Joe Biden Unveils Plan to Raise Taxes

Joe Biden Unveils Plan to Raise Taxes

( – Since taking office, President Joe Biden has dealt with a nation struggling to pay rent, come off unemployment, and deal with growing inflation, all amongst a global pandemic. In an attempt to remedy this, the president advertises his $3.5-trillion Build Back Better infrastructure plan as one that will help the lower and middle class through childcare and expanded Medicaid, among other things. However, to pay for this, Biden just announced his plan to tax the rich.

Biden Affirms He Will “Tax the Rich”

On Thursday, September 16, President Biden reaffirmed his plan to raise taxes on American corporations and residents who make over $400,000. The president said this would ensure everyone is paying “their fair share.” Biden’s plan matches House Democrats’ tax plan, which strives to raise the tax rate from 37% to 39.6% on single Americans making over $400,000 or married couples making over $450,000 together.

Similarly, businesses making over $5 million would see their taxes go up from 21% to 26.5% under Biden’s new plan. Most Democrats support these numbers, although some believe the wealth tax should start even lower than proposed. Republicans, on the other hand, uniformly disagree with the tax hikes, which they believe would hamper the US economy’s recovery from COVID-19.

Larry Kudlow Blasts Biden’s Plan

Soon after Biden’s announcement, Fox News host Larry Kudlow used his show to criticize Biden’s tax plan, calling it “phony.” He emphasized that if this Ways and Means proposal goes through, only two countries in the world will have higher tax rates than the US: Portugal and Columbia. He then asked, “Is that what we want?”

In another vein, Kudlow addressed Biden’s repeated emphasis on ensuring the top 1% of American earners “pay their fair share.” The host declared that “the top 1% pay 40% of the income taxes,” and to claim anything else is “a terrible, factual misstatement” that “goes beyond cognitive dissonance.”

Kudlow believes if Biden’s plan goes through, “roughly half of S&P 500 profits will go down” and the economy will slow across the board. This will affect every American, regardless of wealth status and income level.

Additional IRS Funding Also Planned

The final way President Biden plans to bring in more taxes is through ramping up tax enforcement with the Internal Revenue Service (IRS). The proposal includes $80 billion in new funding for the government agency to track down the alleged $160 billion in taxes top-earning Americans evade every year.

While taking money from the rich to spread the wealth sounds good to some, history has shown this tends to slow economic progress and innovation while simply complicating an already over-complex tax code. Instead of spending exorbitant amounts of federal money and having to find ways to pay for it, perhaps Congress should cut down on the spending sprees and let American drive and ingenuity bring our nation forward.

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