(FamilyConservationPAC.com) – In his recently revealed budget proposal, President Biden made it obvious how he views the impending debt crisis: there is no need to reduce expenditure when you can raise taxes on Americans.
Several tax increases totaling close to $4.7 trillion were suggested by the President, including the following:
Increase the corporate income tax rate to 28%, which is higher than the corporate rate of 25% in communist China.
Increase the top federal tax rate to 39.6%, resulting in a combined national tax rate of roughly 45%.
Increase the investment capital gains tax rate from 20% to 39.6%.
Impose an unlawful wealth tax that would tax unrealized gains at a minimum of 20% for people with more than $100 million in holdings.
Increase the tax on stock buybacks fourfold, to 4% from 1%.
Considerable increases in energy taxes in the United States totaling $31 billion and 32% in medicare taxes from the current NIIT rate of 3.8% to 5%.
These are just a handful of the tax increases the President suggested last week. Biden's plan consists of hundreds of pages that detail how the government will discover new ways to tax Americans, yet there are hardly any budget reductions.
In publicizing its budget, the administration has mostly emphasized how it "reduces the deficit by over $3 trillion over 10 years." This is understandable, given that both parties are preparing for a confrontation over the debt ceiling.
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