for small businesses to claim deductions, which would bring in $140 billion, will likely encounter serious roadblocks.
  • Changing the ways estates are taxed, which would raise $220 billion, may not make it into the final legislation.
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