Massive Taxes, Spending in Biden’s Bankruptcy Plan for America

Joe Biden’s communist economic team unveiled the administration’s tax plan this week, which includes massive tax hikes, spending and big brother surveillance.

Biden wants banks to give yearly reports on your accounts to the IRS, including activity from Venmo and Paypal type transactions. (Social media credit score vibes, anyone?)

No word if Lois Lerner is coming out of retirement to use the new IRS power exclusively on conservatives.

Biden’s doubling the capital gains tax rate would decrease, instead of increase, federal revenue by $33 billion over 10 years, since investors exploit loopholes to avoid paying high rates, according to analysis by Penn Wharton.

So, Biden needs an additional death tax to grab up “unrealized capital gains” to prevent families from passing down wealth, which communists believe is better spent by bureaucrats.

KEY MONEY GRABS

  • Top rates on long term capital gains, dividends to 43.4% (record high)
  • IRS gets annual report on your bank accounts.
  • Second “Biden death tax” on top of current one for unrealized capital gains.
  • Top personal income tax rate from 37 percent to 39.6 percent.
  • New “Seniors and small businesses” 3.8 % surtax on Social Security payments, 401(k)s and pensions, IRA distributions, and small business S-corp and partnership profits for those making more than $400k per year.

Hat tip: Ryan Ellis reporting

In 2017, the Trump administration lowered the corporate tax rates to allow the U.S. to better compete with other countries around the world. Biden seeks to end American competiveness. China will be pleased.

“I congratulated him on his elevation, I asked if he could possibly help me.”

Joe Biden on congratulating Xi Jinping on becoming President in 2013 (see video below)

See more toons from the talented Gary Varvel.

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States Failing FInancially Before COVID lockdowns

Truth in Accounting has released their review of all 50 states’ finances, discovering 39 states did not have enough money to pay all of their bills. And this is based on fiscal year 2019 data, before the pandemic was declared.

TOP 10 SINKHOLE STATES

  1. New Jersey
  2. Illinois
  3. Connecticut
  4. Hawaii
  5. Massachusetts
  6. Delaware
  7. Kentucky
  8. California
  9. Vermont
  10. New York

Illinois, the only state to use the Federal Reserve’s new Municipal Liquidity Fund (“lender of last resort”), is again set to borrow over a billion dollars if a new U.S. stimulus package is not passed.

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Biden’s Tax Returns Reveal He Eluded Obamacare Taxes

The media is obsessed with President Trump’s taxes yet fail to scrutinize Joe Biden, whose returns reveal he dodged the “high income” tax written into the socialist Obamacare program.

Biden’s income skyrocketed from $400,000 to $11 million after leaving office.

To avoid paying the 0.9% “high-income” tax on wages in Section 9015 of Obamacare, he funneled his book royalties and speaking fees through two corporations, CelticCapri Corporation and Giacoppa Corporation, and listed his earnings as corporate profits.

Do as thou wilt, apparently.

See more toons from the talented Mike Shelton.

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Startups Leaders Surveyed on a Post-Covid Workplace

Hundreds of startup founders and their teams were surveyed by the Founders Forum on the future of remote work. Most respondents were Gen X and Millennials, who favored a balanced approach to remote and office work.

The team at Visual Capitalist produced more outstanding infographics based on the results, which include the best and worst parts of working from home.

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Meme of the Day: Pelosi Crowned Queen of Debt

In 2,000 days as House speaker, Nancy Pelosi has increased U.S. debt a record $9.6 trillion, more than all the debt from all speakers who served before Pelosi first took the position on January 4, 2007. Spending bills originate in the House.

RELATED: Pelosi’s husband began buying up Slack, Microsoft and Alphabet securities in late February before state governors began shutting down the country.

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Inflation, Debt and Stimulus

The largest stimulus bill in history was passed two weeks ago, at more than $2 trillion. There are three methods of paying this back:

Raise taxes.

Print money

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John Stossel has thoughts on each method at johnstossel.com.

WILL THIS CAUSE INFLATION?

Economic losses by the shut down will be close to $5-6 trillion, so printing even $3 trillion will not be inflationary, according to Armstrong Economics.

People will not spend the liquid capital, but will instead hoard it since they do not trust the future.

But, the destruction of capital goods is just getting started.

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Pompeo Warns Governors of Communist Infiltration

U.S. Secretary of state Mike Pompeo told a gathering of U.S. governors that the “The Chinese People’s Association for Friendship in Foreign Countries” is a communist front group that has a list categorizing each governor as “friendly, hardline or ambiguous.” Read more at PJMedia.com.

More information: AEI’s Chinese global investment tracker

2013: Joe Biden took his son Hunter on official trip to China – ten days before communist regime’s bank signed deal with private equity firm Biden Jr. runs with John Kerry’s son. (Read more at The Daily Mail)

Flashback: Bill Clinton gave China missile technology (Capital Research Center)

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