Biden Plans First Massive Tax Hike Biggest Since 1993
President Biden is reportedly planning the first massive tax hike since 1993.
The tax hike proposal is to help fund progressive programs.
Biden planning tax hikes on corporations, 'wealthy' to pay for progressive programs https://t.co/2PHYZ52K7z pic.twitter.com/QCqCXITfvp
— New York Post (@nypost) March 15, 2021
Higher tax rates could impact corporations and those making over $400,000.
Fox News reports:
The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for individuals earning at least $1 million annually and paring back tax preferences for so-called pass-through businesses.
White House press secretary Jen Psaki defended the plan to raise taxes, saying, “those at the top are not doing their part,” and that corporations “could be paying higher taxes.”
Critics of President Biden’s plan to raise taxes commented on social media.
President Biden’s economic plan:
-Raise your taxes
-Spend your money
-Ignore higher inflation
And this is just the beginning!
— Rep. Jim Jordan (@Jim_Jordan) March 15, 2021
Biden is now planning a tax hike as if the prices of gas soaring and the food prices going up weren’t enough.
The middle class is getting HAMMERED right now!
— Lauren Boebert (@laurenboebert) March 15, 2021
America saw firsthand just how former President Trump’s economic policies created a pro-growth economic environment prior to the pandemic through tax and regulatory reform.
President Biden is doing the exact opposite of the former administration’s policies from a porous border, to war on fossil fuels, to a massive tax hike, all of which are not in the best interest of the country.