According to the president of Americans for Tax Reform, Joe Biden “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,” tax reform advocate Grover Norquist writes in an opinion piece for Fox News Digital.
In contrast, he writes, former President Donald Trump “made the direction” he intends to take federal taxation “clear”: “Lower.”
“Biden would increase the corporate income tax from today’s 21% to 28%,” Norquist explains. “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%,” he continues. “That would be the second-highest corporate income tax in the developed world. Just below Colombia.”
Since taking office, President Biden has vowed to make “massive corporations” pay “their fair share.”
In September 2023, he stated that it’s “the key difference between Bidenomics and MAGAnomics.”
Let me break down the key difference between Bidenomics and MAGAnomics.
House Republicans think massive corporations and the wealthiest Americans need a tax break.
I think it’s time working people saw some relief. And the wealthiest started paying their fair share.
— President Biden (@POTUS) September 25, 2023
“Today we learned that inflation for companies making things in America was 2.1% over the last year, down 80% from its peak. Profits are also up and higher than before the pandemic,” the president claimed last week. “It’s time big corporations passed those earnings onto consumers in the form of lower prices.”
Today we learned that inflation for companies making things in America was 2.1% over the last year, down 80% from its peak.
Profits are also up and higher than before the pandemic.
It’s time big corporations passed those earnings onto consumers in the form of lower prices.
— President Biden (@POTUS) April 11, 2024
But, according to Norquist, it’s American households that “bear the burden of the corporate income tax in the form of higher prices and slower wage growth.”
“Companies do not simply absorb the tax, it is passed on to all of us,” he writes.
Norquist continues:
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.
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%.
“Under Biden you could work for 40 years, sell your business and the government could take half or more,” Norquist notes.
And it gets worse. The president plans to tax Americans beyond the grave.
“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 reports.
“Biden is also giving away America’s tax sovereignty,” he writes. “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.”
Taxes, he suggests, will be weaponized to serve Biden’s agendas.
“Biden’s budget calls for a tax on energy used for things Biden does not like,” Norquist writes. “Starting with bitcoin mining. Once in place, the list of future targets writes itself: gun manufacturing, gas stove manufacturing, and more.”
“Speaking of energy taxes, beware a carbon tax in a second Biden term,” he warns.
“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,” Norquist explains.
“And all these new Biden taxes will be collected by a supersized and unreformed IRS.”
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Author: Melissa Fine
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