Enjoy Your $1,400? Biden’s Hefty Tax Hikes Will Cost Most Americans More

[mystery-ak]

Enjoy Your $1,400? Biden’s Hefty Tax Hikes Will Cost Most Americans More

by Jonathan Davis

Late last week after Joe Biden signed the $1.9 trillion Democratic constituency payoff bill disguised as “COVID relief,” most Americans started getting $1,400 payments from Uncle Sam.

That doesn’t seem like much money given the fact that tens of millions of Americans suffered lengthy financial hardship over the past year governors shut down their states and as Democrat governors continued to keep their states essentially locked down for months afterward.

But even that paltry amount of money will seem even less if Democrats pass Biden’s new tax legislation, which contains the largest increase since 1993.

The Daily Caller reports:

The Biden administration is allegedly contemplating a series of tax hikes on high income earners and corporations that could potentially yield more than $2 trillion in revenue over the next decade.

Bloomberg News first reported Monday morning that President Joe Biden will likely outline the plan during his joint session address to Congress, expected to take place before the end of the month. The not-yet-finalized proposal would mark the first significant tax increases since former President Bill Clinton’s 1993 tax bill.

Four people familiar with the discussions told Bloomberg that the president’s proposal, while outright rejecting Sen. Elizabeth Warren’s wealth tax, would raise both the income tax rate for filers making more than $400,000 per year and the corporate gains tax for filers earning more than $1 million per year. Furthermore, Biden is expected to pursue a 7 percent increase in the corporate tax rate and limit ways for sole proprietorships and other “pass-through” businesses to avoid paying corporate taxes.

“So what?” ordinary Americans may be thinking. “I don’t make that kind of money and I sure don’t own a large corporation.”

Here’s the ‘so what’ — this tax scheme will raise the cost of just about everything under the sun, from the products we buy to the gas we burn to the electricity we use to heat and cool our homes and the food we buy to eat.

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https://trendingpolitics.com/enjoy-your-1400-bidens-hefty-tax-hikes-will-cost-most-americans-more/

[Killer Clouds]

Corporations don't pay taxes. The people that buy their products and/or services pay the taxes. Demonrats have no clue how business works.

[Right_in_Virginia]

“So what?” ordinary Americans may be thinking. “I don’t make that kind of money and I sure don’t own a large corporation.”

Here’s the ‘so what’ — this tax scheme will raise the cost of just about everything under the sun, from the products we buy to the gas we burn to the electricity we use to heat and cool our homes and the food we buy to eat.

And small businesses will close while large corporations will move out of the US.  They only came home for Trump's tax breaks.  I'm pretty sure they haven't unpacked yet.

[libertybele]

The so what is the rising cost of living; food prices, gas, cost of goods etc.  I just paid $2.86/gal for gas.  As Biden destroys Trrump's economy, I think he's going to make the Carter days look wonderful.

It's going to get very difficult quickly to make ends meet on a fixed income.  We have other income besides SS, but that income is starting to quickly whittle away by the rising cost of healthcare premiums and healthcare in general and the cost of food has skyrocketed around here. I am really glad we downsized, otherwise we'd be feeling the big pinch.

Am I concerned under a continued DEM dictatorship?  Absofreakin'lutely!

[mountaineer]

As Biden destroys Trrump's economy, I think he's going to make the Carter days look wonderful.

The malaise already is palpable.

[christian]

Democrats drug their feet for a year to give the American people a piddling amount of money, only for the democrats ready to swiftly take the money for people in desperation away in taxes.  80 % of the money in the bill did not go towards those struggling, yet expect the tax hikes to be spread out more evenly, the rich won't mind.