President of American Tax Reform Grover Norquist is warning that if President Biden is re-elected, his tax plan will hammer just about every segment in America into the ground with a whopping $5 trillion tax increase.
In stark contrast to former President Trump, who plans on making tax cuts permanent, Biden is announcing that he’s really bent on ramping up taxation on Americans who can’t even afford groceries at the moment thanks to his disastrous economic policies.
“I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that,” Trump vowed in a speech given in North Charleston, South Carolina, on Feb. 14, 2024.
“But President Biden has also made his plan clear: He wants to wallop Americans with a $5 trillion tax increase. Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes, and even a second Death Tax on top of the first one,” Norquist wrote for Fox News.
Here are the massive tax increases coming your way in a second Biden term
By Grover Norquist Fox News“Donald Trump has outlined his plans for federal taxation should he be elected.”
“‘I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut… pic.twitter.com/Bm9jzCsLHl
— Moderat_Conserv, Blue cities are Sad cities (@Moderat_Conserv) April 15, 2024
Norquist’s predictions are simply frightening. If they are realized, taxation will decimate Americans to the point they can’t afford anything.
“Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%. Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia,” he noted.
Taxes that impact businesses are passed onto Americans who wind up paying for them. They impact all of us.
“Biden also promises to increase the tax on Subchapter S corporations, partnerships and all ‘pass through’ businesses, most of them small businesses, to 39.6%. These employers pay their taxes through the personal income tax rate, not the corporate rate,” Norquist explained.
“Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years. California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%. New York state businesses would pay a combined 53.4% on capital gains. Meanwhile, the developed world average is 18.78%. China’s is 20%,” he continued.
President Biden’s new budget demands a capital gains tax of 44.6%….the highest in 100 years. https://t.co/H0BJtTxlJr
— Grover Norquist (@GroverNorquist) April 11, 2024
Under Biden’s plan, if you worked your whole life to build your business and then sold it, the government could take half of that or more depending on the state you are in.
“Biden vows to add a second death tax by eliminating stepped-up basis when parents die and pass on homes, land, and stock to children,” Norquist points out.
“Biden promises to impose a tax on ‘unrealized gains.’ If your land or stock account has increased in value in the last year you would pay taxes on the unrealized gain. You have not sold the property; you do not have the income. It isn’t ‘real.’ Yet you will be taxed as if you had made the sale and received the income,” he claimed.
It’s not even constitutional but that doesn’t stop lawless Joe Biden – unrealized capital gains tax pic.twitter.com/vkdRzLioN8
— Joni Job (@jj_talking) April 15, 2024
Norquist goes on to explain that Biden is imposing “trickle-down taxation” that supposedly only applies to “the rich” which is not true. Politicians claim that to get it passed into law and then it slams into the middle class.
“Big government politicians have a habit of imposing ‘trickle down taxation,’ where a tax is advertised as only hitting ‘the rich.’ They lie in order to get the tax into law. Once in place, the tax gradually expands to hit the middle class” (Grover Norquist). #Biden #taxes
— Norman Nielssen (@HowNormSeesIt) April 15, 2024
“Biden is already using ‘trickle-down taxation’ to hit more and more Americans with his stock tax. Biden signed into law a 1% tax on companies that buy their own stock. This tax burden hits all Americans with a 401(k), IRA, or union pension. Not even China has such a tax,” he further contended. “But now Biden wants to increase it to 4%: a 400% tax hike in three years. How long until it rises to 5% or 7% or 10%?”
“Biden is also giving away America’s tax sovereignty. He has accepted the demand of our European competitors that we set a floor under our corporate income tax rate. Europe knows that Trump has long pushed for a 15% corporate income tax,” Norquist wrote.
“But Trump has made it clear he wants to compete with other nations by offering lower taxes on American workers, not by paying American workers lower wages. Biden has endorsed the idea of a government tax cartel, an OPEC for tax rates no lower than 15% and Biden now demands we move that minimum tax to 21%,” he remarked.
The methods and avenues of taxation by Biden seem endless and devastating.
“Biden’s budget calls for a tax on energy used for things Biden does not like. Starting with bitcoin mining. Once in place, the list of future targets writes itself: gun manufacturing, gas stove manufacturing, and more,” Norquist asserted.
“Speaking of energy taxes, beware a carbon tax in a second Biden term,” he predicted. “Biden, Vice President Kamala Harris, Treasury Secretary Janet Yellen, and Transportation Secretary Pete Buttigieg have all endorsed an energy tax/carbon tax. All but 10 Democrats in the House voted against a resolution opposing a carbon tax this spring.”
#Biden2024 can’t happen. Biden’s budget calls for a tax on energy used for things Biden does not like. Once in place, the list of future targets writes itself: gun manufacturing, gas stove manufacturing, and more. Speaking of beware a carbon tax in a second Biden term.
— Shubz (@shubz64) April 16, 2024
And handling all of this will be Biden’s stormtroopers in the IRS who are targeting American citizens and small businesses. Our tax dollars paid for them too.
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Author: Terresa Monroe-Hamilton
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