Biden: If You Like Your Money, You CAN’T Keep It… the $4 Trillion Tax Hike

He didn’t exactly say that, but his economic policies, such as they are so far, will definitely rip the cash out of your hand, your wallet, and your bank account.

Biden hasn’t formalized economic policy yet, but his past statements give us a clue as to what will happen if he wins the White House and brings along enough Senators on his coattails to capture both Chambers. We’ll pay more.

Overall, his tax increases could bring in $4 trillion more over 10 years. The proposals include:

Reversing at least a portion of the corporate tax cuts, taking them from 21% back toward 35%…

Reinstating the healthcare mandate…

Pushing capital gains taxes higher, possibly as high as 40%…

Increasing the Estate Tax…

Doubling the tax on overseas earnings…

Instituting a carbon tax that hits at the gas pump and your utility bill.

Biden has a long list of giveaways that he would fund with the extra bucks, but that doesn’t make him special. He’s just the latest politician from either side of the aisle to claim the current system, whatever it is, is unfair, and that by electing him we can take more of the cash from “them” and give it to others who deserve it.  Whether that seems right or not depends on if you’re one of “them” or the “other.”

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Comments (4)

  1. CeeDee

    Let the college students know how much of their paycheck Biden wants to take and show the difference where President Trump wants more money to show up in their paychecks.

  2. frank wallace

    this is why biden must not be elected he will ruin the economy and spend the money unwisely

  3. Robert M Liu

    Raise corporate taxes big-time in the middle of a Covid 19-triggered recession that has already forced businesses to lay off workers? Did Joe Biden ever read economics textbooks? To the best of my knowledge, no economics textbook would recommend tax increases amid a deflationary gap brought about by the recent lay-offs. Should a Biden administration raise the U.S. corporate income tax to 35%, corporate America would be forced to retrench by further laying off employees, not to mention the dire consequences this would certainly spark in the financial markets. But for that matter, the Democrats seldom care about the causality between corporate profitability and job creation and wage increases. In fact, they always try their best to fool the public into believing that there is no correlation whatsoever between corporate earnings and employee benefits and wage increases, as if they had a magic wand that could conjure up wage increases amid corporate retrenchments. Is this how a political party claiming to be 100% “for the people” operates?

    • Eije

      Have to hand it to the Republicans…consistent record of bowing out in times of serious trouble.
      WW1 and WW2? Let me think…Wilson, Roosevelt Truman?
      Yep! Those ignorant Democrats should be ashamed of themselves for dragging back America into prosperity.

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