Are you having trouble keeping up with the growing list of tax increases being proposed? We don’t blame you. With bad ideas being thrown around right and left, AMAC Action is here with a list of them all.
Earlier this year the Biden administration released two plans that represented the President’s agenda. Interestingly dubbed the American Jobs Plan and American Families Plan, though most economic projections show the plans would kill jobs and hurt working families, these outlines included a number of tax hikes.
Biden’s American Jobs Plan tax increases
- Increase the federal corporate tax rate from 21 percent to 28 percent and tighten inversion regulations.
- Raise the tax on Global Intangible Low Tax Income (GILTI) to 21 percent, calculate it on a country-by-country basis, and eliminate the exemption of a 10 percent return on tangible investment abroad (QBAI).
- Impose a 15 percent minimum tax on corporate book income, which would be levied on a firm’s financial profits instead of taxable income for firms with revenue over $100 million.
- Repeal the Foreign-Derived Intangible Income (FDII) deduction, which incentivizes firms to move intellectual property (IP) into the U.S.
- Provide a tax credit for certain onshoring activity and deny expense deductions on jobs that were offshored.
- Increase corporate tax enforcement.
- Eliminate certain deductions and credits for the fossil fuel industry
Biden’s American Families Plan tax increases
- Raise the top marginal rate on individuals to 39.6 percent
- Apply ordinary income tax rates to capital gains income of individuals with more than $1 million in taxable income
- Tax unrealized capital gains at death with a $1 million exemption for single filers and $2 million exemption for joint filers, with additional exemptions for certain types of assets
- Apply the 3.8 percent net investment income tax to all income above $400,000 including active pass-through income
- Make permanent the 2017 tax law’s 4639(I) limitation on pass-through businesses’ losses above $250,000 for single filers and $500,000 for joint filers
- Limit 1031 Like-Kind Exchange deferral for gains above $500,000
- Tax carried interest as ordinary income
- Increase individual tax enforcement and enact new reporting requirements for financial institutions
But wait, that’s not all! Both the House and Senate tax-writing committees also recently submitted their tax “pay-fors” for full Congressional consideration. While many of the provisions overlap with Biden’s plans, Congress has managed to come up with even more tax hikes to pay for their social spending bills.
A few of Congress’s additional bad ideas include:
A new double death tax on capital gains at death
Backdoor changes to business valuation rules, forcing more families to pay the death tax
New tobacco taxes, hitting those making under $400,000
A “mark to market” plan to tax unrealized capital gains every year
A provision to study a “per mile” tax on driving, which could eventually be implemented
New restrictions for IRAs
Wow, that’s over 20 tax increases at a time when many small businesses are just struggling to keep their doors open. At AMAC Action, we are helping our allies on the hill push back. AMAC Action supported Republicans as the media attached them for not helping Democrats by raising the debt ceiling and our members have helped contribute to the current stalemate over tax hikes on Capitol Hill. Now is no time to raise taxes on America’s seniors and small businesses.
Bob Carlstrom is President of AMAC Action
The usual Democrat tax and spend program They don’t seem to ever learn and it is totally apparent that they ever will or that they care about the Americans that pay the bill. It’s a travesty that they are allowing the Socialist/Communist Squad lead the policies. No one should be listening to Sanders either since he has never worked a day in his life and is amazingly wealthy from whatever kickbacks he has accumulated over the years.
When is Biden going to pay the taxes he owes
You left out the regulatory fines and additional costs, which amount to de facto tax hikes for many Americans, levied on energy producers and distributors (utilities in particular in this category) due to the Climate Change provisions included in the bill. Those pass through costs to the consumer will be reflected in the higher prices paid for everything from gasoline, home heating oil, natural gas to electricity use. The new Climate Change standards for home construction will also add significantly to the cost and upkeep of new and existing homes. All of which the consumer will be on the hook for. The Green New Deal portion of the reconciliation bill is green indeed. It is designed to create a massive, ongoing transfer of dollars from the American people and the private economy to the government to further expand its power and reach.
We don’t need higher taxes. We need our Government to weed out some of the boondoggle projects which gnaw away at out taxes. And how about putting the salaries of our top government officials tied to their success at keeping out taxes from swelling … say, if the inflation rate of the economic action of our society increases, their salaries decrease in proportion. How about term limits on Congressmen and Congresswomen and Cabinet Members, etc. I have long believed term limits for Senators and Representatives should be established.
