Joe Biden has announced that he is planning a massive tax hike during a period of record unemployment, a crisis at our southern border, and an international pandemic.
Biden is planning a tax hike to pay for the record spending House Democrats are planning and is trying to find ways to underwrite the $1.9 trillion pandemic stimulus package. The tax jump would be the first major increase in federal taxes in almost 30 years.
Biden’s tax policy would increases taxes to around $2.1 trillion over 10 years and would repeal former President Trump’s 2017 tax law that helped give America the best economy it’s had in decades.
During the election last fall Biden promised to raise Americans taxes.
“That’s why I’m going to eliminate the Trump tax cuts,” Biden said during his first of three debates with President Trump. And then, to accentuate the point, he said it again, “I’m going to eliminate those tax cuts.”
“His whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens,” ex-Biden economic aide Sarah Bianchi told Bloomberg. “That is why the focus is on addressing the unequal treatment between work and wealth.”
Should Biden’s tax plan pass it won’t take effect until the beginning of 2022 and Democrat lawmakers want Biden to hold off until the pandemic has cleared off. However, the pain Biden would inflict on Americans doesn’t seem to bother him, he didn’t have a problem destroying New Mexico’s economy with his energy policy.
With the filibuster in place at least 10 Republicans would need to support the bill and Senate minority leader Mitch McConnell affirmed that Republicans are going to fight back.
“We’ll have a big robust discussion about the appropriateness of a big tax increase,” Senate Minority Leader Mitch McConnell said last month.
Joe Biden and his administration are quickly turning into the Jimmy Carter administration.