The Harris-Biden Tax Plan Means Reverting to Obama’s Bad Old Days
If the tax-raising duo of Harris and Biden limp into the White House with the help of a dishonest and fawning media, the battle to redistribute American wealth will recommence.
Hold on to your wallets, folks. Kamala and Joe’s, with the full support of their tax-and-spend Democrat allies’, first order of business will be to roll back President Trump’s 2017 tax cuts. It’s a reprise of the same old sad song about how the wealthy aren’t paying their fair share.
Here’s what Kamala’s running mate Joe said on the subject: “Let me tell you why I’m going to (cancel the tax cut)” Biden said. “It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share — corporations should pay a fair share.”
According to Joe Biden and Democrats, who mostly haven’t had to actually work for a living, “fair share” is an exceedingly flexible notion. The numbers tell the story:
–The top 1 percent of income earners kicked in over 37.3% of all income taxes paid in 2019. Here’s an example: If 10 people went out to dinner and split the $100 check, the rich guy in the group would pay $37.30. The remaining 9 would pay about $7. Under Joe’s plan, the rich guy should, in the name of fairness, also pay the tip in full.
–And how about this sad statistic from the Tax Foundation: the bottom 50% of wage earners paid a measly 3% of all income taxes collected in 2016.
So, in the name of fairness, Joe Biden wants to restore everyone’s taxes to Obama administration levels. Never mind we suffered a prolonged recovery under Obama, spanning 8 years, because of his economic incompetence. It was the Trump tax cuts and deregulation that sent unemployment to record lows, wages to go up, and caused the stock market to soar.
And the average taxpayer, which Crazy Nancy likes to refer to as “crumb catchers,” had their tax liability lowered to 12.5%, 11.5%, and 10.96%, depending on their income.
Also, business owners can bank on paying more if Biden wins. The Trump tax bill slashed the corporate tax rate by 7% to 21%. Guess who will be billed for the extra money businesses have to pay. It will, of course, be consumers.
Democrats seem to be either ignorant or just don’t care how taxes affect the behavior of those who have to pay them. People—especially high-income earners—alter their economic behavior in terms of what they buy, whom they hire, or where they invest. That behavior often is disadvantageous to others who depend on discretionary spending that stimulates job and other economic activity.
Joe Biden likes to pose as a regular guy who just loves small business owners. His tax plan, however, is far from friendly to that sector. President Trump’s tax bill dropped capital gains business taxes from 37% to 29.6%.
Small business owners provide thousands of jobs. If Biden has his way, small business tax rates will force a new series of layoffs to kick back in and stall the economic recovery Democrats are desperate to avoid.
Joe and company have their own dopey, generic, and plagiaristic “Build Back Better” jobs and economic recovery plan. Its capstone is more money to just about everyone. And, yes, there’s that brilliant idea of promoting millions of well-paying union clean energy jobs that, if only given the chance, Joe and Barack would have brought about—except for the fact that they supervised the slowest economic recovery in the history of our nation.