Taxes and the economy are top campaign issues that can sway voters blue or red. Democratic nominee Joe Biden has made big promises to the American public not to raise federal income taxes on earnings under $400,000. If elected, the former VP wants to increase taxes on wealthier individuals and corporations instead. However, many experts argue that Biden’s plan will stall or harm the American economy that is attempting to rebound amidst COVID-19. Bear these significant points in mind.
- It generally takes a lot of energy, long working hours, and sacrifices to earn money. What does it do to the hard work ethic, entrepreneurial spirit, and the human psyche to have the federal government swoop in to take more of our earnings?
- As people buy products and use services, they fuel the economy. By taking money out of earners’ pockets, they will be less likely to spend, invest, or reinvest in the U.S. economy. This will lead to job losses, business closures, and a decline of investments and new business ventures.
- There aren’t that many super rich people to pay down the deficit. In some states, people who earn $400,000 are in the top 1% of income earners. Thus, the “middle class” will have to bear the burden for Biden’s plan to work, if not by raising federal tax then by other means such as payroll taxes or reducing deductions. Therefore, earners below the $400,000 threshold should also be concerned.
- Closing economic gaps in jobs, wage, and wealth is a deeply socialist idea embraced by Biden that goes against principles of capitalism and lower taxes. Socialist countries do not fare well economically, whereas capitalism is proven successful. Socialists favor wealth redistribution and collective control, whereas capitalists seek less control and want you to keep more of what you earn to invest and build a robust economy.
- In a FOX Business interview, Trump warned that Biden will attempt to bring about the “biggest tax increase in history.” Biden’s plan calls for restoring the top income tax rate to 39.6% and that’s just the beginning. Once taxes are raised on Americans, it will be difficult to reverse the change. It will be a slippery slope as the government will take more and more of your money.
- Biden’s tax plan to raise the Corporate tax rate from 21% to 28% would increase the cost of making investments, leading to less capital formation, and resulting in fewer jobs and lower wages for Americans. This would make American companies less competitive worldwide.
- Biden wants to use portions of tax money collected to increase and extend federal government programs. Yet, many established programs run by the federal government are difficult to maintain successfully or squander taxpayers’ money.
- In addition to increasing federal income tax on wages $400,000 and above, Biden aims to impose yet another tax on them; a 12.4% Social Security payroll tax, assumed to be half paid by the employee, half paid by the employer. Furthermore, this can be modified to capture taxes from a larger group of people, mainly the middle class.
- Biden says that people who earn over $400,000 need to “pay their fair share.” However, folks at that earning level aren’t necessarily “rich.” In most instances it takes years of hard work to achieve that income level. Look at a married couple who earn $400,000 per year in combined income. Currently, they pay $80,000 in federal income tax, with additional state, city, and local taxes of $29,000. Next, there is Social Security at $14,000 and Medicare taxes at $8,500. Note that these tax amounts do not include living expenses such as mortgage or rent, car payments, insurance, childcare, food and clothing, additional medical expenses, college debt, investments, and retirement savings, and so forth. Of that $400,000, taxes already make up a whopping $131,500. Is that not already their “fair share”? After all, the government is taking nearly 33% of their income before Biden’s tax plan to take more. Where will he draw the line?
I have a son who has sacrificed much in order to make good money – providing for good educations for his children as well as experiences to enhance their knowledge. He should not have to “give away” more of what he makes! His creativity should not be stifled by government regulation. Anyone who is willing to work hard should be able to reap the benefits thereof.
All the Dems like to use the term, “Pay their fair share”. It does have a nice ring to it. Hell, it even rhymes! Notice they never, ever, ever, tell you just who the “they” are that should pay “their” fair share, nor do they ever tell you just how much or what “share” of “their” income would be “fair”. See, when they say that, YOU are supposed to jump up and shout, “Yea, “THEY” need to “PAY”. But that’s because you are led to believe that “The Rich” are anybody that makes more than you do. But, what if YOU are “RICH”? Let’s say you are a cop and your wife is a teacher and you live in New York. Your combined income is at least $100k even at the entry level. In New York, that will not get you very far, BUT at the Federal Level, one size fits all, so YOU are rich!
