The Biden White House has revealed the details of Biden’s American Families Plan that will increase taxes and pile on trillions in additional spending.
President Biden and Democrats are embracing large tax increases on families and businesses while spending trillions on liberal agenda items.
President @JoeBiden is out this morning with a monster list of tax increases. Here they are in a thread for your convenience. 1/https://t.co/2jBiuZEH3E
— Ryan “Two Pfizer Shots and Covid Immune” Ellis (@RyanLEllis) April 28, 2021
“The President’s change will ensure the wealthiest Americans use the same rules as other Americans., the White House says.
“Along with the American Families Plan, President Biden will also be proposing a set of policies to ensure the wealthy pay their share in taxes., a comment from the White House read, “while making sure no on earning under $400,000 will see their taxes increase.”,.,
This reminds many observers of how the Obama Administration repeatedly claimed that insurance premiums would lower with Obamacare and people would get to keep their health insurance plan and doctor.
Biden Calls for Capital Gains Tax Hike | Kiplinger https://t.co/yCUDuz1fRw
— Kiplinger Letters (@KipLetter) April 28, 2021
Ryan Ellis, a conservative activist, listed the new tax hikes on Twitter.
“The top income rate is being raised from 37 percent to 39.6 percent., Ellis said. “This changes all taxable income over $550,000 for single filers and around $650,000 for couples.”
President @JoeBiden is out this morning with a monster list of tax increases. Here they are in a thread for your convenience. 1/https://t.co/2jBiuZEH3E
— Ryan “Two Pfizer Shots and Covid Immune” Ellis (@RyanLEllis) April 28, 2021
Ellis also found a doubling of capital gains tax from 23.4 percent to 43.4 percent for certain taxpayers.
Biden’s plan “creates a second death tax.”
“Assets at death would be taxed on their capital gains at 43.4 percent., Ellis said.
Subjecting President Biden’s latest tax proposal to even minimal economic scrutiny exposes it for the political wish-casting it truly is.@brad_polumbo and top economists to explain: https://t.co/Brk4Psh2t5
— FEE (@feeonline) April 27, 2021
Ahead of the publication of these details, the Foundation for Economic Education said this week that economists have decided that the capital gains increase could destroy the economy.
“Free-market economists warn that the whole economy would be harmed by such a large capital gains increase., Brad Polumbo wrote.
Stocks sold off sharply for a bit following a report that the Biden White House would support a significant hike in the capital gains tax rate to 39.6 percent. But it shouldn’t have been surprising, this is exactly what was in Biden’s campaign tax plan. https://t.co/uVmOU8c1PX pic.twitter.com/VLw2oUwZnc
— POLITICO (@politico) April 23, 2021
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