Former Vice President Joe Biden was allowed out of his basement today to inform us that the earth only has nine years left before climate change will be irreversible so we need to elect him to raise our taxes.
The massive tax hike comes from a “unity task” proposal co-chaired by former Secretary of State John Kerry and Rep. Alexandria Ocasio-Cortez.
The plan will reverse every tax cut President Trump created to make the best economy this country has ever had pre-pandemic.
Biden: We’re down to 9 years to save Earth from global warming pic.twitter.com/1mCgN7Hkre
— Tom Elliott (@tomselliott) July 14, 2020
Under Biden’s plan, the corporate tax would be raised from 21% to 28%, income and payroll tax would be raised from 37% to 51%, small business income tax would be raised from 37% to 39.6%, and capital gains tax would be increased from 23.8% to 39.6%.
Coming out of an international pandemic that has hit small businesses the hardest, Joe Biden’s plan would punish them further.
Even the Washington Post published a column that Biden’s plan would “hold back the economy.”
Jared Dillard wrote in the Washington Post:
Biden’s credibly threatens to take a tax code that is already steeply progressive and make it even more progressive, with nearly all of the increased tax burden falling on the top 2% of taxpayers. That’s a problem for a couple of big reasons. For one, it would clearly discourage savings, investment, and business formation, potentially causing lasting economic damage. Plus, it wouldn’t do much to reduce income and wealth inequality.
Dillard explains how it would crush small business owners:
If Biden’s plan passes, our marginal income tax rates would become grotesque, with a hypothetical couple paying 24% in taxes on incomes up to $320,000, rising to 51% on $408,000 in income if that couple is self-employed. The U.S. has enjoyed strong rates of business formation, but that wouldn’t last very long if Biden becomes president and his tax plan becomes law.
So under the Biden tax plan if you own your own business and your company makes over $408,000 a year your income tax rate will be 51%.
That will be the end of small businesses in America. But, that’s what progressives like AOC want so they can dump people into unions.