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Biden Tax Hike Targets Middle Class and New Generation of Investors

Posted on Monday, May 3, 2021
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by AMAC Newsline
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21 Comments
biden's spending, president sitting at desk

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In his Address to Congress last week, Biden announced two new spending packages with multi-trillion-dollar price tags. The first is the American Families Plan, a $1.8 trillion spending bill primarily aimed at increasing “access” to education (while doing nothing to ensure the quality of said education). The second is an estimated $2.7 trillion package that’s being sold as an “infrastructure” bill, despite allocating less than half of the money towards infrastructure. Combined with the recently passed $1.9 trillion American Rescue Plan, Biden will have spent or introduced legislation to spend more than $6 trillion within his first 100 days. This is in addition to standard federal spending. But, fear not! Joe Biden has a plan!

Biden has proposed doubling the Capital Gains Tax to over 40% to foot the bill for this leftist spending bender. He’s also announced several other tax hikes that he assures us will only affect the top 1% of income earners. It’s a simple claim that Democrats have pedaled for decades. Massive spending programs will be paid for by people who have so much money that they won’t even notice Uncle Sam taking his cut. Yet, we’ve seen time and time again that these tax policies disproportionately hurt successful small business people and working Americans while the uber-rich skip out on the bill. That’s precisely what’s going to happen, should Biden have his way.

The Wharton School of the University of Pennsylvania, one of the nation’s premier business schools, has already projected that the “super-wealthy” whom Biden alleges will pay for his spending sprees will actually avoid paying 90% of it. So, if the super-wealthy elites aren’t footing the bill, who is?

The new generation of retail investors are perilously vulnerable to the many pitfalls of the I.R.S. and our horribly complex tax code. That’s because they don’t have the fancy tax lawyers, accountants, or lobbyists that the swamp dwellers regularly employ.

If Biden’s plans are approved, high priced tax experts will navigate with ease the festering wetlands of W-2’s, 1099’s, and deductions so that their wealthy clients pay next to nothing while the entrepreneur, innovator, and small businessman or businesswoman will get devoured by the Democratic party’s onslaught of new taxes. This is one of the many ways Main Street continues to be shaken down by the unholy union of Wall Street and Capitol Hill. So what’s the solution?

Progressives love to vilify conservatives as tax-cheating, corporate sycophants, but the accusation is false. The more complicated the tax code, the easier it is for the wealthy to avoid taxes and for everyday Americans to be hustled. That’s why, for years, conservatives have fought for the tax code to be simplified. Already, the average American takes 12 hours to file his or her taxes. Under the Trump Administration, Treasury Secretary Steven Mnuchin went so far as to introduce new tax forms that were simplified to the point of fitting on a postcard. At every turn, Democratic legislators opposed this and, by extension, opposed simplifying the tax code. As a result, if Biden has his way, we will be stuck with a new tax law that barely taxes the people it purports to target while aggressively taxing the people it claims to protect.

But taxes are not just a fiscal issue; they’re a moral issue. When Ronald Reagan brought down the highest tax rates from 70% to 37%, ending years of stagflation and dramatically growing the economy, it was about more than just a tax code. To Reagan, lowering taxes was about resetting the relationship between the individual and the government. The people did not exist to serve the government; the government existed to serve the people.

That approach created the economic revolutions of the Reagan and Trump eras. But, under Biden’s new plan, it would once again become the operating assumption in Washington, DC that the government takes whatever it wants while the people get to keep only what Joe Biden will allow. Most galling, the super-wealthy that Democrats continue to demonize will easily escape the worst of these tax hikes. The voters need to remind Joe Biden and the Democratic party that it is the natural right of every American to keep the fruits of his or her labor. At the same time, the government bears the burden of justifying why it needs a slice, not vice-versa.

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Lorey
Lorey
2 years ago

Why don’t bezo & all the other billionaires produce their taxes so we can c if they r paying the 1l% tax. If not it’s time we stop supporting these bums

KD SQ
KD SQ
2 years ago

Stop calling them the democratic party. I don’t care what they claim their name is. They are the democrat party. Please explain to me what part democracy plays in the “democratic” party. They are socialists and communists at best. Truly evil party and people running it. And their boyers too.

Stephen Russell
Stephen Russell
2 years ago

NO, we need physical infrastructure or we cant see MD for Medicare visits etc.
Remedy

charlesw04
charlesw04
2 years ago

Any tax affects not only the middle class. They affect everybody. Ultimately all taxes are passed on to the consumer.

Stephane
Stephane
2 years ago

Boston U has given an idiot an economics diploma.
She told biden, the chinese stooge, how to plan the Green New Deal!
“Wharton, They don need no wharton here!”
They only want to kill the USA, so XI can come in!

James KAUTZ
James KAUTZ
2 years ago

Time is ‘a comin’ for the revolution!

Mark
Mark
2 years ago

I am patiently awaiting for the next George Washington! We need a leader with moral and ethical commitment for the people. The left is afraid of people that use common sense and critical thinking!

Roger
Roger
2 years ago

We knew all along that was going to be the case.

Vickie
Vickie
2 years ago

We’ve been sucked down a wormhole into a vortex, where 1 Biden is alleged to be Pres, and his son, who can’t pass a urine test, is teaching at Tulane U!

Harry from Oregon
Harry from Oregon
2 years ago

It’s time for a flat tax! No write offs or deductions. The same for every dollar earned.

Say a flat 10%.

This to include every single “representative!”

H L Howell
H L Howell
2 years ago

in the first place, how did this godfather of the biden crime family, get elected. Here is how, democrats stuffing the ballet box and disenfranchising the Republican voter. yes there are racist but a good many of them are in portland, peacefully burning the city.

Jerry Trapp
Jerry Trapp
2 years ago

with the border crises and everything he has done and everything he is doing can we impeach him?

Edward T Curtis
Edward T Curtis
2 years ago

Now, wait just one minute! Don’t go blaming poor, old Joe Biden for what’s going on! Blame the puppeteers that are actually running the country.

When my favorite 20th century President, Ronald Reagan, had doubts of his ability in running the office of president he was cognizant enough to let his wife and advisors run the country for a short time until he felt competent once again. Poor, old Uncle Joe, is so far gone, he is a danger to the country; his support staff are already running the country to ruin and he doesn’t realize he is but a puppet.

An older blonde women laughing in the kitchen with a grey haired man.
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