Joe Biden To Pull The Greatest Federal Tax Hike in 3 Decades!

The Biden Administration is proposing the biggest tax hike on Americans in nearly 30 years to pay for the $1.9 trillion Covid “Relief” Bill and other economic measures.

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What will the tax rise be?

According to the Tax Policy Center, the next ten years will cost $2.1 trillion.

This is on top of the $60 billion in tax cuts in the relief bill that went unnoticed.

So, amid a government-caused economic downturn, the government tries to punish Americans even more by taking away more of their money.

What happened with President Trump’s tax cuts in 2017 was well-documented.

The economy grew, and unemployment rates fell to new lows for many classes.

That’s what the Democrats don’t get.

Giving the government more money just to make them spend it is like putting a ball and chain around the economy.

Here’s the latest on the tax hikes that have been reported:

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More information was given by the Blaze:

Unnamed sources told Bloomberg News over the weekend that the big tax hike, which would be the first since 1993, would be used to fund key Biden administration initiatives like “infrastructure, environment, and increased aid for poorer Americans.”

However, according to the sources, the proposed amendments are not intended to finance just the administration’s top priorities. Biden’s team hopes that the tax hike would fix what Democrats call “inequities in the tax system itself.” According to Bloomberg, the following changes have been made:

Raising the corporate tax rate from 21% to 28% is a good idea.
Tax exemptions for so-called pass-through firms, such as limited liability corporations and partnerships, are being phased out.
Individuals with more than $400,000 would pay a higher tax rate.
Extending the reach of the estate tax
Individuals with more than $1 million a year would pay a higher capital gains tax rate.

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Sarah Bianchi, a former Biden economic aide, told Bloomberg, “His entire perspective has always been that Americans believe tax policy needs to be equal, and he has seen all of his policy choices through that lens.” “As a result, the emphasis is on mitigating the disparity in treatment of employment and wealth.”

Bloomberg cited the Tax Policy Center’s independent review of the package, which estimated that it would increase taxes on Americans by $2.1 trillion over ten years. The organization had predicted that the proposal would increase taxes by $4 trillion over ten years, but had to update its estimate in November.

The proposals are unsurprising coming from the Biden administration and progressive Democratic politicians, who have already shown a willingness to increase taxes in order to achieve their policy objectives. Even as the world continues to struggle economically as a result of the pandemic, Democrats snuck $60 billion in tax hikes into the coronavirus relief bill.

Despite conforming to Biden’s campaign promises and requests from progressive politicians, any big tax hikes in Congress may face an uphill fight. Tax hikes are a no-no for Republicans, particularly if they result in the reversal of former President Trump’s 2017 tax cuts. Similarly, moderate Democrats have expressed concerns about the proposal.

Repealing Trump’s tax cuts, according to moderate Democratic Sen. Joe Manchin (W.Va.), would be a “ridiculous” concept, but he later added, “Everything’s open for debate.”

Then, last month, a Democratic House member who requested anonymity told The Hill that the government should not be raising taxes.

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