Joe Biden plans a major tax increase (Cue the Republican Meltdown in 3… 2…)
Since Joe biden took office nearly two months ago, Republicans and their associates in the conservative media have struggled to find ways to attack him 24/7. While the GOP certainly was indifferent on the $ 1.9 trillion relief bill the president signed last Thursday – because he treats the poor like humans – the legislation hasn’t animated them in the same way as, say, attacking Obamacare for nearly a decade, or spending weeks on alleged cancellation of Dr Seuss and un rape-y, french, animated skunk. Luckily for Fox News and lawmakers who think they’ve been elected to cry “socialism” all day, they may soon have a new target to rally around.
Bloomberg reports that Biden is considering “the first big federal tax increase since 1993” to fund a long-term economic program designed to follow through on his COVID relief bill. While the bill passed last week was based solely on public debt, the next one will likely include a tax increase on both individuals and corporations, the latter deemed to the GOP as persons. According to journalists Nancy cook and Laura Davison, proposals currently planned or under consideration include, but are not limited to:
- Increase in the corporate tax rate from 21% to 28%
- Reduce tax preferences for pass-through companies, which have become a major boon for the rich under Donald trumpTax Reductions and Employment Act
- A higher capital gains tax rate for individuals earning at least $ 1 million per year
- An extension of the scope of the property tax
- Increase in the tax rate for individuals earning more than $ 400,000
For Biden, these measures would not only help fund important initiatives such as tackling climate change and infrastructure development, but, according to Bloomberg, “would tackle what Democrats claim to be inequalities in the tax system. himself ”. For Republicans, they will undoubtedly be called an attack on democracy and a short trip to America becoming socialist hell that Trump has warned everyone about. Last month, Kevin Brady, the top Republican of the House Ways & Means Committee, said: “There seems to be a real will to tax capital gains investment at marginal rates of income”, calling it a “terrible economic mistake”. Monday, the former host of Fox Business Trish regan–started network last March after calling the coronavirus a plot to take down Trump—warned, “Get ready, America. The Socialists have taken over. conservative columnist Ken blackwell tweeted, “A government big enough to give you everything you want is strong enough to take everything you have”, a quote often falsely attributed to Thomas Jefferson. Known weirdo Randy Quaid wrote: “So Biden plans to raise taxes to the highest level in 28 years to pay Pelosi’s 1.9 trillion favors to his friends. No wonder she needs that razor-sharp fence around the Capitol. Our money is on the other side.
The measures, which would likely come into effect in 2022, mirror many of the tax proposals Biden brought forward during the election campaign, which the Tax Policy Center said would bring in around $ 2.1 trillion over a decade. (The actual program has yet to be revealed, but analysts generally estimate it to be between $ 2,000 billion and $ 4 trillion.) To get it passed under ordinary Senate rules, Democrats would need the support. of at least 10 Republicans, an extremely heavyweight given the GOP’s historic feelings about tax hikes (i.e., they are the devil incarnate).