Biden’s budget is a declaration of war on American businesses that will hit you hard
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My former boss and mentor Dick Armey, the former House majority leader, used to quip that “liberals love jobs, but they hate employers.”
Based on his budget proposal released earlier this week, you would have to say that Biden flat-out loathes employers. Never before in American history has a president released a budget/tax plan that wallops American businesses with a bigger tax bill than this.
The budget Biden proposes contains roughly $4 trillion in higher taxes over the next decade. He keeps saying that he just wants millionaires and billionaires to “pay their fair share,” but this plan isn’t so much a punch in the nose to the wealthy (who already pay 42% of the income taxes) but to the nation’s small business owners and the shareholders of large and successful American companies.
BIDEN’S $7-TRILLION BUDGET GAME TAKES MORE OF YOUR MONEY. GUESS WHERE IT GOES
The snapshot below shows the current tax rates and the tax rates proposed in the Biden budget.
Trump vs. Biden
Small business tax rate: 39.6% vs. 44%
Capital gains tax: 23.8% vs. 39.6%
Corporate tax: 21% vs. 28%
Tax on Unrealized Capital Gains: 0% vs. 20%
Medicare tax: 3.8% vs. 5%
Stock buyback tax: 1% vs. 4%
The Biden budget would raise the personal income tax