AND I LIKE TO SUGGEST A REMEDY to “OUT OF STATE” and “OUT OF COUNTRY” CAMPAIGN FINANCING. IT WILL NEVER HAPPEN BUT DOESN’T THIS SOUND IDEAL….only legal residents of state can finance candidates…and limit campaigning to 3 months before election date…this would free candidates from spending all their time asking for money so that we can actually know their positions on problems the average American faces.. and the 3 month campaign would encourage more voters to participate and not turn a deaf ear to the constant barrage we currently suffer.
NO TAXATION WITHOUT REPRESENTTION.. TEA PRTY 9TAXED ENOUGH ALREADY).THROW THESEROTTEN SCUM OUT OF THE DOOR AND KICK EM HARD WHEN YOU DO. What the hell is wrong with these “people”?
A simple remedy! No elected officials CAN exempt themselves from any law they pass!!!
Chief Justice Oliver Wendel Holmes stated “taxation is the price we pay for a civilized society”. Justice Holmes was a announced Socialist by trade, at least according to History. We should pay for fire & police protection, roads, highways, schools, utilities, National Defense, & prudent public expenditures. Chief Justice John Marshall (or possibly C J John Jay) stated “the power to tax is the power to destroy”. Do we need public funds to finance post secondary education, “tree equity”, “diversity training”, “trans-gender studies”, “Pell Grants”, other peoples medical expenses? Why R things so expensive N these areas? Supply & Demand!! Very large Supply & very little demand.
Biden hates America and is doing everything to destroy us. Biden has stolen from America and the world his whole life.
No mention of the fact that Corp taxes are paid by consumers! So everyone will pay either being taxed directly or via the inflated prices entities charge to cover the new taxes. There goes the promise not to tax earners below $400K
A 100% outright Pro-Communist agenda that if enacted will DESTROY AMERICA AND CAPITALISM forever! . . . As I’ve previously stated many times, if the Commies succeed with this We the People in the Red States MUST SECEDE FROM THE UNION and FORM A UNION OF RED STATES TO SURVIVE!
AMAC fix your comment section…
So much for the promise to not raise taxes of the middle class – another broken Democrat promise!!! I’m so fed up, angry, frustrated and disheartened with these hypocritical, hate filled, arrogant, mean, power and money hungry Democrats ruining our country and enriching themselves at our expense!!!!! I really don’t understand why there are so many Americans who still vote for them – oh, wait, it’s all the free stuff that they promise and give out while bankrupting our country!!!
Well Folks
I have a hard time getting my head around all the new proposed taxes. I am a little guy with a little farm. I am retired and have a pension that I worked 46 years for. I would vote no on all new taxes. .
May be they should tax the none working on their unearned income that the government is giving them. Just like they want to tax us, that have saved and have investments.
Thanks you and have a blessed day!
Bill
The so-called American Jobs Plan should be called the Kill American Jobs Plan. The American Families Plan should be called the Financially Bleed American Dry plan. These monstrosities will only benefit the government at the expense of the taxpayers for whom House and Senate Democrats and the Biden administration have no regard even though they (taxpayers) have to pay for it. Both of these terrible plans need to be killed.
Is the per mile tax on driving because electric cars (Tesla) don’t use gasoline which has a Federal (and state) tax on it for roads & bridges?
Might be a new climate tax.
Would regular cars/semi-trucks have to pay both, mileage tax and gasoline (or diesel) tax? A double tax on transportation would really drive up the cost of goods.
It is like I said to a friend who said they were going to raise taxes on the rich, i said that means everyone will be taxed again. She coulldn’t understand that, when they say tax the rich, it all trickles down to everyone then. We the middle class or poor class get screwed as always.
Just another step in the process – taking everything we own as they go, which is their plan.
Because the 3.5 trillion dollar bill won’t cost you anything.
Biden is doing everything Stalin did by the book. Pushing Communism and turning the United States into Socialist Venezuela as of this comment.
The American people are drinking the Kool Aid while our country is being destroyed. Staying home for a free check which isn’t free. They are cutting their own throats in the long run. ALL the Illegal Aliens Biden let in will take their jobs for half the pay. Then what will you do?
On November 29, 2021, Biden OPENS the Southern Border and ZERO DEPORTATIONS.
Still think sitting around is a good idea?