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)