Capitalism is the only way to go. The USA needs to grow on so many ways along with her legal citizens!
I wonder how Biden came up with the $400,000 threshold. Could it be because since it matches the presidential salary, if elected he wouldn’t have to pay the tax increase?
Jo(k)e Bye – then. If he debates – he loses. If Nancy does not let him debate – he loses.
Donald Trump – Ultimate debater – ultimate “COUNTER – PUNCHER.” Smart man / tough man.
We need that man in the WH for, oh hell, 8 more years.
Biden and his questionable partner are about as reliable as a knats ass in the arctic circle.
6 months after this election, I won’t even remember this twit’s name!
It seems can’t agree with others here. Why is this limited to vote on others comments. This circus puppet needs to stay home with is unreality life.
More double dipping from government or does vice president retirement pay end. He tries many ways to double dip while making others unable to buy medicines and groceries.
BS…..Biden and the Democrats are the victims of thought reform. They won’t think and can’t think or listen. They have all lost their minds. Joe Biden is not running for President. Kamala Harris is. Be very, very careful and stick with the devil you know. President Trump has already proven himself and if he’s done it once, he can do it twice. Don’t be influenced by the BIG LIE of Marxism. It has never worked and never will. It is a hideous power grab that makes slaves of all people. Slaves to evil governments.
When will we ask the right questions about the IRS? Like how much doe’s it cost tax payers for salaries, retirements, paper products,buiding maintenance and whatever else they spend our money on. We could greatly reduce government with reduction of force STARTING WITH THE IRS (democrat attack dog) we would have billions to spend on more important things like implementing an educational system, GOD KNOWS WE DESPERATELY NEED ONE!
The Dummycrats talk a lot about “income equality.” But, the middle class is disappearing, leaving us with just the upper class and the lower class. As evidence that the middle class is disappearing, I offer a look at the brands of automobiles that have been discontinued. Plymouth, Pontiac, Oldsmobile, Desoto, Saturn, Mercury, Edsel. All of these were cars marketed to the middle class buyers. I admit there has been some foreign brands that have infilled the market, but that is another condemnation for not taking better care of our domestic, U.S. industries.
Choose you sources of News. Reject all Mainstream Media, National and Local! We are being brainwashed!! SUE THEM when they lie and defame!!! Stand-up for America!!!! Remove Every Democrat!!!!!
When Trump/Pence wins this November, the Democrats will start riots everywhere they can!! Be a Counter-Revolutionary!!! Be ready to defend your Family and your Neighborhood!!!! Stand-up for America!!!!!
If Biden raises taxes he won’t remember he did it and will raise taxes again. This will be a double disaster for Americans. What else could be expected from a senile frail radical socialist. Special thanks to comrade Bernie for helping Biden with his economic disaster plan.
We love our uncle. Just not Joe.
Pelosi says we are unAmerican if we do not want to give the Government more money!! We say the Government has too much money already and the Communist Dems are spending our hard earned money trying to destroy our Country!!! Stand-up for America!! Remove Every Democrat!!!!!
Listened to Trump last night, he said will plant flag on Mars in next four years. I do not want see any tax money go towards this goal until the Government actually starts working on the $25 Trillion US debt. Do not leave this for the next generation to deal with or ???
Someday, the WH needs to start balancing Fed Budget & paying down debt. Covid-19 & stimulus package will tack on $Trillions this year, & have not heard anything from Trump except he will do more tax cuts if elected. What Economic courses am I missing?
Tax rates are MEANINGLESS, We have to get rid of the excessive tax write-offs that enable the rich to “HIDE” most of thier income, when somebody starts to talk about a flat tax of ten percent why is it ALWAYS the rich that fight against it? Because it would at least DOUBLE the amount of taxes they pay, I think the rich should pay a thirty percent flat tax at least to make up for all thier “CHEATING!!
Good old Dims, you can ALWAYS count on them to use the politics of envy. People that go along with that philosophy should be asked if they have EVER received a paycheck from a poor person. Smh, so many “Gimmee, gimmee” idiots in My America today. #2Or3Or4TermTrump
What is the Democratic Mayors and Governors end game by allowing and in many cases encouraging these PEACEFUL riots , looting and arson? Do they really think President Trump will be blamed for their inaction? This should blow up in their faces come November third, even with the lame stream not truthfully reporting what’s really happening.
