There is one thing that Joe Biden is always ready to do, besides take bribes, sniff hair and paw 12 year old girls, is raise taxes. Biden’s entire history in office has always been as a tax hiker. Biden was part of the group that decided to tax Social Security benefits in 1983 and then raise the rate again in 1993.
Biden has always been happy to take other people’s money. Now he’s announced that he wants to increases taxes by another $3 Trillion dollars. Here are the details from the Washington Examiner:
With the country bumping up against the $31.4 trillion debt limit, President Joe Biden has suddenly offered his solution to the debt crisis: raise more taxes on the public. Biden tweeted his “plan” to raise taxes by nearly $3 trillion.
The Biden plan contains eight tax increases and no real spending cuts. He believes that budget deficits are caused by not taxing the people enough.
Biden, like all Democrats, always assume that the financial problems in the country is easily fixed by taking everything away from the producers. That is basically everyone who works, has property and is trying to make a better life for themselves and their families. Bide and the other morons would be just fine taking every dime people made and spending it as they see fit. (Basically, reintroducing slavery)
The problem with this, besides the fact that people have reached the breaking point, is that confiscating every penny people have still won’t fix the problems.
The massive deficits and debt we are facing are not caused by not collecting enough taxes but by unchecked spending. The Biden budget increases taxes and spending to record-high levels over the next 10 years, and we would still have massive deficits.
There is an actual formula on when tax levels hit the point where they actually cause a decrease in revenues. It’s been proven time and time again, but people like Dementia Joe Biden and the Progressive morons like Alexandria Occasional-Cortex, (Who, allegedly, has a degree in economics), simply refuse to learn.
Raising taxes now as the economy is slowing down would be a major economic mistake. The largest Biden tax increase would raise the U.S. corporate tax rate to the highest rate in the developed world, taking $1.3 trillion out of the private economy. His plan would increase the combined federal-state tax rate to 32.8%, much higher than China’s rate and 50% higher than the average Organization for Economic Cooperation and Development rate, putting U.S. companies at a major competitive disadvantage against our trading partners.
Biden doesn’t care. He earns his money the traditional Democrat way. Through bribes, extortion and theft. He also has a nice little money laundering service set up to handle all the bribes he’s been taking, much to the annoyance of Felonia von Pantsuit.
Raising the U.S. corporate rate now would harm the economy, slowing economic growth, cutting investment, and increasing layoffs. A higher corporate tax rate would hurt working families and small businesses as it rippled through the economy.
As I just said, Biden and the Democrats don’t care. Their goal is, bluntly, the end of the United States as a free, Sovereign nation that has a long history of generating wealth through the free enterprise system. If the whole thing collapses, as long as the “Ruling elites” on both sides of the political fence have theirs, they could not care less what happens to the rest of us.
When the Greatest President of the 21st Century, Donald Trump, took office, he pushed through a major change to the tax code that brought in huge amounts of revenue and allowed businesses to expand and hire more people. Of course, the Uniparty wouldn’t make the changes permanent because, “Hey! We know what’s best for all you peons. Letting you run your own lives and manage your own affairs is to hard. We will do it for you, whether you like it or not.”
Studies have shown that raising the corporate tax rate leads to lower wages for working families, costing the typical household thousands of dollars a year in lost income. Studies have also shown that a corporate rate hike raises costs at the consumer and wholesale levels, increasing consumer prices across the economy.
Not just studies, but actual real life experience has proven this out, both with tax cuts and tax hikes. (Regulations are another major stranglehold on business and individuals) Since we are in economic bad times, thanks to Biden’s out of control spending and regulating, (With help from the usual suspects in Congress), Biden’s plans will turn a recession into a full blown depression.
With most economic experts forecasting an economic slowdown in the coming months, Biden needs to shelve his tax increases and work with congressional Republicans on slowing the growth of federal spending.
That will never happen. Biden and his handlers want to create a socialist state and collapsing the economy, in their eyes, will allow them to basically tear up the Constitution once and for all. As usual, they are giving no thought to what will happen as people start losing everything they’ve worked so hard for. Someone should remind Mush for brains Biden that this country was founded on a tax rebellion that went very violent.
Thatisall
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