Joe Biden has one trick up his sleeve that will be very bad for your bank account
Joe Biden seems to be on a mission to inflict as much pain on the American people as possible.
He’s dreamed up one socialist power grab after another.
And Joe Biden has one trick up his sleeve that will be very bad for your bank account.
Biden proposes massive new tax hikes
The non-partisan Tax Foundation warned that President Joe Biden’s budget proposal includes crippling new tax hikes that cut worker pay by 1.6% and kill nearly 800,000 jobs.
He proposed undoing former President Donald Trump’s tax cuts by hiking the corporate tax rate, establishing an unconstitutional wealth tax, and taxing capital gains like ordinary income.
The study shows that raising the corporate and capital gains taxes would be the most damaging.
“But the Tax Foundation analysis labeled the corporate income tax proposal the ‘most harmful’ to economic growth. The budget proposal would lift the corporate tax rate to 28% from 21%, rolling back a key part of former President Donald Trump’s 2017 tax law. The measure also calls for increasing the taxes that U.S. companies owe on their foreign earnings to 21% – nearly double the current 10.5% rate,” Fox News reports.
“By taxing wealthy Americans’ capital gains as ordinary income, Biden would ultimately raise the top tax rate paid on capital gains to 49.9% – the steepest level in the 38-member Organization for Economic Co-operation and Development,” Fox News also reports.
Biden’s economic disconnect
The media and Democrats keep whining that the voters aren’t giving Biden credit for the supposedly “booming” economy.
Democrats and their allies in the press look at gross domestic product reports and job numbers to claim Biden put the country on the road to economic prosperity.
But the American people know that life under his policies has been nothing but misery.
Prices surged nearly 20% since he took office thanks to a socialist spending spree that devalued the dollar and sent inflation skyrocketing.
And the last thing the American people want is to have their paychecks strangled by another round of Biden tax hikes.
That’s what the polls are picking up.
A recent New York Times/Siena University poll that showed Trump leading Biden by 5 points found that 40% of voters said Trump’s policies improved their lives compared to just 15% saying the same of Biden.
Donald Trump slashed taxes and cut regulations.
Joe Biden is seeking to turn America into a cradle-to-grave socialist welfare state.
And the polls show the American people aren’t having any of it.
The Wall Street Journal released a round of polls from seven key swing states.
They found Trump led Biden by 20 points on the economy.
His lead is only likely to grow on this issue once the public learns that Joe Biden wants to gut their paycheck and potentially eliminate their job to impose socialism on America.