I pray Biden is NOT elected. Our economy is responding well already and Trump has already proven how he has restored our economy in the last 4 years. We need to re-elect Trump, PERIOD !!!
I can’t begin to understand the total ignorance of the demorats. Today, Joe wants to take the corporate tax from 21% to 28%. That is killing the proverbial goose that lays the golden egg – HELLO. Trump reduced the tax to 21% and the libs hollered their heads off that he was giving the corps a freebie. Well folks wake up and smell the proverbial bacon! How many corps came back to the U.S. providing a multitude of jobs with the end result of workers paying taxes? That resulted in a lot more taxes netted to the government than the strangle hold dems want to put on our country and then even worse so many out of work being put on the public dole. Based on this who in their
A great article but several points may be added, and questions asked.
It’s simple trickle down economics. When businesses have to pay higher taxes they cut employees and charge the expense to the consumer. If they don’t they can’t stay in business. Only stupid people think that someone else is going to pay the bills.
Here is a bumper sticker for old failed joe……let’s all go hidin with bidin while America is ruined
Democrats have Always been tax the people and spend more of their money
Biden also said that he would immediately repeal the Trump tax cuts which would in effect raise taxes on nearly everyon.
A trick that never goes out of style with democrats. Tax the rich! The rich are those who provide us with goods and services! Tax the rich and they pass it off to the consumer! The consumers are those of us poor people! We get to pay double the tax burden! The rich sit back and laugh! Biden knows this, but those who vote for him apparently don’t.
Collectively the Demsheviks embrace total economic ignorance, with no concept of how excessive taxation adversely affects the economy and wealth building capacity of our nation. Their horse-blindered focus is on their “programs” to save us from ourselves. The Demsheviks are also totally horse-blindered regarding history and the 100% failure of Socialism in any form when forced on a country.
High taxation on corporations doesn’t work. The multinationals will simply shift their income to lower tax jurisdictions (i.e., other countries); it is a very simple process for them to do this and many have had these arrangements in place for decades. Domestic corporations have their own remedies in response to excessive taxation by the government, such as, increasing “perks” to their employees, upping the match to 401k contributions by employees, etc. The worst part of excessive taxes on businesses is that THEY do not pay the taxes, WE THE PEOPLE DO. The money will ultimately and always come out of OUR pockets.
This is only the beginning and a part of what is to be done to the cash cow. There is also the “trickle down” effect into the economy. We have clowns that want to lead the unknowing like a pied piper. The ship of fools is ready to sail if the Democrat Socialist Communists win. MAGA/KAG 2020
It’s really simple……if people want “free stuff” they must pay for some of it – the grandkids can pay for the rest
Biden will be a disaster and if you listen to him you will realize he is the poster boy for ALZHEIMERS warnings//should not be running in any election even for dog catcher//
Taxing “the rich” just makes the money go offshore or, in the case of small business, under the table. In very short order, Biden and his cronies will have to slam everybody with a rise in taxes – including Social Security recipients, who can ill afford any more money taken from them.
No increase on taxes when you make $400,000. a year??? Seriously??? Might just be me, but when you’re giving tax breaks to anyone making that much money yearly, you don’t have a clue about the working man or his needs and wants. Disgusting example of how out of touch Biden and company are!
The main and overriding issue of the ‘Marxist Agenda’ is to remove everything we hold ‘near and dear’. They want to remove God from everything. From: ‘In God We Trust’ to ‘In Marx We Trust’. Literally change the face of currency. Destroy the ‘American Family’, burn the ‘American Flag’; (then replace it with a Marxist logo), remove God out of the ‘Pledge of Allegiance’, rewrite our ‘American History’ by denigrating our ‘Founding Fathers’. The media and the ‘Democrats’ are standing by and giving their approval. Propaganda from the ‘Democratic Marxist Party’ is really blatant. They will tell you that they are not pure Marxists; but, and however, a hybrid! Ha…ha.. Clever liars and deceivers! They are not a hybrid of Marxist/Democrat anything; they are pure ‘poisonous Marxist’ in its most lethal form. As for what they would most likely do their first year in office? Well, a good guess, is travel on the taxpayers expense! First a little two week trip to Paris, France, followed by a diplomatic visit to Argentina, followed by a month long trip to Germany; (to patch up relations there), followed by a month long trip to Australia; (to help finance a military base there), and any other trip that they can have ‘all expenses paid for’ by the American taxpayer!
IT’s STUPID. Every tax is passed on to the consumer in one form or another. Biden will kill American jobs just like Obama did. They use the old promise of taxing the rich. Sounds good but it is the wolf eating his own tail.These aristocrats don’t understand economics or common sense. You cannot, repeat, cannot raise taxes on the rich to bring in enough revenue, even if you took everything that they had. PRESIDENT TRUMP understand this and that’s why we need to reelect him.
I WANT TO KNOW IF TRUMP DOES AWAY WITH OUR MONEY IN OUR SOCIAL SECURITY FUND THAT IS INVESTED BY THE MILLIONS INTO TREASURY BONDS, WHAT’S GOING TO HAPPEN TO ALL THOSE MILLIONS OF OUR TAX DOLLARS WE PAID IN.
FICA funds SS. The left over is invested in very high yield bonds. they don’t want to cash them in. but it all our money.
Several weeks ago I heard Biden promise that if elected he would cure cancer. That alone makes me cheer for the poor fellow. (Yeah right)
You didn’t mention, but I’m sure you’re aware of the saying corporations don’t pay taxes, consumers pay taxes. To maintain profits prices will likely be raised. Or you lower dividends on your stock.
People who work hard and will be tamped down by Biden’s tax increases are part of another tribe he does not care about. Tribalism that separates celebrities and major league ball players from hard working Americans and leaves a tribe of homeless street people who beg for a living and use force to obtain money…tribalism is taking over. If a tribe sees it cannot get what it wants, it will “burn it all down.” An election is just not enough it appears. America will not become a union easily. President Lincoln died trying but he would not hear of any peace agreement that did not have the headline “Union.” He had a vision of where America should be led: farmers of the interior states needed free access to both coasts. We all need freedom but some “tribes” now do not understand this. Many people either failed “Civics” or it was never taught as it should have been. The solution is simple: Love God and your neighbor as much as you love yourself. Some of our citizens have never met a person who said this let alone practiced it.
Dems & rioters Plan: Destroy America ONLY Goal
any means possible
Taxes and Democrats, Democrats and Taxes, Taxes and Progressives, Progressives and Taxes, Taxes and Communist Democrats, Communist Democrats and Taxes! … No matter how you want to word it, you can associate Taxes AND anything to do with the Progressively Communist Democratic Party. … Amen People!
This article is way too narrowly focused on just the one aspect of the Sanders / AOC (Biden) tax plan, which Biden has fully embraced. The 110 page manifesto (it is NOT an economic plan, but rather a manifesto to completely change all aspects of the United States) that is the Biden economic platform outlines literally several dozen new taxes and regulations. Almost all of which will fall squarely on what is referred to as the middle class. It is still on-line and I strongly suggest you download a copy and read it, so you have a full understanding of the total scope of what the Democrats are proposing for America.
The real dollar cost associated implementing all aspects of what is outlined in this manifesto also exceeds the $4 trillion dollar limit in new taxes being parroted by most of the mainstream media. Like all cost estimates put forward by politicians (remember the original costs associated with Obamacare and then the actual costs being 3X higher as just one recent example), the financial numbers being tossed about for this plan are well below what the actual costs will be. The manifesto smartly excludes the secondary and tertiary costs that will rise as result of the changes proposed. Which means the level of taxation to EVERYONE will have to be significantly higher than what are being promised by Biden and the Democrats.
Hopefully enough Americans take the time to really educate themselves as to what the Democrats are ultimately trying to do here and what kind of societal destruction will result from enacting even a small portion of this socialist agenda. Stop relying on the mainstream media to spoon feed you information. The blissful ignorance of so many people in society only benefits those trying to turn you back into serfs. So make the effort to educate yourself, before it is too late. The information is all out there. Make the effort.
Now lets see if AMAC will censor this post as well.